Chinese international students who studied in the United States received “double stigmatization” from American and Chinese authorities because of the “political othering” tactic during COVID-19. The research used a phenomenological approach to examine why and how specifically the transnational identity of Chinese international students in the United States shifted during the double stigmatization. The researcher conducted a total of three rounds of interviews with 15 Chinese international students who studied in the United States and returned to China between 2018 and (...) 2020, which culminated in 45 interviews through a longitudinal study to probe the transnational identities of this population before and during the double stigmatization; the study also examined how the mindsponge mechanism worked during the identity shifts and the interplay among stigmatization, transnational identity shifts, and the mindsponge mechanism. The study concluded that before COVID-19, Chinese international students had been stigmatized in both China and the United States. (shrink)

For the past three years, Coronavirus-19 (Covid-19) has become one of the major global health problems. Unlike any previous virus in the past decades, Covid-19 has shown its unprecedented spreading speed, infection rate, fatality rate, etc. Under this urgent disease outbursting event, scientists around the globe, through the myriad of research and experiments, successfully developed effective vaccines. However, like many other medical innovations, Covid-19 vaccines are categorized as intellectual properties and a scarce resource. As a consequence, the citizens of developed (...) and developing countries face an imbalanced distribution of affordable vaccines. The formation of this issue is not only due to manufacturing, transportation, and other infrastructures, but also strongly correlated with aspects in the legal field, such as intellectual property rights (IPRs). With a humane common sense of vaccination many people, through comparative research method, this article aims to discuss the conflicts between the global crisis of Force Majeure and the interests of certain countries or corporations, possible solutions to resolve this conflict, and future coping strategies that ought to be published. (shrink)

Throughout the COVID-19 pandemic, shortages of scarce healthcare resources consistently presented significant moral and practical challenges. While the importance of vaccines as a key pharmaceutical intervention to stem pandemic scarcity was widely publicized, a sizable proportion of the population chose not to vaccinate. In response, some have defended the use of vaccination status as a criterion for the allocation of scarce medical resources. In this paper, we critically interpret this burgeoning literature, and describe a framework for thinking about vaccine-sensitive resource (...) allocation using the values of responsibility, reciprocity, and justice. Although our aim here is not to defend a single view of vaccine-sensitive resource allocation, we believe that attending critically with the diversity of arguments in favor (and against) vaccine-sensitivity reveals a number of questions that a vaccine-sensitive approach to allocation should answer in future pandemics. (shrink)

Lack of a historical sense is the hereditary defect of philosophers. … So what is needed from now on is historical philosophizing, and with it the virtue of modesty.

Food prices are a daily concern in many households’ decision-making, especially when people want to have healthier diets. Employing Bayesian Mindsponge Framework (BMF) analytics on a dataset of 710 Indonesian citizens, we found that people from wealthier households are less likely to have concerns about food prices. However, the degree of health considerations in food consumption was found to moderate against the above association. In other words, people of higher income-based social classes may worry more about food prices if they (...) care more about the health impacts of their food choices. These findings provide more insights for policymakers on the psychological aspects of promoting the balance between finance and health in food consumption. (shrink)

We develop a theory of necessity operators within a version of higher-order logic that is neutral about how fine-grained reality is. The theory is axiomatized in terms of the primitive of *being a necessity*, and we show how the central notions in the philosophy of modality can be recovered from it. Various questions are formulated and settled within the framework, including questions about the ordering of necessities under strength, the existence of broadest necessities satisfying various logical conditions, and questions about (...) their logical behaviour. We also wield the framework to probe the conditions under which a logicist account of necessities is possible, in which the theory is completely reducible to logic. (shrink)

