Optimal investment for the defined-contribution pension with stochastic salary under a CEV model

In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.

Relationship between the Current Account Balance Ratio and Salary Ratio in Japanese Municipal Hospitals

Background: While public municipal hospitals in Japan are supported by public financing and are less likely to fail than private hospitals, more than half are in financial deficit. Hospitals running at a deficit may have poorer outcomes and less investment in maintenance of human or physical capital, as well as increased rates of patient adverse events. We sought to clarify the relationship between municipal hospital surpluses or deficits and salary expenditures. Methods: We extracted financial data for 253 general hospitals of 300 beds or more from financial statements for the 2013 fiscal year available in the Yearbook of Public Firms, Edition for Hospital. From these data, we calculated account balance ratios and compared the average value of the ratio of labor to the output (salary ratio) for each group using analysis of variance (ANOVA). Results: The salary ratios of hospitals in the surplus group were significantly lower than the salary ratios of hospitals in the deficit group (55.5% vs. 49.4%;p p = 0.342). In the surplus group, the average value of salary ratios was different among the three-bed count groups (mean salary ratio: 53.0% vs. 48.5% vs. 47.4%;ANOVA p = 0.012). In addition, there was a significant difference in mean value between the 300-bed group and ≥500 beds group (mean salary ratio: 53.0% vs. 47.4%;p = 0.002). Conclusion: This study suggests that maintaining a favorable salary ratio to the current account balance is a useful proxy of fiscal health, and interventions to improve the salary ratio may be effective in improving municipal hospital management. Furthermore, among well-managed municipal hospitals, larger hospital size may confer some advantage in purchasing power.

Model Study of Senior Executive Salary of Enterprises

Currently,there is a lot of discussion concerning about the salary problem of the senior managers of a business enterprise. How to determine the wage levels has already been the problem which should be urgently worked out. The establishment of the wage levels' standard should not only can attract and retain core talent,but also be able to be accepted by public thinking. Based on the considerations above,a reasonable pay system should be set up scientifically. In this paper,a point of view of the mathematical modeling has been taken in reasonable analysis of enterprises' pay system for a rational decision about the salary-level of the senior executives who according to the economic developing regulation should be made. The model founded in this paper reflects the reasonable distribution of the annual salary. On the other hand,individual contribution degree fully explains the rationality of the model.

Analysis and Discussion about Quantitative Grading Standard for Salary Promotion of Agricultural Scientific Researchers

The existing performance salary system has several grades in the same job title. When the number of workers qualified for promotion is more than the target,quantitative grading is usually adopted to determine salary promotion personnel. Scientific,fair and reasonable grading content and standard directly concern income and remuneration of scientific researchers,and also concern recognition and respect degree of contribution made by scientific researchers. Therefore,quantitative grading standard is of the utmost importance to keeping stability,arousing enthusiasm and creativity of scientific researchers,and promoting smooth development of scientific research. Achievements awarded,papers published and project research can reflect scientific research level,ability and working performance of agricultural scientific researchers. This paper takes these three items as examples,analyzes,discusses and compares the establishment and evaluation of quantitative grading standard. It states that " one yardstick" and " one vote veto system" should be adhered to when evaluating using the quantitative grading standard. It is expected to provide reference for organizations of the same trade in establishing quantitative grading standard and conducting evaluation.

Countermeasures of the Reform of College Performance-related Salary in the Light of Well-being

This article aims to provide insights into of reform of college performance-related salary with starting at well-being of employees. It comes to the conclusion that it is of significance to reform college performance-related salary system from sev- eral aspects. Encouraging employees＇ participation in reform of college performance-related salary,dealing with the relation between re-search and teaching properly,improving college performance-related salary system and deepening position management can make contribu- tion to quick and well development of college performance-related salary.

从工资‘salary’谈起

我国国家机关干部以及全民所有制(ownership by the people)的企事业单位职工,以及集体所有制(collective ownership)的工作人员,定时由工作单位领到的工资,英语称为 salary,因工种和职务有别外,基本上做到同工同酬(equal work for equal pay)、除固定工资(fixed salary)之外,因地方的差价,政府还给固定职工一定的补贴(subsidy)。

Will China Double Your Salary?

