Valuing the Option to Purchase an Asset at a Proportional Discount

I analyze the value of a nonstandard call option that allows the holder to purchase an underlying asset at a discount proportional to the asset's market price. Several applications for this type of option exist, including its use in employee compensation contracts. I derive the value of this option for a dividend-paying asset and for an option whose exercise price reflects a time-varying discount factor. The derived value incorporates the optimal time at which the option should be exercised. One application of this option relates to a residential real estate program in China.     

构建高职计算机专业实践教学的信息化平台

构建实践教学信息化平台是解决高职实践教学中存在问题、提高教学质量和效率的有效方法。该文以一个信息化平台设计实例说明了信息化平台的设计过程。     

Use of minimum risk approach in the estimation of regression models with missing observations

This article considers a linear regression model with some missing observations on the response variable and presents two estimators of regression coefficients employing the approach of minimum risk estimation. Small disturbance asymptotic properties of these estimators along with the traditional unbiased estimator are analyzed and conditions, that are easy to check in practice, for the superiority of one estimator over the other are derived. Received May 2001     

中国财政性教育投资的实证分析与对策研究

在现代市场经济社会里 ,几乎所有国家的政府投资在为全社会提供教育服务方面都起着主导作用。我国财政性教育投资严重不足 ,而且教育投资结构很不合理 ,因此必须改变教育投资观念 ,切实、稳定增加财政的教育投资 ,优化财政教育投资结构     

Sunspot fluctuations in dynamics with predetermined variables

Summary. In this paper, I study the existence of Sunspot Equilibria in a general framework whose dynamics allow for the presence of predetermined variables in the system. The main motivation for this research comes from the fact that previous studies did not allow for such predetermined variables which, nevertheless, appear quite naturally in economic models. I show, for a non-negligible subset of dynamics with predetermined variables verifying usual assumptions, the existence of Stationary Sunspot Equilibria fluctuating between an arbitrary finite number of states arbitrarily close to a steady state. Received: March 1, 1995; revised version September 18, 1996     

Glamour and Value Strategies on the Tokyo Stock Exchange

This paper evaluates the performance of glamour and value strategies and tests the extrapolation model for the Japanese equity market. In general, value stocks outperform glamour stocks by between 6 and 12 percent per annum for the five years after portfolio formation. Evidence from past, future and expected growth provides strong support for the story developed in Lakonishok, Shleifer and Vishny (1994). It is difficult to attribute the value premia to the difference, if any, in risk factors. In addition, the book-to-market premium is much closer to an arbitrage opportunity than the size premium.     

Vacancies and Rent Dispersion in a Stochastic Search Model with Generalized Tenant Demand

I model imperfect information, derive a downward sloping market demand curve, and explain vacancies in a partial equilibrium model of a rental housing market. Tenants can be completely described by an exogenous demand curve, perhaps arising from differences in income, preferred location, or tastes, and view vacant units based on a stochastic arrival of rental information. Free entry of these landlords induces excess rental housing capacity (equilibrium vacancies). I determine the equilibrium distribution of rents for vacant units, show that this rent distribution may be discontinuous, and explore the equilibrium vacancy rate to changes in exogenous parameters. The resulting characterization of equilibrium distributions of rents may be amenable to econometric modeling exploring the relationship between market rents and vacancies.     

From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

How are China''s state-owned enterprises doing in the 1990s? Evidence from three interior provinces

Since its inception in the early 1980s, the success of China's enterprise reforms remains hotly debated. This paper introduces a new element into the analysis of state-owned enterprise performance by drawing on the recent increase in inter-regional income disparities. It is argued that as a result of less favourable structural conditions and stronger fiscal dependence on the central government, reform implementation in the interior provinces has lagged behind the progress made along the coast. This hypothesis is investigated using enterprise survey data from three interior provinces which is compared to a similar survey carried out earlier in four coastal cities. The evidence generally supports the view of larger administrative restrictions in the interior and relatively poor economic performance.     

农村经济的“第二个飞跃”与农用土地制度改革

土地制度的安排与改革决定着农村经济发展的前程。我国农业的改革和发展,要有两个飞跃:第一个是实行以家庭联产承包经营为主的责任制;第二个是发展适度的规模经营,发展合作经济。现行土地制度制约着第二个飞跃的实现,需要调整和完善。土地私有化不是我国土地制度改革的方向。土地制度改革在于适应现代农业建设的需要,构建农地财产权新的框架,以利于农业产业化经营,发展多种形式的适度规模经营。