Exotic options, or “path-dependent” options are options whose payoff depends on the behavior of the price of the underlying between 0 and the maturity, rather than merely on the final price of the underlying, such a...Exotic options, or “path-dependent” options are options whose payoff depends on the behavior of the price of the underlying between 0 and the maturity, rather than merely on the final price of the underlying, such as compound options, reset options and so on. In this paper, a generalization of the Geske formula for compound call options is obtained in the case of time-dependent volatility and time-dependent interest rate by applying martingale methods and the change of numeraire or the change of probability measure. An analytic formula for the reset call options with predetermined dates is also derived in the case by using the same approach. In contrast to partial differential equation (PDE) approach, our approach is simpler.展开更多
American foreign policies have observed guiding principles of democracy, yet an overemphasis on political values leads to more conflicts than mutual understandings in today＇s world. Therefore, this paper proposes tha...American foreign policies have observed guiding principles of democracy, yet an overemphasis on political values leads to more conflicts than mutual understandings in today＇s world. Therefore, this paper proposes that exploring diplomatic implications of ＂women＇s work＂ provides new insights into cultural values of the Four Freedomsmmajor pillars supporting modern American liberalism. This paper foregrounds the domestic and diplomatic significance of ＂women＇s work＂ by analyzing women＇s contributions as laborers at home, in the labor force, and in American consumer society. As American women participated in the paid labor force and took up most consumptive activities, women outside America also worked hard to provide food and care for families. This paper argues that a more comprehensive definition of＂women＇s work＂ is not only indispensable for the development of American industry, consumer society, and the expansion of marketplace, but integrates a system of dualisms separating wage labor and housework, or divisions between spheres of men and women. Moreover, investigations into hidden values of women＇s work alleviate worries arising from information revolution and economic globalization. Moreover, placing women＇s work in perspective enables diplomats to see through factors leading to international hostilities, to reduce conflicts arising from information revolution and economic globalization, and to understand America＇s soft power pertinently.展开更多
With the development of network technology and information technology, electronic commerce as a new business model wiht itsnew trading ideas-＋, In changing the traditional business structure,but also gradually changi...With the development of network technology and information technology, electronic commerce as a new business model wiht itsnew trading ideas-＋, In changing the traditional business structure,but also gradually changing people’s shopping patterns and consumptionpatterns,Online shopping has become the preferred way of shopping.Changes in consumption patterns will inevitably lead to new problems inthe process of consumption,and the development speed of the problem in sync with the development speed of network economy,as far as therenewal speed of laws and regulations is concerned,this asymmetric development is bound to bring great inconvenience to the consumer rights innetwork transactions.In this paper, from the angle of legal protection,the protection of consumer rights and interests in network transactions areexpounded,analysis of the current situation and reasons of the consumers’ rights and interests are infringed upon in the network transaction,learnfrom the experience of foreign consumer rights and interests protection,In order to put forward effective suggestions on the system constructionof the protection of consumer rights and interests.展开更多
Since the 18th CPC National Congress,especially since the Central Conference on Work Relating to Neighborhood Diplomacy held in October 2013,China’s neighborhood diplomacy has been energetic,proactive and promising,a...Since the 18th CPC National Congress,especially since the Central Conference on Work Relating to Neighborhood Diplomacy held in October 2013,China’s neighborhood diplomacy has been energetic,proactive and promising,achieving important results in several aspects.At the same time,it is also in face of展开更多
The Professor's House presents the readers pictures with striking consumer culture characteristics. With abundant goods of sign values, conspicuous consumption, swelling-desire-stimulating power and the individual...The Professor's House presents the readers pictures with striking consumer culture characteristics. With abundant goods of sign values, conspicuous consumption, swelling-desire-stimulating power and the individuals' efforts to construct their identities through consumption as dominant features, consumer culture exerts negative and even devastating effects on the characters in the novel. Theories of ecocriticism shed new lights on the interpretation of consumerism reflected in the novel, especially on analyzing how the consumer culture makes the characters suffer from split personality, alienation from nature, society, and even from themselves and their spiritual ecology.展开更多
This paper screens five pairs of call walTants/put warrants with the same listing date and final exercise date from domestic delisted wattant, and collects and processes relevant statistic in warrant market and stock ...This paper screens five pairs of call walTants/put warrants with the same listing date and final exercise date from domestic delisted wattant, and collects and processes relevant statistic in warrant market and stock market. Because inconformity of strike price between call warrants/put warrants in domestic warrant market, and regarding the strike price of put warrants as standard, this paper takes advantage of BSM formula recalculates the price of call warrants, and carries out verification of option parity relations by regression analysis and Wilcoxon＇s Sign Rank Test. From a theoretical point of view, homogenous call warrants/put warrants should satisfy the parity relations. However, due to the lack of short sales mechanism in domestic warrant market and stock market, the empirical results indicate that domestic warrant market can＇ t meet the option parity relations.展开更多
基金Project (No. Y604137) supported by the Natural Science Foundationof Zhejiang Province, China
文摘Exotic options, or “path-dependent” options are options whose payoff depends on the behavior of the price of the underlying between 0 and the maturity, rather than merely on the final price of the underlying, such as compound options, reset options and so on. In this paper, a generalization of the Geske formula for compound call options is obtained in the case of time-dependent volatility and time-dependent interest rate by applying martingale methods and the change of numeraire or the change of probability measure. An analytic formula for the reset call options with predetermined dates is also derived in the case by using the same approach. In contrast to partial differential equation (PDE) approach, our approach is simpler.