WITH a GDP of over RMB 60 trillion,China＇s economy has again achieved a more than seven percent growth,which can＇t be equalled elsewhere in the world.Also,100of the world＇s latest top 500companies are from China.Do these facts leave you longing for a job in China？

Research on the Relationship between Salary Incentives for R&D Personnel and R&D Investment in China’s Pharmaceutical Industry

Objective To explore the relationship between salary incentives for R&D personnel and R&D investment in China’s pharmaceutical industry through an empirical analysis so as to propose suggestions for increasing more R&D investment from the perspective of stimulating R&D personnel.Methods Based on the relevant data of the China’s pharmaceutical industry in the“China High-tech Industry Statistical Yearbook”and other data from the National Bureau of Statistics from 1995 to 2018,co-integration tests was used to construct error correction models and Granger causality tests to explore the relationship between R&D personnel salary incentives and R&D investment.Results and Conclusion There is a long-term balanced relationship between the salary level of R&D personnel in China’s pharmaceutical industry and the investment of R&D.For the per capita salary of R&D personnel increases by 1 unit,the internal expenditure of R&D investment will increase by 2.2451 units.In the short term,the per capita salary of R&D personnel has a slight negative impact on the internal expenditure of R&D investment.In addition,the salary incentives for R&D personnel have the most significant role in promoting R&D investment after five years of implementation.

Salary Hikes on the National Agenda

Boosting incomes is one of the government＇s priorities in the current five-year plan MIGRANT worker Su ruifang has lived in Beijing for more than 10 years. She started out as a cleaner, but has since

Can a Teacher Salary Increase Promote Students' Educational Performance?

Policymakers in China have attempted to improve the quality of rural education by investing in teacher salaries through initiatives like the Rural Teachers Support Plan(RTSP).This study estimates the efects of teacher salary increase on students'educational outcomes in rural China by utilizing the exogenous variations of rural teacher salaries induced by the RTSP.It employs an intensity-based difference-in-differences strategy and panel data from 2010 to 2018 with 3,351 rural children.The findings reveal that an increase in teacher salaries had a significant positive impact on students'examination results.Moreover the results of mechanism analysis indicate that salary increases could have both quality and quantity effects on students'outcomes by increasing the proportion of highly educated teachers and reducing the student-teacher ratio.Our findings contribute to the discussion on the importance of teacher salary incentives in education production functions and provide insights for other countries undertaking rural education reforms.

Study on salary level of medical doctors in county-level public hospitals and related influencing factors

This study aimed to investigate the salary status of medical doctors who work in county-level hospitals, and analyze the existing problems. We collected the data from questionnaires and applied both EXCEL and SPSS to conduct analysis. Doctors working in county level-hospitals received relatively lower salaries, with 78.5% of the doctors making lower than 5000 RMB per month. Influencing factors for the salary levels included personal factors, attributes of the hospitals, workload and performance appraisal. Reasonable adjustment for the salary levels is needed to refine important elements of salary distribution, and to construct a rational performance appraisal system.

Time-Consistent Investment Strategy for DC Pension Plan with Stochastic Salary Under CEV Model

This paper aims to derive the time-consistent investment strategy for the defined contribution(DC) pension plan under the mean-variance criterion.The financial market consists of a risk-free asset and a risky asset of which price process satisfies the constant elasticity of variance(CEV) model.Compared with the geometric Brownian motion model,the CEV model has the ability of capturing the implied volatility skew and explaining the volatility smile.The authors assume that the contribution to the pension fund is a constant proportion of the pension member's salary.Meanwhile,the salary is stochastic and its volatility arises from the price process of the risky asset,which makes the proposed model different from most of existing researches and more realistic.In the proposed model,the optimization problem can be decomposed into two sub-problems:Before and after retirement cases.By applying a game theoretic framework and solving extended Hamilton-Jacobi-Bellman(HJB) systems,the authors derive the time-consistent strategies and the corresponding value functions explicitly.Finally,numerical simulations are presented to illustrate the effects of model parameters on the time-consistent strategies.

