OPTION PRICING AND HEDGING WITH EXECUTION COSTS AND MARKET IMPACT

This paper considers the pricing and hedging of a call option when liquidity matters, that is, either for a large nominal or for an illiquid underlying asset. In practice, as opposed to the classical assumptions of a price‐taking agent in a frictionless market, traders cannot be perfectly hedged because of execution costs and market impact. They indeed face a trade‐off between hedging errors and costs that can be solved by using stochastic optimal control. Our modeling framework, which is inspired by the recent literature on optimal execution, makes it possible to account for both execution costs and the lasting market impact of trades. Prices are obtained through the indifference pricing approach. Numerical examples are provided, along with comparisons to standard methods.     

加强执行力 实施有效的护理管理

通过逐一分析医院护理工作愿景、战略等执行力核心,了解医院及护理文化,提出加强执行力的落实,是实施有效护理管理的必备条件。     

就反式脂肪酸的管理浅议我国食品安全监管职能优化

本文以当前反式脂肪酸管理的问题为研究入手点，介绍了反式脂肪酸摄入对人体可能产生的危害以及美国、欧盟和澳大利亚、新西兰对反式脂肪酸的管理现状和经验，指出上述国家和地区对反式脂肪酸的监管措施主要包括：完善的专项食品安全风险评估，公众食品营养安全知识的宣传教育和及时出台相应行政法规等，分析当前我国食品安全监管存在风险评估不足、监管手段有限、对公众的宣传教育不够等问题，提出改进我国食品安全监管职能的措施。     

A model of integrated regional logistics hub in supply chain

ABSTRACT

A regional logistics hub is a constellation of multiple logistics facilities in a region of several provinces or states. This research models an integrated regional logistics hub with consideration of time-phased demand in a multi-echelon, multi-period, and capacitated logistics network. The integrated logistics hub considers three phases based on the characteristics of China’s five-year planning policy. By applying mixed integer linear programming, the greedy heuristics approach, the particle swarm optimization algorithm, and the Hungarian method, the location of logistics facilities at different echelons of a supply chain is identified and the needs for facility expansion or closing during different time periods are determined.     

论刑事审后程序

刑事审后程序是指除审判监督程序外刑事判决生效后一系列程序的总称,包括刑事执行程序、被害人的权利保障程序以及刑罚被执行完毕人员的前科消灭程序等内容。刑事诉讼法学界除了对作为刑事审后程序重要内容的刑事执行程序研究较为充分外,还没有人对刑事审后程序作过系统的专门研究。对刑事审后程序进行系统的理论研究,特别是建立和完善被害人损害赔偿制度和被害人国家补偿制度,建立刑罚被执行完毕人员前科消灭的法律制度,不仅有助于完善我国刑事诉讼法,也有助于社会主义和谐社会的构建。     

论我国生态住区建设的实施促进机制

本文针对当前生态住区实施促进机制研究的薄弱环节,在借鉴国外生态型住区建设的成功经验的基础上,结合我国城市住区的发展现状,从市场调控机制、行政管理机制两个方面探讨我国生态住区建设的促进机制,以求推动我国生态住区的健康、快速发展。     

Why do traders choose dark markets?

We examine U.S. equity trader use of dark and lit markets. Marketable orders executed in the dark have lower information content and smaller fill rates. Dark orders take longer to execute, but they execute at more favorable prices. Traders are more likely to go dark when the bid-ask spread is wider and those with higher dark participation are more sophisticated. Although market regulators have expressed concern over the rise in dark trading, our results indicate that dark markets provide important benefits to traders that lit markets do not.     

谈谈对建设工程安全监理的理解和实施特点

本文从叙述安全监理概念的提出,分析了安全监理的主要工作内容,安全监理的工作程序,安全监理的特点,透彻分析安全监理活动的特点,工作方式方法,目的在于提高监理企业在安全监理在实际工作中的执行力。     

The impact of location factors on the attractiveness and optimal space shares of product categories

In this paper, we investigate the impact of location characteristics on the relative attractiveness of product categories within a store, and formulate micromarketing implications for the allocation of store space to categories. We present a framework for the impact of store and trading area characteristics on category and store performance, which integrates and extends previous geomarketing research. Building upon this framework, we propose a tractable and flexible procedure for assessing location influences, and derive optimal space allocation rules for different location profiles. Empirical application to national stores of a European retail chain confirms the differential impact of location characteristics on categories' attractiveness. Tailoring the allocation of store space to these location-based differences in category appeal leads to a significant increase in overall chain profitability.     

完善政府绩效评估 提升政府执行力

绩效评估是提升政府执行力的强力利器。充实其制度和法律保障、科学地确定评估指标体系、推行绩效预算、发展绩效审计、强化群众评议,是绩效评估破解难题,提升执行力的有效手段。