Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Contingent convertible lease modeling and credit risk management

The main objective of this study is to determine a lease agreement to finance an investment project and a solution for managing credit risk.This study investigates three types of contingent leases to reduce the costs associated with bankruptcy and compensate for the lessor’s position.A leasing defaultable contract allows the lessor to obtain the rent that will be recovered if the lessee defaults.A leasing convertible contract can be automatically converted into shares when certain default conditions related to the cash flows generated by the firm are met.These conditions are triggered by the ratio of the firm’s value and leasing payments.A Defaultable-Convertible-Leasing contract with a payback option grants the lessor the right but not the obligation to convert the remaining lease payments into stocks or to break up the contract and pick up the rented equipment when the firm reaches the default threshold.These contracts are motivated by contributing to the range of risk-management strategies by adding more flexibility to standard leasing contracts and contingent rents.Closed-form securities pricing solutions are set forward in a dynamic model for firms with existing assets and a growth option financed by shares and a contingent lease.Risk-neutral pricing theory and the backward induction method are used to determine the pricing of corporate securities.Numerical analysis shows that leasing convertible contracts and defaultable-convertible contracts with payback options impact the service value of the leased asset,maturity,and inefficiencies resulting from insolvency and asset substitution.An optimal conversion rate reduces inefficiencies,thus making the leasing convertible contract and defaultable-convertible-leasing contract with payback option a reliable solution to ensure business continuity and loss coverage of the leasers upon default.

The Profit Model of Long-Term Lease Apartments Under Multi-Agent Supply

The acceleration of urbanization has led to an increase in the number of urban floating population, which leads to more demands for the housing rental market. With the support of policies, long-term lease apartments have begun to emerge. However, under the multi-subject supply, longterm lease apartments have encountered problems such as small profits in their development. Starting from the background of the development of long-term lease apartments, this study classified the main types of long-term lease apartments, analyzed the four profit models of comprehensive profit, expansion of rent difference, REITs and value-added services based on their business models, and proposed corresponding suggestions on the profitability of long-term lease apartments according to the current situation of profit difficulty of long-term lease apartments and the lack of profit models.

Effects of Labor Price Hike and Population Ageing on Rural Land Lease in China

In answering the questions as whether China's rising labor price and ageing workforce have affected rural land leasing and whether these factors have any joint effect,we have employed RCRE data of the Ministry of Agriculture to carry out an empirical analysis and the result indicates that labor price hike has significant positive effects on both the land lease-in and lease-out of rural households,i.e.labor price hike will help increase the land leasing of rural households.At the level of ageing workforce,our empirical results indicate that ageing workforce does not create any significant impact on rural land leasing market no matter for land lease-in or lease-out in overall samples,plain regions and mountainous regions.In our empirical analysis on whether ageing workforce will intensify or weaken the effects of labor price hike on rural land leasing market,the regression result also indicates that there is no significant effect from a statistical perspective.

Economic Analysis on Rent of Equipment Lease of Coal Enterprise

Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the difference of the role of lease, character of business, object of the trade and condition of the market. The problem in rent calculating of the three kinds of lease that equipment lease company of coal mining often involved was analyzed. Hope to be helpful to the decision making of the equipment lease company of coal mining.

Our lease accounting on Related Issues

With the rapid development of the leasing industry in our country, people lease accounting requirements are also getting higher and higher.According to ChinEs ＂Enterprise Accounting Standards No. 21 - Leases＂ for lease accounting concepts.Clear lease accounting treatment.Situation Analysis lease accounting in China.Comparative and International lease accounting standards, while the analysis of the problems of lease accounting according to Chinese accounting situation. Make recommendations for the establishment of a sound lease accounting standards and China＇s actual combination.

Research on Financial Lease Pricing Model

Financial leasing is a financial innovation product with leasing and financing functions.The research on the theory of financial leasing and risk pricing methods should be highly valued.Rent is set based on the total revenue of the lessor and the total cost of the lessee.The factors that affect pricing include project costs,security deposits,fees,lease terms,revenue,interest rates,etc.Using the principle of net present value to elaborate the components of financial leases and constructing a financial lease pricing model from the perspective of maximizing the profit and interests of the lessor,an empirical analysis of the model was carried out using an actual case,thus concluding that the model is effective.

STUDIES OF A BIODEGRADBLE DELIVERY CAPSULES (CAPROF)CONTAINING LEVONORGESTREL (LNG):IN VIVO DRUG RELEASE EVALUATION

The paper describes drug release evaluation of a biodegradable long-acting con-traceptive Capsule (CaproF) containing levonorgestrel (LNG)in vivo.Poly(E-Capro-lactone) (PCL) biodegradable material,suitable for many medical application,wasused in this study.It was extruded into tubes.The tubes were then cut and loadedwith LNG powder before melting-sealed on both ends to get drug capsules.This sub-dernal implant has been found to be highly effective in animal experiments.Two ad-

IN VITRO AND IN VIVO DRUG RELEASE STUDIES OF BIODEGRADABLE COATED TABLLAE WITH POLY(AMINO ACIDS)

Poly-α-amino acid is a kind of biodegradable biomedical material.It is used forthe preparation of sustained drug-release device.There are some advantages of thedrug delivery devices.They can provide the therapy with side effects.The drug re-lease is maintained at a beneficial rate for a prolonged time.The polymer may bebiodegraded after the drug has been exhausted.

