Search results

This paper provides a fuller characterization of the analytical upper bounds for American options than has been available to date. We establish properties required of analytical upper bounds without any direct reliance on the exercise boundary. A class of generalized European claims on the same underlying asset is then proposed as upper bounds. This set contains the existing closed form bounds of Margrabe, (1978) and Chen and Yeh (2002) as special cases and allows randomization of the maturity payoff. Owing to the European nature of the bounds, across-strike arbitrage conditions on option prices seem to carry over to the bounds. Among other things, European option spreads may be viewed as ratio positions on the early exercise option. To tighten the upper bound, we propose a quasi-bound that holds as an upper bound for most situations of interest and seems to offer considerable improvement over the currently available closed form bounds. As an approximation, the discounted value of Chen and Yeh's (2002) bound holds some promise. We also discuss implications for parametric and nonparametric empirical option pricing. Sample option quotes for the European (XEO) and the American (OEX) options on the S&P 100 Index appear well behaved with respect to the upper bound properties but the bid–ask spreads are too wide to permit a synthetic short position in the early exercise option.

The purpose of this paper is to establish mechanisms for process improvement so that production efficiency and product quality can be expected, and create a sustainable development in terms of circular economy.

The authors obtain a critical value from statistical hypothesis testing, and thereby construct a process capability indices chart, which both lowers the chance of quality level misjudgment caused by sampling error and provides reference for the processes improvement in poor quality levels. The authors used the bottom bracket of bicycles as an example to demonstrate the model and methods proposed in this study.

This approach enables us to plot multiple quality characteristics, despite varying attributes and specifications, onto the same process capability analysis chart. And it therefore increases accuracy and precision to reduce rework and scrap rates (reduce), increase product availability, reduce maintenance frequency and increase reuse (reuse), increase the recycle rates of components (recycle) and lengthen service life, which will delay recovery time (recovery).

Parts manufacturers in the industry chain can upload their production data to the cloud platform. The quality control center of the bicycle manufacturer can utilized the production data analysis model to identify critical-to-quality characteristics. The platform also offers reference for improvement and adds the improvement achievements and experience to its knowledge management to provide the entire industry chain. Feedback is also given to the R&D department of the bicycle manufacturer as reference for more robust product designs, more reasonable tolerance designs, and selection criteria for better parts suppliers, thereby forming an intelligent manufacturing loop system.

We study the performance attributes of an international production form that is designed for success in an increasingly global marketplace‐global product design and development. We find that firms elicit higher returns from their global product development when they compete in strategic complements than when they compete in strategic substitutes. These firms are most likely to compete in strategic complements if they have higher free cash flows, but are most likely to compete in strategic substitutes if they are more dominant in their industry. Importantly, global product development reduces cost largely via variable cost reduction. Moreover, we find that global product development contributes to the firm’s growth potential when pursued in conjunction with high multinationalism, aggressive competitive strategy, and high cost saving.

Autonomous mobile robots (AMRs) play a crucial role in industrial and service fields. The paper aims to build a LiDAR-based simultaneous localization and mapping (SLAM) system used by AMRs to overcome challenges in dynamic and changing environments.

This research introduces SLAM-RAMU, a lifelong SLAM system that addresses these challenges by providing precise and consistent relocalization and autonomous map updating (RAMU). During the mapping process, local odometry is obtained using iterative error state Kalman filtering, while back-end loop detection and global pose graph optimization are used for accurate trajectory correction. In addition, a fast point cloud segmentation module is incorporated to robustly distinguish between floor, walls and roof in the environment. The segmented point clouds are then used to generate a 2.5D grid map, with particular emphasis on floor detection to filter the prior map and eliminate dynamic artifacts. In the positioning process, an initial pose alignment method is designed, which combines 2D branch-and-bound search with 3D iterative closest point registration. This method ensures high accuracy even in scenes with similar characteristics. Subsequently, scan-to-map registration is performed using the segmented point cloud on the prior map. The system also includes a map updating module that takes into account historical point cloud segmentation results. It selectively incorporates or excludes new point cloud data to ensure consistent reflection of the real environment in the map.

The performance of the SLAM-RAMU system was evaluated in real-world environments and compared against state-of-the-art (SOTA) methods. The results demonstrate that SLAM-RAMU achieves higher mapping quality and relocalization accuracy and exhibits robustness against dynamic obstacles and environmental changes.

Compared to other SOTA methods in simulation and real environments, SLAM-RAMU showed higher mapping quality, faster initial aligning speed and higher repeated localization accuracy.

Given the susceptibility of cross‐cultural interaction to misunderstandings and disagreements, conflict management may be especially useful for helping employees develop quality leader relationships with their foreign managers. One hundred and eleven Chinese employees from various industries in Shanghai were interviewed on specific incidents where they had a conflict, defined as incompatible actions, with their Japanese manager or American manager. A qualitative analysis of the incidents and statistical tests of the data supported the hypotheses that a cooperative approach to conflict, rather than competitive or avoidance approaches, help Chinese employees and their foreign managers strengthen their relationship and improve their productivity. Cooperative conflict management may be an important way to overcome obstacles and develop an effective leader relationship across cultural boundaries.

It is well known that volatility asymmetry exists in financial markets. This paper reviews and investigates recently developed techniques for Bayesian estimation and model selection applied to a large group of modern asymmetric heteroskedastic models. These include the GJR-GARCH, threshold autoregression with GARCH errors, TGARCH, and double threshold heteroskedastic model with auxiliary threshold variables. Further, we briefly review recent methods for Bayesian model selection, such as, reversible-jump Markov chain Monte Carlo, Monte Carlo estimation via independent sampling from each model, and importance sampling methods. Seven heteroskedastic models are then compared, for three long series of daily Asian market returns, in a model selection study illustrating the preferred model selection method. Major evidence of nonlinearity in mean and volatility is found, with the preferred model having a weighted threshold variable of local and international market news.