Valuation of vulnerable American options with correlated credit risk

This article evaluates vulnerable American options based on the two-point Geske and Johnson method. In accordance with the Martingale approach, we provide analytical pricing formulas for European and multi-exercisable options under risk-neutral measures. Employing Richardson’s extrapolation gets the values of vulnerable American options. To demonstrate the accuracy of our proposed method, we use numerical examples to compare the values of vulnerable American options from our proposed method with the benchmark values from the least-square Monte Carlo simulation method. We also perform sensitivity analyses for vulnerable American options and show how the prices of vulnerable American options vary with the correlation between the underlying assets and the option writer’s assets.      

An Empirical Analysis of Synthesizing the Effects of Festival Quality,Emotion, Festival Image and Festival Satisfaction on Festival Loyalty: A Case Study of Macau Food Festival

This study aims to examine the interrelationships among the festival quality dimensions, festival quality, emotion, festival image, festival satisfaction and festival loyalty. Analysis of data from 454 attendees in the 12^th Macau Food Festival indicates that the proposed model fits the data. The result of this study will assist festival management in developing and implementing market‐orientated service strategies to increase quality and image, and enhance the emotion and satisfaction of attendees in order to attain their loyalty toward food festivals. Copyright © 2014 John Wiley & Sons, Ltd.     

The impact of product placement on TV-induced tourism: Korean TV dramas and Taiwanese viewers

This study examines of the ways in which Korean TV dramas affect Taiwanese consumers’ attitudes toward the locations where the dramas are filmed (onscreen locations). Previous studies have incorporated balance theory into product–character association models and have demonstrated that consumers tend to align their attitudes toward products with the valence of a character’s attitudes toward the products. Unlike previous studies, this article attempts to investigate the product–character association model in a cross-cultural setting where the ‘products’ considered are the onscreen locations. To account for the effect of similarity between Taiwanese culture and Korean culture, the concept of perceived cultural proximity is introduced into the balance-theory-based model. The results show that consumers’ parasocial relationships with a character and consumers’ attitudes toward the character are related to their attitudes toward the location. However, this relationship is significant only for those viewers with high perceived cultural proximity between Taiwan and Korea.     

城市更新项目投融资模式的研究综述

城市更新是新时期城市转型发展的必由之路,也是城市自我调节与提升的内在要求.然而,我国现有的诸多城市建设与管理制度是改革开放以来为支持大规模、快速城镇化进程而确立的,在应对城市发展转型时表现出越来越强的不适应性,对城市更新工作形成一定阻力,致使各地更新进程不时陷入困境.如何建立体系化的城市更新制度以有效推进更新活动秩序化...     

Converting volunteers to donors: Fundraising strategies for professional associations

The use of fundraising strategies in professional associations is on the rise as member donations have become an increasingly important revenue stream for the associations. This study aims to understand why member volunteers are potential donors to professional associations and to examine whether association solicitation is effective in increasing member volunteer donations. A moderated mediation model was tested with data that consisted of 3,224 professional association members. The results suggest that member satisfaction significantly mediates the relationship between member volunteering and financial giving, and solicitation only makes a difference to member volunteers who are satisfied with their membership. This study concludes that targeting satisfied member volunteers for donations could yield financial benefits to professional associations.     

控股股东股权质押对债券信用利差的作用机理——基于断点回归的证据

近年来,控股股东股权质押风险成为资本市场面临的一个突出问题.在债券市场的信用风险日益受到重视的背景下,研究控股股东股权质押风险如何影响债券投资者行为显得尤为重要.本文基于我国2007～2018年公司债券和控股股东股权质押数据,采用断点回归的方法研究了控股股东股权质押对公司债券信用利差的影响.结果发现,公司股价触及控股股东股权质押警戒线后,公司债券的信用利差跳跃式上升;上述信用利差的"跳跃"仅存在于安全性较高的债券中.进一步研究发现,在跌破警戒线后的平仓线附近,信用利差不再跳跃式上升;良好的信息环境并不会抑制信用利差的跳跃式上升.这些结果排除了信息传递假说和隐瞒信息假说,支持了局部思维假说.本文揭示了控股股东股权质押对债券信用利差的作用机理,对于抑制股票市场向债券市场传导风险具有重要价值.     

建筑工程高处坠落事故发生原因及预防措施探讨

在建筑工程的施工过程中,由于现场环境过于复杂,劳动过于密集,很容易发生各种类型的安全事故。建筑工程施工中经常涉及高空作业,所以高空坠落事故的发生几率相对较高。要想保证建筑工程行业的健康发展,就必须加强安全管理,降低高处坠落事故的发生几率。论文重点针对建筑工程高处坠落事故的发生原因进行了详细的分析,并针对性地提出了预防措施,以供参考。     

Sustainability Strategy and Eco‐Innovation: A Moderation Model

This study develops a moderation model to examine the role of a proactive environmental strategy on eco‐innovation. Drawing upon the perspectives of contingency theory, this study argues that the impacts of sustainability strategy on eco‐innovation depend on market demand, innovation intensity and government subsidy. The sample used to test the hypotheses is obtained from the Community Innovation Survey in Taiwan. A total of 2955 manufacturing firms are included in the final sample. A logit moderating regression is adopted to analyze the models. The results reveal that market demand and government subsidy positively moderate the relationship between environmental strategy and eco‐innovation. Specifically, firms are more likely to adopt a proactive environmental strategy to improve eco‐innovation under high levels of market demand and government subsidy. Furthermore, the results indicate that innovation intensity affects the effect of environmental strategy on eco‐innovation, but the direction of the influence varies with different categories of eco‐innovation. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment     

Determining the optimal process means under mixture normal distributions

In this paper, we consider that the working environment has certain states, and in every state, the parameters of quality characteristics are different. Thus, if we set the characteristics parameters in a specified state, these parameters will change to another state. To describe this situation, we use a mixture of normal distributions, which comprise a flexible and powerful statistical-based modeling tool in practice. Under the step loss function and the piecewise linear loss function, we select the optimal means for the proposed manufacturing process.