Analytical approximations of local‐Heston volatility model and error analysis

This paper studies the expansion of an option price (with bounded Lipschitz payoff) in a stochastic volatility model including a local volatility component. The stochastic volatility is a square root process, which is widely used for modeling the behavior of the variance process (Heston model). The local volatility part is of general form, requiring only appropriate growth and boundedness assumptions. We rigorously establish tight error estimates of our expansions, using Malliavin calculus. The error analysis, which requires a careful treatment because of the lack of weak differentiability of the model, is interesting on its own. Moreover, in the particular case of call–put options, we also provide expansions of the Black–Scholes implied volatility that allow to obtain very simple formulas that are fast to compute compared to the Monte Carlo approach and maintain a very competitive accuracy.     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

Local opinions on trophy hunting in Kyrgyzstan

As traditional international trophy hunting destinations are becoming less accessible due to hunting restrictions and regulations, new destinations are entering the scene, such as the Republic of Kyrgyzstan, located in Central Asia. Kyrgyzstan has grown to be one of the top destinations for international trophy hunting of argali Ovis ammon and ibex Capra sibirica, both of which are in danger of extinction. Empirically, the article draws on a case study from the largest region in Kyrgyzstan, At-Bashy, and 395 questionnaires with local inhabitants from 5 villages, and 1 interview with an international trophy hunting tour operator. In this article, the impacts of trophy hunting as a tourism practice in a rural context is discussed in terms of its sustainability and through the opinions of the local inhabitants. In sum, the negative impacts of trophy hunting in At-Bashy seem to overrule the positive ones, and in its current form it is not sustainable. The local inhabitants report about a decrease in argali and ibex during the last years; they receive basically no economic benefits from hunting tourism; and not surprisingly, 70% of the population rejects the further development of the industry in its current shape.     

高等职业教育应担负起创新型人才培养的重任

培养创新型人才是高等职业教育的神圣使命,在创新型人才培养中,必须做好转变观念齐抓共育,创造条件加强实践,建立机制引导创新,以点带面不断完善,勇于探索不断创新。     

Time Inhomogeneous Multiple Volatility Modeling

Price variations at speculative markets exhibit positive autocorrelationand cross correlation. Due to large parameter spaces necessaryfor joint modeling of variances and covariances, multivariateparametric volatility models become easily intractable in practice.We propose an adaptive procedure that identifies periods ofsecond-order homogeneity for each moment in time. To overcomethe high dimensionality of the problem we transform the multivariateseries into a set of univariate processes. We discuss thoroughlythe implementation of the adaptive technique. Theoretical andMonte Carlo results are given. We provide two applications ofthe new method. For a bivariate exchange rate series we comparethe multivariate GARCH approach with our method and find thelatter to be more in line with the underlying assumption ofindependently distributed innovations. Analyzing a 23-dimensionalvector of asset returns we underscore the case for adaptivemodeling in high-dimensional systems.     

下属潜能的开发——论企业人才从何而来

对企业而言，面对日益激烈的竞争，如何赢得或保住市场都是极为严峻的挑战。能够帮助企业迎接这一挑战的核心竞争力，便是来自高素质高技能的队伍——人才。企业缺乏合适的人才，如若采用挖墙脚方式虽可解救燃眉之急，但无法长期满足企业成长的需要，因此企业应着重于从内部培养。管理人员的一个最重要的职责就是有效地培育与发展下属，并激励团队成员为组织的目标全力以赴。从公司内部培养和提拔业务骨干和中层管理人员，对企业的长远发展来讲是一件非常重要的事情。公司的每位中、高级管理者都有培养下属的责任。但多数企业并没有下大力气实施人才培养，这其中有观念的问题也有实际的障碍。     

How Has Rural Tax Reform Affected Farmers and Local Governance in China？

Using nationally representative data, the present paper examines the impact of China's ongoing rural tax reform on farmers. The difficulties in further local governance restructuring are also discussed. It is argued that the issues associated with rural taxation and local governance in China result from inherent tension between an increasingly liberalized economic system and a still centralized political system. Although rural tax reform has helped to reduce farmers' tax burdens in the short term, the establishment of an effective local governance regime requires coordinated reforms to downsize local bureaucracy by providing social security for laid-off cadres, to strengthen local accountability by granting higher local formal tax autonomy, and to promote meaningful participation by expanding local democracy.     

西部地方政府在西部大开发中如何落实科学发展观

坚持以人为本，树立全面、协调、可持续的发展观，是党的十六大提出的促进经济社会和人的全面发展的科学发展观。在西部大开发中，西部地方政府应把社会结构、人类发展与宏观经济作为一个整体来考虑；确立新的开发目标；整合新的扶贫思路；成为为市场服务的主体。     

区域主导产业发展中的地方政府行为研究

地方政府的活动范围应根据市场发挥作用的程度、社会自治的能力加以界定,更好地发挥市场的作用,优化市场经济运行的环境应是政府行为的着眼点。从地方政府官员的意识、赶超愿望、获得新闻界的关注程度等角度探讨地方政府的行为诱导机制,阐明地方政府财政能力、协调能力等方面是导致区域主导产业畸型增长的内因,提出改变地方政府行政模式,是实现地方政府目标与区域主导产业可持续发展的关键所在。     

论国企留住人才的有效措施

未来经济的竞争主要是科学技术与人才的竞争,而归根结底是人才的竞争。人才是当今以及未来时代竞争的焦点,如何吸引人才而避免人才的流失成为企业,尤其是国有企业所面临的最严峻的课题。根据国企人才流失的最主要原因和人才最看重的是个人发展空间和机会,从而为国企如何为人才提供个人发展空间和机会提出了一些对策和建议。