A transform approach to compute prices and Greeks of barrier options driven by a class of Lévy processes

In this paper we propose a transform method to compute the prices and Greeks of barrier options driven by a class of Lévy processes. We derive analytical expressions for the Laplace transforms in time of the prices and sensitivities of single barrier options in an exponential Lévy model with hyper-exponential jumps. Inversion of these single Laplace transforms yields rapid, accurate results. These results are employed to construct an approximation of the prices and sensitivities of barrier options in exponential generalized hyper-exponential Lévy models. The latter class includes many of the Lévy models employed in quantitative finance such as the variance gamma (VG), KoBoL, generalized hyperbolic, and the normal inverse Gaussian (NIG) models. Convergence of the approximating prices and sensitivities is proved. To provide a numerical illustration, this transform approach is compared with Monte Carlo simulation in cases where the driving process is a VG and a NIG Lévy process. Parameters are calibrated to Stoxx50E call options.     

The Indexed Minimum Wage and Hotel Compensation Strategies

ABSTRACT

This paper presents the potential economic effects of an indexed state minimum hourly wage upon certain sectors of the hospitality industry. The authors report the findings of a study conducted at a luxury resort that employed action research and organization development (OD) techniques to implement a compensation strategy aimed at mitigating the effect of an indexed minimum wage. The paper concludes with implications for human resource practitioners facing challenges from rising state minimum wage levels.     

Economic sociology: a historical perspective

In this paper we briefly recall what is meant by economic sociology, basing our definition principally on the works of R. Swedberg and M. Cranovetter. We then focus on the questions and problematics which are more particularly relevant to the history of economic and sociological thought in such a way as to make explicit the kind of past in relation to which economic sociology is most pertinent. We shall thus be induced to correct certain explanations and to propose a slightly different perspective on the origin of economic sociology. This historical work enables us to formulate a definition of economic sociology based on two key concepts - economic institution and economic action - and allows us to articulate what economic sociology actually is, rather than merely describing what it is not. Finally, we show that these propositions are not without interest in relation to the present-day economic sociology that tends to go by the name - made fasionable by Granovetter and Swedberg - of ‘New Economic Sociology.’     

On automated e‐business negotiations: Goal,policy, strategy,and plans of decision and action

In recent years, there has been increasing interest in automated e‐business negotiations. The automation of negotiation requires a decision model to capture the negotiation knowledge of policymakers and negotiation experts so that the decision‐making process can be carried out automatically. Current research on automated e‐business negotiations has focused on defining low‐level tactics (or negotiation rules) so that automated negotiation systems can carry out automated negotiation processes. These low‐level tactics are usually defined from a technical perspective, not from a business perspective. There is a gap between high‐level business negotiation goals and low‐level tactics. In this article, we distinguish the concepts of negotiation context, negotiation goals, negotiation strategy, and negotiation tactics and introduce a formal decision model to show the relations among these concepts. We show how high‐level negotiation goals can be formally mapped to low‐level tactics that can be used to affect the behavior of a negotiation system during the negotiation process. In business, a business organization faces different negotiation situations (or contexts) and determines different sets of goals for different negotiation contexts. In our decision model, a business policymaker sets negotiation goals from different perspectives, which are called goal dimensions. A negotiation policy is a functional mapping from a negotiation context to some quantitative measures (or goal values) for the goal dimensions to express how competitive the policymaker wants to reach that set of goals. A negotiation expert who has the experience and expertise to conduct negotiations would define the negotiation strategies needed for reaching the negotiation goals. Formally, a negotiation strategy is a functional mapping from a set of goal values to a set of decision‐action rules that implement negotiation tactics. The selected decision‐action rules can then be used to control the execution of an automated negotiation system, which conducts a negotiation on behalf of a business organization.     

Application of early risk detection concepts and methods to environmental health. A German feasibility study

Early risk detection is essential for being able to address the most important environmental health risk‐topics in a persistent and prospective manner. In support of the action programme “Environment and Health” (APUG) of the German Federal Ministry of Health and Social Security (BMGS) and the Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety (BMU) which recommended that a detection and evaluation system for the timely recognition of emerging risk problems be developed, a qualitative feasibility study was commissioned. The results of this study are presented here and support the development of an early risk detection system based on the insights gained from the investigation of case studies and the differentiation and presentation of a risk typology, methods, tools, and suggested organizational processes.

The study has shown that early risk detection includes the identification, characterization, evaluation and dissemination of information on possible risks as well as the circumstances of appearance and distribution. The goal is the recognition of possible risks in order for risk management to be able to introduce swift and appropriate measures. Consequently, it can also serve as an instrument towards further development of a balanced and structured implementation of the precautionary principle in the environmental health policy.     

Integrating Factors Influencing Consumers’ Halal Products Purchase: Application of Theory of Reasoned Action

ABSTRACT

The purpose of this research is to determine Muslim consumers’ purchase perceptions of Halal products in Pakistan. The research team has integrated different factors such as processing, Halal logo, ingredients, health consciousness, perceived value, food safety concern, and religious factor with Theory of Reasoned Action (TRA), and they investigated their influence on consumers’ attitudes and intentions to purchase Halal food products. A survey was conducted in Islamabad and Rawalpindi city, Pakistan. A total of 282 (56.4%) completed questionnaires were received from 500 respondents. Structural equation modeling technique was used to determine consumers’ purchase intention and behavior regarding Halal products. Except for health consciousness and Halal logo, all factors positively influence consumers’ attitude and purchase intention of Halal food products and, subsequently, their purchase behavior.     

浅谈组织如何有效开展内部质量体系审核

简要介绍组织应科学制定内审计划，认真实施内审计划，并从注重审核方法，注重纠正措施的落实，加大整改力度等方面，来提高内部质量体系审核的有效性。     

浅议我国上市公司行为与社会形象

上市公司行为的不规范,严重影响了企业的社会形象,影响着资本市场的稳定和健康发展,也关系着我国深化企业改革的成败。规范公司行为,塑造良好形象成为上市公司当务之急。本文通过分析上市公司的非规范性行为,寻找促进上市公司规范运作的对策和建议,旨在树立良好的公司形象。     

Anglo versus Hispanic Children's Influence on Parental Purchase of Cereal

Children's influence on parental purchases of cereal was investigated by unobtrusively observing 15 pair of Anglo and 15 pair of Hispanic children and their parent(s) in the cereal aisle of Allentown, Pennsylvania grocery stores. Tabulation was kept on whether the child did or did not influence the purchase behavior of their parent(s). It was found that overall, children had a statistically significant influence on their parents' purchase behavior (p < .01). Although a percentage difference existed, there was no statistically significant difference between the Anglo children's influence and the Hispanic children's influence on their parents' purchasing behavior of cereal (p < .05).