实施住宅抵押贷款证券化的必要性

为从根本上解决住房建设资金问题，形成住房建设与消费的良性循环，结合目前居民资金供求的大缺口给我国住房制度的改革带来很大困难的实际，迫切需要住宅抵押贷款证券化引入资金，从而将资本市场的资金引入住房金融领域，解决金融机构抵押贷款资金不足的问题。     

OPTIMAL CONTINUOUS-TIME HEDGING WITH LEPTOKURTIC RETURNS

We examine the behavior of optimal mean–variance hedging strategies at high rebalancing frequencies in a model where stock prices follow a discretely sampled exponential Lévy process and one hedges a European call option to maturity. Using elementary methods we show that all the attributes of a discretely rebalanced optimal hedge, i.e., the mean value, the hedge ratio, and the expected squared hedging error, converge pointwise in the state space as the rebalancing interval goes to zero. The limiting formulae represent 1-D and 2-D generalized Fourier transforms, which can be evaluated much faster than backward recursion schemes, with the same degree of accuracy. In the special case of a compound Poisson process we demonstrate that the convergence results hold true if instead of using an infinitely divisible distribution from the outset one models log returns by multinomial approximations thereof. This result represents an important extension of Cox, Ross, and Rubinstein to markets with leptokurtic returns.     

Customer-centric pricing: The surprising secret for profitability

Companies spend enormous amounts of energy and capital in creating value for customers, but less regard is given to actually capturing the value they have created. Segmentation based on buying behavior uncovers a tremendous differential in willingness to pay for subjective product attributes such as convenience, status, and quality. Purchase decisions are made through an assessment of a myriad of factors balancing perceptions of value components against price in a subtle, complex, and often sub-conscious decision matrix. Customer-centric pricing requires the simultaneous and continuous assessment of product attributes, customer perceptions, and the circumstances of time and place by listening to customers' actions. It is a means of assuring that companies assess the value they create for customers and extract that value from the marketplace.     

建立旅游安全救援系统的构想

旅游安全救援是对旅游活动中发生安全事故的相关当事人提供的紧急救护和援助,是保障旅游者安全、维护旅游业健康发展的重要方面,也是国家安全生产的需要.本文分析了我国旅游安全救援工作的现状、特点,剖析了建立旅游安全救援系统的必要性,尝试性地提出了构建由社会各部门共同参与的旅游安全救援系统的初步设想,以期创造安全的旅游环境.文章认为一个高效完善的旅游安全救援系统应该由核心机构、救援机构、直接外围机构、间接外围机构四部分共同组成.     

温泉地社会保障功能之国际比较

本文在整理阐述日本及其他先进国家国民保养温泉地制度的基础上，从SWOT观点分析了我国目前引进这一制度的可能性．进而探讨了在推进温泉地社会保障功能建设中，应该遵循公益性、小型化、多层次和借助医疗保险编号进行管理等原则。另外本论文也可作为一个案例，说明应该从超越旅游的视角看待旅游地发展问题。     

承销费用、政府定价管制与 IPO 抑价--来自中国首次公开发行公司的经验证据

选择2001年11月1日至2012年12月31日的中国A股IPO公司为研究样本,分析承销费用与IPO抑价之间的关系及其在政府定价管制程度不同情况下对承销费用与IPO抑价关系的影响。结果显示,承销费用与IPO抑价呈正相关关系;而政府定价管制程度的提高会削弱承销费用与IPO抑价之间的正相关关系,甚至会使其转向负相关关系。     

Strategic and tactical price decisions in hotel revenue management

Dynamic pricing techniques allow using a number of variables in a tactical way compared to standard catalogue prices. This study merges in a conceptual model the relevance of the tactical and the strategic dimension of these variables, classified according to their tangible, reputational or contextual nature.To empirically validate the hypotheses, a database of 21.596 price observations was retrieved from booking.com. The study presents a hedonic price function, using the Shapley-Owen decomposition of the R-squared to elicit the importance of each group of factors. Further, a hierarchical cluster analysis measures the presence of heterogeneity across operators.The results show that online reputation is gaining importance over the traditional star rating. Despite the tangible variables remain of paramount importance, the findings suggest the relevant role of contextual variables in short-run price variations. The players operating in the tourism and hospitality industries should integrate these findings when designing pricing strategies.     

Terrorism and tourism as logical companions

The symbiotic relationship between terrorism and tourism needs to be understood and acted on, not just in terms of security and marketing, but in terms of such factors as planning, site development, employment policies, political risk analysis and emergency management. This article looks at the relationship between tourism and terrorism from several perspectives. The political and economic impact of terrorism on tourism is assessed, including the sensitivity of the tourism industry to general political strife and the vulnerability of travellers and tourist facilities to terroristic activity. The nature of terroristic violence and the objectives of terrorist groups are evaluated to determine why and how attacks on tourists and facilities may fit the organizational and political objectives of terrorist groups. Finally, the article suggests how the industry and policy makers must proceed to reduce the vulnerability for tourists and the travel sector.     

我国成品油价格形成机制评析

现阶段我国采取国际三地原油价格加权基础上追加相应成本和利润的办法来确定国内成品油价格。此种定价机制曾起到一定的积极作用,但没有涉及价格机制的核心问题。随着近几年特别是2005年以来国际市场油价的频繁波动,现行成品油价格机制逐渐暴露出矛盾和问题,主要包括成品油价格变动滞后、国内油价长期低于国际油价和国内石油企业之间不平等竞争。改革我国现行成品油定价机制,必须充分发挥价格机制和供求机制,破除垄断和过度行政干预,建立风险分摊和转嫁机制,并完善政府的经济职能。     

金融证券投资信息与分析

证券投资分析成功的关键在于信息,信息是证券市场的命脉,正确收集和分析信息的能力在投资中显得十分重要。在介绍有效金融证券信息的基础上,探讨了金融证券信息的来源,并着重对互联网上金融证券信息的获取进行了讨论,尤其是从金融证券专业网站上。