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Calibration of Implied Volatility in Generalized Hull-White Model
Fangfang Zhao,
Zuoliang Xu,
Changjing Li
Issue:
Volume 4, Issue 2, March 2016
Pages:
25-32
Received:
6 March 2016
Published:
6 March 2016
Abstract: This paper concerns a problem of calibrating implied volatility in generalized Hull-White model from the market prices of zero-coupon bonds. By using the regularization method, we establish the existence and stability of the optimal solution, and give the necessary condition that the solution satisfies. Finally numerical results show that the method is stable and effective.
Abstract: This paper concerns a problem of calibrating implied volatility in generalized Hull-White model from the market prices of zero-coupon bonds. By using the regularization method, we establish the existence and stability of the optimal solution, and give the necessary condition that the solution satisfies. Finally numerical results show that the metho...
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Impact of the Global Crisis of the Subprime on the Current Stock Price
Issue:
Volume 4, Issue 2, March 2016
Pages:
33-46
Received:
18 February 2016
Accepted:
25 February 2016
Published:
10 March 2016
Abstract: The present study is therefore based on the determination of the behavior of stock markets during the period of the subprime crisis via the phenomenon of integration and the contagion, the variable used in this study is nothing other than the stock market index. The databases used in this study are daily data of the price of stock indices of 5 developed markets and 5 emerging markets. They have been extracted from the base of the site "Yahoo Finance and economists." These indices cover the period from January 2007 to June 2014, which gives us 2000 Comments by market. The result shows well the significant increase of the coefficient of correlation between stock markets: American, French, Germany and Great Britain during the period of the crisis. We interpret this increase as a proof of the contagion. In the second place, it has tried to apply the theory of cointegration. The results of the cointegration tests show the existence of three cointegrating relationships to the more between the stock markets. The existence of cointegration relationship represents a proof of the contagion and the integration of stock markets. In the third place, it has tried to apply the criterion of the causality between the indices of actions. The result of this test demonstrates the existence of several links of causality between these indices, which confirms the importance of the contagion effect during the crisis.
Abstract: The present study is therefore based on the determination of the behavior of stock markets during the period of the subprime crisis via the phenomenon of integration and the contagion, the variable used in this study is nothing other than the stock market index. The databases used in this study are daily data of the price of stock indices of 5 deve...
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Discussion on the Employee Motivation
Issue:
Volume 4, Issue 2, March 2016
Pages:
47-51
Received:
24 March 2016
Published:
25 March 2016
Abstract: With the development of market economy in our country, catering business has become very important in the industry of our country's economy. The development of enterprises in the food process, the personnel have become increasingly prominent. Human Resources have become a key factor in the healthy development of the company. Employees are the core strength of catering enterprises. Enthusiasm and creativity of the staff directly determines the level of quality of service. If you want to achieve sustainable development, the key is to attract and retain good employees. So an effective incentive to impose the measures to fully mobilize their enthusiasm is the key. Desheng Hotel, is a main restaurant, leisure, entertainment, accommodation, food, supplemented by medium-sized enterprises, by the senior management, professional and technical staff, front desk personnel and logistics management and other types of staff. Able to provide food and beverage, entertainment, rest and so comprehensive, high quality train services. As market competition becomes more intense, a change in business efficiency, "brain drain" faster, "talent shortage" is serious. Currently, the development of rational and efficient incentives for employees Bauhinia Hotel is crucial, and urgent.
Abstract: With the development of market economy in our country, catering business has become very important in the industry of our country's economy. The development of enterprises in the food process, the personnel have become increasingly prominent. Human Resources have become a key factor in the healthy development of the company. Employees are the core ...
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The Non-audit Business Impact on Audit Independence and Its Research
Issue:
Volume 4, Issue 2, March 2016
Pages:
52-57
Received:
13 April 2016
Published:
14 April 2016
Abstract: With the development of social economy, the traditional audit review business of accounting firms already can’t adapt to the fierce competition, according to the repositioning strategy, the development of non-audit services is imperative, but inevitably in the process of providing non-audit services there are a lot of problems, which is worthy to think and research them. This essay based on the characteristics of non-audit services and the related knowledge of economics, analyzes its influence on audit independence from positive and negative two aspects; by collecting relevant data and using two binary logistic regression model finally we get the analysis of influence of non-auditing services to audit independence amount, non-audit services have no substantial impact on the independence of the audit conclusion and puts forward relevant suggestions.
Abstract: With the development of social economy, the traditional audit review business of accounting firms already can’t adapt to the fierce competition, according to the repositioning strategy, the development of non-audit services is imperative, but inevitably in the process of providing non-audit services there are a lot of problems, which is worthy to t...