Climate change prevention necessitates the communication of transparent and reliable scientific evidence to improve public awareness and support. Felt responsibility is an essential factor influencing human environment-related psychology and behavior. However, the knowledge about the relationship between the felt responsibility and perceived uncertainty of scientific evidence regarding climate change has remained limited. The current study examines factors associated with the perceived uncertainty of scientific evidence (including felt responsibility to act on climate change) among stakeholders of marine and coastal ecosystems in (...) 42 countries. Employing the Bayesian Mindsponge Framework (BMF) analytics on a dataset of 709 stakeholders generated by MaCoBioS—a research project funded by the European Commission Horizon 2020, we reveal several main insights. Stakeholders with lower educational levels, being males and not from high-income countries, are more likely to think scientific evidence regarding how to act on climate change is uncertain. Moreover, people with a higher felt responsibility to act on climate change are also more likely to perceive higher uncertainty of scientific evidence. Based on these findings, we discuss how scientific evidence should be communicated to build the eco-surplus culture and, subsequently, the felt responsibility of stakeholders while inoculating them from climate change misinformation and disinformation. (shrink)

Chapter 1 What Do Zen Masters Teach Us Today? The Case of Sŏn Master Hyeam Sŏnggwan Jin Y. Park Introduction Korean Sŏn Master Hyeam Sŏnggwan (慧菴性觀, 1920–2001) is a relatively unknown figure within English-language scholarship.1 However, among Korean Buddhists, his rigorous Zen practice has been well recognized. One-meal-per-day (K. ilchongsik 一種食), no-meal-in-the-afternoon (K. ohu pulsik 午後不食), and staying-sitting-in-meditation-without-lying-down (K. changjwa purwa 長坐不臥) are all well-known practices that frequently appear when describing Hyeam as a Zen master. What is less frequently asked (...) is what these rigorous Zen practices might mean to us commoners who live in a secular world or to monastics whose practice might not be as rigorous as Hyeam’s. Should Zen masters such as Hyeam who appear to exhibit superhuman capacity for religious practice be only an object of awe and admiration in our secular modern times? Even if so, what do the awe and admiration indicate? In this chapter, I try to bridge the gap between the rigorous practice typically seen in Korean Zen masters’ lives and its meaning for people living in modern times. What questions does a Zen master like Hyeam raise for us, and how should scholars address these issues? These are the inquiries with which I hope to engage. (shrink)

This article proposes a term structure model for dual-currency interest rate markets. The model assumes that volatility is a deterministic function of time alone. This volatility structure can reduce the dimension of the required state variables. An important special case is presented, which corresponds essentially to a Vasicek/Hull-White yield curve model in each currency. The model is very useful for pricing cross-currency derivatives.

Ratio, Volume 34, Issue 4, Page 303-311, December 2021.

该研究简要介绍了儒家、佛教和道教在越南的起源和发展，以及它们如何通过 "文化叠加性 "来共存、互动、影响越南社会。基于文化叠加性的成本效益分析，本文进一步说明了儒家思想如何在越南社会中占主导地位，道教思想如何与儒家思想共存，以及为什么佛教影响力逐渐在越南民间消失。.

This paper presents the unification of all knowledge and the framework of all sciences, so it goes the theory of consciousness, the method to measure consciousness, and the three keys of the Strong AI. “Logicality and non-absoluteness” is found out to be the intrinsicality of nature, so the “Fundamental Law of Nature” is discovered. Then, the “general methodology of research” and the “model system of nature” are developed to explain everything, especially consciousness. The Coupling Theory of Consciousness tells that nature (...) has the MFEs (More Fundamental Element) that couple to show as material and consciousness, and the brain has a CNS (central nervous system)-independent consciousness system that couples to give off the consciousness signals, with their three excitation levels to show as memory, sub-consciousness, and subjective consciousness. As consciousness is not from neurons, the method to measure consciousness via NCC (neural correlates of consciousness) is to find out participants with the same kinds of consciousness systems. And make them to produce paralleled “conscious information processes” to filtrate out the “noise” neural activities, to obtain the “real” NCC data. Examining the property of consciousness may advance not only neuroscience and physics, but also cognitive science and AI technology. First, the “conscious information processing” model has shown that the Strong AI should process the beyond-domain concepts with a self-controlled intention, second, as the “general methodology of research” is just the other name of the “principle of cognition”, we have already known the running style of the Strong AI. Hopefully, we could develop the Strong AI technology to upgrade human civilization very soon. (shrink)

