Risk measurement of international oil and gas projects based on the Value at Risk method

International oil and gas projects feature high capital-intensity, high risks and contract diversity. Therefore, in order to help decision makers make more reasonable decisions under uncertainty, it is necessary to measure the risks of international oil and gas projects. For this purpose, this paper constructs a probabilistic model that is based on the traditional economic evaluation model, and introduces value at risk(VaR) which is a valuable risk measure tool in finance, and applies Va R to measure the risks of royalty contracts, production share contracts and service contracts of an international oil and gas project. Besides, this paper compares the influences of different risk factors on the net present value(NPV) of the project by using the simulation results. The results indicate:(1) risks have great impacts on the project's NPV, therefore, if risks are overlooked, the decision may be wrong.(2) A simulation method is applied to simulate the stochastic distribution of risk factors in the probabilistic model. Therefore, the probability is related to the project's NPV, overcoming the inherent limitation of the traditional economic evaluation method.(3) VaR is a straightforward risk measure tool, and can be applied to evaluate the risks of international oil and gas projects. It is helpful for decision making.

A Class of a Second-Order Two-Point Boundary Value Problem on a Measure Chain

A class of second-order two-point boundary value problem on a measure chain was considered. Under some suitable conditions, by using the Leggett-Williams fixed point theorem in an appropriate cone, the existence of at least three positive solutions to this nonlinear problem was obtained.

The Construction of a Class of Measure-valued Processes of Stochastic Flows

In this article, we give a description of measure-valued processes with interactive stochastic flows. It is a unified construction for superprocesses with dependent spatial motion constructed by Dawson, LI, Wang and superprocesses of stochastic flows constructed by Ma and Xiang.

Implementation of positive-operator-value measurements for single spin qubit via Heisenberg model

This paper shows that a proposal for implementing all possible two-operator positive-operator-value measurements of single spin qubit can be obtained via introducing another spin qubit as ancilla. The realization process is accomplished from the free evolution of the Heisenberg XX model by considering nearest-neighbour spin interaction. A controlled- NOT gate, which is a significant operator for this scheme is also constructed and the generalisation to multiple-operator is considered finally.

Scheme to measure the expectation value of a physical quantity in weak coupling regime

In quantum mechanics, the expectation value of an operator can be measured by using the projective measurement, ifthe coupling between the measured system and pointer is strong enough. However in the weak coupling regime, the pointercan not show all the eigenvalue of the physical quantity directly due to the overlapping among the pointer states, whichmakes the measurement of the expectation value difficult. In this paper, we propose an expectation value measurementmethod in the weak coupling regime inspired by the weak measurement scheme. Compared to the projective measurement,our scheme has two obvious advantages. Experimentally we use the internal state and motional state of a single trapped40Ca+ to establish the measurement scheme and realize the proof of principle demonstration of the scheme.

Consensus Control With a Constant Gain for Discrete-time Binary-valued Multi-agent Systems Based on a Projected Empirical Measure Method

This paper studies the consensus control of multiagent systems with binary-valued observations.An algorithm alternating estimation and control is proposed.Each agent estimates the states of its neighbors based on a projected empirical measure method for a holding time.Based on the estimates,each agent designs the consensus control with a constant gain at some skipping time.The states of the system are updated by the designed control,and the estimation and control design will be repeated.For the estimation,the projected empirical measure method is proposed for the binary-valued observations.The algorithm can ensure the uniform boundedness of the estimates and the mean square error of the estimation is proved to be at the order of the reciprocal of the holding time(the same order as that in the case of accurate outputs).For the consensus control,a constant gain is designed instead of the stochastic approximation based gain in the existing literature for binary-valued observations.And,there is no need to make modification for control since the uniform boundedness of the estimates ensures the uniform boundedness of the agents’states.Finally,the systems updated by the designed control are proved to achieve consensus and the consensus speed is faster than that in the existing literature.Simulations are given to demonstrate the theoretical results.

