PRICING DERIVATIVES ON MULTISCALE DIFFUSIONS: AN EIGENFUNCTION EXPANSION APPROACH

Using tools from spectral analysis, singular and regular perturbation theory, we develop a systematic method for analytically computing the approximate price of a large class of derivative‐assets. The payoff of the derivative‐assets may be path‐dependent. In addition, the process underlying the derivatives may exhibit killing (i.e., jump to default) as well as combined local/nonlocal stochastic volatility. The nonlocal component of volatility may be multiscale, in the sense that it may be driven by one fast‐varying and one slow‐varying factor. The flexibility of our modeling framework is contrasted by the simplicity of our method. We reduce the derivative pricing problem to that of solving a single eigenvalue equation. Once the eigenvalue equation is solved, the approximate price of a derivative can be calculated formulaically. To illustrate our method, we calculate the approximate price of three derivative‐assets: a vanilla option on a defaultable stock, a path‐dependent option on a nondefaultable stock, and a bond in a short‐rate model.     

塔式起重机的扶墙与地梁设计探讨

本文分析了目前塔式起重机地梁设计与选用,扶墙设计与选用。根据塔式起重机设计原理,基础的连接进行了分析,使用结构力学知识指出了产生不同结果,最后通过验证了该设计的安全性。     

The impact of governance and transparency on firm investment in Vietnam

A large literature asserts a causal relationship between the quality of economic governance and economic performance. However, attempts to establish such a link at an aggregate level have met with considerable methodological criticism. This paper seeks to overcome this limitation. We match a panel of Vietnamese enterprises from 2006 to 2010 with a unique panel dataset measuring sub‐national economic governance to estimate a relationship between local governance and private investment. We do not find a significant relationship between investment and most traditional forms of governance. However, there is one important exception – transparency, especially the public posting of planning documents, is strongly associated with higher investment across a range of different specifications. Our results have significant implications for policy, given the prevailing theory that changes in the quality of local economic governance will spur improved economic performance.     

Direct Democracy and Local Public Finances under Cooperative Federalism

In this paper, we exploit the introduction of the right of local initiatives in the German state of Bavaria in 1995 in order to study the fiscal effects of direct democracy. Our identification strategy combines difference‐in‐differences and regression discontinuity methods: we compare municipal expenditure and revenue between pre‐ and post‐reform periods at population thresholds where the signatures needed to launch initiatives and minimum quorum requirements decrease discontinuously (difference‐in‐discontinuities design). The results suggest that stronger direct democratic institutions lead to an expansion of local government size.     

Choice-Based Conjoint Analysis of the Local Coupon Preferences of Millennials

This article explores the local coupon preferences of the 18–29-year old market. Choice-based conjoint analysis was used to determine Millennials’ local coupon needs and preferences. From this data, three need-based segments were identified and discussed. The findings indicate that while overall, millennials are resistant to receiving coupons for local businesses through their cell phones, there is one segment that is receptive to this method of coupon delivery method.     

Local Powers of Optimal One‐sample and Multi‐sample Tests for the Concentration of Fisher‐von Mises‐Langevin Distributions

One‐sample and multi‐sample tests on the concentration parameter of Fisher‐von Mises‐Langevin distributions on (hyper‐)spheres have been well studied in the literature. However, only little is known about their behaviour under local alternatives, which is due to complications inherent to the curved nature of the parameter space. The aim of the present paper therefore consists in filling that gap by having recourse to the Le Cam methodology, which has recently been adapted from the linear to the spherical setup. We obtain explicit expressions of the powers for the most efficient one‐ and multi‐sample tests. As a nice by‐product, we are also able to write down the powers (against local Fisher‐von Mises‐Langevin alternatives) of the celebrated Rayleigh test of uniformity. A Monte Carlo simulation study confirms our theoretical findings and shows the empirical powers of the above‐mentioned procedures.     

乡土正当性与法律正当性在林权纠纷中的博弈——基于桂南两县一区的实地调查

通过背景梳析,在对林权纠纷中地方政府、国有林场、农户的调查后发现乡土正当性和法律正当性在当地林权纠纷中存在冲突,通过分析得出当前的林权纠纷问题具有普遍性和复杂性的基本特征;从制度经济学的产权角度和农户增收角度来看,农户的土地产权应得到维护。     

以政府职能转变推动收入分配改革

收入和财富分配的不平等一直是中国改革发展中的重要问题。针对中国经济的特点,可以从政府改革的角度来研究如何更好地进行收入分配改革。地方政府主导推动地方经济的做法对收入不平等的扩大起了重要作用,加快政府职能转换,是使收入分配改革真正落到实处的破局之处,也是实现收入分配合理化可行的第一步。要改变地方政府的经济职能,降低它直接参与基础设施的程度,改革地方土地财政,建立垂直管理机构,以分散它的一部分经济管理职能,为收入分配改革打开空间。     

1000MW机组塔式锅炉水冷壁垂直段组合安装方案浅析

本文以某电厂1000MW机组塔式锅炉水冷壁垂直段组合、安装为例,介绍塔式锅炉水冷壁垂直段组合、安装方案的确定过程,以其成功安装经验,对于同类型锅炉水冷壁安装具有一定借鉴意义。     

The relevance of commuting zones for regional spending efficiency

We use data envelopment analysis (DEA) efficiency scores to show that clustering municipalities into encompassing regional clusters improves spending efficiency of single stand-alone municipalities. We propose a new geographic aggregation based on municipalities-to-municipalities commuting flows, defined using hierarchical cluster analysis. Our example for Portugal shows that from an output-oriented perspective between 83% and 98% of municipalities would increase their efficiency scores, while from an input-oriented perspective between 86% and 98% of municipalities would also be better off in terms of efficiency. Then using a linear regression model, we find that population increases positively affects the efficient scores (via scale economies). Also, increases in the share of high-educated and poorer residents leads to higher efficiency scores.