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Research on Evaluating the Operation of Power Supply Companies
Zhongfu Yu,
Shengfan Ye,
Shuyuan Tang
Issue:
Volume 4, Issue 2, March 2016
Pages:
58-63
Received:
13 April 2016
Published:
15 April 2016
Abstract: Power supply companies undertake the important duties of transmission, distribution, the sales of electricity and other social services in the power system, the quality of whose operating conditions directly affect the sustainable development of the corporations and the normal operation of the entire electricity market. The tailored and comprehensive evaluation system to operating conditions in power supply companies has a practical significance. Considering the important role of Power supply companies plays in the national econony, the paper is to develop a performance evaluation index system and comprehensive evaluation model, hoping to provide references for the future performance evaluation management in the power supply enterprises. Based on the concept of comprehensive value, this paper has constructed the "four-dimensional" comprehensive performance evaluation system combined with the operating characteristics, including the circumstances, the quality of assets, the service level and performance level. Meanwhile, a comprehensive evaluation model is built by the Structural Entropy Weight Method and TOPSIS Method and six power supply companies are taken as sample companies. Empirical analysis results verify the effectiveness of the method. The study proposes a new concept of comprehensive value, develops a new method for performance evaluation of power supply companies.
Abstract: Power supply companies undertake the important duties of transmission, distribution, the sales of electricity and other social services in the power system, the quality of whose operating conditions directly affect the sustainable development of the corporations and the normal operation of the entire electricity market. The tailored and comprehensi...
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The Influence of Exports on Technology Progress —— Empirical Study Based on Multinational Panel Data
Qiang Jiang,
Guangtong Wang
Issue:
Volume 4, Issue 2, March 2016
Pages:
64-70
Received:
13 April 2016
Published:
14 April 2016
Abstract: Using DEA method, the paper measures the 19 economies’ total factor productivity in 1990-2012 including input of energy and mineral resources, and then empirically tests the influence of exports on technology progress based on Prebisch’s “Core and Periphery Theory”. Results indicate that exports of “peripheral” states hinder its technology progress, while “core” states’ exports promote its technology progress. The heterogeneity further reveals value chain division fixed by intra-product trade dominated by multinational corporations, and developing countries have been locked in Production and assembly process, developed countries manage the joint production of international production factors relying on technological superiority. The unfair distribution of value chain cause the economy growth of “peripheral” countries under enormous pressure, and the consumption and output of a large number of low-level production factor reduce the potential of its long-run economic growth.
Abstract: Using DEA method, the paper measures the 19 economies’ total factor productivity in 1990-2012 including input of energy and mineral resources, and then empirically tests the influence of exports on technology progress based on Prebisch’s “Core and Periphery Theory”. Results indicate that exports of “peripheral” states hinder its technology progress...
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Performance Evaluation of Rajshahi Krishi Unnayan Bank (RAKUB) in Bangladesh: An Exploratory Study
Issue:
Volume 4, Issue 2, March 2016
Pages:
71-80
Received:
24 March 2016
Accepted:
30 March 2016
Published:
15 April 2016
Abstract: Rajshahi Krishi Unnayan Bank (RAKUB) plays an important role in the economic development of the Bangladesh especially for financing the farmers of the 16 districts of Rajshahi and Rangpur in Bangladesh. Agriculture remains the most important sector of Bangladeshi economy, contributing 19.6 percent to the GDP and providing employment for 63 percent of the population. A plurality of Bangladeshis earn their living from agriculture. The performance of this sector has an overwhelming impact on the overall economic development of the country. For efficient performance of this sector proper credit facilities and adequate support is essential both from government and private sector. The main objective of the study is to analyze the financial performance of Rajshahi Krishi Unnayan Bank, Bangladesh. It is observed that RAKUB is able to achieve a steady growth in terms of employees, branches, deposits, loans and advances during the period 2009-2014. Different trend equations and square of correlation coefficient (r2) have been tested for different activities of Rajshahi Krishi Unnayan Bank, Bangladesh. Finally, results are interpreted in this context and suggestions are given for improving the future performance of this bank.
Abstract: Rajshahi Krishi Unnayan Bank (RAKUB) plays an important role in the economic development of the Bangladesh especially for financing the farmers of the 16 districts of Rajshahi and Rangpur in Bangladesh. Agriculture remains the most important sector of Bangladeshi economy, contributing 19.6 percent to the GDP and providing employment for 63 percent ...
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The Research on the Relationship Between Environmental Performance and Financial Performance
Xiao Yan Shi,
Jing Gang Ban
Issue:
Volume 4, Issue 2, March 2016
Pages:
81-85
Received:
18 April 2016
Published:
19 April 2016
Abstract: In recent years, the destruction of the ecological environment has hindered the construction of beautiful China. The enterprise is the culprit among all the factors that cause environmental pollution, so the enterprise should pay attention to environment problems. Especially the heavy pollution industry of listed companies which destroy the environment in order to high production and good financial development. This phenomenon requires further enhancing the environmental awareness of humanity, raising the technological level of environmental protection, strengthening environmental management. With the widespread implementation of public participation in Environmental Impact Assessment in the world and the international community, the knowledge of environmental protection is popularization, making the public more aware of environmental protection. Therefore, this paper mainly discussed whether company environmental improvement can influence the companies’ interests and how to affect.
Abstract: In recent years, the destruction of the ecological environment has hindered the construction of beautiful China. The enterprise is the culprit among all the factors that cause environmental pollution, so the enterprise should pay attention to environment problems. Especially the heavy pollution industry of listed companies which destroy the environ...
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