Optimal investment based on relative performance and weighted utility

This paper studies the optimal portfolio allocation of a fund manager when he bases decisions on both the absolute level of terminal relative performance and the change value of terminal relative performance comparison to a predefined reference point. We find the optimal investment strategy by maximizing a weighted average utility of a concave utility and an Sshaped utility via a concavification technique and the martingale method. Numerical results are carried out to show the impact of the extent to which the manager pays attention to the change of relative performance related to the reference point on the optimal terminal relative performance.

Impact of Arsenic Related Defects on Electronic Performance of ZrO2/GaAs:Density Functional Theory Calculations

Arsenic can diffuse into high-κ dielectrics during OaAs-based metal oxide semiconductor transistor process, which causes the degradation of gate dielectrics. To explore the origins of the degradation, we employ nonlocal B3LYP hybrid functional to study arsenic related defects in ZrO2. Via band alignments between the OaAs and ZrO2, we are able to determine the defect formation energy in the GaAs relative to the ZrO2 band gap and assess how they will affect the device performance. Arsenic at the interstitial site serves as a source of positive fixed charge while at the oxygen or zirconium substitutional site changes its charge state within the band gap of GaAs. Moreover, it is found that arsenic related defects produce conduction band offset reduction and gap states, which will increase the gate leakage current.

Study of partial discharge characteristics in HFO-1234ze(E)/N2 mixtures

HFO-1234 ze(E)(trans-1,3,3,3-tetrafluoropropene,chemical formula:C3H2F4)is an extremely environmentally friendly SF6 alternative gas with high electrical strength.In this paper,the partial discharge(PD)characteristics of HFO-1234 ze(E)/N2 mixtures were studied using the gas insulation test platform.The PD inception voltage of insulating gas under positive and negative half cycles of power frequency was tested.Using SF6/N2 mixtures as a control group,the effects of electrode spacing,mixing ratio and pressure on the insulation performance of HFO-1234 ze(E)/N2 mixtures were explored.The test results show that the PD inception voltage of the negative half-cycle of pure HFO-1234 ze(E)under short electrode spacing can reach 0.96-1.04 times of pure SF6 under different pressures;the PD inception voltage of40%HFO-1234 ze(E)/60%N2 mixtures at 0.3 MPa is 0.67-0.89 times that of SF6/N2 mixtures under the same conditions,which has great application prospect.

Seasoned Equity Offerings and " Herd Behavior " of Earnings Management

A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings man-agement will be influenced by the earnings disclosure policies of other firms. It can lead to "herd behavior" of earningsmanagement. This paper studies the relationship between earnings manipulation and rights issue policy based on thedistribution of earnings after management. The results indicate that Chinese listed companies trend towards controllingROE in the narrow ranges just above 6% and 10% .Therefore, "herd behavior" exists in the earnings management.

Evaluating Rice Biodiversity and Yields of Upland Rice Landraces Grown in Shifting Cultivation in Bandarban,Bangladesh

Shifting cultivation,popularly known as jhum,is a dominant form of agriculture in the Chattogram Hill Tracts(CHT)of Bangladesh with upland rice being the major component of the system.The region is known for its rice biodiversity,which is under threat.This study was an attempt to explore the extent of rice biodiversity and variation in rice yields observing 81 randomly selected shifting cultivation plots from 26 dispersedly located mountainous villages in four sub-districts of Bandarban,one of three districts of the CHT.A total of 28 landraces of upland rice was grown in shifting cultivation.Highest number of landraces(16)was found in sub-district Thanchi.Three landraces most frequently observed were Gunda,Maemonsing and Sadabinni.Rice grain yield varied between 1.421 t ha-1 and 3.442 t ha-1 across landraces with the highest being recorded for Patobi.Landrace Dilon the lowest yield.Relative performance of landraces Kobrokbinni,Maemonsing,Monthon,Patobi and PD were superior to standard BRRI dhan83 and Gunda in relation to grain yield.Some of these landraces having wider adaptability may be released as varieties.

Mean field game of optimal relative investment with jump risk

In this paper,we study the n-player game and the mean field game under the constant relative risk aversion relative performance on terminal wealth,in which the interaction occurs by peer competition.In the model with n agents,the price dynamics of underlying risky assets depend on a common noise and contagious jump risk modeled by a multi-dimensional nonlinear Hawkes process.With a continuum of agents,we formulate the mean field game problem and characterize a deterministic mean field equilibrium in an analytical form under some conditions,allowing us to investigate some impacts of model parameters in the limiting model and discuss some financial implications.Moreover,based on the mean field equilibrium,we construct an approximate Nash equilibrium for the n-player game when n is sufficiently large.The explicit order of the approximation error is also derived.

Relative performance evaluation and executive compensation:Evidence from Chinese listed companies

This paper focuses on the effect of relative performance evaluation(RPE) on top managers' compensation in Chinese public firms. Overall, we find no evidence of an RPE effect or any asymmetry in firms' use of RPE. The results obtained using Albuquerque's(2009) method are similar to those obtained using traditional methods. In addition, we find that RPE is used more in non-SOEs than in SOEs. This may be due to the regulation of compensation,various forms of incentives and the multiple tasks of managers in SOEs.