Measurement of International Competitiveness of Clothing Industry under the Background of Value Chain Reconstruction

Relying on cheap labor cost advantage,China is locked in the low-end processing link of the global value chain and obtains a lower profit share.With the deepening of the international division of labor,changes in the distribution of national interests and the spread of anti-globalization in some developed countries,the global value chain is undergoing a new round of large-scale reconstruction and emerging economies are trying to penetrate and extend to the high end of the global value chain.Based on the theory of industrial upgrading and global value chain,this paper focuses on the current development of Chinese apparel industry,the mechanism,development and problems of global value chain reconstruction,analyzes the relevant elements in the apparel industry value chain reconstruction,and proposes the application of data envelopment analysis(DEA)competitiveness model in the value chain reconstruction of apparel enterprises.We use the CCR(C2R)model to simulate the improvement of production efficiency.Finally,we put forward corresponding countermeasures and suggestions for the value chain reconstruction from the perspective of improving product competitiveness.

Prognostic Value of Dynamic Tissue Perfusion Measurements in Transplanted Kidneys

Background: The dynamic tissue perfusion measurement in renal transplants has demonstrated its potential to correlate microvascular perfusion changes with histologic changes in the renal cortex [1]. It has shown in cross sectional studies that the cortical perfusion depends on the time elapsed after transplantation [2,3], but has not yet been applied as a prognostic marker. Therefore, we compared in a prospective 6-year study the initial perfusion measurements with the outcome of the graft function. Method: In 78 renal graft recipients, standardized color Doppler sonographic videos were recorded and cortical perfusion was measured in well-defined regions of interest with the PixelFlux-software. Results: In the beginning of the study, prospectively failing grafts (requiring dialysis) had a significantly lower cortical perfusion compared to grafts with preserved function (0.40 vs. 0.57 cm/s average perfusion intensity of the entire cortex). The interval between perfusion measurement and graft failure was 2.17 years (0 - 6 years). Conclusion: Thus, dynamic tissue perfusion measurement may have a role in the prospective evaluation of renal transplant function. Summary: In 78 transplant recipients, we could demonstrate the prognostic potential of the dynamic color Doppler sonographic perfusion measurement of renal transplants. Perfusion was significantly diminished in those grafts that failed later on within a 6-year period. Thus, cortical perfusion measurement might be valuable as a non-invasive prospective method which reflects the state of the cortical microvasculature.

Limits of Level 3 Fair Value Measurement： Based on Conceptual Framework

The IASB stated that in the review of the conceptual framework, if measurement uncertainty is very high, a measurement basis different from fair value may provide more appropriate information. Level 3 fair value measurements are inappropriate for areas （called ＂Level 4＂ by the author） in which models are not formulated and that have material uncertainty in measurement. The purpose of this paper is to elucidate ＂measurement uncertainty＂, which impacts ＂faithful representation＂ in fair value measurement, from the perspective of ＂verifiability＂. To do so, it will employ a conceptual examination of the limits of Level 3 fair value measurement based on IFRS 13 （Fair Value Measurement）. While taking into consideration recent discussions on reviewing conceptual framework, the author will reorganize the conceptual categories of verifiability （i.e., clarification of the ＂reasonable verifiability＂ categories） to underpin the fact that material uncertainties in measurement have obstructed constructing faithful representation. In addition, the author will discuss the problem that the dichotomy of direct and indirect found in IASB is not accurate enough to fully understand the concept of verifiability. In this context, the author will also suggest that the concept of verifiability, reorganized through ＂reasonable verifiability＂, can satisfy the requirements for constructing faithful representation.

Effect of Fair Value Measurement on Earnings Management of Chinese Real Estate Listed Companies

since the fair value has been used,it has always been paid more attention to,after the financial crisis,it has caused widespread denunciation of the academic session.In the new accounting standards issued in 2014,the attention of fair value has always been very high,which can reflect the influence of enterprises on earnings management through the measurement of fair value.By describing the application of fair value under the new criteria to pave the way for the following description.The back illustrates the impact of fair value on earnings management under the new guidelines.At the end of the paper,some policies and constructive suggestions are put forward to improve earnings management in Chinese enterprises.

A LIMIT THEOREM FOR INTERACTING MEASURE-VALUED BRANCHING PROCESSES

It is well known that Fleming-Viot superprocesses can be obtained from the Dawson-Watanabe superprocesses by conditioning the latter to have constant total mass. The same question is investigated for measure-valued branching processes with interacting intensity independent of the geographical position. It is showed that a sequence of conditioned probability laws of this kind of interacting measure-valued branching processes also approximates to the probability law of Fleming-Viot superprocesses.

