The Basel II committee sets their customers. This new up directives encouraging banks to use internal scores in order to assess the risk of form of information competes with the existing ones. Small and medium-sized e...The Basel II committee sets their customers. This new up directives encouraging banks to use internal scores in order to assess the risk of form of information competes with the existing ones. Small and medium-sized enterprises （SMEs） are most concerned by these new stakes, due to the lack of transparency. The aim of this paper is to understand the determinants of the choice between substitution and complementarity between the two types of information： ＂soft＂ and ＂hard＂, to test a potential effect of this choice on the banking performance and to describe which variables are involved in the decision-making process. The originality of this work is to try to quantify the information costs and to use it as a variable which is affecting the adopted choice.展开更多
A sphere-based list forwarding scheme for multiple-input multiple-output(MIMO) relay networks is proposed and analyzed. Firstly, an estimate forwarding(EF) method is proposed, which forwards the minimum mean squared e...A sphere-based list forwarding scheme for multiple-input multiple-output(MIMO) relay networks is proposed and analyzed. Firstly, an estimate forwarding(EF) method is proposed, which forwards the minimum mean squared error(MMSE) estimate of the source data to the destination. Since it performs like amplify-and-forward(AF) and decode-and-forward(DF) for the low and high signal-to-noise ratio(SNR) regions, respectively, the EF relay thus outperforms conventional AF and DF across all SNRs without the need for switching algorithms for different SNRs. Because computational complexity is however high for relays with a large number of antennas(large MIMO) and/or high order constellations, list EF for large MIMO relay networks is proposed. It computes a list sphere decoder based MMSE estimate and retains the advantages of the exact EF relay at a negligible performance loss. The proposed list EF could offer a flexible trade-off between the performance and computational complexity.展开更多
Soft decode-and-forward(DF) can combine the advantages of both amplify-and-forward and hard DF in relay channels. In this paper, we propose a low-complexity soft DF scheme based on polar codes, which features two key ...Soft decode-and-forward(DF) can combine the advantages of both amplify-and-forward and hard DF in relay channels. In this paper, we propose a low-complexity soft DF scheme based on polar codes, which features two key techniques: a low-complexity cyclic redundancy check(CRC) aided list successive cancellation(CALSC) decoder and a soft information calculation method. At the relay node, a low-complexity CALSC decoder is designed to reduce the computational complexity by adjusting the list size according to the reliabilities of decoded bits. Based on the path probability metric of the CALSC decoder, we propose a method to compute the soft information of the decoded bits in CALSC. Simulation results show that our proposed scheme outperforms the soft DF based on low-density parity-check codes and the soft DF with belief propagation or soft cancellation decoder, especially in the case when the source-relay channel is at the high signal-to-ratio region.展开更多
It is well-known that turbo equalization with the max-log-map （MLM） rather than the log-map （LM） algorithm is insensitive to signal to noise ratio （SNR） mismatch. As our first contribution, an improved MLM algor...It is well-known that turbo equalization with the max-log-map （MLM） rather than the log-map （LM） algorithm is insensitive to signal to noise ratio （SNR） mismatch. As our first contribution, an improved MLM algorithm called scaled max-log-map （SMLM） algorithm is presented. Simulation results show that the SMLM scheme can dramatically outperform the MLM without sacrificing the robustness against SNR mismatch. Unfortunately, its performance is still inferior to that of the LM algorithm with exact SNR knowledge over the class of high-loss channels. As our second contribution, a switching turbo equalization scheme, which switches between the SMLM and LM schemes, is proposed to practically close the performance gap. It is based on a novel way to estimate the SNR from the reliability values of the extrinsic information of the SMLM algorithm.展开更多
We investigate the effect of Confucian culture on corporate bond pricing.Using the birthplace data of 56,759 Jinshi in the Ming and Qing dynasties to construct a proxy of Confucian culture,we find a significantly nega...We investigate the effect of Confucian culture on corporate bond pricing.Using the birthplace data of 56,759 Jinshi in the Ming and Qing dynasties to construct a proxy of Confucian culture,we find a significantly negative relation between Confucian culture and bond pricing:the stronger the Confucian atmosphere of the corporate headquarters’location,the higher the bond rating and the lower the credit spread.This conclusion still holds after using the distance to the nearest ancient printing office as an instrumental variable and a series of robustness tests.The mechanism test shows that Confucian culture can improve the pricing efficiency of corporate bonds by fostering investors’trust,alleviating principal-agent problems and restraining bad corporate behaviors.Moreover,the impact of Confucian culture on corporate bond pricing is greater for firms located in regions with weak legal and other formal institutional constraints and for unlisted companies.Our study complements the literature on culture and bond pricing,and provides policy insights from traditional Chinese wisdom for improving the efficiency of financial markets.展开更多
文摘The Basel II committee sets their customers. This new up directives encouraging banks to use internal scores in order to assess the risk of form of information competes with the existing ones. Small and medium-sized enterprises （SMEs） are most concerned by these new stakes, due to the lack of transparency. The aim of this paper is to understand the determinants of the choice between substitution and complementarity between the two types of information： ＂soft＂ and ＂hard＂, to test a potential effect of this choice on the banking performance and to describe which variables are involved in the decision-making process. The originality of this work is to try to quantify the information costs and to use it as a variable which is affecting the adopted choice.
