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merton n.默頓〔姓氏〕。

mervin

Follow as joining the wto and developing of finance market , china ’ s financial institution will need to upgrade the ability of quantitatively measuring and managing the credit risk urgently . the author hopes that this paper ’ s research on the structural models of credit risk can give some consultation to chinese financial institution to defend and manage the credit risk . so this paper deeply reviews the method of modeling the structural model of credit risk , than does an empirical study in china based on the leland - toft models , it is a 因此,本文對信用風險結構模型的建模方法進行了深入的考察,并將leland - toft模型應用于我國的實證研究,進行了有益的探索,本文的研究成果和創新工作主要表現在以下三個方面:第一,本文比較全面系統的闡述了merton模型, longstaff - schwartz模型和leland - toft模型三個最具代表性的信用風險結構模型的構建思路,對這三個模型的區別和特點進行了深入的考察,并給出各模型計算預期違約率的數學公式和方法。

Q ( t ) ) dt + ( t ) dwtq ] , and the interest rate of the riskless asset 、 the volatility rate and the dividend rate of stock are non - random functions of time , the pricing formula of two - points reset option is obtained by using martingale and stochastic analysis knowledge 。 following the thought of merton , chapter five depicts the asset price motion with ito Q ( t ) ) dt + ( t ) dwtq ] ,且無風險利率、股息率以及波動率為時間的非隨機函數,并借助鞅和隨機分析知識給出了兩點重設型期權的定價公式。第五章按照merton的思想,用以下ito

Except for the introduction of insurance model into the optimum consumption and investment model by merton and other scholars , there is one more improvement , that is , besides the fixed investment time horizon , limited or unlimited , discussed by merton and other scholars , part of this dissertation discusses the unfixed decisive time horizon as well , for the time for the investors “ death is indefinite 除了在merton及其他學者研究的最優消費投資模型中引入了保險模型,對其改進還表現在一個地方,即merton及其他學者討論的投資決策區間是確定的,是有限或無限的時間區間,而在本文的部分章節我們還討論了決策區間是不確定的時間區間,因為我們假設投資者的死亡時間是一隨機變量。

The science norm of merton is one of the most important studying topics of merton ’ s sociology of science . the article analyzes the background and intension of the science norm , makes a thorough inquiry into both the difficult position of the norm in big science era and the developing tendency in the coming years 默頓規范是默頓科學社會學最重要的研究課題之一,在本文中筆者著重分析了默頓規范提出的時代背景、默頓規范的內涵以及規范在大科學時代所面臨的困境及其發展趨勢。

A japanese educational sociologist discussed the dysfunction of education by using merton ' s functional analyzing theory , and he set up an analyzing framework about the theory of school educational function on the basis of merton ' s notions such as edfunction , dysfunction , manifest function and latent function . his theory showed that there are both dysfunction and eufunction in the system of educational function 日本教育社會學家柴野昌山運用默頓的功能分析理論來探討教育負向功能問題,他以默頓的正向功能、負向功能及顯性功能、隱性功能兩對概念為基礎,構建了學校教育功能理論的分析框架,從理論上示明了負向教育功能和正向教育功能同時存在于教育功能系統之中。

Optimal consumption and investment is a most fundamental problem in financial mathematics , the research of which originates from merton ( 1969 , 1971 ) . investors may choose freely his consumption and investment to except to maximum the consumption and final wealth utility in [ 0 , t ] or [ 0 , ] 這個問題的研究起源于merton ( 1969 , 1971 ) ,投資者的資產在消費和投資之間進行分配,期望在時間區間[ 0 , t ]或[ 0 , + )的消費效用或終值財富效用最大化。

But i think that the reason of the inherent spirits of the science norm is beyond doubt . it is necessary for us to give a right of existence to the science norm of merton . it will continue bringing into full play by the supplement of external science norm in the big science era 但是默頓規范的內在精神的合理性是勿容置疑的,默頓規范在大科學時代仍有其存在的必要性,它將通過大科學時代的外部規范的補充而繼續發揮其重要作用。

Then it has been greatly developed by the work done by sharp , miller , merton , scholes and black et al in the field of financial mathematics . now financial mathematics has been an extensive application subject that has abundant contents , profound theories 后來,經過夏普、米勒、莫頓、修斯、勃拉克等人在金融數學方面的艱苦努力,它已經發展成為一門內容豐富、理論深刻、應用廣泛的學科。

Until now , prof merton argues , most companies have been extraordinarily inefficient in their use of capital , because they have not worked out which risks they have a comparative advantage in handling - and which they do not 默頓教授指出,直到現在,大多數公司在資金利用方面都特別低效,因為它們不知道自己在處理哪些風險方面具有相對優勢,在處理哪些風險方面沒有優勢。

The science norm of merton consists of four aspects : universalism , communism , disinterestedness , and organized skepticism . it is the guiding principle for people to regulate scientists ’ researching behaviors in little science era 默頓規范包括普遍主義規范,公有主義規范,無私利性規范和有條理的懷疑主義規范,它是小科學時代調節科學家的科學研究行為的指導性原則。

Because this kind of right is similar to option and regarded as call option , it is logical to draw lessons from the theory of option pricing to evaluate mineral resources assets 因此,建立能考慮和處理礦山經營者在經營管理中的靈活性的礦產資源資產估價方法是非常必要的。 black 、 scholes和merton提出的金融期權理論為此提供了基礎。

The author thinks that the science norm of merton is not out of date , it will continue playing an important role in human science researching 作者認為,默頓規范并不象其批評者所說的那樣已經不再適應時代的需要,它仍有其存在和進一步發展的空間,它將繼續在人類的科學研究中發揮著重要的指導作用。

The beginner of the sociology of science , r . k . merton advocated the concept of “ technology paradigm ” whose contents are universalism , communism , disinterestedness and organized skepticism 在戰爭時代的背景下,默頓提出技術規范分別是普遍性、公有性、無私利性和有條理的懷疑主義。

Merton and other scholars all consider , in their optimum consumption and investment model , that the investor ' s assets can choose between consumption and securities portfolio 在merton及其他學者研究的最優消費投資模型當中,都是考慮投資者的資產在消費和證券投資組合之間進行分配。

And prof merton ' s evangelical zeal for the product might seem particularly controversial after the media blamed derivatives in part for the implosion at ltcm 特別是在媒體認為,某種程度上正是衍生品造成了長期資本管理公司的內部崩潰之后,默頓教授宣揚這種產品的熱情似乎會引發爭議。

According to roger lowenstein , the author of when genius failed , “ the younger merton . . . showed a knack for devising systematic approaches to whatever he tackled 作為棒球愛好者和汽車愛好者,他先是特意背下了球員的擊球平均數,后來又背下了幾乎每種美國汽車的發動機規格。

Three decades later , however , people such as prof merton are becoming more savvy about getting their just rewards - and on a bigger scale than free calculators 不過,三十年后,默頓教授這樣的人變得更精明了,他們知道如何得到自己應得的報酬- -這可不是免費計算器所能比的。

“ [ applying finance science to companies ] is a fascinating intellectual challenge , “ enthuses prof merton . “ but it is obviously also a commercial opportunity . 默頓教授興奮地說: “ (把金融科學運用到公司中)是一個令人著迷的智力挑戰,不過,這顯然也是一個商業機遇。

In big science era , the science norm of merton faces many facts and phenomenon of violating norm , the necessity of its being is coming under suspicion 在大科學時代默頓規范受到了一系列違反規范的事實與現象的挑戰,其存在的必要性受到了廣泛的懷疑。