专利权价值评估的进一步探讨

在对现有专利权价值评估模型进行探讨的同时,又针对专利权的投入与产出均为随机的情况下,根据McDonald和Siegel是否继续生产期权计算公式,提出了修正期权定价法,作为对现有模型的补充。     

Changing land use intensity in Europe – Recent processes in selected case studies

In recent decades the intensification of agricultural production in many European countries has been one of the key components of land-use change. The impact of agricultural intensification varies according to national and local contexts and a greater understanding of the drivers of intensification will help to mitigate against its negative impacts and harness potential benefits. This paper analyses changes in land use intensity in six case studies in Europe. A total of 437 landowners were interviewed and their responses were analysed in relation to changes in land use intensity and agricultural production between 2001 and 2011. In the case studies in Western and Eastern Europe we observed stabilisation during the last decade, and no clear tendency of increase or decrease of land use intensity. The use of fertilizers and pesticides seems to have decreased in our cases in Western Europe, which is contrary to trends in Eastern Europe. Agricultural production remained stable in almost all cases, except for an increase in Austria and Romania which may indicate that the farming efficiency has increased. A statistical analysis showed a division between study areas in Romania and Austria (increasing land use intensity) versus those in the Netherlands, Denmark and Greece (decreasing). In the Mediterranean cases we observe a process where agriculture is becoming increasingly marginalised, at the same time as changes in function with regard to urbanisation and recreational land uses have taken place. Logistic regression highlighted the importance of farm size and farmer type in understanding changes in land use intensity. The dominant pattern of stabilisation which has occurred over the past 10 years may also partly be a result of effective EU and national environmental and agricultural policies, which are increasingly concerned with improving environmental conditions in rural areas.     

期权定价模型在物流企业价值评估中的新思路

现代物流企业与传统企业一样，其终极财务管理的目标都是使企业的价值实现最大化。对现代物流企业价值进行评估，评估结果固然重要，评估过程中也包含着许多有益的信息，评估过程有助于我们理解实现现代物流企业价值的决定因素，本文基于此，通过利用一种新的价值评估体系——期权定价模型进行对物流企业的价值评估，从而可以帮助现代物流企业更好地认识自身的价值及其提升途径。     

Drivers of cropland abandonment in mountainous areas: A household decision model on farming scale in Southwest China

Cropland abandonment has emerged as a prevalent phenomenon in the mountainous areas of China. While there is a general understanding that this new trend is driven by the rising opportunity cost of rural labor, rigorous theoretical and empirical analyses are largely absent. This paper first develops a theoretical model to investigate household decisions on farming scale when off-farm labor market is accessible and there is heterogeneity of farmland productivity and distribution. The model is capable of explaining the hidden reasons of cropland abandonment in sloping and agriculturally less-favored locations. The model also unveils the impacts of heterogeneity of household labor on fallow decisions and the efficiency loss due to an imperfect labor market. The model is empirically tested by applying the Probit and Logit estimators to a unique household and land-plot survey dataset which contains 5258 plots of 599 rural households in Chongqing, a provincial level municipality, in Southwest China. The survey shows that more than 30% of the sample plots have been abandoned, mainly since 1992. The econometric results are consistent with our theoretical expectations. This work would help policy-makers and stakeholders to identify areas with a high probability of land abandonment and farming practice which is less sustainable in the mountainous areas.     

Competition for goods in buyer-seller networks

Abstract. This paper studies competition in a network and how a network structure determines agents' individual payoffs. It constructs a general model of competition that can serve as a reduced form for specific models. The paper shows how agents' outside options, and hence their shares of surplus, derive from “opportunity paths” connecting them to direct and indirect alternative exchanges. Analyzing these paths, results show how third parties' links affect different agents' bargaining power. Even distant links may have large effects on agents' earnings. These payoff results, and the identification of the paths themselves, should prove useful to further analysis of network structure.     

Evaluation of American option prices in a path integral framework using Fourier–Hermite series expansions

In this paper we review the path integral technique which has wide applications in statistical physics and relate it to the backward recursion technique which is widely used for the evaluation of derivative securities. We formulate the pricing of equity options, both European and American, using the path integral framework. Discretising in the time variable and using expansions in Fourier–Hermite series for the continuous representation of the underlying asset price, we show how these options can be evaluated in the path integral framework. For American options, the solution technique facilitates the accurate determination of the early exercise boundary as part of the solution. Additionally, the continuous representation of the state variable allows the relatively accurate and efficient evaluation of the option prices and the delta hedge ratio.     

REAL OPTIONS AND THE CROSS‐SECTION OF EXPECTED STOCK RETURNS

This paper surveys the theoretical literature investigating the effect of firms’ investment flexibility on the cross‐section of expected stock returns. Real options analysis derives firms’ value‐maximizing investment policies as functions of exogenous fundamental drivers of profitability and calculates firms’ market values as functions of the same variables. These functions yield the relationship between expected stock returns and firm fundamentals. Several plausible explanations for the value premium – the high average stock returns earned by firms with high book‐to‐market ratios – emerge from this literature.     

兼并重组小型煤矿管控模式和路径选择

随着全国煤炭主产省(区)关闭整顿、整合、兼并重组小型煤矿步伐的加快,如何有效管控数量众多的小型煤矿成为整合主体面临的严峻课题。义煤集团结合实际,积极进行探索实践,建立起了有效的三级管控模式;结合管控重点,构建了五条管控路径;分析了兼并重组过程中存在的主要问题,提出了有建设性的建议。     

混凝土空心砌块墙体开裂实例分析

本人结合多年的实践经验,以鲅鱼圈信号楼工程为实例,详细分析混凝土空心砌块墙体开裂原因,实践性的给出了处理方案。实践证明,工程裂缝处理效果良好,希望此文能为类似工程起到一定的参考作用。