文摘American foreign policies have observed guiding principles of democracy, yet an overemphasis on political values leads to more conflicts than mutual understandings in today＇s world. Therefore, this paper proposes that exploring diplomatic implications of ＂women＇s work＂ provides new insights into cultural values of the Four Freedomsmmajor pillars supporting modern American liberalism. This paper foregrounds the domestic and diplomatic significance of ＂women＇s work＂ by analyzing women＇s contributions as laborers at home, in the labor force, and in American consumer society. As American women participated in the paid labor force and took up most consumptive activities, women outside America also worked hard to provide food and care for families. This paper argues that a more comprehensive definition of＂women＇s work＂ is not only indispensable for the development of American industry, consumer society, and the expansion of marketplace, but integrates a system of dualisms separating wage labor and housework, or divisions between spheres of men and women. Moreover, investigations into hidden values of women＇s work alleviate worries arising from information revolution and economic globalization. Moreover, placing women＇s work in perspective enables diplomats to see through factors leading to international hostilities, to reduce conflicts arising from information revolution and economic globalization, and to understand America＇s soft power pertinently.
文摘With the development of network technology and information technology, electronic commerce as a new business model wiht itsnew trading ideas-＋, In changing the traditional business structure,but also gradually changing people’s shopping patterns and consumptionpatterns,Online shopping has become the preferred way of shopping.Changes in consumption patterns will inevitably lead to new problems inthe process of consumption,and the development speed of the problem in sync with the development speed of network economy,as far as therenewal speed of laws and regulations is concerned,this asymmetric development is bound to bring great inconvenience to the consumer rights innetwork transactions.In this paper, from the angle of legal protection,the protection of consumer rights and interests in network transactions areexpounded,analysis of the current situation and reasons of the consumers’ rights and interests are infringed upon in the network transaction,learnfrom the experience of foreign consumer rights and interests protection,In order to put forward effective suggestions on the system constructionof the protection of consumer rights and interests.
文摘Since the 18th CPC National Congress,especially since the Central Conference on Work Relating to Neighborhood Diplomacy held in October 2013,China’s neighborhood diplomacy has been energetic,proactive and promising,achieving important results in several aspects.At the same time,it is also in face of
文摘The Professor's House presents the readers pictures with striking consumer culture characteristics. With abundant goods of sign values, conspicuous consumption, swelling-desire-stimulating power and the individuals' efforts to construct their identities through consumption as dominant features, consumer culture exerts negative and even devastating effects on the characters in the novel. Theories of ecocriticism shed new lights on the interpretation of consumerism reflected in the novel, especially on analyzing how the consumer culture makes the characters suffer from split personality, alienation from nature, society, and even from themselves and their spiritual ecology.
文摘This paper screens five pairs of call walTants/put warrants with the same listing date and final exercise date from domestic delisted wattant, and collects and processes relevant statistic in warrant market and stock market. Because inconformity of strike price between call warrants/put warrants in domestic warrant market, and regarding the strike price of put warrants as standard, this paper takes advantage of BSM formula recalculates the price of call warrants, and carries out verification of option parity relations by regression analysis and Wilcoxon＇s Sign Rank Test. From a theoretical point of view, homogenous call warrants/put warrants should satisfy the parity relations. However, due to the lack of short sales mechanism in domestic warrant market and stock market, the empirical results indicate that domestic warrant market can＇ t meet the option parity relations.
