Cash Stream Valuation In the Face of Transaction Costs and Taxes

The usual notion of every future cash stream having a net present value determined from a single term structure breaks down when transaction costs are taken into account, especially the sizable costs associated with short-borrowing. the difficulties are compounded by taxes, which can lead to paradoxes of disequilibrium if elementary NPV is assumed to be a rational basis for decision making. This paper systematically develops a theory of valuation which overcomes these shortcomings by accepting the multiplicity of no-arbitrage term structures that may be present for each tax class of investors, and uses the entire set of them to impute both a "long price" and a "short price" for every cash stream, regardless of the sign of the future payments. the valuation operators giving these prices are nonlinear but readily calculated from linear programming formulas.     

现代公司治理危机再分析

所有权与经营权的分离问题 ,在上世纪 30年代由伯勒 (Berle)与米恩斯 (Means)成功地引入到现代企业理论的核心。其主要思想为 :所有权与控制权的分离产生了一个条件 ,其中所有者的利益与最终经营者的利益可能往往背道而驰。并由此产生了旨在实现所有者利益最大化的针对经营者的激励机制。Demsetz等人对所有权与经营权分离的原因、条件有过深入地分析 ,在其基础上 ,讨论了拥有两家以上企业的所有者的委托行为 ,并且进一步考察了结合激励机制后 ,所有者的委托行为决策边界 ,进而从理论上解释了公司治理危机产生的原因 ,并提出了规范方案。     

基于机器视觉的铁路信号灯检测技术

为解决铁路安全运输问题,对基于机器视觉的铁路信号灯检测方法进行仿真图像和视频检测实验研究。阐述了铁路信号灯图像在不同颜色空间下的特性及其对铁路信号灯识别的影响,将其由RGB颜色空间转换为HSV颜色空间。通过Canny算子、腐蚀膨胀以及开闭运算等技术提取铁路信号灯图像的几何特征,通过Hough检测,对图像中铁路信号灯进行定位。对定位的信号灯进行颜色提取,从而识别出信号灯的类别。根据多种天气情况下的铁路信号灯图像进行仿真实验分析,进一步对采集的列车行驶视频进行实验分析,优化检测方法。研究结果表明,提出的铁路信号灯检测模型,能够支持复杂背景下的铁路信号灯类别的有效识别。通过机器视觉技术实现铁路信号灯的检测和识别,是提高铁路运输安全性的一种有效方法。     

乡村振兴背景下黔南州乡村民宿发展概况、问题及对策

乡村民宿的发展既是乡村振兴的产业基础，也是促进少数民族文化复兴的有效方式，同时也增添了乡村的个性和特色。黔南州拥有秀丽的山水自然资源和独特的民族文化内涵，这对促进乡村民宿旅游发展具有显著优势，也为这种新型旅游模式提供了内生动能。运用实地调研和问卷调查方式，剖析了黔南州乡村民宿发展存在的问题，并针对性提出了加快黔南州乡村民宿发展的具体对策，以期促进黔南州乡村民宿健康稳定发展。     

Pricing arithmetic Asian and Amerasian options: A diffusion operator integral expansion approach

In this paper, we propose a new explicit series expansion formula for the price of an arithmetic Asian option under the Black–Scholes model and Merton's jump-diffusion model. The method is based on an equivalence in law relation together with the diffusion operator integral method proposed by Heath and Platen. The method yields explicit series expansion formula for the Asian options' prices. The theoretical convergence of the expansion to the true value is established. We also consider the American Asian option (i.e., Amerasian option) and derive the corresponding expansion formula through the early exercise premium representation. Numerical results illustrate the accuracy and efficiency of the method as compared with benchmarks in the literature.     

The role of mobile network operators in next-generation public safety services

Field of researchThis research is in the field of public safety communications in mobile broadband 4G/5G networks. The focus is on mobile network operators and their business opportunities in the public safety market.PurposeThe purpose of this research is to provide a review of ongoing public safety mobile broadband projects in which mobile operators play a key role. In addition, a business model analysis is presented to determine the role of mobile operators in these projects. A comparison of the two key business models is also included to reveal their general characteristics.Methods and dataThe research used a qualitative method, an inductive case study. This method was used to draw general conclusions from a small number of case studies based on ongoing public safety mobile broadband projects. The Casadesus-Masanell and Ricart framework and the business model canvas were used to analyse and compare the two key business models discussed. Data were collected from a variety of sources, including company reports, press releases, international events and conferences, and selected interviews with managers in charge.FindingsThe results show that mobile operators have new business opportunities in the public safety market. Their existing mobile networks can be used for public safety services with certain enhancements. Within existing projects, mobile operators have different business models. The two analysed models were found to require different resources and offer different business opportunities for mobile operators. Procurement authorities responsible for selecting business models are encouraged to pay attention to the choice of model based on, for example, strategic objectives.ValueVery little research has been done on the business opportunities of mobile operators in the public safety market. In this area, this study lays the groundwork for new research. Procurement authorities can use the results when deciding on the business model. Mobile operators can benefit from these results by better understanding their own roles in public safety projects and when assessing the business opportunities of a particular project.     

复杂信任网络群组综合评价方法及应用研究

考虑评价环境的复杂不确定性、评价专家的信任行为特征以及群组专家的共识等问题，提出了一种区间Fermatean模糊信任网络群组综合评价方法。首先，针对区间Fermatean模糊评价信息的集成问题，提出了区间Fermatean模糊信息的运算规则，并在此基础上提出了一种区间Fermatean模糊Frank集成方法。其次，考虑到评价专家间信任关系对专家权重和共识达成的影响，构建了基于语言术语的信任网络以计算专家权重，同时设计了个性化反馈机制，进而构建了信任共识交互模型以提高群组共识度。此外，针对评价指标权重未知的情形,提出了区间Fermatean模糊熵权法获取指标权重。最后，通过高校商科类本科生统计设计能力的评价问题验证所提出方法的可行性和优越性。