CONVERTIBLE BOND PRICING MODELS

Convertible bonds are an important segment of the corporate bond market, with worldwide outstandings approaching US$235 billion. Simple pricing models value a convertible bond as being equivalent to a straight bond with an embedded option that enables the bond holder to convert to a specific amount of common stock. The straight bond is subject to both interest rate and credit risk, whereas the option to convert is dependent on the underlying stock price, which exposes the convertible bond holder to equity risk. The complexity of these features means that convertible bonds tend to be treated casually in major derivatives and corporate finance textbooks. This paper presents a survey of the theoretical and empirical aspects of convertible bond pricing. The limitations of these studies are highlighted to identify those areas of research that may improve the valuation process and facilitate the application of these securities for corporate financing.     

A contingent plan for disaster response

Natural and man-made disasters imply a great deal of uncertainty in terms of potential damage, though it is certain that there would be a huge spike in the demand for relief supplies causing shortages and/or delays in providing aid. Ruptures in the infrastructure (roads, utility, and communication lines) cause additional delays due to repairs. Therefore, the relief providers need to work in collaboration with retailers, and infrastructure service providers for improving responsiveness. The relief providers (government and non government) rely on acquiring and delivering supplies in real time because such actions accompany little risk of resource underutilization, though the cost of real time acquisitions can be high. In contrast, a proactive response, while minimizing acquisition cost, can be very ineffective if demand surges are high. We study a hybrid of reactive and proactive approaches, where the reactive response is contingent upon the disaster intensity exceeding a certain threshold. We show how the threshold value may impact capacity acquisitions and prices and establish the optimality of contingent response. Further, we establish how an infrastructure contract may help reducing the social cost of disaster.     

我国农村劳动力＂反梯度＂流动的经济学分析——以新疆采棉工为例

农村劳动力“反梯度”流动是我国经济和社会转型期间出现的一种特殊现象。从流向看，它有悖于劳动力由乡一城、由落后地区一发达地区流动的规律。文章采用经济学分析方法，以新疆采棉工为研究对象，从理论和现实两个层面研究分析采棉工理性的流动决策行为以及基本特征和相关影响因素。     

知识工作者过度劳动的形成机理探析

近年来,过度劳动在我国呈快速上升趋势,而知识工作者正成为“过劳死”的高危群体.为了有效预防和干预知识工作者过度劳动导致的社会问题,有必要从理论上说明其影响因素和形成机制.本文根据经济学、管理学和心理学的相关理论,将影响因素划分为前因变量、决定变量和调节变量三类,构建过度劳动形成机制的概念模型,从知识工作者的群体特征和个体特质出发,分析各影响因素间的相互关系及其作用机理.总体而言,个人因素和管理因素对知识工作者的过度劳动动机、意愿和行为产生不同程度的直接影响,工作任务因素、社会文化、经济和制度层面等深层次原因构成的环境因素则激励或约束着知识工作者,使其在具备一定过度劳动动机和意愿的情况下,较其他劳动者更容易付出超强度的劳动强度和超长的劳动时间.     

农民工就业信息服务工具的设计

就业信息服务工具按内容可分为实物工具、政策工具和方法工具。目前公共就业服务机构所提供的农民工就业信息服务在方法、流程和标准上都存在设计缺陷,难以满足农民工日益增长的求职需要。采取整合设计的思路,细化就业信息服务流程、强化就业信息服务评估,完善就业信息服务内容、规范就业信息服务标准,是提升农民工就业服务水平的必由之路。     

Technological Progress and Youth Employment in South Korea

ABSTRACT

This paper analyzes the extent to which technology progress and youth employment are related. In doing so, we divide workers into two groups – young workers and old (prime-aged) workers - and then estimate the elasticity of substitution between (physical) capital and workers à la Jaimovich et al. (2013. “The Demand for Youth: Explaining Age Differences in the Volatility of Hours.” American Economic Review 103 (7): 3022–3044) by using the Korean labour market data between 2000 and 2014. Our findings indicate that the elasticity of substitution is greater (or at least not smaller) for young workers than for old workers.     

劳动争议中的证人证言问题研究

劳动者与用人单位之间的特殊关系,对劳动争议中证人证言的内容、占有、支配、采集和证人态度、证人举证能力以及证据价值、证据效力等有着重要影响;合理地解决劳动争议中有关利害关系证人证言、证人出庭、书证物证的选择适用、用人单位举证责任及证人证言适用排除等问题,对于劳动争议当事人及司法裁判机关依法辨别、采信、运用和认定证人证言是至关重要的。     

当代农民工生活状况分析

当代农民工的生活面临着很多困境,如工资拖欠、子女教育问题等。这些状况的存在,不仅给农民工带来了经济损失和精神痛苦,也对正常的社会经济秩序带来了不良影响,引起了政府的高度重视。     

黑龙江省农民工返乡创业政策支持研究

现阶段,黑龙江省已经面临返乡农民工转移就业的严峻形势。在这些返乡的农民工群体中不乏一些具备一定技术和管理经验的人才,想凭借自己的一技之长开创一番事业。但在创业过程中遇到了许多自身难以克服的困难。为促进农民工返乡创业,黑龙江省应提供创业教育培训、创业融资支持和创业环境优化等政策支持。     

提高山区养路工人技能素质的探索和思考

企业各项工作能否顺利推进,目标任务能否圆满完成,关健在于职工思想技能素质的高低和工作责任心的大小;技术创新能力能否提升,科技能否转化为现实生产力,关健在于职工的主观能动性和创造性的发挥。文章通过分析融水苗族自治县公路管理局职工技能素质现状,探索提高职工技能的方法,并总结了提高公路职工技能素质的体会。