The contribution of the GHM theory is that it makes an explanation of the control rights in the framework of incomplete contracts.
GHM理论的贡献在于在不完全契约框架下对企业的控制权作出解释。
We use the theory of local risk minimization for incomplete markets to determine hedging strategies for equity-linked life insurance contracts with stochastic interest rates.
提出利用不完全市场的局部风险最小对冲方法对冲保险者的风险。
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