A stochastic programming model using an endogenously determined worst case risk measure for dynamic asset allocation

We present a new approach to asset allocation with transaction costs. A multiperiod stochastic linear programming model is developed where the risk is based on the worst case payoff that is endogenously determined by the model that balances expected return and risk. Utilizing portfolio protection and dynamic hedging, an investment portfolio similar to an option-like payoff structure on the initial investment portfolio is characterized. The relative changes in the expected terminal wealth, worst case payoff, and risk aversion, are studied theoretically and illustrated using a numerical example. This model dominates a static mean-variance model when the optimal portfolios are evaluated by the Sharpe ratio. Received: August 15, 1999 / Accepted: October 1, 2000?Published online December 15, 2000     

公司法人人格否认制度中的程序和法律适用设计

能够对公司法人人格否认作出程序启动和否认裁决的主体是国家审判机关。我国采用民商法中诚实信用原则、禁止权利滥用原则、公序良俗原则以及国家、集体和个人合法权益受法律保护原则作为解决公司法人人格否认制度的法律适用问题。因此,有必要进一步对诉讼主体———原告、被告的提起和追加程序;举证责任倒置的原则;公司法人人格被否认后应由被否认人格的公司及其股东对债权人承担无限连带责任等等适用问题作出全面探讨。     

Strategic foreign reserves risk management: Analytical framework

We present an analytical framework for active foreign exchange reserves management that integrates risk-return objectives with macroeconomic, macro-prudential and sovereign debt management concerns. Our framework allows for very general objective functions, does not restrict the class of eligible stochastic processes or limit the investment universe, and can incorporate many types of macroeconomic concerns. It incorporates several kinds of risk constraints in order to obtain benchmarks satisfying possible central bank requirements of safety, liquidity, returns, and stability. Feedback between outcomes and decisions is easy using tools that reshape distributions and functions of the outcomes. And the model can be run on a PC-based platform. We apply the framework to several common reserves management problems focusing especially on the formulation of model equations, generation of trees and estimation of density functions of outcomes. We compare our approach to those used by many central banks and discuss advantages to our approach.     

The human factor in quality management

 "Quality management is not just a strategy. It must be a new style of working, even a new style of thinking. A dedication to quality and excellence is more than good business. It is a way of life, giving something back to society, offering your best to others" (George Bush 1991). From this statement it becomes immediately clear that the human factor plays an eminent role in quality management. Therefore, some important relevant aspects of quality management are highlighted which are not so frequently discussed elsewhere. Various definitions and statements on quality lead to the fact that quality depends essentially on people. Some thoughts are developed on the Japanese quality culture which contributed essential impulses to the evolution of certain quality installations such as quality circles. The Japanese also developed a philosophy of quality, Kaizen, which is significantly different from Western industrial quality concepts. Kaizen works well in a slow growth economy, contrary to Western innovation which is more suited to the fast growth economy of the past. Some ideas on the quality control of top management as well as on the quality control of ourselves are expressed and it is shown how this is related to ethical principles. Every human society is as successful as: its intrinsic degree of honesty and righteousness, its degree of prevention of corruption and nepotism, and its readiness to work hard for personal advancement and for the sake of the community. Leadership, political or economic, is a special cultural effort – or at least it should be. But the striving for quality must be everybody's business in a company. It is the old 'pride of workmanship' which is greatly lost in today's industrial structures, and which is so absolutely important to again find satisfaction and contentment in our work. It is shown that the human factor in quality management, apart from all the necessary formal and institutional regulations, is of major importance, but very often neglected, especially in the present situation of over-rationalization. It is shown that dynamic equilibria do not only regulate chemical and biological systems but also operate in our psychic world. Unfortunately, there is a tendency to unhealthy extremes in the latter, e.g. to workaholics or neo-capitalism. Installations of total quality management such as systems, procedural and product audits are important facets of modern quality assurance. They are again closely related to human behaviour, as well as the procedure of company and laboratory accreditation. Finally the "Codex Hammurabi" shows that product liability was a clearly regulated issue in ancient Babylon, 2200 BC. This may be indicative of the fact that many new trends propagated by management gurus usually stem from a very old part of the wisdom of mankind but they are newly decorated and formed to modern slogans. Received: 11 May 1999 / Accepted: 24 September 1999     

Trends in the International Regime of Liability and Compensation for Oil Pollution Damage

Since the entry into force of the International Convention on liability and compensation for oil spill damage, there have been many discussions on the improvement of this regime. Based on the existing two regimes, the writer tried to analysis the advantages of the new regimes and foresee the trends of the international regime of liability and compensation for oil pollution damage.     

浅析我国产品责任法律制度的完善——评《侵权责任法》第五章“产品责任”

媒体关于产品责任案件的报道层出不穷,我国产品责任法律制度却并没有因为《侵权责任法》的生效而臻于完美。基于一些产品责任案件的社会影响极为恶劣,产品责任法律制度仍然不很完善,如何完善产品责任法律制度是业界讨论的重点。     

论劳动合同违约责任

劳动合同违约责任属于民事责任中的违约责任。运用违约责任的基本原理着重分析了劳动合同违约责任的一些基础性问题，即劳动合同违约责任的概念与特征、归责原则等。结合我国目前的劳动就业状况，尤其是在《劳动合同法》立法之时，对这些基础性问题的深入研究更是有很强的现实意义。     

见义勇为的法律救济

见义勇为英雄流血又流泪是社会的悲剧，现行的民法规范中的无因管理制度和公平责任原则都无法对见义勇为者提供充分的救济，必须对见义勇为专门立法。国家应承担对见义勇为者的补偿义务，并与相压的追偿制度相结合，才能根除英雄流血有流泪的悲剧。     

无单放货的法律责任竞合

无单放货的法律责任性质是海商法理论和实践中争议较多的一个问题,目前主要存在“违约说”“侵权说”和“竞合说”三种观点。从提单的本质属性来看,无单放货的法律责任是违约责任和侵权责任的竞合。     

要约邀请构成侵权行为的相关分析

承认要约邀请可能构成侵权行为,有利于充分保障受害人的权益.要约邀请违反诚实信用原则将构成侵权行为.要约邀请构成侵权责任,应包括要约邀请中存在违法行为、要约邀请导致了损害、受害人的损害与要约邀请存在因果关系、要约邀请人主观上有过错等四个构成要件.要约邀请中侵权行为的具体形态有:要约邀请侵害知识产权;要约邀请侵害人身权;要约邀请侵害合同债权;要约邀请侵害合法权益.要约邀请构成侵权责任时,应承担侵权责任.