用约化方法对有第三方担保的企业债券定价

在约化模型的框架下,考虑到担保方可能违约的情况,用偏微分方程的方法得到了有第三方担保的企业债券的定价公式和担保的价值,并讨论了担保方违约可能性的大小等因素对债券定价和担保的价值的影响.     

同时有短期和长期债券的公司债券定价

主要考虑公司同时发行短期和长期零息票债券的定价问题.利用随机分析方法,在短期债券到期日,由于偿付短期债务会引起公司资产的跳跃,所以,长期债券的定价需要分两个时间段进行.在结构化模型下给出了公司在短期债券存续期间没有违约的概率,以及在此条件下公司资产的条件概率分布,得到短期债券和长期债券的定价公式.通过数值计算,分析债券价格随各个参数变化的金融意义.     

考虑汇率风险的可违约债券定价模型

分析了具有汇率风险的可违约债券的定价问题.分别探讨了债券面值以国内货币计价发行、以国外货币计价发行和汇率设置下限时的3种情形下可违约债券的定价问题,并分别在3种情形下建立了信用风险模型,得到了债券的价格公式,债券的违约概率公式和信用价差的表达式.最后通过数值模拟,分析了债券违约概率和信用价差的期限结构,并分析了资产波动率和汇率波动率对信用价差和违约概率的影响.     

跳扩散模型下的可分离债券的定价

假设股票价格过程是由“标准几何Brown运动”引起的连续变动和“Poisson过程”引起的跳跃共同作用的,且利率是随机的, 通过选取不同的计价单位及概率测度的变换,利用鞅的方法研究了跳扩散模型下的可分离债券的定价,并得到了可分离债券的定价公式。     

基于跳跃——-扩散资产价值过程的信用风险债券的定价

讨论了基于跳跃--扩散资产价值过程的信用风险债券的定价．通过引进倒闭过程给出了以零息票债券价格为基础的信用风险债券价值构成，在风险中性概率测度下得到了信用风险零息票债券的定价公式．     

中小企业集合债券相关问题比较研究

我国已发行的中小企业集合债券在债券定价、债券信用增级措施及政府在债券发行中所起的作用等方面存在差异.为更好地利用中小企业集合债券融资方式,应合理定位政府在债券发行中的角色,尽可能扩大每一只集合债券的联合发行人的数量并降低发行人的违约率,协调利用债券内部和外部增信措施及努力培育中小企业信用担保市场.     

三家互相担保中小企业债券定价和风险分析

通过三家中小型企业违约强度的相互依赖性结构来刻划因互相担保而形成的企业违约相互依赖性结构,利用约化方法构建了三家互相担保中小企业债券定价的数学模型,获得了相应的定价表达式,并对所隐含的违约传染进行风险分析。     

结构化模型下可展期企业债定价

用结构化模型处理公司违约风险,考虑可展期债券在首期到期日,发行公司有权根据当时公司的信用等级决定是否将债券到期日延长.用偏微分方程的方法给出了可展期的企业债券定价的公式,并讨论了它与普通债券在收益率上的差异.难度在于计算名义到期日前公司不违约的概率以及在此条件下公司资产的条件分布.     

双分数跳-扩散环境下的可转换债券定价

可转换债券是一种兼具债券和期权特性的混合型高级金融衍生产品,其合理定价对发行人和投资者都具有重要的现实意义。在考虑企业市场价值波动和利率波动的基础上,假定股票价格遵循双分数Brown运动及跳过程驱动的随机微分方程,利率满足Vasicek模型,建立了双分数跳-扩散环境下的金融市场数学模型,利用双分数布朗运动的随机分析理论和保险精算方法,讨论了可转换债券定价问题,得到了双分数跳-扩散环境下的可转换债券定价公式,在现有研究的基础上对可转换债券定价公式进行了进一步的研究和推广,使模型更加贴近实际金融市场。     

基于随机违约和利率双重风险的可转换债券的定价

基于风险中性定价原理,建立了股票价格服从几何布朗运动、随机利率和违约强度均服从Hull-White模型且两两相关的可转换债券定价模型.利用Feynman—Kac表示定理和偏微分方程方法得到了该模型的解析定价公式,随后在解析定价公式的基础上,通过数值分析讨论了模型主要参数对可转换债券价值及其风险因子Delta的影响.     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

Lower Paleozoic oil relationships within Williston Basin, Canada

The Williston Basin is a significant petroleum province, containing oil production zones that include the Middle Cambrian to Lower Ordovician, Upper Ordovician, Middle Devonian, Upper Devonian and Mississippian and within the Jurassic and Cretaceous. The oils of the Williston Basin exhibit a wide range of geochemical characteristics defined as "oil families", although the geochemical signature of the Cambrian Deadwood Formation and Lower Ordovician Winnipeg reservoired oils does not match any "oil family". Despite their close stratigraphic proximity, it is evident that the oils of the Lower Palaeozoic within the Williston Basin are distinct. This suggests the presence of a new "oil family" within the Williston Basin. Diagnostic geochemical signatures occur in the gasoline range chromatograms, within saturate fraction gas chromatograms and biomarker fingerprints. However, some of the established criteria and cross-plots that are currently used to segregate oils into distinct genetic families within the basin do not always meet with success, particularly when applied to the Lower Palaeozoic oils of the Deadwood and Winnipeg Formation.     