A New Approach for Measuring Shareholder Value Creation

This paper introduces a new approach for measuring shareholder value creation （called adjusted economic profit （EP）） which combines the advantages of both EP and APV （adjusted present value） methods. In particular, the shareholder value creation over a period is derived as the sum of two components： the EP relating purely to the operations of the company and the EP generated each period due to the tax benefit that arises from debt financing. We consider our results to be important for analysts and decision makers involved in appraising business performance or making investment decisions and HR professionals as well.

Dominant AHP as Measuring Method of Values in Service Society

Today, service science provides the authors with a new paradigm, as well as new values, which are able to be co-createa through the supportive efforts of people, facilitated by advanced technologies. Thus, the author, believing that analyzing and interpreting the characteristics and the properties of service science is significant, proves the effectiveness and validity of Dominant AHP as a measuring method of economic and service values in this paper.

OPTIONAL AND PREDICTABLE PROJECTIONS OF SET-VALUED MEASURABLE PROCESSES

In this paper,the optional and predictable projections of set-valued measurable processes are studied.The existence and uniqueness of optional and predictable projections of set-valued measurable processes are proved under proper circumstances.

Protection Countermeasures for Guxin Famous Historical and Cultural Town

After the analysis of characteristics and value of Guxin Ancient Town, the paper had introduced residential architectures with distinctive features, ancient architectural groups of northern castle style, historical streets full of characteristics, long old locust culture, temple culture of South Hebei and colorful folk culture. There existed many problems in cultural protection of Guxin, for example, new and old residential architectures had mingled together, historical environment had suffered damage, public service facilities and infrastructures had lagged behind, and folk culture had been damaged. Based on this, it had proposed that protection of the ancient town should comply with principles of authenticity, integrity, readability and sustainability; discussed countermeasures for the protection of Guxin Ancient Town; and emphasized protection and treatment of architectures. It should conduct filing and listing protection on historical architectures, protect old streets and reconstruct infrastructure, protect non-material heritages, positively advocate public participation and improve protection consciousness, so as to protect and extend historical cultural context, and inherit abundant historical and cultural resources.

Influence of Traditional Chinese Values on Consumer Behavior:the Case of Mobile in Shanghai

This study investigates how traditional Chinese values influence Chinese consumer behavior directly and indirectly through the impact on people's lifestyles and perceived values.The empirical research is conducted in the context of the mobile phone market in Shanghai.The study establishes measurement scales of Confucian value,lifestyle,and customer perceived value for Chinese market.Relationships of multiple factors are tested in the structural equation model and their impacts on consumer behavior are elaborated.Findings indicate that Confucian values not only have a direct impact on Chinese consumer behavior but also indirectly influence this behavior through impacting people's lifestyles and perceived values.

The Multifractal Formalism for Measures, Review and Extension to Mixed Cases

The mulfifractal formalism for single measure is reviewed. Next, a mixed generalized multifractal formalism is introduced which extends the multifractal formalism of a single measure based on generalizations of the Hausdorff and packing measures to a vector of simultaneously many measures. Borel-Cantelli and Large deviations Theorems are extended to higher orders and thus applied for the validity of the new variant of the multifractal formalism for some special cases of multi-doubling type measures.

Shapley Value for Cooperative Games with Fuzzy Coalition

Fuzzy Shapley values are developed based on conventional Shapley value. This kind of fuzzy cooperative games admit the representation of rates of players＇ participation to each coalition. And they can be applicable to both supperadditive and subadditvie cooperative games while other kinds of fuzzy cooperative games can only be superadditive. An explicit form of the Shapley function on fuzzy games with λ-fuzzy measure was also proposed.

Extended validity of weak measurement

We introduce a modified weak value that is related to the mean value of input meter variable.With the help of the modified weak value,the validity conditions for various modified versions of weak value formalism are investigated,in terms of the dependence of the pointer shift on the mean value of the input meter.The weak value formalism,often used to represent the pointer shift,with the modified weak value is of great use in simplifying calculations and giving guidance of practical experiments whenever the mean value of the input meter variable is nonzero.The simulation in a qubit system is presented and coincident well with our theoretical result.