Geometric Brownian Motion (GBM) is widely used to model the asset price dynamics. Option price models such as the Black-Sholes and the binomial tree models rely on the assumption that the underlying asset price dynami...Geometric Brownian Motion (GBM) is widely used to model the asset price dynamics. Option price models such as the Black-Sholes and the binomial tree models rely on the assumption that the underlying asset price dynamics follow the GBM. Modeling the asset price dynamics by using the GBM implies that the log return of assets at particular time is normally distributed. Many studies on real data in the markets showed that the GBM fails to capture the characteristic features of asset price dynamics that exhibit heavy tails and excess kurtosis. In our study, a class of Levy process, which is called a variance gamma (VG) process, performs much better than GBM model for modeling the dynamics of those stock indices. However, valuation of financial instruments, e.g. options, under the VG process has not been well developed. Here, we propose a new approach to the valuation of European option. It is based on the conditional distribution of the VG process. We also apply the path simulation model to value American options by assuming the underlying asset log return follow the VG process. Such a model is similar with that proposed by Tiley [1]. Simulation study shows that the proposed method performs well in term of the option price.展开更多
After the Biden administration came to power in the United States,Europe and the United States came to a comprehensive arrangement for coordinating their internal diferences and international policies,using shared val...After the Biden administration came to power in the United States,Europe and the United States came to a comprehensive arrangement for coordinating their internal diferences and international policies,using shared values as the traction for forming a consensus posture toward China,which to a certain extent placed transatlantic relations into a posture of readiness for a Cold War.Although the common strategic needs of Europe and the United States contributed to the coordination between Europe and the United States,the long-term,structural contradictions between Europe and the United States in the felds of economy,trade,and security created the limited and transactional nature of this round of coordination.At the same time,the internal ecology of Europe and the United States has produced a window of opportunity in this round of coordination,increasing the uncertainty entailed by deepening coordination in the short and medium terms.The coordination of Europe and the United States has impacted the political foundations of China-EU relations and promoted an increase in the level of competition in China-EU relations and compressed the tension space in Europe-US relations,as well as having a negative impact on the global and regional order.展开更多
The maximum relative error between continuous-time American option pricing model and binomial tree model is very small. In order to improve the European and American options in trade course, the thesis tried to build ...The maximum relative error between continuous-time American option pricing model and binomial tree model is very small. In order to improve the European and American options in trade course, the thesis tried to build early exercise European option and early termination American option pricing models. Firstly, the authors reviewed the characteristics of American option and European option, then there was compares between them. Base on continuous-time American option pricing model, this research analyzed the value of these options.展开更多
Major indicator of firm performance is business performance. Aims of firms and managers are to achieve firm performance. Human resource management （HRM） aims to achieve individual performance in order for firm perfo...Major indicator of firm performance is business performance. Aims of firms and managers are to achieve firm performance. Human resource management （HRM） aims to achieve individual performance in order for firm performance. Because individuals （professionals） may have an impact on business performance. European HRM is adopting principles of American HRM. This is convergence. There are two factors that may affect divergence between Europe and USA. Divergence factors are social awareness and economic viewpoint difference. First of all, European firms consider social partners in HRM. Secondly, EU is regulated market economy and USA has liberal market economy. That may create divergence between Europe and USA.展开更多
This study suggests a theoretical component to the thus far proposed explanations of what makes a startup incubator successful in enabling entrepreneurial activity. Departing from a traditional focus on industry- and ...This study suggests a theoretical component to the thus far proposed explanations of what makes a startup incubator successful in enabling entrepreneurial activity. Departing from a traditional focus on industry- and nation-wide resources, we develop a framework of the critical success factors for a startup incubator and a scoring mechanism to evaluate the success of existing startup incubators using these factors. We score a selection of American and European incubators using the developed scoring mechanism and comparatively benchmark the European incubators against the American ones to identify areas for improvement. Our findings suggest that European incubators, while relatively strong overall, can look to and learn from their American counterparts in certain areas. Importantly, these improvement areas are not specific to characteristics of any individual European incubator, but to European incubators overall. Finally, we aim to expand this study to other entrepreneurship hubs worldwide and we outline a plan of action to enable this expansion.展开更多