Working in academia is challenging, even more so for those with limited resources and opportunities. Researchers around the world do not have equal working conditions. The paper presents the structure, operation method, and conceptual framework of the SM3D Portal's community coaching method, which is built to help Early Career Researchers (ECRs) and researchers in low-resource settings overcome the obstacle of inequality and start their career progress. The community coaching method is envisioned by three science philosophies (cost-effectiveness, transparency spirit, and proactive (...) attitude) and established and operated based on the Serendipity-Mindsponge-3D knowledge (SM3D) management framework (i.e., mindsponge thinking and Bayesian Mindsponge Framework analytics serve as the coaching program's foundational theory and analytical tools). The coaching method also embraces Open Science's values for lowering the cost of doing science and encouraging the trainees to be transparent, which is expected to facilitate the self-correcting mechanism of science through open data, open review, and open dialogue. Throughout the training process, members are central beneficiaries by gaining research knowledge and skills, acquiring publication as the training's product, and shifting their mindsets from “I can't do it” to “I can do it,” and at the same time transforming a mentee to be ready for a future mentor's role. The coaching method is thus one of the members, for the member, by the members. -/- • The paper provides the structure, operation method, and conceptual framework of the SM3D Portal's community coaching method, which is built to help Early Career Researchers (ECRs) and researchers in low-resource settings overcome the obstacle of inequality and start their career progress. • The paper presents three major science philosophies envisioning the establishment and operation of scholarly community coaching. • The paper employs the mindsponge theory and BMF analytics to construct a conceptual framework explaining how an environment is created to help shift members’ mindsets from “I can't do it” to “I can do it.”. (shrink)

Both motivational internalism and externalism need to explain why sometimes moral judgments tend to motivate us. In this paper, I argue that Dreier’ second-order desire model cannot be a plausible externalist alternative to explain the connection between moral judgments and motivation. I explain that the relevant second-order desire is merely a constitutive requirement of rationality because that desire makes a set of desires more unified and coherent. As a rational agent with the relevant second-order desire is disposed towards coherence, she (...) will have some motivation to act in accordance with her moral judgments. Dreier’s second-order desire model thus collapses into a form of internalism and cannot be a plausible externalist option to explain the connection between moral judgments and motivation. (shrink)

Darwinian ideas were developed and radically transformed when they were transmitted to the alien intellectual background of late nineteenth- and early twentieth-century China. The earliest references to Darwin in China appeared in the 1870s through the writings of Western missionaries who provided the Chinese with the earliest information on evolutionary doctrines. Meanwhile, Chinese ambassadors, literati and overseas students contributed to the dissemination of evolutionary ideas, with modest effect. The ‘evolutionary sensation’ in China was generated by the Chinese Spencerian Yan Fu’s (...) paraphrased translation and reformulation of Thomas Huxley’s 1893 Romanes Lecture ‘Evolution and ethics’ and his ‘Prolegomena’. It was from this source that ‘Darwin’ became well known in China – although it was Darwin’s name, rather than his theories, that reached Chinese literati’s households. The Origin of Species itself began to receive attention only at the turn of the twentieth century. The translator, Ma Junwu (1881–1940), incorporated non-Darwinian doctrines, particularly Lamarckian and Spencerian principles, into his edition of the Chinese Origin. This partially reflected the importance of the pre-existing Chinese intellectual background as well as Yan Fu’s progressive ‘evolutionary paradigm’. In this paper, I will elucidate Ma Junwu’s culturally conditioned reinterpretation of the Origin before 1906 by investigating his transformation of Darwin’s principal concepts. (shrink)

