银行危机中的消费者、银行、企业之间的博弈行为分析

参与银行借贷活动的主体从自身利益的角度出发决定自己的行为。国外消费者为了达到效用最大化决定消费和存款行为;银行为了达到利润最大化尽可能选择利润高的项目;企业也会在还款和违约之间按成本最小的原则作出决定。参与主体之间的这些行为会加大银行风险,加速资本外逃,引发银行危机。随着银行危机的发生、资本的外逃,本币会大幅度贬值,酿成货币危机。     

论高职高专英语语法教学法——交互式教学

本文试图改变传统式英语语法教学模式,着重探讨了如何依据高职高专学生的特点在课堂上实施互动式英语语法教学,主要通过师生互动和生生互动两种互动形式将语法教学置于一定的情境中,把英语语法教学与语言交际有机结合起来,使原本枯燥的语法条文变得有血有肉,使语法教学不再枯燥无味。     

Channel design,coordination, and performance: Future research directions

The marketing literature has made significant progress toward a better understanding of how firms can effectively design and manage their channels of distribution. However, the complexity of today’s channel systems raises additional issues that remain unaddressed. The purpose of this article is to suggest promising research directions in this domain. We suggest several possible avenues to relate multiple channel design and management to channel-system, channel-relationship, and customer-level outcomes. In particular, we see a great opportunity to integrate multichannel customer management and traditional channel design research. We argue that future research should account for cross-level effects and incorporate variables at more than one relationship level.     

People on the verge of death: evidence from impacts of celebrity suicides

We attempt to identify the population who are vulnerable to emotional shocks by exploiting an unprecedented series of celebrity suicides in South Korea during the last decade, including one of the most famous actresses, as well as a former president. Our conservative estimates show that for 5 out of 11 celebrity suicides observed, 1 celebrity suicide on average yielded to more than 10 excessive suicides per day over a time frame of at least 2 weeks. The results indicate that a significant number of people are very much mentally unstable to end their life by emotional shocks that should be irrelevant to their economic status.     

教育活动基本要素之关系探讨

教育者、受教育者和教育内容是教育活动的三个基本要素,这三个要素可以组成几种截然不同的关系,从教育活动的发生、实际展开过程以及追求的目标和结果三个方面来分析,教育者和受教育者的关系仅仅是教育活动的伴生性关系,而受教育者和教育内容才是教育活动的核心关系。     

提高教学质量的主客观条件剖析

提高教学质量是教育事业永恒的主题。本文通过对教学质量的基本概念及特点的论述 ,提出提高教学质量的主观条件主要是人 ,即教师、学生和管理者 ,提高教学质量的客观条件主要有政策条件、经济条件、环境条件、教材条件、教育技术条件和管理条件 ,并且使主、客观条件形成最佳配置 ,发挥最优效果 ,培养出适应新时期要求的高质量人才。     

浅析中小企业信息化建设策略

文章根据中小企业实施信息化的现状和基础管理工作薄弱、观念落后、人才缺乏、员工素质偏低、资金实力有限等特点,提出了中小企业实施信息化建设的五大策略和措施。     

在220kV电力工程施工电流互感器的故障分析

由于使用时间超年限、生产质量以及使用方法不善等原因导致的电流互感器故障,是220kV电力工程施工中极大的安全隐患。电流互感器发生故障最严重的会直接引起爆炸,从而严重威胁施工人员及周边人民群众的生命财产安全。本文将就电流互感器常见的故障进行详细分析,并阐述杜绝隐患的措施与方法。     

亚太金融并购两难困局

并购可能让收购方在前途光明的亚太地区迅速找到立足点,但最终,绝大多数并购却未能给股东创造价值     

Option market making under inventory risk

We propose a mean-variance framework to analyze the optimal quoting policy of an option market maker. The market maker’s profits come from the bid-ask spreads received over the course of a trading day, while the risk comes from uncertainty in the value of his portfolio, or inventory. Within this framework, we study the impact of liquidity and market incompleteness on the optimal bid and ask prices of the option. First, we consider a market maker in a complete market, where continuous trading in a perfectly liquid underlying stock is allowed. In this setting, the market maker may remove all risk by Delta hedging, and the optimal quotes will depend on the option’s liquidity, but not on the inventory. Second, we model a market maker who may not trade continuously in the underlying stock, but rather sets bid and ask quotes in the option and this illiquid stock. We find that the optimal stock and option quotes depend on the relative liquidity of both instruments as well as on the net Delta of the inventory. Third, we consider an incomplete market with residual risks due to stochastic volatility and large overnight moves in the stock price. In this setting, the optimal quotes depend on the liquidity of the option and on the net Vega and Gamma of the inventory.