Attention to the pension work is the performance of social development and progress, effective selection of effective old-age way to promote the elderly in his later years and it is the inevitable requirement of the d...Attention to the pension work is the performance of social development and progress, effective selection of effective old-age way to promote the elderly in his later years and it is the inevitable requirement of the development of the times. On the basis of comparative analysis of the pros and cons of various pension methods, the actual social work department must carry out specific judgment on the specificold people. The elderly need not only the material aspects of life care, but also the need for emotional support and spiritual comfort, in the new historical conditions must be in the body and mind and informed lines and other aspects of the elderly to give loved ones, considerate, warm and friendly , respect and care. This paper proposes the novel perspective on the planning model of Chinese aged community in background of European and American old-age system. In the future, we will apply the proposed model into more scenarios to test the performance.展开更多
In this paper, we research on the European and American music education mode and corresponding influence on the Chinese native music education. At present our country education system reform has come to a critical per...In this paper, we research on the European and American music education mode and corresponding influence on the Chinese native music education. At present our country education system reform has come to a critical period, especially the education reform in colleges and universities in the new stage of development. The serious influence is the quality of music teaching. Colleges and universities music education make and manage the school, the school for students to adopt a unified education model, unified teaching materials and teaching methods, make the music education of the college unification. Our proposed approach combines the advances of western education pattern with the native music education which will be effective and innovative.展开更多
From February 17th to 22nd, annual World Magic Seminar was held in Las Vegas, U.S.A. There were 850 attendees from all over the world. Representatives from China Acrobats Association took part in the events in order t...From February 17th to 22nd, annual World Magic Seminar was held in Las Vegas, U.S.A. There were 850 attendees from all over the world. Representatives from China Acrobats Association took part in the events in order to make promotion for the World Championships of Magic 2009 in Beijing. We set up a promotion booth,展开更多
Editor’s Note: In the early 1980s, some graduates of the prestigious Central Conservatory of Music began their musical careers. When one such graduate, Tan Dun, was awarded an Oscar in 1999 for his musical score to t...Editor’s Note: In the early 1980s, some graduates of the prestigious Central Conservatory of Music began their musical careers. When one such graduate, Tan Dun, was awarded an Oscar in 1999 for his musical score to the film Crouching Tiger, Hidden Dragon, well-known Chinese composer Chen Qigang, now resident in France, wrote a letter of congratulations to his former classmate. He said, "Ours was a class of student nonentities until we rocked China and then the world. We ’lit beacons’ in different parts of the world. Whether friends or rivals, our influence on each other is symbiotic. Now, when people call me ’master,’ I can’t help remembering being one of eight classmates, all sharing an hotel room in Amsterdam." At the end of his letter Chen Qigang wrote, "Our horizons are broadening."This article gives an insight into artists who were young during the "cultural revolution, " and the impressions of European and American music circles they gained from their experience abroad.展开更多
On the morning of October 21,the 9th Wanshou Forum themed on'China’s Development:in My Mind and in My Eyes'was held in Beijing.Present at the Forum were young leaders from Europe and the US who were visiting ...On the morning of October 21,the 9th Wanshou Forum themed on'China’s Development:in My Mind and in My Eyes'was held in Beijing.Present at the Forum were young leaders from Europe and the US who were visiting China at CAFIU’s invitation,CAFIU Vice-President Ai Ping,Secretary-General Ni Jian and Mr.展开更多
The author discusses the subject in both ecological and political perspectives based on a most comprehensive,authoritative and updated bibliography.Hence,Latin America and the Caribbean(LAC) is as much diversified as ...The author discusses the subject in both ecological and political perspectives based on a most comprehensive,authoritative and updated bibliography.Hence,Latin America and the Caribbean(LAC) is as much diversified as there are sub-regions and regional organizations in geopolitical and geo-economical terms and often dialectic regarding energy security,climate change and LAC ties with Europeans and China and so is the tripartite relations with the rest of the world so far as energy security and climate cha...展开更多
