Azéma martingales for Bessel and CIR processes and the pricing of Parisian zero‐coupon bonds

In this paper, we study the excursions of Bessel and Cox–Ingersoll–Ross (CIR) processes with dimensions . We obtain densities for the last passage times and meanders of the processes. Using these results, we prove a variation of the Azéma martingale for the Bessel and CIR processes based on excursion theory. Furthermore, we study their Parisian excursions, and generalize previous results on the Parisian stopping time of Brownian motion to that of the Bessel and CIR processes. We obtain explicit formulas and asymptotic results for the densities of the Parisian stopping times, and develop exact simulation algorithms to sample the Parisian stopping times of Bessel and CIR processes. We introduce a new type of bond, the zero‐coupon Parisian bond. The buyer of such a bond is betting against zero interest rates, while the seller is effectively hedging against a period where interest rates fluctuate around 0. Using our results, we propose two methods for pricing these bonds and provide numerical examples.     

中原地区民间服饰刺绣的艺术风格研究

通过对中原地区民间刺绣的色彩、造型艺术和工艺技法的深入研究,展现了民间刺绣独特的色彩应用理论,夸张多变的造型和工艺上独到的艺术风格,为民间刺绣的现代应用指明方向。     

AN ANALYSIS OF SUPPLY CHAIN COLLABORATIONS AND THEIR EFFECT ON PERFORMANCE OUTCOMES

This research examined how operational outcomes, relational outcomes and business performance are affected by a collaboration project between buyers and suppliers in a supply chain. It is hypothesized that interdependence of knowledge and process, supply chain partner insight, and the level of collaboration between the firms affect the outcomes of a collaboration project. Survey data from buyers and suppliers from a wide range of industries and organizations were used in this analysis. Among these participants, higher levels of collaboration led to improvements in operational and relational outcomes, which together led to improvements in asset utilization, competitive position, organizational performance, and profitability.     

DEFINING AND OPERATIONALIZING SUPPLY CHAIN PROCESS INTEGRATION

Integration has been recognized as critical to successful supply chain management. However, an extensive literature review revealed no consensus in its conceptualization. The current study attempts to address this research gap by providing a better definition and operationalization of supply chain process integration. With empirical support, it is proposed that internal and external supply chain process integration should be treated as two separate constructs, each comprised of two dimensions: connectivity and simplification.     

我国科技中介机构发展历程与趋势

新中国成立以来,我国科技中介机构的探索和发展历程分为计划经济时代的行政替代和市场经济时代的初级发展两个阶段。根据我国科技中介机构发展的机会和需求分析,结合西方发达国家科技中介机构发展的经验启示,一方面指出十二五期间我国科技中介机构将迈向创新驱动型的发展新阶段,另一方面提出了加快科技中介机构迈向创新驱动型的发展新阶段的若干政策建议。     

企业战略思维新探:内涵、过程及要素

通过对企业战略思维内涵的探索,文章重新定义了企业战略思维,认为企业战略形成于企业战略思维。描述了企业战略思维的基本过程,界定了企业战略思维的基本要素,并基于对企业战略思维认知要素的研究,提出了企业战略的N元思维体系,既为梳理现有企业战略理论体系提供了新方法,也为提出和建立企业战略思维理论体系奠定了基础。     

进出口环节侵犯知识产权犯罪入刑研究

近年来,我国对知识产权保护工作愈加重视,对侵犯知识产权行为的打击力度也大幅提升,但是进出口环节侵权现象依然严重。加强知识产权保护,进一步完善我国打击知识产权犯罪的刑事立法,将进出口环节侵权行为作为刑事犯罪予以打击已刻不容缓。     

基于流程重组的中小型房地产企业文化重塑

房地产企业在对企业进行流程重组的同时,更要强调企业文化与流程的对接。中小型房地产企业应加强优化流程为平台的企业文化重塑,重塑后的企业文化将会有利于房地产企业的业务流程重组科学进行,促进房地产行业的健康发展。     

旅游地形象感知偏差测评模型研究

旅游地形象是旅游地开发建设的重要内容之一,形象塑造是提高其市场影响力和市场竞争力的重要基础;因缺乏全真信息支撑,市场对旅游地形象的感知普遍存在偏差.本文根据形象主体及感知内容系统构建感知偏差测评层次模型,包含3个层次9个指标,其中模型权重由专家打分确定,基础数据源于市场调查结果,主要采用离差和法分析不同主体对不同感知内容的偏差程度.通过十堰旅游目的地验证,最终偏差指敷测评结果为0.626,偏差较大,其中主体时自然环境感知偏差最小,对社会环境感知偏差最大;旅游介体对十堰形象感知偏差最小,本地居民感知偏差最大.