Pricing derivatives of American and game type in incomplete markets

In this paper the neutral valuation approach is applied to American and game options in incomplete markets. Neutral prices occur if investors are utility maximizers and if derivative supply and demand are balanced. Game contingent claims are derivative contracts that can be terminated by both counterparties at any time before expiration. They generalize American options where this right is limited to the buyer of the claim. It turns out that as in the complete case, the price process of American and game contingent claims corresponds to a Snell envelope or to the value of a Dynkin game, respectively.On the technical level, an important role is played by -sub- and -supermartingales. We characterize these processes in terms of semimartingale characteristics.Received: June 2003, Mathematics Subject Classification (2000):   91B24, 60G48, 91B16, 91A15, 60G40JEL Classification:   G13, D52, C73The authors want to thank PD Dr. Martin Beibel for the idea leading to the proof of Proposition A.4 and both anonymous referees for many valuable comments. The second author gratefully acknowledges financial support by the Deutsche Forschungsgemeinschaft through the Graduiertenkolleg Angewandte Algorithmische Mathematik at Munich University of Technology and by the Fonds zur Förderung der wissenschaftlichen Forschung at Vienna University of Technology.     

办公与管理自动化发展动态及规划实例

本文说明办公与管理自动化技术概貌,它的层次划分,实现方法和发展动态.最后介绍成都某企业办公与管理自动化系统发展规划.     

The bumpy road of biomass gasification in the Netherlands: Explaining the rise and fall of an emerging innovation system

In this paper, the concept of System Functions of Innovation Systems is applied to provide an explanation of the success or failure of an emerging technology, i.e. biomass gasification, with empirical data on the evolution of this technology in the Netherlands during 1980-2004. A new list of System Functions has been developed lately and is used to identify the most relevant events in the evolution of the Biomass Gasification Innovation System. We show that a structural misalignment occurred between the institutional framework within which the technology could have been developed and the technical requirements of the technology. Finally, the absence of System Functions such as the guidance of the search, resource allocation and advocacy coalition explains the failure of this technology over time.     

联合国粮农组织权力下放办事处网络现状、挑战与启示

[目的]解读粮农组织实施权力下放(Decentralization)战略,全面梳理权利下放办事处网络(Decentralized Offices Network),分析其发展趋势,研究该网络为我国农业通过多边合作带来的机遇及对今后联合国粮食及农业组织(FAO)驻华代表处的影响。[方法]结合本职工作,通过文献综述和调研,阐述FAO权力下放办事处网络的基本情况和发展趋势,总结与其合作的现状、机遇和挑战,展望新时代我国与FAO合作发展的新方向和模式。[结果]深化合作领域,探索新型国家代表处合作模式势在必行;中国外交战略布局新特色,为多边农业外交与合作发展带来新机遇;积极参与全球粮农治理,谋篇布局,争取农业生产主动权,掌握农业贸易话语权。[结论]科技引领、需求引导、政府推动是FAO驻华代表处未来发展新趋势,应从科技与合作创新机制,多元化、创新化和前瞻化领域发展等方面入手,开展全球农业战略布局,并与其他国家协同并进,构建人类命运共同体,实现联合国可持续发展目标。     

Evaluating Internet Portals—An Empirical Study of Acceptance Measurement Based

SUMMARY

Due to the great importance of the “information business” in the tourism industry, the Internet has seen increasing use in this field. This paper deals with the evaluation of Internet portals based on the example of the Austrian National Tourist Office, Austria's largest tourism service organization. The empirical analyses performed on the basis of 172 useable questionnaires demonstrate the high significance of the Internet in the work processes of tourism professionals. In this context, significant differences were identified between the four user groups examined in the B2B field (provincial tourism organizations, hotels, travel agencies/operators and associations) and between age groups and genders in the various dimensions of Internet portal evaluation. Usability and content play the most critical role as factors influencing the appeal of Internet portals, the users' satisfaction with them, and their frequency of return visits to a portal. The design of a portal has a significantly lower influence.     

“怎样利用大学图书馆”课件的制作

开展“怎样利用大学图书馆”课是高校图书馆用户教育的内容之一。本文介绍了多媒体课件的设计及利用PowerPoint2003制作课件的过程。     

The office development cycle in London

Summary

The paper examines the main features of the office market and the office development process in London, which is not only the largest office centre in the UK, but also in Europe as a whole. The discussion starts with the main factors which have contributed to the growth of London as a national and international office centre, concentrating in particular upon the main sources of demand for new office building. The cyclical nature of post‐war office development in London is described, illustrated by an examination of the relative trends in investment and development returns from new offices. The impact of the supply cycle upon the organization and funding of development, and upon its scale and location are then discussed, followed by a brief review of the impact of planning policy upon the office market. Finally, there is a review of the current situation at the end of the third post‐war cycle, and an assessment of the likely impact of new office technologies upon the demand for office space in the next development cycle during the late 1980s.     

Analyzing the state-accounting profession dynamic: Some insights from the professionalization experience in China

The dynamic nature of the state-accounting profession relationship has been mostly explored within a western democratic and capitalist context. Taking into account the unique culture and the system of power in China, this paper contributes by examining the influence of the state over the Chinese public accounting profession during the 1990s. Utilizing a corporatist framework and combined with Gramsci’s concept of hegemony, this paper provides insights into the power relation between the state and the accounting profession, as well as illuminates the ideological influence of the state in the development of the profession. The empirical investigation also pays particular attention to the intra-professional conflicts that took place in the 1990s and provides further insights into the dynamic of the state-accounting profession relationship in that era.