Optimal periodic dividend and capital injection problem for spectrally positive Lévy processes

In this paper, we investigate an optimal periodic dividend and capital injection problem for spectrally positive Lévy processes. We assume that the periodic dividend strategy has exponential inter-dividend-decision times and continuous monitoring of solvency. Both proportional and fixed transaction costs from capital injection are considered. The objective is to maximize the total value of the expected discounted dividends and the penalized discounted capital injections until the time of ruin. By the fluctuation theory of Lévy processes in Albrecher et al. (2016), the optimal periodic dividend and capital injection strategies are derived. We also find that the optimal return function can be expressed in terms of the scale functions of Lévy processes. Finally, numerical examples are studied to illustrate our results.     

On some multivariate Sarmanov mixed Erlang reinsurance risks: Aggregation and capital allocation

Following some recent works on risk aggregation and capital allocation for mixed Erlang risks joined by Sarmanov’s multivariate distribution, in this paper we present some closed-form formulas for the same topic by considering, however, a different kernel function for Sarmanov’s distribution, not previously studied in this context. The risk aggregation and capital allocation formulas are derived and numerically illustrated in the general framework of stop-loss reinsurance, and then in the particular case with no stop-loss reinsurance. A discussion of the dependency structure of the considered distribution, based on Pearson’s correlation coefficient, is also presented for different kernel functions and illustrated in the bivariate case.     

全球化视野下对于马克思资本批判的解读

对资本的批判是马克思政治经济学批判以及对资本主义批判的核心内容。从历史上看资本主义在不同的发展阶段具有不同的特征。资本主义在本质上对于剩余价值的追求却没有改变。由美国次贷危机所引发的全球性的世界金融危机是全球化条件下必然的结果。通过马克思的《资本论》对于资本主义文明与发达的本质的分析,在全球化的今天,人们对于资本的追求恰恰说明了马克思所揭示的资本主义的本质正是当代资本主义本身所具有的。     

Selection of entrepreneurs in the venture capital industry: An asymptotic analysis

We study a model of entrepreneurs who compete in an auction-like setting for venture capital (VC) funding in a setting where limited capital dictates that the VC can only finance the best entrepreneurs. With asymmetric information, VCs can only assess entrepreneurs by the progress of development, which, in equilibrium, reveals the quality of the new technology. Using an asymptotic analysis, we prove that in attractive industries having a large number of entrepreneurs competing for VC funding could lead to underinvestment in technology by entrepreneurs as the effort exerted by losing entrepreneurs is wasted. The study then proceeds to characterize the conditions under which a greater number of competing entrepreneurs is better. The model also demonstrates that VCs could possibly increase their payoff by concentrating on a single industry. In addition, the study also provides some insights on the effects of multiple investments by VCs and the effects of competition among VCs on the same investments.     

中外科技投入机制的比较研究

近年来 ,虽然我国的科技体制改革取得了明显进展 ,但科技与经济脱节的问题还没有从根本上得到解决。科技投入作为科技运行机制的首要环节 ,科技投入主体和客体的确定、科技投入的多元化、风险投资体系的建立等问题的解决对建立高效、通畅的科技运作机制将起到至关重要的作用。本文对中外科技投入机制进行分析比较 ,以期建立适合于我国国情的科技投入机制 ,从而促进整个科技运行机制的改革     

有政府债券的军事花费和经济增长(英文)

本文讨论了军事花费 ,资本积累和政府债券在一个随机内生的增长模型中 ,结果表明 :如果本国有一个低的消费替代弹性 ,则外国财富和军事花费的增长都会导致本国经济的增长 ;但是 ,如果本国有一个高的消费替代弹性时 ,外国军事花费的大的扰动也可导致本国经济的增长 .     

论历史地理学对推进我国古代都城与城市研究的意义和作用

为了提高我国古代都城与城市研究的理论水平,依据历史地理学的基本理论、研究方法以及“时空交织、人地关联、文理结合、古今贯通“的学科性质与特点,对当前我国古代都城研究的主要内容以及存在的主要问题及其解决的途径、历史地理学在对古代都城与城市研究中所具有的研究思路与方法等问题进行了深入的探讨,同时,还论述了历史地理学在古都、古城研究以及在推进古都、古城所在城镇之建设与历史文化风貌保护方面所特具的意义和作用。     

试论高校资金管理

本文以党的十六大精神为指导,对高校在改革发展中如何适应社会主义市场经济需要,拓宽办学经费来源渠道,加强资金管理,使有限的财力发挥出最大的效益等问题,作了初步探讨,并提出了对策建议。     

“东方帝都"——欧洲中世纪晚期游记中的北京形象

在欧洲中世纪晚期的游记中,北京被塑造成为梦幻般的“东方帝都”,是真实和镜像的统一体。从比较文学形象学和后殖民理论的角度分析,其背后掩藏着丰富的文化意蕴。在马可·波罗时代,汗八里被视为人间的黄金天堂。中世纪晚期的世俗欲望在大汗的财富中得到传奇般映现。新航路的开辟带来了东方帝都的新消息,中华帝国的神话托起了更具神秘色彩的“天城”。     

创新知识资本化的组织内转化路径研究

在"知识系统的输入与资本系统的输出所形成知识资本间的转移通道"这一转化机制过程中,不是所有的知识都可以转化为资本,新知识在由远而近趋于明晰并获得编码的过程中,知识分别劳动资料、劳动对象和劳动者相结合起来形成工具资本、知识产权资本和人力资本,形成了知识资本在组织内部的转化路径。其实质是不断地将无形的知识去"虚"取"实",并实化为可计量的知识资本的过程。