This paper deals with the issue of investment certificate formation in the financial market. Investment certificate is a type of structured products, the value of which is derived from the value of an underlying asset...This paper deals with the issue of investment certificate formation in the financial market. Investment certificate is a type of structured products, the value of which is derived from the value of an underlying asset. The underlying asset is usually a share in a company, a basket of shares, or an entire index, etc.. It can be stated that for every estimated development of an asset （growth, fall, and stagnation） or for every attitude to risks （conservative or aggressive investors）, there is a suitable kind of certificate. The main objective is to perform an analysis of the structured product--Austria/Germany Bond 3 and its guarantee certificate construction using digital-barrier options. The authors have found an alternative opportunity to the purchase of this certificate, i.e., investment in a bank deposit, together with a purchase of cash or nothing down and four-knock-out call options and a sale of cash or nothing down and four-knock-out put options. The authors prove that the alternative investment has the same profit profile as the certificate. The authors made this analysis with the objective to contribute to the intellectualization of investors.展开更多
The main objective of this research is to integrate environmental impact optimization in the structural design of reinforced concrete slab frame bridges in order to determine the most environment-friendly design. The ...The main objective of this research is to integrate environmental impact optimization in the structural design of reinforced concrete slab frame bridges in order to determine the most environment-friendly design. The case study bridge used in this work was also investigated in a previous paper focusing on the optimization of the investment cost, while the present study focuses on environmental impact optimization and comparing the results of both these studies. Optimization technique based on the pattern search method was implemented. Moreover, a comprehensive LCA （life cycle assessment） methodology of ReCiPe and two monetary weighting systems were used to convert environmental impacts into monetary costs. The analysis showed that both monetary weighting systems led to the same results. Furthermore, optimization based on environmental impact generated models with thinner construction elements yet of a higher concrete class, while cost optimization by considering extra constructability factors provided thicker sections and easier to construct. This dissimilarity in the results highlights the importance of combining environmental impact （and its associated environmental cost） and investment cost to find more material-efficient, economical, sustainable and time-effective bridge solutions.展开更多
文摘This paper deals with the issue of investment certificate formation in the financial market. Investment certificate is a type of structured products, the value of which is derived from the value of an underlying asset. The underlying asset is usually a share in a company, a basket of shares, or an entire index, etc.. It can be stated that for every estimated development of an asset （growth, fall, and stagnation） or for every attitude to risks （conservative or aggressive investors）, there is a suitable kind of certificate. The main objective is to perform an analysis of the structured product--Austria/Germany Bond 3 and its guarantee certificate construction using digital-barrier options. The authors have found an alternative opportunity to the purchase of this certificate, i.e., investment in a bank deposit, together with a purchase of cash or nothing down and four-knock-out call options and a sale of cash or nothing down and four-knock-out put options. The authors prove that the alternative investment has the same profit profile as the certificate. The authors made this analysis with the objective to contribute to the intellectualization of investors.
文摘The main objective of this research is to integrate environmental impact optimization in the structural design of reinforced concrete slab frame bridges in order to determine the most environment-friendly design. The case study bridge used in this work was also investigated in a previous paper focusing on the optimization of the investment cost, while the present study focuses on environmental impact optimization and comparing the results of both these studies. Optimization technique based on the pattern search method was implemented. Moreover, a comprehensive LCA （life cycle assessment） methodology of ReCiPe and two monetary weighting systems were used to convert environmental impacts into monetary costs. The analysis showed that both monetary weighting systems led to the same results. Furthermore, optimization based on environmental impact generated models with thinner construction elements yet of a higher concrete class, while cost optimization by considering extra constructability factors provided thicker sections and easier to construct. This dissimilarity in the results highlights the importance of combining environmental impact （and its associated environmental cost） and investment cost to find more material-efficient, economical, sustainable and time-effective bridge solutions.