Challenges and Possibilities for the Household Medicine Lease （HML） System Viewed in Light of CRM： HML-Based Everyday Self-Medication in Ubiquitous Network Society

Household medicine lease （HML） industry originated way back in the Edo period （17C-19C）, when it was promoted by the local fiefdom government to revitalize the economy. Accumulations of wealth, acquired thereafter from everywhere outside the region, have culminated in the formation of the present-day industrial cluster in Toyama, the largest in the whole area facing the Sea of Japan. Today an adaptation of the quasi-CRM （customer relationship management） business model of the HML system has proved to be a success in Mongolia. This fact seems to offer the authors some clues for dealing with those problems that healthcare and medical services in Japan and elsewhere are riddled with. In this paper, focusing on the common critical success factors （CSFs） behind the success of the authors＇ prototype HML system and its recent successful application in Mongolia, the authors will analyze these factors from the perspective of CRM. The authors will then clarify the following： （1） the usefulness of the business model for ensuring primary healthcare for people in developing countries; （2） the usefulness in our ubiquitous network society of applying ICT to the HML system; （3） possible contributions that the use of the system can make toward improving the quality of our everyday healthcare and medical services in our prominently aging society; and the authors will also suggest （4） the importance of elevating ＂individual self-medication＂ to ＂community-based self-medication＂.

Prisons Help Inmates Turn a New Lease in Life

Shandong Province, east China,has reported a recidivist rate of 2.6 percent, meaning that of every 100 convicts jailed for criminal offenses, an average of only 2.6 have committed

以监护仪、输液泵、注射泵为例对全院级医疗设备集中管理模式的实践与探索

目的 探讨建立全院级生命支持类医疗设备集中管理模式的可行性,提高医疗设备精细化管理水平。方法 以我院为主体,选取监护仪、输液泵、注射泵3类设备,从运行模式、绩效分析两个方面建立运行制度,成立医疗设备集中管理中心,实施全院级集中管理。选取2021年7—10月数据作为对照组,选取2022年7—10月数据作为研究组,比较两组数据中3类设备的使用效率,以及两组数据中监护仪的维修周期。结果 实施集中管理后,输注泵使用效率提升9.37%(P﹤0.05),监护仪使用效率提升15.07%(P﹤0.05),监护仪平均维修周期缩短55.93%(P﹤0.05)。结论 医疗设备的集中管理模式可以提升设备使用效率、降低运行成本、降低管理难度,各医疗机构应不断优化管理措施,促进医疗设备的精细化管理。

Psychological Counseling Helps Prison Inmates Turn a New Lease in Life

Psychological counseling for ＇prison inmates appeared in Jiangsu in the late 1980s, and it is now available in all prisons in this east China province. According to Yu Airong, director of the Jiangsu Provincial Prison Administration, the 19 prisons in the province each have a psychological correction center staffed by professionals.

A New Lease of Life Organ donation gains wider acceptance in China as an efficient donation system raises awareness

Wu Yue, a lung transplant recipi ent. now regards August 31, the day she underwent surgery, as her re-birth day. In the eyes＇ of many people, the 30-year- old woman is an embodiment of love, dili gence and intelligence.

Study on the Technology of Restoration and Giving a New Lease of Life to the Alpine Grassland Vegetation in the Constuction of the Qinghai-Tibet Railway

This article gives a summary and analasis to experimental study on the restoration and giving a new lease of life to the alpine grassland vegetation along the Qinghai-Tibet Railway. Through on-the-spot investigation and vegetaion storation experimental study to the constructive fetching soil ground in Tuotuo River experiment section in the construction of the Qinghai-Tibet Railway, the result shows: after the activities of the construction, soil conditions on the fetching soil ground have changed a lot, the soil quality has obviously degraded. In order to do well the vegetaton storation and reconstruction in the process of the construction of the Qinghai-Tibet Railway, the backfilling of the surface soil should really be done well. According to the result of on -the-spot experiment, the Elymus dahuricus Turcz and Poa annua Linn are all more suitable to the fetching soil environment on the alpine grassland, the plant can normally grow in the growing season. The timing selection of the vegetation should fully use feature of both rain and heat in the same season, thus can improve the percentage of success.

