Fast accurate binomial pricing

We discuss here an alternative interpretation of the familiar binomial lattice approach to option pricing, illustrating it with reference to pricing of barrier options, one- and two-sided, with fixed, moving or partial barriers, and also the pricing of American put options. It has often been observed that if one tries to price a barrier option using a binomial lattice, then one can find slow convergence to the true price unless care is taken over the placing of the grid points in the lattice; see, for example, the work of Boyle & Lau [2]. The placing of grid points is critical whether one uses a dynamic programming approach, or a Monte Carlo approach, and this can make it difficult to compute hedge ratios, for example. The problems arise from translating a crossing of the barrier for the continuous diffusion process into an event for the binomial approximation. In this article, we show that it is not necessary to make clever choices of the grid positioning, and by interpreting the nature of the binomial approximation appropriately, we are able to derive very quick and accurate pricings of barrier options. The interpretation we give here is applicable much more widely, and helps to smooth out the ‘odd-even’ ripples in the option price as a function of time-to-go which are a common feature of binomial lattice pricing.     

文化距离、海外华人网络与中国企业对外直接投资区位选择

本文利用企业层面对外直接投资项目面板数据,采用负二项回归模型实证考察了文化距离与东道国华人网络对中国企业对外直接区位选择的影响。实证研究发现,东道国与中国文化距离的增加对中国企业对外直接投资有显著的抑制作用,但东道国华人网络对中国企业对外直接投资有显著的促进作用。文章最后对研究的理论价值和实践意义进行了讨论。     

健康教育对肺结核患者负性情绪的影响

目的：探讨健康教育对肺结核患者负性情绪的影响。方法选取80例肺结核患者随机分为研究组和对照组,各40例。所有患者都行常规治疗,并给予常规护理,对照组患者给予常规指导,研究组患者给予健康教育。对比两组患者入、出院时的抑郁、焦虑程度。结果两组患者入院时的抑郁和焦虑得分比较,差异无统计学意义（P＞0.05）;而出院时研究组患者得分均低于对照组（P＜0.05）。结论健康教育可有效的改善肺结核患者的负性情绪。     

Earthly graves for environmental futures: Techno-burial practices

In this paper we explore contemporary investments in the underground. We argue that alongside excavation processes the subsurface the underground is increasingly being presented as site for the burial of toxic and radioactive waste and carbon dioxide. We explore two particular burial practices; the long-term disposal of industrial and toxic waste in deep geological repositories and the sequestration of carbon and greenhouse gases in soil. Across these practices, we argue that subsurface appears as a repository for both the sacred and profane remains of environmental pasts and the hopes for an ecological modernity.     

A series of persuasive events. Sequencing effects of negative and positive messages on party evaluations and perceptions of negativity

We test how party evaluations and perceptions of negativity are affected by sequences of positive/negative persuasive messages. In an experimental survey collected in Denmark, respondents were exposed to either a positive or a negative message on three issues in a random order; this creates a setting where we can test for the effects of eight different sequences of positive and/or negative messages. We find consistent effects. Being exposed to a higher volume of negative messages often depresses evaluations of the target, whereas being exposed to a higher volume of positive messages enhances evaluation of the sponsor. These effects are nuanced by recency effects: when a sequence ends on a negative message, regardless of its overall valence, evaluation of the target is depressed; similarly, negatively valenced sequences harm the target except when the sequence ends on a positive message. Backlash effects are unlikely, and no sequence simultaneously harms the target and promotes a positive evaluation of the sponsor. Finally, negatively valenced sequences of messages enhance perceptions of negativity, whereas positively valenced sequences do not reduce it; this trend is also nuanced by recency effects.     

