Thinking About the Economic Management of Universities Based on Capital and Cost Management Optimization

The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation of the economic management of colleges and universities in China,and then the reasons for the problems of economic management of colleges and universities in China is realized a detailed investigation,and finally,the economic management of colleges and universities based on capital and cost management optimization strategy is made a full discussion,looking forward to providing the necessary guidance for researchers in this field.

The Basic Ways of Solving the Problems of Underlying Liabilities of China＇s Endowment Insurance

The supply of basic pension is seriously lacking, the personal accounts is operated with no money. This is a problem belonging to conversion cost in essence. This paper points out that the government should undertake the responsibility to solve the problem by using the increment method and stock method to repay the latent liability; then the government can enrich the personal accounts in response to the aging population crisis and the concussion brought by the endowment insurance system＇s conversion.

Credit, funding, margin, and capital valuation adjustments for bilateral portfolios

We apply to the concrete setup of a bank engaged into bilateral trade portfolios the XVA theoretical framework of Albanese and Crepey(2017),whereby´so-called contra-liabilities and cost of capital are charged by the bank to its clients,on top of the fair valuation of counterparty risk,in order to account for the incompleteness of this risk.The transfer of the residual reserve credit capital from shareholders to creditors at bank default results in a unilateral CVA,consistent with the regulatory requirement that capital should not diminish as an effect of the sole deterioration of the bank credit spread.Our funding cost for variation margin(FVA)is defined asymmetrically since there is no benefit in holding excess capital in the future.Capital is fungible as a source of funding for variation margin,causing a material FVA reduction.We introduce a specialist initial margin lending scheme that drastically reduces the funding cost for initial margin(MVA).Our capital valuation adjustment(KVA)is defined as a risk premium,i.e.the cost of remunerating shareholder capital at risk at some hurdle rate.

Arbitrage-free pricing of derivatives in nonlinear market models

The objective of this paper is to provide a comprehensive study of the no-arbitrage pricing of financial derivatives in the presence of funding costs,the counterparty credit risk and market frictions affecting the trading mechanism,such as collateralization and capital requirements.To achieve our goals,we extend in sev-eral respects the nonlinear pricing approach developed in(El Karoui and Quenez 1997)and(El Karoui et al.1997),which was subsequently continued in(Bielecki and Rutkowski 2015).