基金supported in part by the National Natural Science Foundation of China 61501461, 61471269, 71232006, and61533019the Early Career Development Award of SKLMCCS (Y3S9021F34)
文摘A sphere-based list forwarding scheme for multiple-input multiple-output(MIMO) relay networks is proposed and analyzed. Firstly, an estimate forwarding(EF) method is proposed, which forwards the minimum mean squared error(MMSE) estimate of the source data to the destination. Since it performs like amplify-and-forward(AF) and decode-and-forward(DF) for the low and high signal-to-noise ratio(SNR) regions, respectively, the EF relay thus outperforms conventional AF and DF across all SNRs without the need for switching algorithms for different SNRs. Because computational complexity is however high for relays with a large number of antennas(large MIMO) and/or high order constellations, list EF for large MIMO relay networks is proposed. It computes a list sphere decoder based MMSE estimate and retains the advantages of the exact EF relay at a negligible performance loss. The proposed list EF could offer a flexible trade-off between the performance and computational complexity.
基金supported by the National Natural Science Foundation of China(No.61171099,No.61671080),Nokia Beijing Bell lab
文摘Soft decode-and-forward(DF) can combine the advantages of both amplify-and-forward and hard DF in relay channels. In this paper, we propose a low-complexity soft DF scheme based on polar codes, which features two key techniques: a low-complexity cyclic redundancy check(CRC) aided list successive cancellation(CALSC) decoder and a soft information calculation method. At the relay node, a low-complexity CALSC decoder is designed to reduce the computational complexity by adjusting the list size according to the reliabilities of decoded bits. Based on the path probability metric of the CALSC decoder, we propose a method to compute the soft information of the decoded bits in CALSC. Simulation results show that our proposed scheme outperforms the soft DF based on low-density parity-check codes and the soft DF with belief propagation or soft cancellation decoder, especially in the case when the source-relay channel is at the high signal-to-ratio region.
基金This work was supported by the National Nature Science Foundation of China under Grant No.60496313, 60502010, and 60602008.
文摘It is well-known that turbo equalization with the max-log-map （MLM） rather than the log-map （LM） algorithm is insensitive to signal to noise ratio （SNR） mismatch. As our first contribution, an improved MLM algorithm called scaled max-log-map （SMLM） algorithm is presented. Simulation results show that the SMLM scheme can dramatically outperform the MLM without sacrificing the robustness against SNR mismatch. Unfortunately, its performance is still inferior to that of the LM algorithm with exact SNR knowledge over the class of high-loss channels. As our second contribution, a switching turbo equalization scheme, which switches between the SMLM and LM schemes, is proposed to practically close the performance gap. It is based on a novel way to estimate the SNR from the reliability values of the extrinsic information of the SMLM algorithm.
基金the financial support of Guangdong Basic and Applied Basic Research Foundation,China(No.2020A1515110452)Guangdong University of Finance&Economics Cultivation Project,China(No.2022ZNCK05)+1 种基金Post-funded Project of the Ministry of Education’s Philosophy and Social Sciences,China(No.21JHQ064)Guangzhou Social Science Planning Project Co-construction Project,China(No.2021GZGJ43)
文摘We investigate the effect of Confucian culture on corporate bond pricing.Using the birthplace data of 56,759 Jinshi in the Ming and Qing dynasties to construct a proxy of Confucian culture,we find a significantly negative relation between Confucian culture and bond pricing:the stronger the Confucian atmosphere of the corporate headquarters’location,the higher the bond rating and the lower the credit spread.This conclusion still holds after using the distance to the nearest ancient printing office as an instrumental variable and a series of robustness tests.The mechanism test shows that Confucian culture can improve the pricing efficiency of corporate bonds by fostering investors’trust,alleviating principal-agent problems and restraining bad corporate behaviors.Moreover,the impact of Confucian culture on corporate bond pricing is greater for firms located in regions with weak legal and other formal institutional constraints and for unlisted companies.Our study complements the literature on culture and bond pricing,and provides policy insights from traditional Chinese wisdom for improving the efficiency of financial markets.
