论实现法治的最基本条件

市场经济是一种法治经济，所有权与债权都必须在保持合法主体的前提下，通过等价交换的原则来得以充分实现，因此我们必须加强社会主义市场经济的法治建设。     

Work environment and atmosphere: The role of organizational support in the creativity performance of tourism and hospitality organizations

In this study, we developed and tested a new model of how organizational support affects the organizational work environment and atmosphere that facilitates creativity. A field study of 320 employees showed that organizational support was positively related to the work environment for knowledge sharing, motivation, procedural justice, and promotion. Further, the work environment plays a mediating role between organizational support and employee creativity. These measures of an organization's environment of procedural justice are related to employees’ motivation and knowledge sharing, which predict employees’ promotion.     

A Critique of Revised Basel II

This paper critiques the revised Basel II capital requirements for banks. To provide a framework for analysis, the XYZ theory of regulatory capital is formulated. Independent of the XYZ theory, we argue that the revised Basel II capital rule for credit risk is not a good approximation to the ideal rule. Based on this, and using the XYZ theory, we argue that: (1) the revised Basel II rules should not replace the existing approaches for determining minimal capital standards, but should be used in conjunction with them, and (2) that calibrating the capital rules to maintain aggregate market capital is a prudent procedure.     

Intraday Value at Risk (IVaR) using tick-by-tick data with application to the Toronto Stock Exchange

This paper investigates the use of tick-by-tick data for intraday market risk measurement. We propose a method to compute an Intraday Value at Risk based on irregularly spaced high-frequency data and an intraday Monte Carlo simulation. A log-ACD–ARMA–EGARCH model is used to specify the joint density of the marked point process of durations and high-frequency returns. We apply our methodology to transaction data for three stocks actively traded on the Toronto Stock Exchange. Compared to traditional techniques applied to intraday data, our methodology has two main advantages. First, our risk measure has a higher informational content as it takes into account all observations. On the total risk measure, our method allows for distinguishing the effect of random trade durations from the effect of random returns, and for analyzing the interaction between these factors. Thus, we find that the information contained in the time between transactions is relevant to risk analysis, which is consistent with predictions from asymmetric-information models in the market microstructure literature. Second, once the model has been estimated, the IVaR can be computed by any trader for any time horizon based on the same information and with no need of sampling the data and estimating the model again when the horizon changes. Backtesting results show that our approach constitutes reliable means of measuring intraday risk for traders who are very active in the market.     

Challenges to employment at will: A survey of the natural gas transmission industry

The natural gas transmission industry, once paternalistic towards its employees, is feeling the effects of challenges to the doctrine of employment at will, and is responding with policies that will increase managerial prerogatives. This article approaches the issue from the points of view both of law and of economics, and includes a survey of pipeline managers who must develop viable work rules in an environment of increasing expectations of employee rights and tightening market competition.     

底部大空间配筋砌块砌体剪力墙结构的抗震分析

本文简单介绍了底部大空间配筋砌块砌体剪力墙结构抗震设计的一般要求,并结合工程实例,对比分析了底部大空间配筋砌块砌体剪力墙结构与底部大空间钢筋混凝土剪力墙结构在一维与多维地震作用下的结构反应,以便为以后设计提供必要的参考。     

论我国“三沿”地区发展外向型经济的新格局

在邓小平同志巡视南方的谈话后,我国出现了发展外向型经济的新格局。即除在沿海地区继续实施外向型经济发展战略外,沿江(长江)、沿边(周边)各省区也抓住当前有利时机,急起直追沿海地区发展外向型经济。这种沿江、沿边与沿海遥相呼应发展外向型经济的新格局的形成,对促进我国经济上个新台阶,实现第二步战略目标,具有重大意义。本文拟就我国“三沿”地区发展外向型经济的原因、意义和如何推动这种新格局进一步发展等问题作一探讨。     

Relationship Commitment and Ethical Consumer Behavior in a Retail Setting: The Case of Receiving Too Much Change at the Checkout

In this study, we conducted two experiments to examine the effect of relationship commitment on the reaction of shoppers to receiving too much change, controlling for the amount of excess change. Hypotheses based on equity theory, opportunism and guilt were set up and tested. The first study showed that, when the less committed consumer is confronted with a large excess of change, he/she is less likely to report this mistake, compared with a small excess. Conversely, consumers with a high commitment towards the retailer are more likely to tell when they receive too much change, especially when the amount is large. The second experiment provided an explanation for these findings: the less committed consumer is driven by opportunism, whereas guilt-related feelings play an important role in a high commitment relationship. These results have several implications for both retail management and future research.     

HIGH‐ORDER SHORT‐TIME EXPANSIONS FOR ATM OPTION PRICES OF EXPONENTIAL LÉVY MODELS

The short‐time asymptotic behavior of option prices for a variety of models with jumps has received much attention in recent years. In this work, a novel second‐order approximation for at‐the‐money (ATM) option prices is derived for a large class of exponential Lévy models with or without Brownian component. The results hereafter shed new light on the connection between both the volatility of the continuous component and the jump parameters and the behavior of ATM option prices near expiration. In the presence of a Brownian component, the second‐order term, in time‐t, is of the form , with d₂ only depending on Y, the degree of jump activity, on σ, the volatility of the continuous component, and on an additional parameter controlling the intensity of the “small” jumps (regardless of their signs). This extends the well‐known result that the leading first‐order term is . In contrast, under a pure‐jump model, the dependence on Y and on the separate intensities of negative and positive small jumps are already reflected in the leading term, which is of the form . The second‐order term is shown to be of the form and, therefore, its order of decay turns out to be independent of Y. The asymptotic behavior of the corresponding Black–Scholes implied volatilities is also addressed. Our method of proof is based on an integral representation of the option price involving the tail probability of the log‐return process under the share measure and a suitable change of probability measure under which the pure‐jump component of the log‐return process becomes a Y‐stable process. Our approach is sufficiently general to cover a wide class of Lévy processes, which satisfy the latter property and whose Lévy density can be closely approximated by a stable density near the origin. Our numerical results show that the first‐order term typically exhibits rather poor performance and that the second‐order term can significantly improve the approximation's accuracy, particularly in the absence of a Brownian component.