Determinants of the Method of Payment in Asset Sell‐Off Transactions

Using a sample of asset sell‐off transactions from January 1990 to April 2010, we find that the method of payment used in asset sell‐off transactions is associated with several characteristics cited in the acquisitions research that reflect cash constraints of the bidder. Specifically, bidders facing more stringent cash constraints are more likely to use equity when purchasing assets, while sellers subjected to cash constraints prefer cash when selling assets. Second, we find that the variation in method of payment among asset sell‐off transactions also is partially explained by variables representing asymmetric information. Third, we apply our model to an expanded sample that includes non‐U.S. sellers of assets and find that an equity payment is more likely when sellers are based in countries that have relatively high country risk (more government restrictions), weak shareholder rights, and a weak legal system. Thus, it appears that bidders prefer that sellers share in the risk of the transaction under these conditions.     

社会工作理念与方法在工会中的价值应用

我国的工会工作在价值理念、工作方法、具体技术的挑战以及服务内容等方面需要不断地发展和创新。本文主要就对社会工作的理念和方法在工会当中的价值应用进行了分析。     

An analytical approximation formula for European option pricing under a new stochastic volatility model with regime-switching

In this paper, an analytical approximation formula for pricing European options is obtained under a newly proposed hybrid model with the volatility of volatility in the Heston model following a Markov chain, the adoption of which is motivated by the empirical evidence of the existence of regime-switching in real markets. We first derive the coupled PDE (partial differential equation) system that governs the European option price, which is solved with the perturbation method. It should be noted that the newly derived formula is fast and easy to implement with only normal distribution function involved, and numerical experiments confirm that our formula could provide quite accurate option prices, especially for relatively short-tenor ones. Finally, empirical studies are carried out to show the superiority of our model based on S&P 500 returns and options with the time to expiry less than one month.     

定时器的PLC程序设计

本文旨在实现接通延时定时器、断开延时定时器、多谐震荡器的时序图及PLC程序设计。     

Estimation of interregional input–output table using hybrid algorithm of the RAS method and real-coded genetic algorithm

In this paper, we propose a method for improving the accuracy of the estimation of interregional input–output tables, by combining the RAS method and the real-coded Genetic Algorithm (GA); these are simple representative methods for the estimation of an interregional input–output table. By comparing the performance evaluation results obtained using the proposed method, the RAS method, and Simulated Annealing, we verified that the combination of the genetic algorithm and the RAS method can enhance the estimation accuracy of an interregional input–output table. In addition, performance is further enhanced by adjusting GA parameters.     

Measuring the perceived container leasing prices in liner shipping network design with empty container repositioning

This paper aims to measure the perceived container leasing prices at different ports by presenting a two-stage optimization method. In stage I, we propose a practical liner shipping network design problem with empty container repositioning. The proposed problem further considers the use of foldable containers and allows the mutual substitution between empty containers to decrease the number of empty containers to be repositioned. In stage II, the inverse optimization technique is used to determine the perceived container leasing prices at different ports, based on the solution obtained in stage I. Based on a set of candidate liner shipping service routes, a mixed-integer nonlinear programming model is built for the proposed problem in stage I. The nonlinear terms are linearized by introducing the auxiliary variables. Numerical experiments based on a realistic Asia-Europe-Oceania liner shipping network are carried out to account for the effectiveness of our two-stage optimization method.     

A Qualitative Study for Measuring Warehouse Performance Using Triangulation Approach

This research aims to validate a structural equation modeling （SEM） model for measuring warehouse performance using data from an international company in Australia （company G）. Moreover, a methodological triangulation method was also adopted to test whether different methodological approaches produce convergent findings about warehouse performance measurement （WPM）. These three different methods are the SEM model, the multiple case research study, and validation of the SEM model using data from 80 companies in Thailand and a company in Australia. With the results from the triangulation method, it is obvious that the SEM model can be used to measure the performance of warehouses in Thailand and Australia. Since the SEM model consists only of significant indicators, it is more appropriate than company G＇s scorecard. Furthermore, the SEM model can overcome the limitations of traditional models by allowing companies to compare their performance over time.     

培养学生学习高数的兴趣

本文总结了培养学生学习高等数学的兴趣的方法,提高了教学效果和教学质量。     

环境艺术专业教学方法的建议与探讨

环境艺术设计专业对高校教育的开展具有重要的意义,然而目前它在教学中还存在一定的问题,必须加强对环境艺术设计专业教学的研究,以促进教学的开展。本文运用文献资料法、访谈法等方法,并结合自己多年的工作经验,对环境艺术专业教学提出自己的观点和建议。