Stochastic interest rate modelling using a single or multiple curves: an empirical performance analysis of the Lévy forward price model

In current financial markets negative interest rates have become rather persistent, while in theory it is often common practice to discard such rates as incredible and irrelevant. However, from a risk management perspective, it is crucially important to financial institutions to properly account for this phenomenon in their Asset Liability Management (ALM) studies. In this paper, we develop a coherent framework on how to best incorporate negative interest rates in these studies through a single curve stochastic term structure model and compare it to its multiple curve analogue. It turns out that, from the wide range of available single curve models, especially the Lévy Forward Price model (LFPM) of Eberlein and Özkan [The Lévy LIBOR model. Financ. Stoch., 2005, 9, 327–348] seems appropriate for ALM purposes. This paper describes an optimisation routine for calibrating this LFPM under the risk-neutral measure in both the single and multiple curve framework to the market prices of interest rate caplets with different strike rates, maturities and tenors. In addition, an empirical performance analysis is made of the single and multiple curve LFPM, where we include four deterministic volatility specifications and provide an explicit parametrisation of a piecewise homogeneity restriction with both deterministic and random breakpoints. This comparative analysis indicates that both the single and multiple curve LFPM is best adopted with the Linear-Exponential Volatility (LEV) specification and that deterministic breakpoints should be included, rather than random breakpoints.     

It takes two to interact – Service orientation,negative emotions and customer phubbing in retail service work

The purpose of this paper is to empirically explore the relationship between frontline employees' service orientation, negative emotions and handling strategies during situations of customer incivility involving phubbing. In such situations, the logic and the practical implications of service orientation are challenged. Drawing on a survey of 2,940 employees in the Swedish retail sector, the paper shows that service orientation impacts upon how situations involving difficult customers are handled, and that this impact is mediated by employees’ negative emotional reactions. The paper contributes to retail management by pointing to the limitations of solely relying on service orientation and similar ideals in situations of customer incivility.     

Unfolding deconstructive effects of negative shocks on psychological contract violation,organizational cynicism,and turnover intention

This research aims to unfold the impact of negative shocks on Chinese employees in the service sector by conducting a mixed-method study involving a scenario-based experiment and a field survey. The findings of Study 1 show that negative shocks resulted in a psychological contract violation, high organizational cynicism, and turnover intention. Study 2 further examined the moderating roles of traditionality and organizational embeddedness. Negative shocks triggered less organizational cynicism among employees with higher levels of traditionality. Organizational embeddedness, however, did not play such a moderating role in the relationship between psychological contract violation and turnover intention. Theoretical and practical implications are discussed.     

How handwriting reduces negative online ratings

This research investigates whether handwriting during the tourism experience reduces subsequent negative and extreme online rating scores. We portray that handwriting, due to a more deeply rooted elaboration of information, activates emotional empathy. Study 1, a field experiment in the hospitality context, suggests that handwriting reduces the extremeness of subsequent online rating scores. Study 2 compares handwritten vs. typed comments and complements the initial findings by clarifying the mediating role of emotional empathy on this relationship. We discuss the boundary conditions for the effect and offer practical implications on how to nudge tourists to reduce negative online rating scores. Hotel operators should use their enhanced emotional bonding with tourists when competing with peer-to-peer operators.     

Standing up for or against: A text-mining study on the recommendation of mobile payment apps

Mobile payment systems offer enormous potential as alternative payment solutions. However, the diffusion of mobile payments over the years has been less than optimal despite the numerous studies that have explored the reasons for its adoption. Consequently, there is an increased interest in exploring alternative actions for promoting its diffusion, especially user recommendation of the technology. This is because positive recommendations can enormously influence the decisions of potential consumers to use the technology while negative recommendations can increase resistance to it. The few extant studies in this domain have followed the traditional survey approach with hypothetic-deductive reasoning, thus limiting an understanding of factors outside their conceptual models that could influence recommendations. To address this shortcoming, this study uses a qualitative text-mining approach that explores themes from user reviews of mobile payment applications (apps). Using 5955 reviews from 16 mobile payment apps hosted on the Google Play store, this study applied the latent Dirichlet allocation (LDA) text-mining method to extract themes from the reviews that help to explain why users provide positive or negative recommendations about mobile payment systems. A total of 13 themes (i.e. ease of use, usefulness, convenience, security, reliability, satisfaction, transaction speed, time-saving, customer support, output quality, perceived cost, usability and trust) were generated from the LDA model which provides both theoretical and practical insights for advancing mobile payments diffusion and research.