The Valuation of Volatility Options

This paper examines the valuation of European- and American-style volatilityoptions based on a general equilibrium stochastic volatility framework.Properties of the optimal exercise region and of the option price areprovided when volatility follows a general diffusion process. Explicitvaluation formulas are derived in four particular cases. Emphasis is placedon the MRLP (mean-reverting in the log) volatility model which has receivedconsiderable empirical support. In this context we examine the propertiesand hedging behavior of volatility options. Unlike American options,European call options on volatility are found to display concavity at highlevels of volatility.     

体育锻炼与学生自尊发展关系的研究

自尊是个体对自身特点、个性、社会身份和行为的评价或感情反应。目前,西方锻炼心理学领域中,有关自尊理论的研究强调:一个人的自尊由不同的、具体的成分(如身体自尊、专业自尊和社会自尊等)组成。尽管影响个体自尊水平的因素很多,但体育运动确实是提高人们自尊水平的一条重要途径。由于身体自尊对研究体育锻炼参与的心理前因和效益具有重要意义,它的变化能引起整体自尊水平的同方向变化,因此,研究目前有关学生自尊及其与体育活动关系,却是深化学校体育改革的必然。     

利用逐步回归分析方法测算高职体育课运动量的研究

随着高职体育教学改革的深入发展,体育课运动量的测算问题越来越引起人们的重视。目前,国内外测定运动量的方法有:测试心率、血压、血色素、尿蛋白及血乳酸等多种方法。     

THE EARLY EXERCISE PREMIUM REPRESENTATION OF FOREIGN MARKET AMERICAN OPTIONS1

The note deals with the pricing of American options related to foreign market equities. the form of the early exercise premium representation of the American option's price in a stochastic interest rate economy is established. Subsequently, the American fixed exchange rate foreign equity option and the American equity-linked foreign exchange option are studied in detail.     

Options with Constant Underlying Elasticity in Strikes

Closed-form solutions are derived and interpreted for European options, with stochastic strike prices, that maintain constant elasticity of the strike with respect to the price of the underlying asset. We refer to such options as CUES. CUES preserve the relative shares of exercise price risk for both the buyer and writer of the option, regardless of whether the price of the underlying asset moves up or down. The relevance of the CUES concept is established through applications in two distinct fields. First, it is established that CUES-like options are embedded in private equity investments. This concept is then used in a novel application to determine the equity share of a private company corresponding to a given level of investment. Secondly, the advantages that CUES would provide over traditional executive stock option grants are considered and it is shown that CUES can provide enhanced incentive-alignment without increasing options expense to the company. JEL Classification: G130     

瑜伽对大学生影响的对比研究

通过文献资料法、调查法、试验法和数据统计法,对普通高校中瑜伽教学影响广大学生的身体形态、身体素质、身体机能和心理健康等等方面进行分析与研究,目的在于探索瑜伽课程在高校实践中的实际效果与影响,指导大学生科学地进行强身健体,并为瑜伽运动的进一步推广寻找理论与实践依据。     

论瑜伽运动与高校校园体育文化关系

文章运用文献资料等研究方法,结合社会学、文化学等有关知识,分析了瑜伽运动蕴涵于高校校园体育文化,又独立于高校校园体育文化,两者之间具有交互影响的动态关联关系,对两者的互动关系进行分析。探讨了高校是瑜伽运动与校园体育文化耦合的内部关系,社会是瑜伽运动与校园体育文化耦合的外部关系,学生是瑜伽运动与校园体育文化耦合的内化关系。     

Sketchy communication: An experiential exercise for learning about communication in business

To be an effective communicator, students need to learn how to select the appropriate means of communication and be aware of potential obstacles. The model of communication process can be an effective framework for students to understand many pitfalls of the communication process. The described activity enables students to experience communication at different levels of richness (e.g., face to face, instant messaging, email) and with varying levels of feedback and noise. After completing the activity, students will understand the importance of precise, rich messages, seeking and providing feedback, and the difficulties that can occur at every step in communication.     

Then and Now: Examining Older People's Engagement in Outdoor Recreation Across the Life Course

Outdoor recreation provides a range of health and wellbeing benefits and facilitates engagement with natural environments. We explore older people's participation in outdoor recreation throughout their lives to examine how past experiences shape engagement later in life. A qualitative life history approach, consisting of semi-structured interviews and a focus group in three place-specific (urban, rural, and small town coastal) case studies in Scotland, was adopted. Thematic analysis revealed ways in which childhood experiences shaped adult engagement and highlighted life course transitions where behaviour change was most pronounced. Place and gender were considered as factors which may affect responses. Participants identified the points of getting married, becoming a parent, children entering adolescence, retirement, the onset of disabilities or ill health, and the death of others as “moments of change” in the extent and/or form of their outdoor recreation. The findings highlight potential for targeted interventions to promote outdoor recreation throughout life.     

Valuing executive stock options: performance hurdles, early exercise and stochastic volatility

Accounting standards require companies to assess the fair value of any stock options granted to executives and employees. We develop a model for accurately valuing executive and employee stock options, focusing on performance hurdles, early exercise and uncertain volatility. We apply the model in two case studies and show that properly computed fair values can be significantly lower than traditional Black–Scholes values. We then explore the implications for pay-for-performance sensitivity and the design of effective share-based incentive schemes. We find that performance hurdles can require a much greater fraction of total compensation to be a fixed salary, if pre-existing incentive levels are to be maintained.