Option-pricing of Completeness Market and the Choice of Hedging-trade Strategies

This article is based on the existence of an arbitrage about a portfolio in an disequilbrium market under the supposition of the stochastic market. The authors defined the T option priee equilibrium price, and illuminated these definitions at first. With the knowledge of stochastic analysis, it is demonstrated that the price of European put option equals its callo ption. They both equal equilibrium price. In addition, under the same supposition, it is discussed that the choice of hedging trade planning, got the formula of hedging trading.A example to show how to use the formula.     

Fractional brownian motion and binary market models

We prove a Donsker type approximation theorem for the fractional Brownian motion in the case of the Hurst index greater than one half. With this approximation we construct an elementary market model that converges weakly to the fractional analogue of the Black Scholes model. We show that there exist arbitrage opportunities in this model.     

VaR Model and Application to Securities Investment Management

VaR model is one of methods to measure and control market risk.This paper analyzes VaR model principle and its main factors.According to function relation,the relationship between the portfolio value and its market risk factors are sorted in two kinds: linear and nonlinear.The method of calculating the VaR is put forward.Finally,the article analyzes the application of VaR model to portfolio,risk control,information disclosure and financial supervison.     

Existence Theorem of Upper Bound Constant of Multiplier for ELSP and An Improved Algorithm

In this paper we prove existence theorem of upper bound constant of multiplier for ELSP and propose an easily programmable algorithm for solving the problem of determining lot size for n items to be produced on a single machine based on the existence theorem. We give some interesting examples to show the bound constant is useful. In some cases we can find optimal solution immediately with the bound constant and it is difficult to find a feasible solution without this bound constant.     

The Application of the Nehari Arguments to the Problems of the Existence about the Minimal Periodic Solutions of the Hamiltonian Systems

Using the Nehari argument about the constrained extreme values and the theorem that the functional defined on complete Finsler manifold and satisfying the Palais-Smale condition and having lower bound has a minimal value point,we study the existence of the minimal periodic solutions for nonconvex quadratic and superquadratic second order Hamiltonian systems.     

THREE CRITICAL POINTS THEOREM AND ITS APPLICATIONS

In this paper, by use of the pseudo-gradient vector field, the three critical points theorem in [2] is extended to the C1 function in the Ba-nach space, and therefore the three critical, points theorem in [5] is strengthened and the existence of the saddle point of the C2 function is discussed.     

The existence of limit cycles of some non-linear differential equations

The existence of limit cycles for the nonlinear oscillation equation is discussed, in which some hypothesis is omitted. The results of theorem 1 generalized the corresponding results for\.     

Freight Integration in Liner Shipping: A Strategy Serving Global Production Networks

ABSTRACT Container shipping lines are well aware of the growing importance of global production networks. While continuing to focus on improving the fundamentals, many shipping lines have developed a keen interest in other segments of the logistics and transportation market to offer integrated and worldwide services to global production networks. This paper aims to assess the overall level of freight integration in thirty‐four shipping lines, and provides an insight into the extent to which freight integration serves as a business model in liner shipping. The results point to a great variety and range of freight integration in the shipping business. Each carrier leverages its service portfolio to develop specific capabilities. There is clearly no single best strategy for the whole liner shipping industry to serve global production networks.     

Liquidity Risk Management of the Open-end Securities Investment Fund

The main object of this paper is to research the liquidity risk management of the open-end securities investment fund in line with the real position of China's securities market and investment regulation of the open-end securities investment fund.So the paper concentrates on discussing the redemption forecasting methods,stock liquidity assessment system,portfolio selection in line with the redemption forecast,and financing from the other institution,which are the main parts of liquidity risk management of the open-end securities investment fund.     

The Minimal Periodic Solutions to The Subquadratic Second Order Hamiltonian Systems

The existence of the minimal periodic solutions to two classes of the nonconvex subquadratic autonomous second order Hamiltonian systems is studied on the basis of the Rabinowitz' s saddle point theorem and the Morse index estimation of its critical points.     

Real Estate Appraisal Enterprises to be Standardised

Although it is not long since the Chinese real estate appraisal agencies appeared in China, they have been developing quickly. With the increase of real estate appraisal portfolio, the number of real estate appraisal agencies in the market also increases. However, because of the loose management in this field, there are many operation that are not standard and not allowed by the operating rules. This paper tackles this problem on the basis of the special relationship between real estate appraisal agencies and banks, analyzes the present situation in this field in detail and puts forward the strategies accordingly.     

Firm employment growth in China: The role of marketization and regional economic factors

Very heterogeneous patterns of firm employment growth characterize the Chinese provinces, suggesting the existence of a relationship between these and regional factors. This empirical work explores this topic by providing novel evidence of the role played by regional institutional and regional factors in firm employment growth in China during the decade 1998–2007, an important period in the Chinese transition towards a market economy. The results show that controlling for the internal determinants of firm performance, the firms located in provinces converging faster towards a market economy, exhibiting relatively better patterns (in terms of agglomeration, endowment of human capital, innovation and environmental protection) tend to expand their employment relatively more. These findings confirm the existence of a macro–micro-connection as to what firm heterogeneity is concerned, as they reveal a differential growth channel along the regional dimension. In particular, local progress in government–market relationships appears as the most relevant dimension of marketization process. Given the regionally decentralized institutional system in China and considering its process of transformation, these findings inform local authorities concerned with the promotion of regional employment.     

