Dividend‐Rollover Effect and the Ad Hoc Black‐Scholes Model

One of the most widely used option‐valuation models among practitioners is the ad hoc Black‐Scholes (AHBS) model. The main contribution of this study is methodological. We carefully consider three dividend strategies (No dividend, Implied‐forward dividend, and Actual dividend) for the AHBS model to investigate their effect on pricing errors. We suggest a new dividend strategy, implied‐forward dividend, which incorporates expectational information on dividends embedded in option prices. We demonstrate that our implied‐forward dividend strategy produces more consistent estimates between in‐sample market and model option prices. More importantly our new implied‐forward dividend strategy makes more accurate out‐of‐sample forecasts for one‐day or one‐week ahead prices. Second, we document that both a “Return‐volatility” Smile and a “Return‐pricing Error” Smile exist. From these return characteristics, we make two conclusions: (1) the return dependency of implied volatility is an important explanatory variable and should be controlled to reduce the pricing error of an AHBS model, and (2) it is important for the hedging horizon to be based on return size, that is, the larger the contemporaneous return, the more frequent an option issuer must rebalance the option's hedge. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 32:742‐772, 2012     

The role of organisational concern for workplace fairness in the choice of a performance measurement system

Prior studies linking performance management systems (PMS) and organisational justice have examined how PMS influence procedural fairness. Our investigation differs from these studies. First, it examines fairness as an antecedent (instead of as a consequence) of the choice of PMS. Second, instead of conceptualising organisational fairness as procedural fairness, it relies on the impression management interpretation of organisational fairness. Hence, the study investigates how the need of senior managers to cultivate an impression of being fair is related to the choice of PMS systems and employee outcomes. Based on a sample of 276 employees, the results indicate that the need of senior management to cultivate an impression of being fair is associated with employee performance. They also indicate that a substantial component of these effects is indirect through the choice of comprehensive performance measures (CPM) and employee job satisfaction. These findings highlight the importance of organisational concern for workplace fairness as an antecedent of choice of CPM. From a theoretical perspective, the adoption of the impression management interpretation of organisational fairness contributes by providing new insights into the relationship between fairness and choice of PMS from a perspective that is different from those used in prior management accounting research.     

The effects of product attributes and service quality of transportation card solutions on service user’s continuance and word-of-mouth intention

Service Business - Product attributes are an inherent quality considered as an essential factor for consumers’ purchasing intention for product. Despite the increase of consumer interest in...     

房地产价格波动的储蓄效应研究：1997-2008——基于省际面板数据的实证检验

本文利用1997～2008年间的省际面板数据，对房地产价格和居民储蓄之间的关系进行了理论分析和实证检验。理论分析表明，区域和省际间实证结果的差异，主要缘于房价对储蓄特殊的影响机理：被动储蓄效应和结构储蓄效应。此外，房价对储蓄的影响还存在间接储蓄效应，这个效应说明房价在短期对储蓄具有正面影响，在长期对经济发展结构具有负面影响。实证结果显示：在全国范围、中部和西部地区，房价与储蓄存在高度显著的正相关关系，即存在明显的储蓄效应，但东部一些省份的估计结果却显示房价对储蓄的影响不显著。     

网络型能源产业融合动因与改革进程

回顾网络产业融合理论以及电力产业和天然气产业的市场化改革历程,分析网络产业分拆式改革后融合化发展的动因,结果显示:放松规制、信息技术发展、市场竞争因素以及消费者需求是网络型能源产业分拆后再融合的主要动因.市场化改革历程表明在各种因素的推动下,我国网络型能源产业正在逐步形成融合化发展趋势.     

应急物资储备方式探讨

探讨应急物资储备方式对于改善应急储备现状、提升救灾效果的积极意义,分析了目前我国应急储备的主要方式及其特点,提出政府与协议企业协同储备的储备方式,并给出协同储备的实施建议.     

The impact of corporate governance on employment relations in South Korea: the shareholder versus stakeholder perspectives

This study empirically examined the impact of corporate governance on employment relations outcomes utilizing a comprehensive data set drawn from 214 Korean firms. The study contrasted the stakeholder and shareholder perspectives of corporate governance in investigating the impact of corporate governance on employment relations outcomes. The results showed that the stakeholder corporate governance orientation (as compared to the shareholder orientation) had positive relationships with education/training expense, the level of average employee tenure and industrial relations climate, and had a negative association with number of strikes. Overall, the results implied that the stakeholder orientation of firms led to more beneficial effects for employees and more consensual relations with labor unions than the shareholder orientation did.     

240 kA普通平底电解槽低电压生产探索

强化电流是提高铝电解槽产量和经济效益的有效手段,广西投资集团银海铝业有限责任公司240 kA普通平底电解槽通过强化电流和降低电压,实现平均电压在4.0 V以下平稳运行,降低直流电耗约200 kW·h/t-Al。     

易燃易爆物流配送自动称量灌装秤气控线路的设计

对于一些易燃易爆的液体化工原料的称量和灌装，要求十分严格。本文针对易燃易爆品物流配送过程中称量灌装秤气控线路的设计，提出分析和探讨。