不确定性和策略互动条件下3G投资的期权博弈模型

3G预期下的移动市场结构必定是三个寡头的竞争,在这种条件下,传统NPV和实物期权方法由于没有考虑竞争对手策略互动的影响,而不适用于3G项目投资决策分析。因此,在分析3G项目投资期权价值和博弈特征基础上,利用带跳的几何布朗运动来模拟市场不确定性和技术进步、政府规制等非市场不确定因素,从而确定领先者和追随者的价值函数及临界值,构建领先者和追随者的双寡头期权博弈模型。     

《弟子规》及其当代价值研究——《弟子规》与当代社会秩序的重构

最近几年,《弟子规》热在全国不断蔓延,不仅很多中小学开始教授这本书,更有不少企业以这本书作为企业管理的重要参照。通观《弟子规》全文,它不仅是一本简单的启蒙读物,其字里行间更蕴含着近代以前中国社会秩序的要求与规范。当今国家大力推动社会建设,《弟子规》能够给予我们的启发很多,进一步分析与阐明《弟子规》文本的价值对其将有更进一层的认识与掌握。     

从2011年的G20峰会看法国戛纳安保模式

2011年11月3日至4日,G20峰会于法国南部城市戛纳召开。本次峰会的召开正值一个微妙的时刻:欧洲债务危机不断发酵、美国经济复苏步履维艰、新兴经济体面临保增长与抑通胀两难困境。法国警方在承担这次重大国际会议的安保任务中形成了一套独有的法国戛纳安保模式,为我国大型活动警务安保工作提供了可借鉴的经验。     

G20机制非正式性的起源

与国际货币基金组织等正式国际组织不同,G20是布雷顿森林体系内一种新的非正式对话机制.已有的关于G20机制起源的研究,都较多关注了G20机制诞生的必然性,却忽视了G20为什么会采取非正式机制形式的问题.本文通过对G20机制诞生历史的考察,分析了G20机制非正式性的形成过程,并指出,非正式性是G20缔造者关于新机制形式的一个基本设想,也是对当时历史经验的总结.理解G20机制非正式性的形成对于我们把握G20究竟是一种什么类型的国际机制以及如何处理G20与其他多边国际机制的关系具有一定的启发意义.     

Employment preservation vs. creditors’ repayment under bankruptcy law: The French dilemma?

The paper investigates the French dilemma associated with court administered resolution of corporate financial distress. In such a legal system, the courts seek a double objective: maintaining job positions through continuation, and determining the best outcome for the claimants. We discuss this dilemma empirically, using a unique sample of bankruptcy files on French SMEs. We address successively three critical questions. First, we highlight the determinants of the final bankruptcy outcome (continuation through reorganization or sale, or piecemeal liquidation): does continuation (the most employment-friendly outcome) depend on the firm's characteristics, and/or on the way the procedure is managed? Second, we study the determinants of the creditors’ recovery rates: do the courts play an active role in increasing recoveries? Third, we address the dilemma directly by focusing on sales as a going concern. We model the court administered selection process between rival buyout offers: do the courts balance the social content against the financial content of each offer? Is there an explicit arbitrage between employment preservation and creditor recoveries? Our main results are: (1) the French courts actively work to facilitate continuation against liquidation, and thus play a role in employment preservation. Besides, we find continuation is more likely to prevail when default is an outcome of specific difficulties (outlets, finance, and production). (2) We confirm the Radulovic (2008) findings: the global recovery rate mainly depends on the firm's ex ante characteristics at the time of triggering, while the way the procedure is managed by the court has little impact. Similarly to LoPucki and Doherty (2007), continuation via reorganization does not generate lower recovery rates on average than the other outcomes. (3) Last, the courts’ choice between rival buyout offers confirms that social considerations prevail in the arbitration. Yet, the courts still consider financial issues as well (a higher sale price increases the chances that an offer is selected), but without clear connection with the amount of due claims (one direct consequence is a moderate recovery rate on sales).     

Webcasters’ protection under copyright – A comparative study

This paper studies the fourth generation ‘peer-2-peer’ (P2P) file sharing technology which is also known as streaming technology from the technology point of view. It critically analyses the nature of streaming technology and assesses similarities to broadcasting for the purpose of copyright protection in the name of webcasting. In addition, it considers the possibility of protecting webcasting within the framework of broadcasting under copyright and the extent of broadcasters’ rights applicable to webcasters. Based on the conclusions derived from the discussion of UK, New Zealand, Italian and US law on streaming, WIPO Standing Committee on Copyright and Related Rights (SCCR) draft documents will be critically analyzed. The Last part of this work will offer suggestions as to how to protect webcasting (streaming technology) under the umbrella of copyright.     

3g运营商的法律风险分析——以3g产业链为视角

随着3g通信技术的深度发展,3g产业链呈现出多维互动格局.运营商将在更多环节、更广泛区域内与更多主体形成复杂和敏感的法律关系,从而增大了运营商所承担的法律风险.运营商必须强化对3g产业链的控制、协调、整合,合理有效地防范3g运营的法律风险.     

H. G. Wells's The Time Machine and the “Odd Consequence” of Progress

The Time Machine of H. G. Wells stands as one of the foundational works of science fiction. It is a true product of its time, a reflection of the fast pace of technological development and social change that makes a romance of the ideology of advancement for its own sake. But between the lines of its “adventure” plot, we find evidence of another, more complex story being told. Wells's work is plagued by ambivalence about the outcome of social and scientific progress—the selfsame progress that gave birth to the time machine in the first place. The Time Machine, in short, is preoccupied by an anxiety about a catastrophe just around the corner, not one born of global war or political turmoil but rather of the absence of turmoil, of need, of struggle. The idea and possibility of fiction itself becomes entangled in this problem of the everyday catastrophe, as it nearly suffocates under the conditions of the utopian society which it creates.