Additional utility of insiders with imperfect dynamical information

In this paper we consider a market driven by a Wiener process where there is an insider and a regular trader. The insider has privileged information which has been deformed by an independent noise vanishing as the revelation time approaches. At this time, the information of every trader is the same. We obtain the semimartingale decomposition of the original Wiener process under dynamical enlargement of the filtration, and we prove that if the rate at which the additional noise in the insiders information vanishes is slow enough then there is no arbitrage and the additional utility of the insider is finite.Received: 1 October 2003, Mathematics Subject Classification: 60G48, 90A09, 60H07, 90A60JEL Classification: D82, G11, G14     

Moral Choice and the Declining Influence of Traditional Value Orientations Within the Financial Sector of a Rapidly Developing Region of the People’s Republic of China

This paper describes the results of a field experiment involving 400 employees from ten financial institutions operating within the Shenzhen Special Economic Zone of the Peoples Republic of China. It was found that, when faced with an agency-based problem, employees indicated they would be less inclined to advise management of the existence of unethical work practices. Younger employees without supervisory experience displayed significant risk aversion. Traditional Chinese values associated with Confucian work dynamism, were shown to be poor predictors of moral choice response. A parsimonious regression model was developed that provides evidence that the universal trait Masculinity/Femininity (Human-heartedness) acted to offset the negative influence of the agency problem. On the other hand, an operatives level of education attainment exerted a negative influence on moral response scores.     

比较分析两款CAT软件:SDL Trados Studio 2014和Déjà Vu X3

随着技术的发展,市场上的计算机辅助翻译软件琳琅满目、层出不穷。本文先通过概述CAT软件的发展简史对CAT软件进行介绍,之后通过参考他人文献,发现CAT软件的确有提高翻译效率的作用,确定了研究CAT软件的意义。之后通过五方面的对比,对SDL Trados Studio 2014和DéjàVu X3进行了详细分析。研究最后表明,从功能上和价格上综合而言,DéjàVu X3更胜一筹。     

普洱市女性人力资源开发探究

近年来,随着国家劳动力转移政策的实施,大量的劳动力资源从农村转移出来,不乏大量的女性劳动力,女性人力资源已成为社会进步与经济增长的主要力量,其作为人力资源的一半,也越来越受到学者、政府的关注。就普洱市的相关数据,探讨女性人力资源开发利用中存在的问题,进而找出适合普洱市女性人力资源开发的对策与措施。     

人的发展、主体性意识与经济学方法的拓展

现有的经济学分析方法过度注重数量增长对经济学研究的价值,忽略了经济学起因于对人的幸福和发展关注的本来目标。这种偏颇的学术倾向性,与在寻求物质财富快速增长的狭窄视野和认识逻辑有关,也和经济学的分析基础缺乏从个人理性向集体理性过渡、研究的基础平台偏窄有关。重新关注劳动要素的主体意识和幸福指数,拓展经济学研究的视野与立足于更加宽阔的平台,是对经济学学术研究的提升,更是对人的发展研究的提升。     

有理Bézier曲线段的几何连续拼接

本文提出了通过调整权因子而不是改变控制顶点来修改有理三次Bézier样条曲线的形状,实现了相邻两段Bézier曲线间的G3连续拼接;实现了两段分离的Bézier曲线之间的G3连续过渡;在不改变给定控制顶点的情况下,能实现整体曲率连续的闭曲线造型;在仅仅修改或插入两点的情形下实现了整体G3连续的闭曲线造型。     

住宅产业化下商品房预售制度分析

自2006年深圳正式成为首个国家住宅产业化综合试点城市以来,住宅产业化越来越得到大家的关注。我国目前商品房主要采用预售模式,因此住宅产业化下商品房预售制度能否仍然适用成为值得探讨的话题。首先对目前住宅产业化的现状进行分析,并且列举出住宅产业化存在的问题。同时,指出住宅产业化下商品房预售可能会面临的问题,提出一些完善制度的建议,力求住宅产业化更好地发展。     

Inconsistencies Across Three Contextual Meanings of Reliability

The purpose of this article is to assess the nature of reliability and its inconsistent definitions across three contextual (conceptual, measurement and statistical) levels under the traditional true score theory. Due to such inconsistencies, two existing quantitative approaches (using r and covariance) are not uniformly understood in Psychology and other disciplines; consequently, their applications to measurements and testings are limited to ambiguous interpretations at the conceptual and measurement levels. To examine the extent of this problem, a questionnaire including various contextual definitions and interpretations of reliability in the literature was distributed in a nationwide survey. Results from six groups of experts representing editors, professors and advanced graduate students in both quantitative and clinical areas indicate that all subject groups generally agreed that a reliable instrument possesses the characteristics of the repeatability of responses of all test-takers at the conceptual level, and the reproducibility of the instrument with little or no variations from the underlying true scores at the measurement level. However, between the editors and noneditors, the endorsements of the common definition at the measurement level show obvious discrepancies. Further, at the statistical level, significant differences were found not only between but also within subject-groups in their interpretations of product-moment correlations and Alpha coefficients for the assessment of reliability at the conceptual and measurement levels. The causes of such inconsistencies were discussed in terms of the inherent limitations of the two statistical approaches used and their insufficiencies for indexing the conceptual and measurement meanings of reliability. Finally, this paper called for developing new statistical indices that are coherent with conceptual and measurement definitions. Before such development, the capacities of existing reliability indices shall be redefined and their application qualifications shall be proportionally re-established for educational, research and clinical purposes.     

Unlocking the careers of business professionals following job loss: sensemaking and career exploration of older workers

While acknowledging the well established negative aspects of job loss, we present an alternative perspective by exploring the potentially positive outcomes of losing one's job. Drawing on an in depth analysis of qualitative data gathered from thirty interviews with older middle managers in Canada, we explore the mechanisms through which job loss is experienced as a “blessing in disguise”. We consider how individuals make sense of their experience of job loss and how they use career exploration in their framing of job loss and as an opportunity for self‐fulfillment. Copyright © 2007 ASAC. Published by John Wiley & Sons, Ltd.     

‘Trust is good,control is better’: The 1974 Herstatt Bank Crisis and its Implications for International Regulatory Reform

With its international supervisory and regulatory implications, the failure of Bankhaus Herstatt is one of the landmarks of post-war financial history. This article offers the first comprehensive historical account of the Herstatt crisis, and contributes to the wider discussions on international supervisory and regulatory reform since the mid-1970s, including regulatory capture, markets' self-regulation and resolution of failed banks. In doing so, it first argues that contrary to a widely held view, the German authorities received early and repeated warnings about Herstatt's dealings but this involved only limited and ineffective regulatory/supervisory responses, then it turns to the actual collapse of the bank in June 1974, and finally explores the wider regulatory issues raised by the Herstatt case.