基于低碳理念的鄂州市城市土地集约利用评价

结合国内外低碳土地利用的研究背景和实践,分析出不同土地利用方式碳排放效应,并对城市土地低碳化与集约化利用进行定性与定量分析,并采用鄂州市实际构建低碳理念下城市土地集约利用评价指标体系,对鄂州市2000-2013年土地利用状况进行分析评价.由此,总结鄂州市再加入低碳因素后土地集约利用的变化规律,并提出相关建议.     

A neural network versus Black–Scholes: a comparison of pricing and hedging performances

An Erratum has been published for this article in Journal of Forecasting 22(6‐7) 2003, 551 The Black–Scholes formula is a well‐known model for pricing and hedging derivative securities. It relies, however, on several highly questionable assumptions. This paper examines whether a neural network (MLP) can be used to find a call option pricing formula better corresponding to market prices and the properties of the underlying asset than the Black–Scholes formula. The neural network method is applied to the out‐of‐sample pricing and delta‐hedging of daily Swedish stock index call options from 1997 to 1999. The relevance of a hedge‐analysis is stressed further in this paper. As benchmarks, the Black–Scholes model with historical and implied volatility estimates are used. Comparisons reveal that the neural network models outperform the benchmarks both in pricing and hedging performances. A moving block bootstrap is used to test the statistical significance of the results. Although the neural networks are superior, the results are sometimes insignificant at the 5% level. Copyright © 2003 John Wiley & Sons, Ltd.     

民营企业实施股份期权激励的探析

阐述了股票期权及股份期权的含义与区别，说明了股份期权激励在民营企业实施的意义和前景，结合我国民营企业所处的环境及企业发展状况，提出了我国民营企业实施股份期权制度的若干策略。     

R ＆ D STRATEGIC INVESTMENT IN AN ASYMMETRICAL CASE

This article analyzes R ＆ D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second, there are two kinds of uncertainties over the future returns from the investment and over technology in R ＆ D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm （leader）, and shows that the investment threshold values are reduced by competition of two firms. Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.     

期权理论在高新企业价值评估中的应用

分析了高新技术企业特点，说明了传统的企业价值评估方法不能应用于对高新技术企业的评估。如果把高新技术企业投资看成是为了获得一个未来取得现金流的机会，高新技术企业具有期权性质，就可以用期权理论及Black-Scholes模型评估高新企业的价值。     

小波分析在证券分析中的应用

传统股市投资分析中的证券分析方法之一———MACD法 ,利用DIF的移动平均值以确定证券的买卖时机 ,存在着时滞性 ,对非平稳的股市信息分析不能及时、较好地刻画股市的基本变化趋势 .作者根据证券投资理论 ,建立了相应的证券投资分析数学模型 ,根据小波分析多尺度分析能力强的特点 ,利用小波分解提取反映股市基本变化趋势的低频信息 ,改进了传统分析方法 ,建立了改进后的数学模型Ⅲ .该模型求解方便 ,同时与实际模型较好地逼近 ,具有时效性 .此外 ,以路桥建设股票 14 0个交易日的DIF和MACD值作为原始数据 ,用Matlab作为工具进行计算 ,求解模型Ⅲ .结果表明 :与传统分析方法相比 ,从模型Ⅲ中能得到更多的买卖点信息 ,而且价差更大 ,效果显著 ,充分显示了小波分析在股市技术分析中的强大生命力     

组合期权交易策略的概率分析

在假定股票价格服从Ito过程条件下，讨论了采用组合期权交易策略的投资者获益的概率及损益的数学期望，得到了具体计算式，只要投资者获得相应数据，通过具体计算式加以计算，便可以为期权投资者提供数量上的重要参考依据，对期权投资者具有实用价值。     

堆焊切粒刀技术初探

介绍堆焊切粒刀的优点 ,着重探讨了采用靠模法加工堆焊切粒刀螺旋槽的原理 ,论证了所介绍加工工艺的合理性 .事实证明 ,采用介绍的加工工艺生产的堆焊切粒刀 ,可满足设计的技术性能 ,质量可达到国外同类产品的水平     

寓德育教育于大学英语精读课教学之中

教书育人是教师的天职。本文探讨了在大学英语精读课教学中,如何以课本内容为素材,挖掘学科德育内容的途径。     

两因素HJM模型下债券、期货、期权的定价

在HJM模型下考虑远期利率由2个独立布朗运动驱动的零息票债券的期限结构,给出零息票债券和债券期货的定价公式,以及债券期货期权的定价公式。