Cheating is a major problem in society, especially in the educational system. From the viewpoint of subjective cost-benefit analysis, concerns about reputation damage as well as considerations of cultural values against unethical behavior can help increase the perceived costs of cheating. To explore deeper into the psychological processes in such assessments, we employ Bayesian Mindsponge Framework (BMF) analytics – an information-processingbased method. Conducting Bayesian analysis on 493 university students from Germany, Vietnam, China, Taiwan, and Japan, we found that reputation concern (...) is negatively associated with cheating behavior. If a student embraces Confucian values, the above negating effect is stronger. Our findings support the notion that mentally simulated negative consequences of cheating reduce the probability of carrying out such behavior. As the educational system is changing rapidly due to technological advancement, a better understanding of the influences of sociocultural factors can be helpful in cheating prevention efforts. (shrink)

This paper may have completed two seemingly impossible tasks: The unity of science and the unification of all knowledge. We have specified the unity of science on four aspects: 1) The common property of everything is logicality and logicality’s non-absoluteness. So, we call this the intrinsicality of nature; 2) The ultimate force of everything is called the “General Impact of Nature” (GIN). GIN is not only to unify the four basic forces, but also to explain life phenomena, especially conscious phenomena; (...) 3) We have also discovered the “architect of everything”, with two concepts and each in three points. So, we can study all things with them; 4) We have developed a “general model of nature” to host everything, and it has particularly described consciousness in physics, biology, and information processing. This unity of science has been developed further and unified all knowledge in seven points. And this paper has confirmed reductionism and neutral monism in particular. (shrink)

A combinatorial analysis of intrinsicality takes intrinsic properties to be independent of accompaniment: a property is intrinsic only if it is possible for a lonely or an accompanied thing to have it or lack it (I). Cameron argues that the combinatorial analysis in Langton & Lewis (1998) faces an epistemic circularity, which makes (I) suspicious. In this paper, I examine two approaches to free the combinatorial analyses from the circularity and find them all fail. Then I provide an outline of (...) an argument for (I) by appealing to the grounding analyses of intrinsicality, which shows an advantage of the grounding analyses over the combinatorial ones. (shrink)

This article aims to unify all scientific theories based on the concept of “intrinsicality of nature”, including the fundamental theories in physics. First, the general property within existing natural phenomena, say “intrinsicality of nature”, was deduced as “logicality” and "imperfectness". Then, the identical intrinsicality was deduced out for the science to unify all scientific theories. Finally, with this intrinsicality and the novelties of consciousness, the unification of physics theories, say Theory of Everything, was framed by a physical model of more (...) fundamental element (MFE), which had managed to cover the concepts of quantum mechanics, general relativity, and the physics of consciousness altogether, to test this model of unification. Since the MFE is only a theoretical model, two methods were introduced for its experimental verification. While its application to explain yet unanswered questions in science was tested, and further verification of this model in a lab by measuring consciousness signals was discussed. (shrink)

The LIBOR Market Model has become one of the most popular models for pricing interest rate products. It is commonly believed that Monte-Carlo simulation is the only viable method available for the LIBOR Market Model. In this article, however, we propose a lattice approach to price interest rate products within the LIBOR Market Model by introducing a shifted forward measure and several novel fast drift approximation methods. This model should achieve the best performance without losing much accuracy. Moreover, the calibration (...) is almost automatic and it is simple and easy to implement. Adding this model to the valuation toolkit is actually quite useful; especially for risk management or in the case there is a need for a quick turnaround. (shrink)

This paper presents a new model for pricing OTC derivatives subject to collateralization. It allows for collateral posting adhering to bankruptcy laws. As such, the model can back out the market price of a collateralized contract. This framework is very useful for valuing outstanding derivatives. Using a unique dataset, we find empirical evidence that credit risk alone is not overly important in determining credit-related spreads. Only accounting for both collateral arrangement and credit risk can sufficiently explain unsecured credit costs. This (...) finding suggests that failure to properly account for collateralization may result in significant mispricing of derivatives. We also empirically gauge the impact of collateral agreements on risk measurements. Our findings indicate that there are important interactions between market and credit risk. (shrink)

