Binomial basis for linear information dynamics: real options, dividends and the valuation of equity

Analytical research has confirmed that real options give rise to the kind of nonlinearities observed in practice between equity prices and the figures appearing on corporate financial statements. We develop these real option values in terms of a quasi 'supply-side' model of linear information dynamics based on simple discrete time binomial filtration processes. Our analysis shows that the linear models that pervade the empirical (and analytical) work of the area, will almost certainly suffer from an omitted variables problem. Parameter estimation will then be inconsistent and inefficient.     

林权改革视域下盗伐林木罪犯罪客体的反思

现阶段林权改革拟通过确保林农的承包经营权,实现经济发展、权利保障和生态保护的三重目标。林权改革背景下的森林资源管理制度必须兼顾个人私权与公共利益,以森林资源管理制度和林木所有权为犯罪客体之盗伐林木罪的必须作出相应调整。     

基于决策树的城市环境空气质量评价模型实证研究

科学地对城市环境空气质量进行评价,并进一步加强空气污染的防治,具有重大的现实意义。选取空气质量6个影响因素为解释变量,量化后的空气质量等级为目标变量,利用分类回归决策树算法构建预测模型,得出空气质量评价解释变量与空气质量等级之间的内在映射关系,并分析目标变量与各影响因子间的重要性关系。选取天津市空气质量历史数据进行评价实验,经实验结果证明,评价训练集和测试集的预测准确率分别为97.76%和96.09%,说明该方法确实可行。     

乌苏里江流域森林类型及森林生长率

乌苏里江流域森林有红松林,落叶松林、等类型,指出了地理环境和人为活动对森林生长率的影响;提出培育经营和保护并重的可持续林业策略。     

Factors influencing social capital in rural tourism communities in South Korea

This study aimed to identify the factors influencing social capital as it affects community conflict management for community residents in rural tourism villages. An on-site survey consisting of self-administered questionnaires was conducted with residents of rural tourism communities. These self-administered surveys were obtained from 380 community residents in the study area. A factor-clustering method identified distinct segments: high social capital (52%) and low social capital (47.7%). The estimation of a binary logistic regression model determined the characteristics of community residents who were most likely to be associated with each type of social capital. Results indicated that fruit, vegetable and rice farmers who also operated farm-stay businesses and rural activity programmes for tourists had the most social. We suggest that certain types of government policy programmes are helpful for increasing social capital and managing community conflicts by means of involvement in the tourism business.     

An adjusted binomial model for pricing Asian options

We propose a model for pricing both European and American Asian options based on the arithmetic average of the underlying asset prices. Our approach relies on a binomial tree describing the underlying asset evolution. At each node of the tree we associate a set of representative averages chosen among all the effective averages realized at that node. Then, we use backward recursion and linear interpolation to compute the option price.     

太阳神树、太阳崇拜与太阳历法

从三星堆遗址中出土的许多考古材料都与古蜀人的太阳崇拜和历法有关，而作为典型器物之一的青铜“太阳神树”，就是古蜀人太阳崇拜和使用太阳历法的最佳体现。它不仅具有“日、鸟、天、龙、树”等宗教崇拜的象征意义和神话色彩，又是古蜀时期历法等科学知识的结晶，它克分反映了三星堆文化中辩证、和谐的思维和审美意识，内涵极为丰富，极具研究价值。