After the War of Independence, America stood out as a new country, while its literature was greatly influenced by those ofEuropean. In many people's eyes, Americans had no literature. Washington Irving, together w...After the War of Independence, America stood out as a new country, while its literature was greatly influenced by those ofEuropean. In many people's eyes, Americans had no literature. Washington Irving, together with James Fennimore Cooper, firstbroke the dependence on English literature, and created plenty of works in the native style. In this article,"Rip Van Winkle"is an-alyzed to show how Irving revealed the American culture and style, which is mainly presented in the respect of American dream.展开更多
In this paper, we use a modified path simulation method for valuation of Asian American Options. This method is a modification of the path simulation model proposed by Tiley. We assume that the behavior of the log ret...In this paper, we use a modified path simulation method for valuation of Asian American Options. This method is a modification of the path simulation model proposed by Tiley. We assume that the behavior of the log return of the underlying assets follows the Variance Gamma (VG) process, since its distribution is heavy tail and leptokurtic. We provide sensitivity analysis of this method and compare the obtained prices to Asian European option prices.展开更多
文摘Geometric Brownian Motion (GBM) is widely used to model the asset price dynamics. Option price models such as the Black-Sholes and the binomial tree models rely on the assumption that the underlying asset price dynamics follow the GBM. Modeling the asset price dynamics by using the GBM implies that the log return of assets at particular time is normally distributed. Many studies on real data in the markets showed that the GBM fails to capture the characteristic features of asset price dynamics that exhibit heavy tails and excess kurtosis. In our study, a class of Levy process, which is called a variance gamma (VG) process, performs much better than GBM model for modeling the dynamics of those stock indices. However, valuation of financial instruments, e.g. options, under the VG process has not been well developed. Here, we propose a new approach to the valuation of European option. It is based on the conditional distribution of the VG process. We also apply the path simulation model to value American options by assuming the underlying asset log return follow the VG process. Such a model is similar with that proposed by Tiley [1]. Simulation study shows that the proposed method performs well in term of the option price.
基金a preliminary result of the 2017 Ministry of Education Humanities and Social Sciences Key Research Base Project“The relationship between the UK and the EU and its impact on China in the context of Brexit”(Project Approval Number:17JJDGJW013)。
文摘After the Biden administration came to power in the United States,Europe and the United States came to a comprehensive arrangement for coordinating their internal diferences and international policies,using shared values as the traction for forming a consensus posture toward China,which to a certain extent placed transatlantic relations into a posture of readiness for a Cold War.Although the common strategic needs of Europe and the United States contributed to the coordination between Europe and the United States,the long-term,structural contradictions between Europe and the United States in the felds of economy,trade,and security created the limited and transactional nature of this round of coordination.At the same time,the internal ecology of Europe and the United States has produced a window of opportunity in this round of coordination,increasing the uncertainty entailed by deepening coordination in the short and medium terms.The coordination of Europe and the United States has impacted the political foundations of China-EU relations and promoted an increase in the level of competition in China-EU relations and compressed the tension space in Europe-US relations,as well as having a negative impact on the global and regional order.
文摘The maximum relative error between continuous-time American option pricing model and binomial tree model is very small. In order to improve the European and American options in trade course, the thesis tried to build early exercise European option and early termination American option pricing models. Firstly, the authors reviewed the characteristics of American option and European option, then there was compares between them. Base on continuous-time American option pricing model, this research analyzed the value of these options.
文摘Major indicator of firm performance is business performance. Aims of firms and managers are to achieve firm performance. Human resource management （HRM） aims to achieve individual performance in order for firm performance. Because individuals （professionals） may have an impact on business performance. European HRM is adopting principles of American HRM. This is convergence. There are two factors that may affect divergence between Europe and USA. Divergence factors are social awareness and economic viewpoint difference. First of all, European firms consider social partners in HRM. Secondly, EU is regulated market economy and USA has liberal market economy. That may create divergence between Europe and USA.
