Shadow costs of incomplete information and short sales in the valuation of the firm and its assets

This paper presents a simple framework for the valuation of compound options within shadow costs of incomplete information and short sales. The shadow cost includes two components. The first component is the product of pure information cost due to imperfect knowledge and heterogeneous expectations. The second component represents the additional cost caused by the short-selling constraint. Information costs are linked to Merton's (1987. Journal of Finance 42, 510) model of capital market equilibrium with incomplete information, CAPMI. This model is extended by Wu et al. (1996. Review of Quantitative Finance and Accounting, 7, 136) who propose an incomplete-information capital market equilibrium with heterogeneous expectations and short sale restrictions, GCAPM. This model is used in our paper to provide for the first time in the literature analytic solutions for derivatives in the presence of both shadow costs of incomplete information and short sales.When deriving the compound call option formula, we consider a call option on a stock, which is itself an option on the assets of the firm. Our methodology incorporates shadow costs of incomplete information and short sales on the firm's assets as well as the effects of leverage in the capital structure. The formula can be useful in the valuation of several corporate liabilities in the presence of information uncertainty and short sales constraints about the firm and its cash flows. Our analysis can be used for the valuation of several real options.     

浅谈高速公路二灰碎石基层施工工艺与质量控制

随着高速公路建设技术的不断创新,二灰碎石技术就以其无可比拟的优势受到了广泛的关注,本文结合二灰碎石技术在高速公路建设过程中的广泛应用进行探讨,对其施工工艺和施工质量进行阐述,希望使读者能够对这种技术有更全面的了解。     

Compulsory versus voluntary voting: An experimental study

We report on an experiment comparing compulsory and voluntary voting institutions in a voting game with common preferences. Rational choice theory predicts sharp differences in voter behavior between these two institutions. If voting is compulsory, then voters may find it rational to vote insincerely, i.e., against their private information. If voting is voluntary so that abstention is allowed, then sincere voting in accordance with a voter's private information is always rational while participation may become strategic. We find strong support for these theoretical predictions in our experimental data. Moreover, voters adapt their decisions to the voting institution in place in such a way as to make the group decision accuracy differences between the two voting institutions negligible. The latter finding may serve to rationalize the co-existence of compulsory and voluntary voting institutions in nature.     

浅谈公路改建设计

结合作者以往工作经验,对公路升级改建设计时应注意的问题做简单探讨。     

New technology and old institutions: An empirical analysis of the skill-biased demand for older workers in Europe

Using panel data from nine European countries over the period 1970 to 2007, we examine the impact of information and communication technology (ICT) on the demand for older workers (aged 50 and over). We find evidence of a decrease in demand for older workers in the 1970s and 1980s. It can be argued that the impact of ICT on demand for older workers is skill-biased. However, the skill-biased demand for older workers is mainly reflected in the skill-biased changes in employment shares rather than relative wages. There is some evidence of a gradual deskilling of older workers. We find that labour market institutions such as the national minimum wage, social pacts on wage issues and union density mostly benefit skilled older workers, while coordination of wage setting, extension of collective agreements, social pacts on pensions and centralisation of wage bargaining can alleviate the adverse effects of skill-biased technological change.     

Information and its impact on consumers׳ reactions to restrictive return policies

Designing an effective return policy is a difficult task for retailers. A very restrictive return policy can keep logistic costs down and prevent fraudulent returns but it can also have a negative effect on consumer behavior. Two experiments explore the role of assortment-related information in moderating consumers׳ negative reactions to more restrictive product return policies. The results demonstrate that consumers will view an assortment characterized by a more restrictive return policy as attractive to the extent that the assortment supports the information processing strategy triggered by the return policy.     

探地雷达在公路改扩建工程检测中的应用

公路改扩建工程在广东省正处于快速发展时期,如何准确得到路面病害情况,是旧路处治方案制定面临的主要问题.依托开阳高速改扩建工程,采用三维探地雷达对旧路进行病害检测,得到道路表面及内部的病害分布情况,并分别与人工徒步调查路况及开挖后内部实际情况进行比对.结果表明:当三维探地雷达检测采样间距设置为2.0 cm、驻波时间设置为0.6 ms、时窗设置为85 ns时,可达到较好的检测精准度;三维探地雷达可实现对路面结构内部不同深度位置的裂缝病害进行探测,精确识别3 mm宽裂缝,并了解裂缝的发展方向及性质.     

How do “gatekeepers” affect credit risk?

This study investigates the relationship between auditor tenure and credit default swap (CDS) spreads of U.S. firms based on quantile regression. After allowing for common determinants of CDS spreads, auditor tenure exerts both statistically and economically significant additional impacts on the CDS market. Furthermore, there are differential effects of common CDS spread determinants and auditor tenure. While common determinants of CDS spreads (e.g., leverage, volatility, risk free rate, credit ratings, and earnings) have monotonically increasing impacts when CDS spreads (and their changes) are increasingly higher, auditor tenure primarily has the impact when CDS spreads are of low or median levels for less risky firms.     

Information transmission between large shareholders and stock volatility

Does information transmission between large shareholders exacerbate stock volatility or reduce stock volatility? In this study, based on the common shareholding data in the Chinese stock market from 2007 to 2017, we establish the shareholder’s coshareholding network, and use the weighted network clustering coefficient to measure the information transmission speed. Moreover, we investigate the impact of information transmission speed on stock volatility. The empirical results show that a nonlinear U-shaped relationship exists between information transmission speed and stock volatility. The findings are robust to the inclusion of other determinants of stock volatility identified in the literature. Finally, we verify the existence of private information interaction in the coshareholding network.     

材料试验检测技术在公路工程中的应用分析

试验检测技术作为当前对公路路面施工中工程质量保证当中的重要环节,对路面工程施工的质量有着重要的作用。本文以公路路面养护中的主要材料试验检测方法和指标作为基础,从材料试验检测的作用和实际应用对其进行阐述,并指出在养护中运用这些指标和方法的重要性。