In this paper the insurer＇s solvency ratio model with or without jump diffusion process in the presence of financial distress cost is constructed, where an insurer＇s solvency ratio is characterized by a Markov-modul...In this paper the insurer＇s solvency ratio model with or without jump diffusion process in the presence of financial distress cost is constructed, where an insurer＇s solvency ratio is characterized by a Markov-modulated dynamics. By Girsanov＇s theorem and the option pricing formula, the expected present value of shareholders＇ terminal payoff is provided.展开更多
This paper mainly discussed the operation benefits of fruit dealers in farm market. Taking fruit dealers in Shizishan Street Farm market in Wuhan City as the research object,this paper introduced current operation sit...This paper mainly discussed the operation benefits of fruit dealers in farm market. Taking fruit dealers in Shizishan Street Farm market in Wuhan City as the research object,this paper introduced current operation situation of fruit dealers and made a descriptive statistical analysis on characteristics of operators,operation situation,and cognitive status. Besides,it introduced the concept of net cost-benefit ratio to reflect the operation benefits. From further analysis on the operation benefits of fruit dealers,it found that there is little difference in the costbenefit ratio between dealers in the farm market. The average net cost-benefit ratio was 11. 94%. Specifically,if the total cost is 100 yuan,the dealer can obtain 12 yuan net profit. In order to find out how cost factors affect the operation benefits,it established a regression model for cost factors and net cost-benefit ratio. According to the survey results,when the wholesale cost increases 10000 yuan,the cost-benefit ratio will increase by 1. 454 percentage points,thus increasing the wholesale investment is helpful for increasing the net cost-benefit ratio; when the loss cost increases 10000 yuan,the cost-benefit ratio will increase by 7. 501 percentage points,thus the dealers can increase the operation benefits through controlling the loss cost and reducing the operation cost. Finally,it came up policy recommendations from the perspective of government and operators.展开更多
This study proposed a new analytical approach to identify the excessive comovement of two markets as contagion.This goal is achieved by linking latent-factor and single-equation error correction models and evaluating ...This study proposed a new analytical approach to identify the excessive comovement of two markets as contagion.This goal is achieved by linking latent-factor and single-equation error correction models and evaluating the breaks in the short-and long-term relationships and correlatedness in the linked model.The results demonstrated that a short-term relationship representing the market speed ratio between two markets plays a key role in contagion dynamics.When a long-term relationship or correlatedness is broken(comovement change)due to a break in the short-term relationship(market speed ratio),contagion is highly likely and should be formally declared.Bayesian posterior probabilities were calculated to determine the cause.Furthermore,this study applied this analytical Bayesian approach to empirically test the contagion effects of the U.S.stock market during the global financial crisis between 2007 and 2009 using 22 developed equity markets.展开更多
Regulatory detailed planning is the most direct management tool for urban development and construction activities. Through theoretical deduction, this paper demonstrated the elastic relationship between the land-trans...Regulatory detailed planning is the most direct management tool for urban development and construction activities. Through theoretical deduction, this paper demonstrated the elastic relationship between the land-transferring price and the floor area ratio(FAR) of residential land, which represented the space control intensity for regulatory detailed planning. Based on the two dimensions of market regulation and fiscal replenishment, this paper also established an analytical framework for the space control intensity for regulatory detailed planning. The results showed that the space control intensity for regulatory detailed planning decreased with the expansion of urban scale and that the weaker the market regulation and the stronger the land finance dependence, the weaker the space control intensity for regulatory detailed planning. Based on this, this paper proposed that local governments should strengthen the scientificity and openness of regulatory detailed planning, institutionally resolve the predicament due to fiscal decentralization, and reduce the dependence on land transfer income.展开更多
目的对上市后安全性监测中各类似然比检验方法(likelihood ratio test,LRT)进行概述及比较。方法通过文献检索对上市后不良反应评价中LRT方法的原理进行综述并对进一步的探索方向进行展望。结果现有研究表明与报告比值比、信息成分方法...目的对上市后安全性监测中各类似然比检验方法(likelihood ratio test,LRT)进行概述及比较。方法通过文献检索对上市后不良反应评价中LRT方法的原理进行综述并对进一步的探索方向进行展望。结果现有研究表明与报告比值比、信息成分方法相比LRT方法能更好控制I型错误发生率,并且有多种方法适用于不同的应用场景。结论LRT方法是上市后不良反应评价可行的方法之一,尤其适用于需要严格控制伪发现率,或者需要权衡伪发现率/I型错误发生率与灵敏度/检验功效的情况,但仍有许多问题需进一步探索。展开更多
基金Supported by National Natural Science Foundation of China (10671182)Anhui Natural Science Foundation (090416225)+1 种基金Anhui Natural Science Foundation of Universities (KJ2010A037, KJ2010B026)Anhui Natural Science Foundation (10040606Q03)
文摘In this paper the insurer＇s solvency ratio model with or without jump diffusion process in the presence of financial distress cost is constructed, where an insurer＇s solvency ratio is characterized by a Markov-modulated dynamics. By Girsanov＇s theorem and the option pricing formula, the expected present value of shareholders＇ terminal payoff is provided.
