图书馆采购数据库支付不对价解析

由于数据库开发商的数据库使用作品材料价格差异,加之数据库的"独创性"条件较差,致使图书馆在购买数据库时,与开发商存在不对价的关系,进而有导致著作权权能失衡、公共利益受损和图书馆的公益性形象破坏的危险。

遗嘱的法理分析及执行保障

随着我国改革开放的不断深化,我国公民的个人财产也不断累积增多。公民在通过劳动创造财富之后,要充分的体现对自己财产的占有、使用、收益和处分的权利。本文将探讨公民用"遗嘱"的方式处理个人合法财产的有关法律问题。"遗嘱",作为公民处理自己财产法定方式,有其自己的法理追求。本文通过对"遗嘱"的法理分析,旨在使"遗嘱"能更有效地发挥财产分配的功能,实现公民按照自己的预期处分财产心愿,同时社会要提供必要的执行和监督机构。

The Link Between Internet Financial Reporting and Information Asymmetry for American Depository Receipts

We provide evidence on the effect of the presentation format and information content of Internet financial reporting on the market value of American Depository Receipts and on country-specific variables that drive Internet financial reporting. A two-stage Heckman approach was used to determine if Internet financial reporting adds incremental value to firms beyond the decision to cross-list in the United States. The results indicate that investors more highly value firms that provide information in multiple formats. We also find that country-specific variables affect the information content, but not the presentation format of disclosures on corporate websites. The results uncover a disconnection between what the market values （presentation format） and what the firms believe the market values （information content）. This implies that firms are not entirely aware of investors＇ information wants and that they are not utilizing their resources in the manner that will have the most impact on their market value.

Testing the Semi-strong Form Efficiency of Islamic Capital Market With Response to Information Content of Dividend Announcement： A Study in Jakarta Islamic Index

The specific concepts of Islamic capital market are based on transparency, accountability, and no asymmetric information. A capital market is said to be efficient with respect to an information item if the prices of securities fully impound the return implication of that item. This study has two main objectives. Firstly, for testing the efficiency of Islamic capital market which focuses on Jakarta Islamic Index （JII）. Secondly, by this research finding the regulator can make a good solution to create the real Islamic capital market. This study concludes that the Islamic capital market is not efficient in information. This is proved by test, where the result for both mean adjusted model and market adjusted model shows not significant, which means that the stock price that occurred has not been able to reflect a strong relationship with the real conditions that exist within the company. The second conclusion is the magnitude of abnormal return suggests that the market still has asymmetric information that will cause the occurrence of abnormal return. This is very unfortunate because Islamic capital market should be efficient in reflecting information transparency that could create a fair price in accordance with the real condition of the company＇s stock issuance.

Asymmetry in Value Relevance of Environmental Performance （EP） Information： Contingency Effects of Size and Industry

Contemporary research documents a positive but weak price premium from environmental performance （EP）. The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 （SIX 300） companies listed on the Stockholm Stock Exchange （OMX Stockholm）. Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is, however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.

Analysis on the Effect of Asymmetric Information on Product Supply Chain and Pricing

Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. Asynmaetric information makes supply chain unable to give a real reaction to the relationship between market supply and demand, and the personnel in the channels of supply chain are unable to make the optimal pricing, so that the overall profits are affected. Therefore, asymmetric information should be controlled within the normal range, for the purpose of ensuring the normal operation and healthy development of the market transactions.

The Influencing Factors of sCER Price Dynamics Under the Clean Development Mechanism: Theory and Econometric Analysis

In order to explore the factors and their complex mechanism affecting the price dynamics under the clean development mechanism （CDM）, this article employs the secondary Certified Emission Reduction （sCER） carbon price as the study object, and analyzes its influencing factors from aspects of the international carbon-reduction policies, macroeconomic fluctuations, energy and similar carbon products prices. The innovation of this paper lies in： Introducing necessary factor （the developing countries pricing power） and the application of several international representative indicators to un- derline the ＂world＂ nature of CDM; utilizing different econometric models to obtain noteworthy and more robust results. The authors test the theoretical findings with multiple stationary time series from the launch of CDM to present （2008-2016）. The results reveal that sCER price fluctuation shows the characteristic of asymmetry and substantial persistence. There is a strong statistically significant relationship between macroeconomic conditions, coal and oil prices, with the price of sCER. The authors discover that the pricing power of developing countries indeed has a clear but small impact on the sCER price changes, whereas the price elasticity of supply under CDM is so weak. The interaction between EU emission allowances （EUAs） and sCER presents a shift from dependency to substitution.