Space tourism is an emerging field where few people have direct experience. However, considering the potential in the near future, it is beneficial to better understand how related information influences people’s attitudes about this new form of tourism. Employing information-processing-based Bayesian Mindsponge Framework (BMF) analytics on a dataset of 361 respondents consuming content related to space tourism on Chinese social media, we found that induced happiness and impression are positively associated with willingness to try space tourism. Information authenticity positively moderates (...) these two associations. Our findings emphasize three aspects of information during the processes of reception and filtering: meaning, intensity, and trust. Since promotional materials for space tourism rely heavily on mental simulations rather than objective feedback, creative uses of digital technology are advantageous. However, precautions must be taken to prevent exploitation, such as false advertising, exaggeration, and emotional manipulation. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could be (...) positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

In this thesis, I explore motivational internalism and externalism, which concern the relationship between moral judgments and motivation. I first introduce the basic terms and different forms of internalism and externalism, including the externalist objections to internalism based on the famous counterexamples. I then argue against externalism by defending and developing Michael Smith’s fetishism argument. I not only respond to the externalist objections to the fetishism argument but also further argue against different externalist explanations of moral motivation that intend to (...) avoid the fetishism charge. Finally, I re-examine different forms of internalism in order to argue for a new form of internalism that can better preserve our internalist intuitions whilst accommodating the externalist counterexamples. My ultimate conclusion will be that the most plausible form of internalism to accept is constitutional, unconditional, relatively strong, direct internalism that is formulated in terms of dispositional desires. (shrink)

Introduction: The development of advanced sewage technologies empowers the industry to produce high-quality recycled water, which greatly influences human’s life and health. Thus, this study investigates the mechanism of individuals’ adoption of recycled water from the technology adoption perspective. -/- Methods: Employing the mixed method of structural equation modeling and artificial neural network analysis, we examined a research model developed from the extended Unified Theory of Acceptance and Use of Technology (UTAUT2) framework. To examine the research model, this study employs (...) a leading web-survey company (Sojump) to collect 308 valid samples from the residents in mainland China. -/- Results: The structural equation modeling results verified the associations between the six predictors (performance expectancy, effort expectancy, social influence, facilitating conditions, environmental motivation, and price value), individuals’ cognitive and emotional attitudes, and acceptance intention. The artificial neural network analysis validates and complements the structural equation modeling results by unveiling the importance rank of the significant determinants of the acceptance decisions. -/- Discussion: The study provides theoretical implications for recycled water research and useful insights for practitioners and policymakers to reduce the environmental hazards of water scarcity. (shrink)

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in (...) the CDS market. (shrink)

The current discussions of conceptual schemes and related topics are misguided; for they have been focused too much on the truth-conditional notions of meaning/concepts and translation/interpretation in Tarski's style. It is exactly due to such a Quinean interpretation of the notion of conceptual schemes that the very notion of conceptual schemes falls prey to Davidson's attack. We argue that what should concern us in the discussions of conceptual schemes and related issues, following the initiatives of I. Hacking, T. Kuhn, and (...) N. Rescher, is not the truth-values of assertions, but rather the truthvalue-status of the sentences used to make the assertions. This is because the genuine conceptual innovation between alternative theories/languages does not lie in differences in determining the truth-values of their sentences, but turns on whether these sentences have truth-values when considered within the context of a competing one. The core of conceptual relativism does not consist in the claim that different conceptual schemes may yield incommensurable truth claims, but rather that different conceptual schemes may yield incompatible truth-value-status and therefore lead to distinct perceptions of reality. Conceptual schemes are no longer seen as sentential languages consisting of a set of sentences accepted as true, but rather seen as metaphysical presuppositions of presuppositional languages.[ABSTRACT FROM AUTHOR]. (shrink)

Objectives: The growing rate of retraction of scientific publications has attracted much attention within the academic community, but there is little knowledge about the nature of such retractions in schizophrenia-related research. This study aimed to analyze the characteristics of retractions of schizophrenia-related publications.