文摘This paper mainly discussed the operation benefits of fruit dealers in farm market. Taking fruit dealers in Shizishan Street Farm market in Wuhan City as the research object,this paper introduced current operation situation of fruit dealers and made a descriptive statistical analysis on characteristics of operators,operation situation,and cognitive status. Besides,it introduced the concept of net cost-benefit ratio to reflect the operation benefits. From further analysis on the operation benefits of fruit dealers,it found that there is little difference in the costbenefit ratio between dealers in the farm market. The average net cost-benefit ratio was 11. 94%. Specifically,if the total cost is 100 yuan,the dealer can obtain 12 yuan net profit. In order to find out how cost factors affect the operation benefits,it established a regression model for cost factors and net cost-benefit ratio. According to the survey results,when the wholesale cost increases 10000 yuan,the cost-benefit ratio will increase by 1. 454 percentage points,thus increasing the wholesale investment is helpful for increasing the net cost-benefit ratio; when the loss cost increases 10000 yuan,the cost-benefit ratio will increase by 7. 501 percentage points,thus the dealers can increase the operation benefits through controlling the loss cost and reducing the operation cost. Finally,it came up policy recommendations from the perspective of government and operators.
基金HS Lee’s supported by Sejong University.TY Kim’s work was supported by a grant from the National Research Foundation of Korea(NRF-2019R1F1A1060152)。
文摘This study proposed a new analytical approach to identify the excessive comovement of two markets as contagion.This goal is achieved by linking latent-factor and single-equation error correction models and evaluating the breaks in the short-and long-term relationships and correlatedness in the linked model.The results demonstrated that a short-term relationship representing the market speed ratio between two markets plays a key role in contagion dynamics.When a long-term relationship or correlatedness is broken(comovement change)due to a break in the short-term relationship(market speed ratio),contagion is highly likely and should be formally declared.Bayesian posterior probabilities were calculated to determine the cause.Furthermore,this study applied this analytical Bayesian approach to empirically test the contagion effects of the U.S.stock market during the global financial crisis between 2007 and 2009 using 22 developed equity markets.
文摘Regulatory detailed planning is the most direct management tool for urban development and construction activities. Through theoretical deduction, this paper demonstrated the elastic relationship between the land-transferring price and the floor area ratio(FAR) of residential land, which represented the space control intensity for regulatory detailed planning. Based on the two dimensions of market regulation and fiscal replenishment, this paper also established an analytical framework for the space control intensity for regulatory detailed planning. The results showed that the space control intensity for regulatory detailed planning decreased with the expansion of urban scale and that the weaker the market regulation and the stronger the land finance dependence, the weaker the space control intensity for regulatory detailed planning. Based on this, this paper proposed that local governments should strengthen the scientificity and openness of regulatory detailed planning, institutionally resolve the predicament due to fiscal decentralization, and reduce the dependence on land transfer income.
文摘目的对上市后安全性监测中各类似然比检验方法(likelihood ratio test,LRT)进行概述及比较。方法通过文献检索对上市后不良反应评价中LRT方法的原理进行综述并对进一步的探索方向进行展望。结果现有研究表明与报告比值比、信息成分方法相比LRT方法能更好控制I型错误发生率,并且有多种方法适用于不同的应用场景。结论LRT方法是上市后不良反应评价可行的方法之一,尤其适用于需要严格控制伪发现率,或者需要权衡伪发现率/I型错误发生率与灵敏度/检验功效的情况,但仍有许多问题需进一步探索。
