On the pricing of forward starting options in Heston’s model on stochastic volatility

We consider the problem of pricing European forward starting options in the presence of stochastic volatility. By performing a change of measure using the asset price at the time of strike determination as a numeraire, we derive a closed-form solution within Hestons stochastic volatility framework applying distribution properties of the volatility process. In this paper we develop a new and more suitable formula for pricing forward starting options. This formula allows to cover the smile effects observed in a Black-Scholes environment, in which the extreme exposure of forward starting options to volatility changes is ignored.Received: July 2004, Mathematics Subject Classification (2000): 91B28, 60G44, 60H30, 60E10JEL Classification: G13It is a pleasure to thank the anonymous referee for his valuable comments and suggestions on this paper. Furthermore, we would like to thank Holger Kraft, University of Kaiserslautern, and Alexander Giese, HypoVereinsbank AG Munich, for fruitful discussions and suggestions.     

Developing Dividend and Financing Policies with a Computer Terminal

This study examines the value relevance of mandated disclosures by UK firms of the investor‐firm share of liabilities of equity‐accounted associate and joint venture investees. It does so for the six years following the introduction of FRS 9: Associates and Joint Ventures, which forced a substantial increase in such disclosures by UK firms. Since the increased disclosure requirements were partly motivated by concern that single‐line equity accounting concealed the level of group gearing, and in light of previous US results, it is predicted that the mandated investee‐liability disclosures have a negative coefficient in a value‐relevance regression. The study also examines whether value‐relevance regression coefficients on investee‐liability disclosures are more negative for joint ventures than for associates and whether they are more negative in the presence of investor‐firm guarantees of investee‐firm obligations than in the absence of such guarantees. The study reports that the coefficient on all investee‐liability disclosures taken together has the predicted negative sign, and is significantly different from zero. It finds little evidence that the negative valuation impact of liability disclosures is stronger for joint venture investees overall than for associate investees overall, or stronger for guarantee cases overall than for non‐guarantee cases overall. There is, however, some evidence that the impact for joint venture guarantee cases is stronger than that for joint venture non‐guarantee cases and stronger than that for associate guarantee cases.     

高智力劳动力、知识扩散绩效对新创企业成长的影响机理研究

基于互联网新创企业的面板数据,考量高智力劳动力、知识扩散绩效对新创企业成长的影响机理.结果表明:从全样本看,高智力劳动力、知识扩散绩效对新创企业成长具有十分显著的正向促进作用.从分样本的实证结果看,高智力劳动力对于新创企业成长的作用效果显著高于知识扩散绩效的作用效果.进一步分析发现,高智力劳动力与知识扩散绩效对新创企业成长产生影响的同时,均存在显著的边际效益递减趋势.     

合资轿车企业的技术创新机制：基于网络组织理论

基于跨国公司网络组织理论,分析中外合资轿车企业技术创新机制表明,就合资企业自主品牌问题,应淡化对合资企业自主品牌的争论,而对合资企业知识产权的主体地位应给予更多的关注。就政府主管部门对合资企业技术创新的政策取向,应承认合资企业技术创新主体地位,针对合资企业技术创新模式以二次开发为主的特点,建议将政策的着力点放在鼓励技术知识产权转让和新技术的合作开发方面。     

智能车起跑线识别算法及停车策略

文章给出了摄像头智能车识别起跑线的具体算法,对摄像头所采集的赛道信息先经过必要的图像处理,通过设置观察窗口减小了计算量,提高了算法的实时性,利用起跑线的图像特征作为起跑线判别依据。文章还提出了起跑线检测成功后具体的停车策略。实验证明,该识别算法和停车策略在实际赛道中能够正确检测起跑线并实现可靠停车。     

注CO_2气开发低渗油田影响因素数值模拟研究

本文针对低渗透储层,利用数值模拟方法,研究了渗透率、原油相对密度及非均质性等因素对CO2驱油效果的影响,并且在分析启动压力梯度对低渗透油藏CO2驱替效果的影响基础上,建立了考虑启动压力梯度的CO2驱非达西渗流规律数学模型。根据数值模拟结果,随着渗透率的增加,CO2驱采出程度增大;随着原油相对密度的增加,CO2驱采出程度降低;非均质性性越强,CO2驱采出程度越低;考虑考虑启动压力梯度的影响,建立数学模型,对于低渗透油田CO2驱油实践具有一定指导意义。     

走行：旅游学的逻辑起点

一门学科逻辑起点的确立事关该门学科的发展与成熟,目前仍处于前学科阶段的旅游学逻辑起点的研究和探讨几近空白。首先总结和归纳其他学科的学者对于逻辑起点的共识性的定义和规定性,继而以此为标准,运用历史与逻辑的方法,探讨和论证了＂走行＂作为旅游学逻辑起点的合理性,最后提出此逻辑起点对于旅游学研究的学术意义和实践意义。     

Ways to improve pioneer new ventures' performance in the ICT industry

This paper analyses how marketing capabilities and low cost orientation improve the performance obtained by technology new ventures that enter the market early. In a sample of 104 new ventures of the Information and Communications Technology (ICT) industry, the authors have developed a regression analysis allowing them to demonstrate the direct and indirect effects proposed in the hypotheses. The results obtained show that early entry into the market has a positive influence on new venture performance, as the joint moderator effect of marketing capabilities and low cost orientation is greater than the effect of each variable taken on its own. Furthermore, this study explores if the effects of the analysed factors are different between telecommunications and electronic and computer new ventures. This study shows that marketing capabilities and low cost strategy are complements rather than substitutes in moderating the relationship between entry timing and new venture's performance, especially for the telecommunications new ventures.     

中外合资企业资产评估增值处理方法分析

在研究国家相关税收法律、法规和政策的基础上,结合中外合资项目的税务实践,对中外合资企业资产评估增值处理方法进行了分析,指出采用不同评估方法对企业的经济利益会产生不同的影响,事前的税务筹划和税务安排,能够使企业获取最合理的税务成本,控制税务风险。     

我国财务会计概念框架的构建与思考

财务会计概念框架作为一个理论结构,必然涉及两方面的问题:逻辑起点和逻辑结构。逻辑起点是整个框架最基本、最普遍、最简单的范畴。它的内容决定了逻辑结构中应该包括的理论要素及各要素的逻辑构成。以此为基础,本文系统探讨了我国财务会计概念框架的构建,包括逻辑起点、财务会计目标、会计信息的质量特征、财务报表的要素、要素的确认与计量、财务报告的列报等问题。