Multi-stage real option evaluation with double barrier under stochastic volatility and interest rate

Annals of Finance - This paper focuses on valuing R&D projects using a twofold compound real option by including two knock-out barriers. However, the valuation of R&D projects is...     

Post OPA-90 Vessel Oil Transfer Spill Prevention: The Effectiveness of Coast Guard Enforcement

Although oil spills from tanker accidents receive the most publicity, most vessel spills are not the result of accidents but of oil transfer activities. We investigate determinants of the size of vessel oil transfer spills as well as the effectiveness of Coast Guard enforcement activities in reducing their size. Vessel out-of-water and in-water oil transfer spillage functions are estimated utilizing tobit regression and detailed data on individual vessel oil transfer spills as well as Coast Guard safety/environmental enforcement activity data for the 1991–1995 period. Our estimation results suggest that Coast Guard hull but not machinery inspections are effective in reducing both out-of-water and in-water spills; patrols by air, but not by boat, are effective in reducing out-of-water spills; but neither is effective in reducing in-water spills. The results also show that the type of vessel (oil- and non-oil-cargo), vessel characteristics, vessel operations, weather/visibility conditions, and waterway type are determinants of post OPA-90 vessel oil transfer spills.     

Macroeconomic Stabilization in the EMU: Rules Versus Institutions

This paper investigates the macroeconomic implications of different regimes of international fiscal coordination and monetary‐fiscal cooperation in a monetary union with independent fiscal authorities, that act strategically vis‐à‐vis a common central bank. In the presence of other policy goals than cyclical stabilization, such as interest rate smoothing and fiscal stability, we show that coordination among national fiscal authorities can reduce output and inflation volatility relative to the non‐cooperative setting in specific circumstances, as in case of demand disturbances, while turning potentially counterproductive otherwise. The adverse effects of union‐wide coordinated fiscal measures can be attenuated in a regime of global coordination, namely, when a centralized fiscal stabilization is coordinated with the common monetary policy as well.     

区域环境承载力的定量化探讨--以大连市为例

With the analysis of the connotation and charter of the regional environment's carrying capacity, this paper,firstly, establishes the index system on the base of the affecting factors. Secondly, this paper discusses the methods of the quantization of the environment's carrying capacity of Dalian. Finally, this paper predicts the changing tendency of the environment's carrying capacity.     

武陵山片区旅游节点交通畅达性研究

区域旅游节点的交通畅达性对区域经济发展具有强劲的推动作用,区域旅游节点的交通畅达性优劣取决于内部的连通性和外部的可达性。文章基于因子分析法分别就高等级公路、高速公路、普铁、高铁(动车)、民航航线等因素对武陵山片区内各旅游节点的交通畅达性的影响进行了评价分析,对各旅游节点的畅达性进行了排名;并选取2010、2014、2018年等3个时间节点数据导入GIS生成3个片区旅游交通图。研究发现:①重庆、武汉、长沙、贵阳四大中心城市的交通连线支撑起武陵山片区的交通网络,片区旅游节点之间的畅达性逐步提升;②处于武陵山片区外围重庆、武汉、长沙、贵阳四大中心城市交通大廊道上的旅游节点之间畅达性处于片区前列;③同一省市或同一传统旅游线路的旅游节点连通性较好,分属不同省市的旅游节点之间连通性普遍较差;④历史上,山高谷深、交通闭塞,各地市自然旅游资源丰富多样,文化旅游浓郁独特,近年来,武陵山片区旅游发展与交通建设相互推拉,呈现良性发展。     

基于多目标决策的应急物资供应商选择

应急物流是以提供突发性自然灾害、突发性公共卫生事件等突发性事件所需应急物资为目的,以追求时间效益最大化和灾害损失最小化为目标的特种物流活动。本文针对应急物流中的应急物资采购问题,在分析了应急物资供应商选择的影响因素的基础上,构建了基于交货准时性、质量、成本的多目标供应商选择模型,并给出了算例求解。     

An analysis of some aspects of regulatory risk and the required rate of return for public utilities

This paper uses a modification of the continuous time asset pricing model of Cox, Ingersoll, and Ross to analyze the effect of regulatory risk on the cost of capital. Analysis shows that random errors in setting the allowed rate of return can either increase or decrease the cost of capital depending on other regulatory parameters. However, the analysis suggests that regulatory risk is not material.     

Case statement: blueprint for fund raising success

The case statement is the primary document upon which an organization bases its appeal for financial and philosophical support. This author points out how a well-constructed case statement can impact on fund raising success.     

非正规经济中的女性权益保护

非正规经济作为与正规经济相对的概念,同样是整体经济的重要组成部分,并且是一种长期存在的经济活动.在我国转型时期,非正规经济处于增长态势,而在非正规经济中就业的人中,女性占有很大比例,她们所面临的主要困境是生存权利、劳动权利、社会保障权利易受到侵犯,因此,有必要通过修订相关法律、加强执法监督、完善司法救济程序等措施使女性得到相应救济,改善其生存和劳动条件,促进社会的可持续发展.     

江西经济形势分析与展望

进入新世纪以来，继2003年江西经济发展呈现一些转折性变化之后，2004年又显现一些阶段性特征。2004年，江西主经济指标提前一年完成“十五”计划，工业化进入中期阶段，人均生产总值预计达到1千美元，国民经济呈现既快又好的良好发展态势。展望2005年，在国际、国内环境总体趋好的大背景下，江西有可能在新的起点上实现更快更好的发展。