论我国邻避风险规制的模式及制度框架

邻避风险规制所涉主体有行政机关、项目建设方、受项目影响的民众与技术专家等,他们在邻避风险议题形成、安全标准制定、风险评估、风险交流与风险管理中具有不同的角色与功能。基于风险知识的专业与信息的异化,不同主体在科学知识与社会价值方面会形成不同的判断与体认,这已使我国当前的邻避风险规制陷入恶性循环。打破恶性循环,需要重塑我国邻避风险规制的合法性。公私合作环境治理的邻避风险规制模式基于当代政治法律理论的支持,能够平衡风险规制中的科学性与民主性,符合我国社会现实需要,其制度框架由基本制度和操作性制度构成。

对目前外贸风险规避策略的探讨

随着我国市场经济的不断发展，对外开放的程度不断加深。我国的现代企业制度的建立和完善将会与国外越来越多的企业进行贸易往来，而企业在对外贸易的过程中受到外部各种不确定因素的影响，因此面临一定风险性。本文就以此为切入点，全面分析现阶段我国企业在国际贸易中面临的风险，并根据各种风险的特点提出相应的意见和建议。

Firm Risk Profile, Agency Incentives and Corporate Performance： Corporate Governance Perspective of Uganda

This paper focuses on the relationship between firm risk profile, agency incentives and corporate performance using correlation study and cross-sectional approach. We conceptualise firm risk profile using the balanced score card and differ from previous studies, on the above variables, by capturing the perceptual sets of strategic leadership of Ugandan firms who are members of corporate governance of Uganda. We post a significant negative relationship between firm risk profile and corporate performance, a significant negative relationship between firm risk profile and agency incentives and a positive relationship between agency incentives and corporate performance By employing Joseph and Scott （2006）＇s utilization of the balanced score card to identify the four forms of firm risk （namely, financial, customer, internal and learning and growth risks）, our results support the application of agency theory as a relevant theoretical framework for dealing with managers who are risk averse.

Employee Stock Options＂ Accounting for Optimal Hedging, Suboptimal Exercises, and Contractual Restrictions

Employee stock options （ESOs） have become an integral component of compensation in the US. In view of their significant cost to firms, the Financial Accounting Standards Board （FASB） has mandated expensing ESOs since 2004. The main difficulty of ESO valuation lies in the uncertain timing of exercises, and a number of contractual restrictions of ESOs further complicate the problem. We present a valuation framework that captures the main characteristics of ESOs. Specifically, we incorporate the holder＇s risk aversion, and hedging strategies that include both dynamic trading of a correlated asset and static positions in market-traded options. Their combined effect on ESO exercises and costs are evaluated along with common features like vesting periods, job termination risk and multiple exercises. This leads to the study of a joint stochastic control and optimal stopping problem. We find that ESO values are much less than the corresponding Black-Scholes prices due to early exercises, which arise from risk aversion and job termination risk; whereas static hedges induce holders to delay exercises and increase ESO costs.

Should a Rational Person With Risk-Averse Attitude Gamble？ A Case Study of Mark Six in Hong Kong

Contrary to the conventional wisdom which suggests that a perfectly rational subject with risk-averse attitude should never gamble, this paper provides a vivid example in our real economy for people to expect a positive return to gamble Within the existing literature, scholars have proposed different reasons to explain why an original risk-averse person would start to gamble, with the implicit assumption that the expected payoff of a bet is always lower than its cost. In contrast, our paper discusses when and why a risk-averse person could bet strategically with a positive expected return; in particular, we used field data in Hong Kong to illustrate a vivid scenario for positive expected return in gambling.

Econometric Analysis of Risk Preference Patterns among Smallholder Organic Producers in South Africa

The article assesses the determinants of farmers＇ decisions to participate in organic farming, eliciting farmers risk preferences and empirically analysing farmer＇s sources of risk and risk management strategies. The ordered probit results indicate that older farmers, who are less risk averse and reside in the sub-ward Ogagwini, Ezigani and Hwayi were more likely to be certified organic. Similarly, the propensity to adopt organic farming is positively correlated to household size, livestock ownership, asset base and tenure security. At higher pay-offs, farmers were intermediate to moderately risk-averse, with little variation according to personal characteristics. In general, price, production and financial risks were perceived as important sources of risk. Seven principal components, explaining 66.13% of the variation were extracted. Socio-economic factors having a significant effect on the various sources of risk were age, gender, education, location, information access and risk taking ability. The dimensions of risk strategies were named as diversification, precautionary savings and social networks. Results provide practical insights for policy changes relevant in motivating the adoption of organic practices, increasing smallholder farmers＇ capacity to manage risk and driving growth in the organic food market.

The Value of Social Security Fund Research

The social security fund investment operations of the social security system of a country or even the whole economy has a very important role in recent years, although China＇s social security fund management has made great progress, but China＇s social security fund investment operations in increasing the value of the pursuit of this goal, while also facing tremendous pressure. After years of practice of reform, China＇s old-age, unemployment and medical insurance and minimum living focused on the social security system has taken shape, but also the corresponding social security fund was established. Part of the problems of social security funds and other investment operations are increasingly apparent. How to achieve the social security fund is necessary to ensure payment, but also realize the accumulation, it is necessary to increase the value, but also to avoid risks, it has become an urgent task of China＇s reform and development. Social Security Fund Investment Management became the central task of the Social Security System.

OPTIMAL DECISIONS WHEN BALANCING EXPECTED PROFIT AND CONDITIONAL VALUE-AT-RISK IN NEWSVENDOR MODELS

This paper investigates a risk-averse inventory model by balancing the expected profit and conditional value-at-risk （CVaR） in a newsvendor model setting. We find out that： i） The optimal order quantity is increasing in the shortage cost for both the CVaR only criterion and the tradeoff objective, ii） For the case of zero shortage cost, the optimal order quantity to the CVaR criterion or tradeoff objective is increasing in the selling price, respectively. However, it may not be monotonic in the selling price when incorporating a substantial shortage cost. Moreover, it may be larger or less than the risk-neutral solution, iii） Under the tradeoff objective function, although the optimal order quantity for the model without shortage cost is increasing in the weight put on the expected profit, this property may not be true in general for the model with a substantial shortage cost. Some numerical examples are conducted to verify our results and observations.

Research on a Kind of Double-sided Moral Hazard Problem

This paper develops a kind of generalized double-sided moral hazard model of contract choice with Cobb-Douglas technology in a frame of principal-agent theory. The two parties, the principal and the agent, generally have different levels of production efficiency, relative importance factor and are risk-averse or risk-neutral. Using this model, we formally prove that the optimal contract maximizes the output net of the disutility of both the parties and carry out some simulations exercise under two special cases which help explain the double-sided moral hazard issues. By focusing on production efficiency, relative importance factor and risk attitude respectively, this paper analyzes the properties of optimal contracts under three cases.