Option Pricing for Coffee Price Using Jump Diffusion Models

In this study,we aim at developing a model for option pricing to reduce the risks associated with Ethiopian coffee price fluctuations.We used daily closed Washed Sidama class A Grade3(WSDA3)coffee price recorded in the period 31 May 2011 to 30 March 2018 obtained from Ethiopia commodity exchange(ECX)market to analyse the price fluctuation.The nature of log-returns of the price is asymmetric(negatively skewed)and exhibits high kurtosis.We used jump diffusion models for modeling and option pricing the coffee price.The method of maximum likelihood is applied to estimate the parameters of the models.We used the root mean square error(RMSE)to test the validation of the models.The values of RMSE for Merton’s and double exponential jump diffusion models are 0.1093 and 0.0783,respectively.These results indicate that the models fit the data very well.We used analytical and Monte Carlo technique to find the call option pricing of WSDA3 price.Based on the empirical results,we concluded that double exponential jump diffusion model is more efficient than Merton’s model for modeling and option pricing of this coffee price.

Acupuncture for premature ovarian insufficiency:a systematic review and meta-analysis

Objective:To analyze the effect of acupuncture versus hormone replacement therapy(HRT)for premature ovarian insufficiency(POI).Methods:China National Knowledge Infrastructure(CNKI),Wanfang Academic Journal Full-text Database(Wanfang),Chongqing VIP Database(CQVIP),China Biology Medicine Disc(CBM),Web of Science,Cochrane Library,PubMed,and Excerpta Medica Database(EMBASE)were searched up to January 31st,2019 to identify randomized controlled trials(RCTs)evaluating the effect of acupuncture for POI.The primary outcome was the level of basal serum follicle-stimulating hormone(FSH).Secondary outcomes included serum levels of luteinizing hormone(LH),estradiol(E2)and anti-Müllerian hormone(AMH).Two authors extracted data independently and assessed the risk of bias and the methodological quality using the Cochrane's tool.Meta-analysis was conducted by RevMan version 5.3.Results:Eight eligible RCTs with a total of 496 POI patients were included in the meta-analysis.The pooled results showed that there was a significant reduction in the basal serum FSH level(MD=-5.82,95%CI:-9.76 to-1.87,I2=82%,P=0.004)and a remarkable elevation in the basal E2 level(SMD=0.93,95%CI:0.34 to 1.52,I2=88%,P=0.002)in the acupuncture group when compared with the control.Subgroup analysis showed that compared with HRT,a significant decrease in the FSH level was observed in both acupuncture alone(MD=-4.53,95%CI:-8.96 to-0.10,I2=73%,P=0.04)and acupuncture plus HRT(MD=-9.60,95%CI:-17.60 to-1.61,I2=50%,P=0.02),while a remarkable elevation of E2 was only found in acupuncture plus HRT(SMD=1.43,95%CI:1.03 to 1.82,I2=0%,P<0.00001).There was no significant difference in the LH level between acupuncture and HRT(MD=-3.16,95%CI:-9.41 to 3.10,I2=0%,P=0.32),only one trial reported AMH,and no significant difference was found between acupuncture and HRT.Conclusion:The present study indicated that acupuncture had an advantage over HRT in reducing serum FSH level and increasing serum E2 level in women with POI.However,evidence supporting the finding is limited due to the small sample size,potential methodological flaws and significant heterogeneity.Hence,this conclusion still needs to be verified by high-quality RCTs.

CLAIM HEDGING IN AN INCOMPLETE MARKET

In this paper, we compare the performance of the optimal attainable payoffs (of a general claim) derived by the variance-optimal approach and the indifference argument under the mean-variance preference in an incomplete market. Both payoffs are expressed by the signed variance-optimal martingale measure. Our results are applied to the claim hedging under partial information.