A NEW METHOD OF PRICING LOOKBACK OPTIONS

A new method for pricing lookback options (a.k.a. hindsight options) is presented, which simplifies the derivation of analytical formulas for this class of exotics in the Black-Scholes framework. Underlying the method is the observation that a lookback option can be considered as an integrated form of a related barrier option. The integrations with respect to the barrier price are evaluated at the expiry date to derive the payoff of an equivalent portfolio of European-type binary options. The arbitrage-free price of the lookback option can then be evaluated by static replication as the present value of this portfolio. We illustrate the method by deriving expressions for generic, standard floating-, fixed-, and reverse-strike lookbacks, and then show how the method can be used to price the more complex partial-price and partial-time lookback options. The method is in principle applicable to frameworks with alternative asset-price dynamics to the Black-Scholes world.     

中外科技合作模式评价实证研究

采用主成分分析法与熵权法，以江苏省13家典型中外科技合作企业为样本，对中外科技合作模式进行量化指标的实证分析，并得出结论：技术辐射型中外科技合作模式为中外科技合作的最优模式。     

中国会计国际化问题研究

顺序分配法是解决辅助生产费用分配时常采用的方法之一 ,该方法运用的关键在于确认辅助生产部门费用分配顺序 ;而要解决费用分配顺序 ,先必须解决顺序确定的标准。但现行成本会计在确定费用分配标准时 ,缺乏统一的科学的认识 ,致使实际运用顺序分配解决辅助生产费用分配时 ,排     

旅游管理3M教学法的创新与实践

本文阐述了旅游管理 3M教学法的基本内涵、理论基础和探索路径 ,提出教学过程是师生共同发现、创新和成长的互动过程 ,强调以学生为中心进行教学方案设计、教学资源共享、教学质量评价是实施旅游管理 3M教学法的关键策略。旅游管理 3M教学法不仅是创新教育的一种框架性研究 ,而且对我国高校旅游管理教育实现国际化具有操作性的导向意义。     

企业产品保证成本分析方法研究

文章通过开展对产品保证问题的研究 ,明确产品保证与产品开发、生产与销售各阶段工作的关系。在研究分析时首先应明确产品保证系统特性并研究适用的产品保证策略 ,其后根据产品保证成本模型 ,开展产品保证时间成本分析工作。     

学习高等数学应处理好几个问题

学好高等数学要认清其重要性,弄清其特点,掌握与初等数学的不同点,缩短不适应期,完成从中学到大学学习的尽早过渡,应在听课和完成作业环节上重点研究学习方法.     

Dynamics of Wheat Prices in the Wake of Market Reforms: The Case of Pakistan

Using Autoregressive Conditional Heteroskedastic (ARCH) method, this paper examines the effects of market reforms on the distribution of real mean prices and their variability before and after reforms. It is found that market-oriented reforms benefited producers and consumers alike. Empirical evidences, generally, support theoretical assertion that mean prices decline in most urban areas and increase in those markets that are located in surplus producing areas. The results also showed that market reforms lead to more price volatility.     

Local measured telephone service in the USA: A quantitative analysis

The USA has steadfastly held to a flat rate for local telephone service, whereas most other countries are characterized by a user-sensitive (measured service) system of pricing. Economic theory suggests some method of measured service pricing more accurately reflects the true costs of local service. This article seeks to determine how many US consumers could be induced to switch to measured service pricing, and using ordinary least squares, derives a model of the demand for measured service. The factors are identified that will induce the US population to move towards a measured service rate structure. The findings indicate that consumers are quite responsive to both relative price (between a local flat rate and a measured service rate) and advertising.     

国际项目投标报价的基本思路和方法——成本估算法

文章从基础工作、各项费用计算、报价技巧、软件利用等方面详细介绍了目前国际项目投标报价的基本思路和方法。