试论行政权力人格化与法治化

一、行政权力人格化及其成因 分析行政权力人格化,首先要明确什么是人格。所谓人格,按《现代汉语词典》的解释,它包含三层意思:(一)人的性格、气质、能力等特征的总和;(二)个人的道德品质;(三)人的能作为权利、义务主体的资格。依据这三层含义,行政权力若具备了

現代日本語における否定と呼応する副詞の類義表現に関する研究 : コーパスに基づく副詞の意味記述の試み

博士（学術）12613乙第601号一橋大

The Model and Valuation of Exchange Option with Credit Risk

含交易对手违约风险的交换期权采用混合模型定价,借助公司价值模型中的补偿率,同时采用以强度为基础的违约函数来确定违约的发生.假定违约强度遵从均值回复的重随机POISSOn过程:且违约强度过程与标的资产,企业价值都相关.利用等价鞅测度变换方法导出含有违约风险的交换期权的价格闭解.Our hybrid framework is fully general in both intensity and recovery rate depending on the firm value.It is therefore that a firm value model with a bankruptcy process determines the time of default.We describe the process of default via a doubly stochastic Poisson process,and assume that the intensity process A of Poisson process follows an mean-reverting process.It is supposed that default intensity process A correlates mutually with the diffuse processes of the underling asset price and the value of the firm.By applying equivalent martingale measure transformation,the closed form solution for vulnerable exchange option is given.国家自然科学基金项目(11071202

The Model and Valuation of Compound Option with Credit Risk

在复合期权中,作为标的的期权含有交易对手违约的风险,对于含信用风险的复合期权,借助公司价值模型中的补偿率,同时采用重POISSOn随机过程来确定违约的发生.其中重POISSOn随机过程的强度函数遵从均值回复过程且与标的资产、企业价值都相关.利用等价鞅测度变换方法导出含信用风险的复合期权的解析定价公式.In compound option,as the subject options with counterparty default risk,the compound option has credit risk.Our hybrid framework is fully general in both intensity and recovery rate depending on the firm value.It is therefore a firm value model with a bankruptcy process determining the time of default.We describe the process of default by a doubly stochastic Poisson process,and assume that the intensity process λ of Poisson process follows an mean-reverting process.And suppose that default intensity process λ correlates mutually with the diffuse processes of the under-ling asset price and the value of the firm.By applying equivalent martingale measure transformation derive the closed form solution for vulnerable compound option.国家自然科学基金项目(11071202

Valuation of European Option with Correlated Credit Risk and Stochastic Interest

采用混合定价方法给出了含信用风险的欧式期权在利率是随机情况下的模型.采用公司定价模型中的补偿率,同时假定违约过程服从重POISSOn随机过程.其中违约过程的强度函数λ服从均值回复过程,且它与标的资产价格和公司价值相关.运用等价鞅测度变换,给出了在随机利率框架下,含信用风险的期权价格的闭解.In this paper,we derive explicit pricing formula for vulnerable call options where the credit risk is handled in a hybrid model.We describe the process of default via a doubly stochastic Poisson process,and assume that the intensity process λ of Poisson process follows an mean-reverting process.Moreover,the default intensity process λ correlates with the underling asset and the value of the firm mutually.By applying equivalent martingale measure,we derive closed- form solutions of the pricing formulae within a general Gaussian interest rate framework.龙岩学院校立服务海西面上项目(LQ2013001); 福建省中青年教师科研项目(JA15487); 龙岩学院校级第三批教改项目(2014JY30