What the authors attempt to address in this paper is a Kantian question: not whether, but how is cross -cultural understanding possible? And specifically, what is a more effective approach for cross -cultural understanding? The answer lies in an analysis of two different models of cross -cultural understanding, that is, propositional and hermeneutic understanding. To begin with, the author presents a linguistic interpretation of culture, i.e., a culture as a linguistically formulated and transmitted symbolic system with its conceptual core as (...) a scheme of basic cultural presuppositions, which it referred to as a cultural language. After exploring the essential role of cultural presuppositions in cross -cultural understanding, the author discusses the traditional model of cross -cultural understanding, namely, the propositional model. Through critically examining the two popular versions of the propositional model, i.e., the projective approach and the adoptive approach to cross -cultural understanding, it is found that cross -cultural propositional understanding is doomed to failure. To move us beyond the absolutism -relativism trap embedded within propositional understanding, the author first introduces and discusses Hans-Georg Gadamer’s hermeneutic understanding, and then applies Hans-Georg Gadamer’s hermeneutic model of understanding to cross -cultural understanding. It is finally concluded that cross -cultural understanding is essentially hermeneutic—including the case of cultural learning, not propositional. Therefore, cross -cultural understanding is hermeneutically possible. (shrink)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on (...) valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

In this study, we examine some factors of the subjective emotional influences that may affect volunteers’ likelihood to respond negatively to requests for favors.

Cheating is widely considered a condemnable behavior in society and a big problem in the educational system. In this study, we employ the information-processing-based Bayesian Mindsponge Framework to explore deeper the subjective cost-benefit evaluation involving the perceived value of cheating. Conducting Bayesian analysis on 493 university students from Germany, Vietnam, China, Taiwan, and Japan, we found that students who have more positive attitudes toward cheating are more likely to cheat. However, a higher capability of cognitive reflection acts as a moderator (...) that negates the above effect. Re-evaluation of prior thoughts allows for more accurate assessments of the associated risks and possible costs, which help reduce the probability of carrying out cheating behavior. As rapid technological advancement may introduce new and efficient cheating methods, a better understanding of the psychology of cheating in students can help schools prepare better countermeasures. (shrink)

Relationships with international students can be beneficial to higher education in terms of financial and human resources. For this reason, establishing and maintaining such relationships are usually pre-eminent concerns. In this study, we extended the application of the disconfirmation expectation model by incorporating components from subjective task value to predict the loyalty of international students toward their host countries. On a sample of 410 Vietnamese students enrolled in establishments of higher education in over 15 countries across the globe, we employed (...) structural equation model to construct the conceptual model. Our empirical findings revealed that while the roles of satisfaction and disconfirmation are still important as direct and indirect antecedents of international student loyalty, its most powerful predictors are the three components of subjective task value: attainment, utility and intrinsic. These insights result in a number of implications for actors on the higher ducation scene, such as heads of institutions and policy makers. (shrink)

This article presents a new methodology for pricing and hedging commodity derivatives. A generic model calibration is provided. The calibration procedure consists of an offline step where the mean reversion rates, the ratio of the long and short factor volatilities and the correlation between the long and short factors are determined via historical analysis. This offline step is performed relatively infrequently. There’s also an online step of the calibration which happens every time the model is used to price an option (...) or to simulate price paths. Empirical study shows that the model is quite accurate. (shrink)

Equity-linked securities with a guaranteed return become popular in a volatile market environment. This paper presents a new model for valuing guaranteed equity-linked notes. We consider a security whose value depends on the performance of a basket of equities averaged over certain points in time, but that is floored by a guaranteed amount. We show that the security’s price is given by the sum of the guaranteed amount plus the price of an Asian style option on the basket above. The (...) model provides analytical formulas for the security’s price as well as for corresponding hedge ratios; these respective formulas appear to be accurate over a wide range of underlying security parameter values, based on numerical testing against a Monte Carlo benchmark, Finally, we apply our method to value a type of segregated fund with a maturity guarantee. (shrink)