关于城市化进程中被征地农民的权益保障问题

研究目的：在中国城市化进程中，失地农民愈来愈多，在当前的制度安排下，失地农民面临着严重的生存与发展问题，提出了维护失地农民权益的思路与政策建议。研究方法：归纳分析法和文献资料法。研究结果：分析了当前失地农民权益受损的主要原因，指出了对待失地农民利益应遵循平等与公平、按市场经济规律办事以及共同富裕的原则，提出从严格界定“公共利益”；明晰集体土地产权，合理确定各土地产权的补偿标准；实施多元化的征地补偿方式，将失地农民纳入社会保障体系等保障失地农民权益的思路。研究结论：解决失地农民的生存与发展问题，让失地农民分享城市化与经济发展的成果，这才是真正的和谐社会，才是真正的城市化。     

A METHOD OF SYSTEM IDENTIFICATION AND MODEL REDUCTION BASED ON TIME-DOMAIN RESPONSE OF A DYNAMIC SYSTEM

This paper combines model reduction with system identification by means of time-domain function approximation, and presents a new time domain method of direct identification of linear reduced model and model reduction, and demonstrates existence theorem of its solution and criterion of order determination. Simulation tests show that the method is simple, accurate with few data requirement.     

Analysis of Portfolio -Effect in Tax Planning

The quantities of taxes, as an important and difficult factor of finance, influences directly profits that corporations really got. Tax planning in enterprises could be regard as one portfolio investment of securities. Being concerned of cost and risk, portfolio theory is used as a new way in study of tax planning to evaluate validity of planning program and make optimal choice to achieve the portfolio-effect which is more planning profits and less planning risks.     

Generalized Nonlinear Set-valued Variational Inclusions Involving H-monotone Mappings

A new class of generalized nonlinear set-valued variational inclusions involving H-monotone mapping are introduced and studied. By using the properties of the resolvent operator associated with a H-monotone mappings in Hilbert spaces. An existence theorem of solution for the generalized nonlinear set-valued variational inclusions involving H-monotone mappings is established and a new algorithn is constructed. The author proves the iterative sequences generated by the algorithm strongly converge to its exact solution. Our results improve and generalized known corresponding and results.     

Existence Value,Contingent Valuation,and Natural Resources Damages Assessment

ABSTRACT The purpose of this paper is to review recent developments in economics and public policy with regard to environmental resources. We describe the traditional concepts of externalities, public goods, efficient property rights, and the more recent concept of existence values for wilderness areas and other natural resources. A feature is the inclusiveness of modem economic theory. We trace the development of economic approaches to estimating values. We briefly review approaches based on observable market behavior and contingent market responses. Contingent valuation plays a vital role in estimation because it is the sole technique available for estimating the potentially important existence values. Benefit-cost analysis for regulatory decisions and natural resource damages assessment for implementation of Superfund legislation are discussed. We conclude that estimates of existence values based on contingent valuation can be useful especially when the alternative is greater reliance upon an imperfect political process.     

The Stability of Quaternion Metrices and Their Judging Criteria

Some conceptions of stable quaternion matrices and some judging criteria are given.The Robrach theorem,Taussky theorem,Ostrowski Schneider theorem and Gerschgorin theorem are generalized to quaternion field.The conclusion about two quaternion matrices,i.e.,inferior positive matrices are unstable,interior negative matrices are stable and some other results are pointed out.     

Research on a Risk Investment Portfolio with Stochastic Character

With the theory of stochastic differential equation, the authors discuss a problem of a class of risk investment portfolio with stochastic character. With the selection of appropriate utility function and combines the Hamilton-Jacobi-Bellman equation, under the assumption that an optimal portfolio exists, and by using the Homologous Lagrangian function, some quantitative results of this risk optimal investment portfolio are given. With these quantitative results, some qualitative results are got. These results concord with the results of the theory of risk investment.     

Information Structures in Portfolio Selection

This paper gives a brief presentation of the influence of different information structures on portfolio selection and some simple examples to demonstrate their basic algorithms. The first is the familiar mean_variance model. The model does not need more hypotheses on the motion of the asset price along the full continuous time axis,but sometimes many unanticipated computation problems may be involved because of the difficulty in computing the inverse of some matrices with high dimension. The second is the stochastic optimal control model. It is to solve a stochastic optimal control problem,which is often related to Hamilton_Jacobi_Bellman eqution.It results in solving partial differential equations of Riccati matrix differential equations. Their closed_form solutions are usually very hard to obtain. The last is the differential game model. The existence,uniqueness,and the computation for its equilibrium solution are all very difficult mathematical problems.