英语翻译*The authors wish to thank Dr.Francis W.Wolek,Professoro

英语翻译
*The authors wish to thank Dr.Francis W.Wolek,Professor
of Management at Villanova University,for reading an
earlier drat~of this paper.The authors are also grateful to
Dr.Albert Link and the anonymous reviewers for their
helpful comments.
Journal of Technology Transfer Vol.23 (3):17-23.
These large losses have resulted from the difficulties of
transferring the technology of derivatives management
from sellers or dealers (e.g.,securities firms,large banks,
insurance companies) to customers or end users (e.g.,
commercial firms,financial institutions,some government
entities).
This article examines that technology transfer system,
as well as the new organizations that have emerged to
facilitate technology transfer,minimize future losses,and
strengthen product legitimacy.The paper starts with a brief
definition of derivatives and their role in the financial
services industry.It then summarizes the problems in
transferring the technology of derivatives management
from dealers to end users.In using Rogers (1983) traditional
diffusion model to analyze the diffusion of derivatives,
problems with derivatives tend to occur primarily
during the commercialization phase.Successful resolution
of the problems depends upon an integrated effort involving
all sub-systems or stakeholders--diffusers or dealers,
adopters or users,private standard setters,public regulators,
professional organizations,and trade organizations.
The paper also discusses lessons learned.
Derivatives and Their Role
Derivatives are an innovation that has redefined the
financial services industry and created a new market with
billions of dollars in value.They are financial instruments
or contracts whose value is linked to--or is derived from--
changes in the value of more traditional financial instruments
including stocks,bonds,commodities,and curren-

The authors wish to thank Dr.Francis W.Wolek,Professor
of Management at Villanova University,for reading an
earlier drat~of this paper.The authors are also grateful to Dr.Albert Link and the anonymous reviewers for their
helpful comments.
作者希望向Villanova大学管理学教授Francis W.Wolek博士致谢,Francis博士阅读了本文的初稿.作者还要向Albert Link博士以及其它的匿名读表示感谢,他们都给出了中肯的意见.
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