The valuation theory for American Contingent Claims, due to Bensoussan (1984) and Karatzas (1988), is extended to deal with constraints on portfolio choice, including incomplete markets and borrowing/short-selling constraints, or with different interest rates for borrowing and lending. In the unconstrained case, the classical theory provides a single arbitrage-free price u0; this is expressed a...

In 2007 over $30 Billion in US retail sales were driven by over 15 million US direct sales distributors selling everything from cosmetics, household goods, nutrition, life insurance and mortgages. (Direct Selling Association). In the direct selling industry, prior to the Internet, direct sales presentations relied on a direct selling distributor traveling to the prospect’s home to make a presen...

This study aims to examine the impact of short selling constraints on corporate social responsibility (CSR) listed tourism companies in China. Based external governance theory, it is hypothesized that deregulation provides a monitoring function CSR performance companies, which are highly exposed and environmental problems. A multiple linear regression conducted with panel data Chinese 21 firms ...

Complete row and column symmetry breaking in constraint models using the lex leader method is generally prohibitively costly. Double lex, which is derived from lex leader, is commonly used in practice as an incomplete symmetrybreaking method for row and column symmetries. Double lex is based on a rowwise canonical variable ordering. However, this choice is arbitrary. We investigate other canoni...

The paper reviewed research progress of direct selling in China mainland and Taiwan, introduced the mainly research contents in this field in social level, enterprise level, direct distributor level and consumer level, compared the research in China mainland with them in Taiwan. The conclusions can provide references for researchers, government, consumers and public people. This research showed...