文摘This study suggests a theoretical component to the thus far proposed explanations of what makes a startup incubator successful in enabling entrepreneurial activity. Departing from a traditional focus on industry- and nation-wide resources, we develop a framework of the critical success factors for a startup incubator and a scoring mechanism to evaluate the success of existing startup incubators using these factors. We score a selection of American and European incubators using the developed scoring mechanism and comparatively benchmark the European incubators against the American ones to identify areas for improvement. Our findings suggest that European incubators, while relatively strong overall, can look to and learn from their American counterparts in certain areas. Importantly, these improvement areas are not specific to characteristics of any individual European incubator, but to European incubators overall. Finally, we aim to expand this study to other entrepreneurship hubs worldwide and we outline a plan of action to enable this expansion.
文摘Attention to the pension work is the performance of social development and progress, effective selection of effective old-age way to promote the elderly in his later years and it is the inevitable requirement of the development of the times. On the basis of comparative analysis of the pros and cons of various pension methods, the actual social work department must carry out specific judgment on the specificold people. The elderly need not only the material aspects of life care, but also the need for emotional support and spiritual comfort, in the new historical conditions must be in the body and mind and informed lines and other aspects of the elderly to give loved ones, considerate, warm and friendly , respect and care. This paper proposes the novel perspective on the planning model of Chinese aged community in background of European and American old-age system. In the future, we will apply the proposed model into more scenarios to test the performance.
文摘In this paper, we research on the European and American music education mode and corresponding influence on the Chinese native music education. At present our country education system reform has come to a critical period, especially the education reform in colleges and universities in the new stage of development. The serious influence is the quality of music teaching. Colleges and universities music education make and manage the school, the school for students to adopt a unified education model, unified teaching materials and teaching methods, make the music education of the college unification. Our proposed approach combines the advances of western education pattern with the native music education which will be effective and innovative.
文摘From February 17th to 22nd, annual World Magic Seminar was held in Las Vegas, U.S.A. There were 850 attendees from all over the world. Representatives from China Acrobats Association took part in the events in order to make promotion for the World Championships of Magic 2009 in Beijing. We set up a promotion booth,
文摘Editor’s Note: In the early 1980s, some graduates of the prestigious Central Conservatory of Music began their musical careers. When one such graduate, Tan Dun, was awarded an Oscar in 1999 for his musical score to the film Crouching Tiger, Hidden Dragon, well-known Chinese composer Chen Qigang, now resident in France, wrote a letter of congratulations to his former classmate. He said, "Ours was a class of student nonentities until we rocked China and then the world. We ’lit beacons’ in different parts of the world. Whether friends or rivals, our influence on each other is symbiotic. Now, when people call me ’master,’ I can’t help remembering being one of eight classmates, all sharing an hotel room in Amsterdam." At the end of his letter Chen Qigang wrote, "Our horizons are broadening."This article gives an insight into artists who were young during the "cultural revolution, " and the impressions of European and American music circles they gained from their experience abroad.
文摘On the morning of October 21,the 9th Wanshou Forum themed on'China’s Development:in My Mind and in My Eyes'was held in Beijing.Present at the Forum were young leaders from Europe and the US who were visiting China at CAFIU’s invitation,CAFIU Vice-President Ai Ping,Secretary-General Ni Jian and Mr.
文摘The author discusses the subject in both ecological and political perspectives based on a most comprehensive,authoritative and updated bibliography.Hence,Latin America and the Caribbean(LAC) is as much diversified as there are sub-regions and regional organizations in geopolitical and geo-economical terms and often dialectic regarding energy security,climate change and LAC ties with Europeans and China and so is the tripartite relations with the rest of the world so far as energy security and climate cha...
文摘After the War of Independence, America stood out as a new country, while its literature was greatly influenced by those ofEuropean. In many people's eyes, Americans had no literature. Washington Irving, together with James Fennimore Cooper, firstbroke the dependence on English literature, and created plenty of works in the native style. In this article,"Rip Van Winkle"is an-alyzed to show how Irving revealed the American culture and style, which is mainly presented in the respect of American dream.
文摘In this paper, we use a modified path simulation method for valuation of Asian American Options. This method is a modification of the path simulation model proposed by Tiley. We assume that the behavior of the log return of the underlying assets follows the Variance Gamma (VG) process, since its distribution is heavy tail and leptokurtic. We provide sensitivity analysis of this method and compare the obtained prices to Asian European option prices.