TB-DNA、IGRAs、TB-Ab在肺结核中的诊断价值

目的探究结核分枝杆菌核酸(TB-DNA)、γ-干扰素释放试验(IGRAs)和结核分歧杆菌抗体(TB-Ab)检测在肺结核中的诊断价值。方法收集2022年6月至2023年1月莆田学院附属医院收治的154例疑似肺结核患者,所有患者均接受TB-DNA、IGRAs和TB-Ab检测,评价不同检测方法的检测阳性率、诊断肺结核的灵敏度、特异度、阳性预测值、阴性预测值及诊断准确率;采用受试者工作特征曲线(ROC)评估不同检测方法对肺结核的诊断效能。结果154例疑似肺结核患者中,107例确诊为肺结核(肺结核组),47例确诊为非肺结核的其他肺部疾病(对照组)。肺结核组TB-DNA、IGRAs和TB-Ab阳性率均高于对照组,差异有统计学意义(P<0.05)。TB-DNA、IGRAs检测诊断肺结核的灵敏度和诊断准确率均高于TB-Ab检测,差异有统计学意义(P<0.05),TB-DNA检测诊断肺结核的阴性预测值高于TB-Ab检测,差异有统计学意义(P<0.05)。ROC曲线分析结果显示,TB-DNA诊断肺结核的AUC为0.851(明显大于IGRAs诊断的0.770)、TB-Ab诊断的0.770,IGRAs诊断的AUC明显大于TB-Ab,差异均有统计学意义(P<0.05)。IGRAs+TB-DNA联合诊断的灵敏度、诊断准确率明显高于IGRAs单独检测(P<0.05);IGRAs+TB-Ab联合诊断的灵敏度明显高于IGRAs、TB-Ab单独检测,诊断准确率明显高于TB-Ab单独检测(P<0.05);TB-DNA+TB-Ab联合诊断的灵敏度、阴性预测值、诊断准确率明显高于TB-Ab单独检测(P<0.05)。TB-DNA、IGRAs、TB-Ab两两联合检测和三者联合检测诊断肺结核的灵敏度、特异度、阳性预测值、阴性预测值及诊断准确率比较,差异均无统计学意义(P>0.05)。结论相比TB-Ab和IGRAs检测,TB-DNA检测对肺结核的诊断价值更高;TB-DNA、IGRAs、TB-Ab两两联合检测对肺结核的诊断效能高于单一指标检测。

集体经营性建设用地入市的规范路径研究——以入市合同的性质与效力为切入点

集体经营性建设用地的入市流转需要衔接以《土地管理法》为代表的公法规范和以《民法典》为代表的私法规范。集体经营性建设用地入市参照适用国有建设用地流转制度的同时,仍需关注集体经营性建设用地入市交易的特殊性。集体经营性建设用地入市牵涉多方面法律关系,入市过程伴随着一系列新型且复杂的法律关系与权利义务发生,需要厘清农村集体经济组织的主体资格及权责边界,以规范农村集体经营性建设用地入市的主体范畴。同时通过规范集体经营性建设用地入市的土地用途,形成与国有建设用地相协调的统一城乡土地交易市场体系,进而对出让合同和租赁合同的性质与效力重新认定,构建符合自身特性的入市合同规范。

考虑设备保护的租赁制造系统生产决策与收益调整激励机制

针对租赁设备合作生产过程中可能会出现承租方滥用设备的现象,提出一种考虑设备保护的租赁制造系统生产决策模型与收益调整激励机制,以形成租赁制造的最优生产策略。从设备保护的角度出发,构建考虑承租方对租赁设备使用率和保护程度的优化模型,以租赁制造系统总收益最大化为目标,确定设备保护的努力程度、设备使用率以及维护后设备状态与如新状态偏差度,即租赁制造系统的最优生产策略。提出一套收益调整激励机制,运用补偿金对合作双方的收益进行调整,并令双方独立决策的最优策略与系统最优策略相同,得到最佳补偿金系数,从而确定收益调整方案。案例研究表明,系统决策模型存在使得总收益最大的最优努力程度和预防维护程度,且系统决策下的最大总收益总是高于独立决策下的最大总收益,提升承租方对设备保护的努力程度和出租方对设备的预防程度,可以减少租赁设备平均故障次数。

英国对美国的“反向租借”援助及清偿(1941-1946)

第二次世界大战期间,英国在接受美国“租借”援助的同时向美国提供“反向租借”援助,是同盟成员国向美国提供“反向租借”援助的典型个案。依据《英美互助协定》,英国向美国提供力所能及的一切物品、服务、设备和情报,美国则承诺在清算对英“租借”援助时以此作为冲抵。在未包括净价值160亿美元已消耗、损毁或散失援助物资的情况下,英国以信贷方式支付6.5亿美元清偿了价值60.3亿美元的美国“租借”援助。然而,战时美英谈判互助和战后谈判清偿都充分暴露了美国通过“租借”援助谋求长远利益的意图,英国虽尽力抵制,但为了战时生存和战后重建不得不屈从于美国的政策意志。