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.

Grid Side Distributed Energy Storage Cloud Group End Region Hierarchical Time-Sharing Configuration Algorithm Based onMulti-Scale and Multi Feature Convolution Neural Network

There is instability in the distributed energy storage cloud group end region on the power grid side.In order to avoid large-scale fluctuating charging and discharging in the power grid environment and make the capacitor components showa continuous and stable charging and discharging state,a hierarchical time-sharing configuration algorithm of distributed energy storage cloud group end region on the power grid side based on multi-scale and multi feature convolution neural network is proposed.Firstly,a voltage stability analysis model based onmulti-scale and multi feature convolution neural network is constructed,and the multi-scale and multi feature convolution neural network is optimized based on Self-OrganizingMaps(SOM)algorithm to analyze the voltage stability of the cloud group end region of distributed energy storage on the grid side under the framework of credibility.According to the optimal scheduling objectives and network size,the distributed robust optimal configuration control model is solved under the framework of coordinated optimal scheduling at multiple time scales;Finally,the time series characteristics of regional power grid load and distributed generation are analyzed.According to the regional hierarchical time-sharing configuration model of“cloud”,“group”and“end”layer,the grid side distributed energy storage cloud group end regional hierarchical time-sharing configuration algorithm is realized.The experimental results show that after applying this algorithm,the best grid side distributed energy storage configuration scheme can be determined,and the stability of grid side distributed energy storage cloud group end region layered timesharing configuration can be improved.

A time-sharing multi-channel pulse amplitude analyzer

A conventional multi-channel pulse amplitude analyzer acquires single energy spectrum,but provides no information on its tendency with time.To address the limitation,we propose a scheme of time-sharing multichannel pulse amplitude analyzer(TSMCA).A dual-port random access memory is divided into two storage spaces,one for current energy spectrum data acquisition and another for previous energy spectrum data storage.The two tasks can be performed simultaneously,and the time-related variation tendency of energy spectrum can be obtained.A prototype system of TSMCA is designed.It performs nicely,with maximum channel number of 4096 in capacity of 2^(32)/Ch,minimal time-sharing slice of 25 ms,the differential nonlinearity of <1.5%,and the integral nonlinearity of <0.3%.

Driving Mechanism of Cotton Comber's Detaching Roller Based on Time-Sharing Unidirectional Drive

The high-speed reciprocating motion of a detaching roller limits the velocity of a cotton comber and affects the quality of comber slivers. The article has proposed a controllable time-sharing unidirectional hybrid drive mechanism after analyzing detaching roller's current numerical control drive method. The analysis focuses on the detaching roller motion required according to cotton comber's velocity and process. The double-servo motors of the mechanism consists of differential gear trains. The mechanism addresses the problem of increased servo motor power,and failure of promptly responded to the positive inversion process of mechanism driven by servo motors. A velocity calculation model of the detaching roller controllable drive mechanism will be generated by using superposition method and design of differential gear trains. The accuracy of the model will be verified using the test platform. This study has presented a reliable and practical high-speed drive mechanism and can be a reference to future studies on high-speed reciprocating motion drive.

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.

Holistic care model of time-sharing management for severe and critical COVID-19 patients

The rapid global outbreak of coronavirus disease 2019(COVID-19)and the surge of infected patients have led to the verge of exhaustion of critical care medicine resources worldwide,especially with regard to critical care staff.A holistic care model on time-sharing management for severe and critical COVID-19 patients is proposed,which includes formulation of individualized care objectives and plans,identification of care tasks in each shift and making detailed checklist,and management of quality of care.This study was conducted in the COVID-19 treatment center of Harbin,Heilongjiang Province.The data collected from the treatment center were recorded and analyzed.From the results we can deduce that it is especially suitable for non-intensive care unit(non-ICU)nurses to adapt care management mode of ICU as soon as possible and ensure the quality and efficiency of care during the epidemic.The holistic care model on time-sharing management for severe and critical cases with COVID-19 proposed based on our daily work experiences can assist in improving the quality and efficiency of care,thus reducing the mortality rate of patients in ICU.

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.

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.

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

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.

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。

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.