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit value adjustment (CVA) is also (...) elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level. (shrink)

This study used a flame atomic absorption spectrometer (FAAS) and atomic fluorescence spec-trophotometer (AFS) to detect the concentrations of chromium (Cr), cadmium (Cd), lead (Pb), hy-drargyrum (Hg) and arsenic (As) in soils and three genotypes of vegetables in greenhouse, as well as analyzed the physical and chemical properties of soils, including soil pH, soil organic matter (OM), basic nutrients, electrical conductivity (EC) and cation exchange capacity (CEC) in Guan- zhong areas, Shaanxi province, China. The results showed that comparing to subsoil, (...) the sampled topsoil is enriched in Cr, Cd, Pb, As and Hg. Cd (0.83 - 3.17 mg·kg-1) and Hg (0.40 - 1.44 mg·kg-1) are exceeding the limited value stated in “the 2006 Greenhouse Vegetable Producing Environmental Quality Evaluation Standards” of 0.40 mg·kg-1 and 0.35 mg·kg-1 respectively. However, Nanzhuang greenhouse soil is within the limits. The heavy metal pollution index (HPI) of soil in Sanyuan (8.10) is the highest and in Dongzhang (4.23) is the lowest. The contents of Pb (0.201 - 0.376 mg·kg-1) were exceeding the limited value (0.20 mg·kg-1) in vegetables species, and Cd (0.0363 - 0.0572 mg·kg-1) in some place were also exceeding the limited value (0.05 mg·kg-1). Greenhouse soils were becoming acidified year after year; the ratios of N, P and K in soil were seriously imbalanced. According to the impacting factors, OM, pH, available P, EC and CEC have obviously effected the accumulation of Cr and Hg. However, there was not enough evidence for the effects of available nitrogen and available potassium. (shrink)

This paper explores the connections between being Chinese in various senses and the study of Chinese philosophy.

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean (...) decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization and credit risk can sufficiently explain unsecured credit costs. This finding suggests that failure to properly account for collateralization may result in significant mispricing of financial contracts. We also analyze the difference between cleared and OTC markets. (shrink)

The incremental risk charge (IRC) is a new regulatory requirement from the Basel Committee in response to the recent financial crisis. Notably few models for IRC have been developed in the literature. This paper proposes a methodology consisting of two Monte Carlo simulations. The first Monte Carlo simulation simulates default, migration, and concentration in an integrated way. Combining with full re-valuation, the loss distribution at the first liquidity horizon for a subportfolio can be generated. The second Monte Carlo simulation is (...) the random draws based on the constant level of risk assumption. It convolutes the copies of the single loss distribution to produce one year loss distribution. The aggregation of different subportfolios with different liquidity horizons is addressed. Moreover, the methodology for equity is also included, even though it is optional in IRC. (shrink)

In this essay, we will follow Tang Junyi’s lead in exploring issues related to Chinese diaspora and Chinese philosophy. While we largely endorse Tang’s call for overseas Chinese to establish themselves in their adopted lands, we will argue for a more nuanced view on the identity of Chinese people outside China: they are not marginalized individuals scattered out of “homeland” China, rather they are people legitimately established in their own respective countries. In this connection, we will also advance a view (...) of future Chinese philosophy as a world philosophy that takes roots in China as well as in the world at large. In our view, although Chinese immigrant thinkers in the past century have played a major role in promoting Chinese philosophy outside China, the importance of such a role is likely to decline along with the success of Chinese philosophy becoming a world philosophy. (shrink)

During the lifetime of a structured product, payment events and cancellation events mainly affect the value of the option. This article presents a model for pricing generic cancellable option. The model is used to build most common kinds of cancellation schedules and compute the cancellation probability.

This paper argues that the reduced-form jump diffusion model may not be appropriate for credit risk modeling. To correctly value hybrid defaultable financial instruments, e.g., convertible bonds, we present a new framework that relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due (...) to convertible underpricing. Empirically, however, we do not find evidence supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)