解析或有要求权估价法

或有要求权估法与传统的折现现金流估价法、比率估价法构成了目前投资估价方法的主流。或有要求权估价法通常用于对公司融资和投资的定价，包括一些融资工具的定价(如股票、债券、认股权证、一些具有选择权的债券)、公司战略管理和投资决策中的不确定性(灵活性)的定价等。     

A Study of Mutual Insurance for Bank Deposits

This article displays a study on the mutual insurance of bank deposits. A system where deposits are first insured by a consortium then by the Government is envisaged. We wish to compute the fair premia due to both the consortium and the Government. Various types of covenants aiming at making banks reduce their risks are detailed. These provisions can be, as is the case in Chapter 11, of a Parisian type. This means that surveillance is based on the path followed by the assets or the leverage. We compare these various types of covenants and conclude on the proposal for new regulatory provisions. JEL Classification No: G13, G21     

浅谈香港公共工程承包商索赔和争议解决

本文通过实例研究,分析了在香港政府土木工程标准合同条件下索赔及争议解决的方式,并从承包商角度总结了索赔解决的经验,以及承包商选择用调解程序来解决索赔争议所做的准备和分析工作.     

如何抓好工程项目管理中责任索赔

施工责任索赔是工程项目管理工作中必定要碰到的一项工作。文章对责任索赔进行界定并分析其起因。在工程项目管理工作中应重视责任索赔管理,理清索赔思路,做好责任索赔工作。     

剩余索取权分配的理论依据比较研究

剩余索取权的分配是企业治理结构中一个重要的问题,它关系到企业的治理效率和企业目标的实现。股东至上理论和利益相关者理论对这个问题作出了各自的回答,然而,长期利益共同体理论却以资产专有性为依据,认为核心要素才是剩余索取权的分配主体,同时这个主体既可能是一元的,也可能是多元的,从而建构了一个介于两者之间的理论构想。     

简议我国商业银行表外业务风险管理

表外业务目前已成为我国商业银行重要的业务发展方向和收益来源,而表外业务同时又伴随着比表内业务更大的风险．商业银行应针对表外业务具有的多风险性采取风险管理措施,对表外业务风险进行管理。     

PRICING AND SEMIMARTINGALE REPRESENTATIONS OF VULNERABLE CONTINGENT CLAIMS IN REGIME‐SWITCHING MARKETS

Using a suitable change of probability measure, we obtain a Poisson series representation for the arbitrage‐free price process of vulnerable contingent claims in a regime‐switching market driven by an underlying continuous‐time Markov process. As a result of this representation, along with a short‐time asymptotic expansion of the claim's price process, we develop an efficient novel method for pricing claims whose payoffs may depend on the full path of the underlying Markov chain. The proposed approach is applied to price not only simple European claims such as defaultable bonds, but also a new type of path‐dependent claims that we term self‐decomposable, as well as the important class of vulnerable call and put options on a stock. We provide a detailed error analysis and illustrate the accuracy and computational complexity of our method on several market traded instruments, such as defaultable bond prices, barrier options, and vulnerable call options. Using again our Poisson series representation, we show differentiability in time of the predefault price function of European vulnerable claims, which enables us to rigorously deduce Feynman‐Ka? representations for the predefault pricing function and new semimartingale representations for the price process of the vulnerable claim under both risk‐neutral and objective probability measures.     

浅谈工程索赔在温州建设市场上的实践

结合自己的工作经历,着重介绍了工程索赔在温州建筑市场的发展,以及业主方对索赔的预防控制、承包方的索赔处理程序等。     

论侵权诉讼时效

基于人格权、物权、知识产权等绝对权被侵害产生的停止侵害请求权、排除妨碍请求权、消除危险请求权,不应当适用诉讼时效。为填补受害人的损失而产生的请求权,原则上财产性的请求权应当有诉讼时效的限制,而非财产性质的请求权不适宜有诉讼时效的限制。实务中要注意把握单行法规定的侵权责任特殊诉讼时效期间。刑事附带民事诉讼提起的侵权之诉的诉讼时效可以直接适用刑法有关追诉时效的规定。     

民事责任竞合刍议

民事责任竞合来源于法律规范竞合理论。现代法律都作抽象规定,并且从各种不同角度对社会生活加以规范,所以,经常发生同一个事实符合几个法律规范的要件,致使这几个法律规范竞合。同一民事违法行为同时符合数种民事权利保护的规定,就构成民事责任竞合。民法上的民事责任竞合,就是民事请求权竞合。民事责任的竞合包括多种情况,主要讨论侵权责任与违约责任的竞合。