国有企业推行“经理股票期权”薪酬制的思考

我国的绝大多数国有企业实行的是以工资、奖金为主的薪酬制度 ,激励作用确实不理想。实行股票期权 ,目的是建立对企业经营者的长期激励机制。重视目前国企实施股票期权中存在的问题 ,不断改进对经营者的激励行为 ,对我国国有企业改革具有重大的意义。     

激活陪审选择权的进路:规制与救济——以申请陪审为视角

陪审制度由指定陪审和申请陪审两部分构成,与指定陪审相比,申请陪审更能发挥陪审制度的功能和作用。司法实践中,指定陪审占到了适用陪审的绝大多数案件,申请陪审却基本处于空白状态,主要原因还是制度上的粗疏与司法实践的怠慢。陪审选择权的逻辑结构应当包含三层内容,即选择诉讼程序的权利、是否申请陪审的权利、选择陪审员的权利。     

Bifurcation analysis of Zellner's Marshallian Macroeconomic Model

The Marshallian Macroeconomic Model in Zellner and Israilevich (2005) provides a novel way to examine sectoral dynamics through the introduction of a dynamic entry/exit equation in addition to the usual demand and supply functions found in models of this class. In this paper we examine the possibility of cyclical behavior in the Marshallian Macroeconomic Model and investigate the existence of a Hopf bifurcation with respect to the parameter in the entry/exit equation.     

复合期权模型在矿业工程投资决策中的应用

本文介绍了复合期权的基本概念及国内外研究情况,就复合期权理论在矿业工程投资决策中的应用进行了探讨,采用geske模型并结合实例对此进行了验证。研究表明,运用复合期权理论进行矿业工程投资决策,在某种程度上能更好地反映不确定性和管理灵活性的价值。     

Exploring the exit,voice, loyalty,and neglect typology: The influence of job satisfaction,quality of alternatives,and investment size

The current theory proposes that responses to dissatisfaction differ in constructiveness versus destructiveness and activity versus passivity, defining four categories of response: exit, voice, loyalty, and neglect. The manner in which employees react to job dissatisfaction is determined by three variables: overall job satisfaction; quality of job alternatives, and magnitude of investments in the job. This article presents a meta-analysis of the results of five studies in a program of research designed to test the current theory. Ten of 12 theory predictions received good support: Greater job satisfaction was associated with greater tendencies toward voice and loyalty, and with lesser exit and neglect. Superior alternatives were associated with greater tendencies toward exit and voice, and with lesser neglect. Greater investment size was associated with greater tendencies toward voice and loyalty, and with lesser neglect.     

Options on the minimum or the maximum of two average prices

This paper studies options on the minimum/maximum of two average prices. We provide a closed-form pricing formula for the option with geometric averaging starting at any time before maturity. We show overwhelming numerical evidence that the variance reduction technique with the help of the above closed-form solution dramatically improves the accuracy of the simulated price of an option with arithmetic averaging. The proposed options are found widely applicable in risk management and in the design of incentive contracts. The paper also discusses some parity relationships within the family of average-rate options and provides the upper and lower bounds for the proposed options with arithmetic averaging. This revised version was published online in June 2006 with corrections to the Cover Date.