Process-focused Salary System

Salary often acts as the main incentive by managers to push employees to adjust their behaviors so as to realize organization′s goal. With the transfer from function-focused organization to process-focused organization, the new relative salary system should be established at the same time. This article is intended to introduce an original salary system-process-focused salary system. After pointing out faults of traditional function-focused salary system, the article explains the design thoughts behind the new process-focused salary system, summaries its three styles: based-on-cost, based-on-quality and based-on-task; and at last defines its application scope.

Analysis of the Factors Affecting the Employment Quality of College Graduates:A Case Study of China

The employment quality of college graduates in China is a topic of widespread concern.This paper uses authoritative data sources,including the China Labor Statistics Yearbook,China Statistical Yearbook,and data from provincial statistical bureaus,to examine the employment quality of college graduates in different regions of China.Specifically,the paper explores three aspects:salary level,job intensity,and job stability.The research results indicate that undergraduate graduates experience lower job intensity than college counterparts.However,while North,East,and South China show high salary levels and job stability,issues such as high work intensity,high cost of living,and small living space exist.Therefore,this paper offers policy development recommendations to promote job market reform and improve employment quality.These recommendations aim to address the challenges faced by college graduates in various regions of China and to promote the stability of the country’s social and economic development.By examining the employment quality of college graduates in different regions of China,this paper provides valuable insights for scholars,policymakers,and practitioners.

The Rise of China’s Women’s Basketball Team:An Exploration of Gender Equality in Professional Basketball

This article explores the rise of the Chinese women’s basketball team in professional basketball and its relationship to gender equality issues.In view of the gender differences in salary,market value,social status,and other aspects,the article proposes a series of strategies to promote the realization of gender equality for female basketball players in professional basketball.This article points out that the rise of the Chinese women’s basketball team will lead the process of gender equality and lay the foundation for a more equitable and inclusive future.To achieve this goal,this article highlights the importance of improving the competitive level of female athletes,improving basic education,promoting basketball culture,and promoting gender equality.

源于《伊索寓言》的英语习语三则

《伊索寓言》是一部脍炙人口、影响深远的作品,它的许多寓言和故事都进入英语词汇,成为固定习语。现介绍一二: 1.add insult to injury 有这样一个寓言故事:一个人患了秃头病,羞于见人,家门都不出;一天一只苍蝇飞进屋里,落在他头上,他一气之下朝着自己的头狠狠一击,结果自己的头被打得红红的,而苍蝇却飞走了。

薪金、奖金、罚金

一、薪金1.wage工资,工钱。一般按每小时、每天或每周计算,以蓝领工人、半技术工人为对象,通常会给现金;此外,该词还用来泛指工资这一概念。使用时多用复数形式。例: (1)The postal workers have asked for wage rise of＄5 a week.邮政工人要求周薪提高5美元。(2)current wage system现行工资制度2.salary多指“月薪”或“年俸”,以公职人员、公司职员、白领职工等为对象,通常通过支票付给。例: The union leaders enjoy great prestige and authorityand large salaries.工会领袖享有很高威望和很大权力,而且领取丰厚的薪水。3.stipend专指酬劳牧师、教师、行政官员的俸给。例如:

我国高校教师工资低的危害及政策建议

与其他知识密集型行业人员相比,高校教师的工资水平仍然偏低。高校教师工资低将导致知识失业、人才流失,兼职风潮蔓延,影响高校教师素质水平的提高,影响高校教师再投资的积极性,影响高校教师的健康状态等许多负面后果。各级政府和高校应该加大资金投入力度,提高高校教师的工资水平,并建立科学的薪酬管理制度。

Study on human resources cost accounting based on standards and general rules

The issue of the new standards for employees＇ salary and general financial rules that include employees＇ salary and relevant expenditures, have a great impact on human resources cost accounting. This paper performs a specialized study on human resources cost and employees＇ salary, accounts setting and accounting treatment for human resources cost accounting, human resources cost report, etc. on the basis of relevant provisions in the new Chinese accounting standards, the general financial rules, international accounting standards, and relevant academic research findings.