PUT-CALL SYMMETRY: EXTENSIONS AND APPLICATIONS

Classic put-call symmetry relates the prices of puts and calls at strikes on opposite sides of the forward price. We extend put-call symmetry in several directions. Relaxing the assumptions, we generalize to unified local/stochastic volatility models and time-changed Lévy processes, under a symmetry condition. Further relaxing the assumptions, we generalize to various  asymmetric  dynamics. Extending the conclusions, we take an arbitrarily given payoff of European style or single/double/sequential barrier style, and we construct a conjugate European-style claim of equal value, and thereby a semistatic hedge of the given payoff.     

零售业国际化的区位选择和空间扩张模式

零售业国际化空间分布表现为不均衡特征:进入优势和面对的进入壁垒.其往往使零售企业国际化采取不同的空间扩张方式,主要有渐进式、跳跃式和综合式三种方式.中国零售企业实施国际化战略应采取渐进式空间扩张模式,并充分利用自身市场较大区域优势,增强企业的学习能力和网络能力.     

绿色壁垒的双刃功能解析

我国加入WTO后,不断受到“绿色壁垒”的困扰,给我国对外贸易造成严重影响。文章主要从纺织业和农产品两个方面就“绿色壁垒”对我国国际贸易的积极和消极影响,以及从它的构筑方和遭受方两个角度来研究其双刃功能。     

蓝色贸易壁垒的双重效应及两手策略

蓝色贸易壁垒是一种新型的国际贸易壁垒,其产生是社会、经济、科技发展的产物.蓝色贸易壁垒具有双重效应,既有负面影响,也有正面影响.我们要以两手策略来应对,即一手对外积极应战,一手对内苦练内功,两手都要硬,就不难突破蓝色贸易壁垒.     

直面纺织品贸易新壁垒

尽管2005年1月1日全球纺织品配额的取消给我国纺织品出口带来了福音,出口市场扩大了,出口量增加了。但是,随之而来的中欧、中美纺织品贸易摩擦又将中国拉回了配额时代。因为中国纺织品强大的国际竞争力,无可比拟的出口能力,发达国家和发展中国家仍会设置种种贸易壁垒,保护本国国内市场。我国企业应冷静面对出口新壁垒,采取有效措施积极应对。     

我国绿色物流发展研究

绿色物流作为新兴的服务产业,在我国尚处于起步阶段,还面临许多重大而紧迫的问题。本文通过对我国与发达国家绿色物流发展现状进行分析,找出我国绿色物流发展中存在的问题,并提出加快发展我国绿色物流的建议。     

Interdependencies in the Dynamics of Firm Entry and Exit

This paper investigates the interdependence between firm entry and exit from an industrial dynamics perspective. The paper discusses how entry and exit rates in industrial sectors are affected by previous exit and entry rates. Economic theory presents two different approaches to how entry and exit of firms are interrelated, the multiplier effect and the competition effect. This paper intends to investigate which force is the predominant one, for entry and exit patterns, respectively. The empirical analysis is based on data for 25 Swedish manufacturing industries at the 2-digit SIC level, during the period 1991–2000. In the estimation work the study applies a dynamic panel data approach as suggested by Anderson and Hsiao [Journal of the American Statistical Association, 76:598–606, 1981] and Arellano and Bond [Review of Economic Studies, 58(2):277–297, 1991]. With respect to entry, the empirical results support the multiplier effect such that entry stimulates future entry, but also a competition effect such that past exit induces additional entry. With regard to exit, on the other hand, the competition effect rules, implying that previous entry causes subsequent exit and previous exit reduces subsequent exit.      

International spillovers of China's structural reforms

This paper sheds light on the international spillovers of China's reforms in upgrading industrial capabilities, liberalizing capital account, internationalizing the renminbi, and transition to flexible exchange rates. Drawing on two-country New Keynesian model of endogenous entry and portfolio adjustment, we find that China's industrial upgrading that peddles on yuan appreciation lifts all boats through global production network irrespective of capital account convertibility, degree of renminbi internationalization, and exchange rate reform. Feasibility of appreciation-driven upgrading is called into question, however, when renminbi reform and capital account liberalization go in parallel. We also show that international spillovers disappear once renminbi internationalization is associated with liberalized capital account and flexible renminbi exchange rates.     

Country Market Sequential Order-of-Entry: A Learning Effects Approach

ABSTRACT

In this article, we identify and describe the sequential order-of-entry problem. The sequential order-of-entry problem arises when, after having identified a desirable set of country markets to enter, firms are unable (because of budgetary constraints), or unwilling (because of possible learning or strategic issues), to enter all at once. The question then arises whether some sequences to entering the desirable set of country markets are better than others? Answering this question is shown to be nontrivial. The article outlines a number of arguments for the existence of superior sequences to entering a set of desirable country markets, and develops normative and dynamic frameworks to aid in the identification and evaluation of sequences.     

PRICING CHAINED OPTIONS WITH CURVED BARRIERS

This paper studies barrier options which are chained together, each with payoff contingent on curved barriers. When the underlying asset price hits a primary curved barrier, a secondary barrier option is given to a primary barrier option holder. Then if the asset price hits another curved barrier, a third barrier option is given, and so on. We provide explicit price formulas for these options when two or more barrier options with exponential barriers are chained together. We then extend the results to the options with general curved barriers.