An Analysis of Catherine＇s Character——Wuthering Heights

Wuthering Heights, Emily Bronte＇s only novel, was published in December of 1847 under the pseudonym Ellis Bell. The book did not gain immediate success, but it is now thought one of the finest novels in the English language. Catherine is the key character of this masterpiece, because everybody and everything center on her though she had a short life. We can understand this masterpiece better if we know Catherine well.     

Characterization of Ordovician carbonate reservoirs, southeastern Saskatchewan, Canada

The discovery of the prolific Ordovician Red River reservoirs in 1995 in southeastern Saskatchewan was the catalyst for extensive exploration activity which resulted in the discovery of more than 15 new Red River pools. The best yields of Red River production to date have been from dolomite reservoirs. Understanding the processes of dolomitization is, therefore, crucial for the prediction of the connectivity, spatial distribution and heterogeneity of dolomite reservoirs.The Red River reservoirs in the Midale area consist of 3～4 thin dolomitized zones, with a total thickness of about 20 m, which occur at the top of the Yeoman Formation. Two types of replacement dolomite were recognized in the Red River reservoir: dolomitized burrow infills and dolomitized host matrix. The spatial distribution of dolomite suggests that burrowing organisms played an important role in facilitating the fluid flow in the backfilled sediments. This resulted in penecontemporaneous dolomitization of burrow infills by normal seawater. The dolomite in the host matrix is interpreted as having occurred at shallow burial by evaporitic seawater during precipitation of Lake Almar anhydrite that immediately overlies the Yeoman Formation. However, the low δ18O values of dolomited burrow infills (-5.9‰～ -7.8‰, PDB) and matrix dolomites (-6.6‰～ -8.1‰, avg. -7.4‰ PDB) compared to the estimated values for the late Ordovician marine dolomite could be attributed to modification and alteration of dolomite at higher temperatures during deeper burial, which could also be responsible for its 87Sr/86Sr ratios (0.7084～0.7088) that are higher than suggested for the late Ordovician seawaters (0.7078～0.7080). The trace amounts of saddle dolomite cement in the Red River carbonates are probably related to "cannibalization" of earlier replacement dolomite during the chemical compaction.     

Features of Women's language

Language is a means of verbal communication. People use language to communicate with each other. In the society, no two speakers are exactly alike in the way of speaking. Some differences are due to age, gender, statue and personality. Above all, gender is one of the obvious reasons. The writer of this paper tries to describe the features of women＇s language from these perspectives： pronunciation, intonation, diction, subjects, grammar and discourse. From the discussion of the features of women＇s language, more attention should be paid to language use in social context. What＇s more, the linguistic phenomena in a speaking community can be understood more thoroughly.     

Design and analysis of generic LBS application developing platform

Location based services is promising due to its novel working style and contents.A software platform is proposed to provide application programs of typical location based services and support new applications developing efficiently. The analysis shows that this scheme is easy implemented, low cost and adapt to all kinds of mobile nework system.     

橡胶颗粒沥青混合料低温抗裂性试验研究

以AC-13级配为基础,将橡胶颗粒代替部分集料掺入混合料中,以低温弯曲试验为评价方法对不同橡胶颗粒掺量下沥青混合料的低温抗裂性进行研究,并引入应变能密度值对混合料的低温抗裂性进行综合评价.试验结果表明:橡胶颗粒沥青混合料试件的破坏微应变均超过2 300,满足冬寒区的技术指标;无论是否掺加橡胶颗粒,随着温度的下降,沥青混合料破坏时的最大弯拉强度增大,弯拉应变降低,劲度模量增大;弯曲应变能密度在胶粒掺量为1%左右时具有较大的弯曲应变能密度值,此时橡胶颗粒沥青混合料具有较好的低温抗裂性.     

A computer generator for randomly layered structures

AcomputergeneratorforrandomlylayeredstructuresYUJia shun1,2,HEZhen hua2(1.TheInstituteofGeologicalandNuclearSciences,NewZealand;2.StateKeyLaboratoryofOilandGasReservoirGeologyandExploitation,ChengduUniversityofTechnology,China)Abstract:Analgorithmisintrod…     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

Quantitative trait loci （QTLs） for quality traits related to protein and starch in wheat

Quality traits in wheat （Triticum aestirum L.） were studied by quantitative trait locus （QTL） analysis in a recombinant inbred line （RIL） population, a set of 131 lines derived from Chuan 35050 × Shannong 483 cross （ChSh）. Grains from RILs were assayed for 21 quality traits related to protein and starch. A total of 35 putative QTLs for 19 traits with a single QTL explaining 7.99-40.52% of phenotypic variations were detected on 10 chromosomes, 1D, 2A, 2D, 3B, 3D, 5A, 6A, 6B, 6D, and 7B. The additive effects of 30 QTLs were positive, contributed by Chuan 35050, the remaining 5 QTLs were negative with the additive effect contributed by Shannong 483. For protein traits, 15 QTLs were obtained and most of them were located on chromosomes 1 D, 3B and 6D, while 20 QTLs for starch traits were detected and most of them were located on chromosomes 3D, 6B and 7B. Only 7 QTLs for protein and starch traits were co-located in three regions on chromosomes 1D, 2A and 2D. These protein and starch trait QTLs showed a distinct distribution pattern in certain regions and chromosomes. Twenty-two QTLs were clustered in 6 regions of 5 chromosomes. Two QTL clusters for protein traits were located on chromosomes 1D and 3B, respectively, three clusters for starch traits on chromosomes 3D, 6B and 7B, and one cluster including protein and starch traits on chromosome 1D.