A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establ...A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.展开更多
The differences of regional economic development between underdeveloped areas and developed areas are mainly embodied by different levels of private economic development. Since 20-year reform and opening-up to the out...The differences of regional economic development between underdeveloped areas and developed areas are mainly embodied by different levels of private economic development. Since 20-year reform and opening-up to the outside world, the private industry of Zigong has developed gradually, become more and more economically competitive, and played a more and more important role in the economic structure of Zigong. This paper analyzes the problems of private economy and its countermeasures based on the research on its status quo.展开更多
Using CHIP （Chinese Household Income Project Survey） data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types （SOEs, COEs, FEs, an...Using CHIP （Chinese Household Income Project Survey） data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types （SOEs, COEs, FEs, and PEs） in 1995 and 2007. The major conclusions are as follows. First, effects of education on wage levels in SOEs and FEs become greater, while education effects decrease in SOEs and PEs under economic transition periods; firm-specific human capital becomes more important in the wage determination mechanism along with market-oriented reforms in SOEs, PEs, and FEs; age effect decreases in SOEs and COEs, but it becomes greater in PEs and FEs. Second, there exist wage structure differences between sectors by wage distributions. For example, in 2007, in SOEs, education return rates are higher for the low-wage and middle-wage groups, and the effect is the highest at the 40th percentile. However in COEs and FEs, education return rates are higher for the high-wage groups, and the effect is the highest at the 70th percentile in COEs and at the 70th percentile in FEs. Tenure effects are greater in the middle-wage groups （40th-80th） in SOEs, COEs, and FEs, and age effects are greater in the low-wage groups （5th-30th） in SOEs, FEs, and PEs.展开更多
This paper discusses the notion of commitment--a construct used in the psychology of work--and engagement, as hypothetically opposed to the concept of burnout used in the paradigm of positive psychology. The aim of th...This paper discusses the notion of commitment--a construct used in the psychology of work--and engagement, as hypothetically opposed to the concept of burnout used in the paradigm of positive psychology. The aim of this study is to analyze engagement in a group of 132 high school teachers from various schools in the private sector and identify its relationship with the commitment variable. The results of the work of this group in three dimensions are presented in this study： vigor, dedication, and absorption; the correlation data are also presented with organizational commitment in three dimensions： affective, normative and temporal （or continuity）. With these results the aim is to find predictive evidence among teachers who score significantly in the three dimensions of engagement and the three dimensions of commitment.展开更多
Demand response has been intensively studied in recent years. It can motivate customers to change their consumption patterns according to the dynamic(time-varying) electricity price, which is considered to be the most...Demand response has been intensively studied in recent years. It can motivate customers to change their consumption patterns according to the dynamic(time-varying) electricity price, which is considered to be the most cost-effective and reliable solution for smoothing the demand curve. However, many existing schemes, based on users' demand request in each period, require users to consume their requested electricity exactly, which sometimes causes inconvenience and losses to the utility, because customers cannot always be able to consume the accurate electricity demand due to various personal reasons. In this paper, we tackle this problem in a novel approach. Instead of charging after consumption, we adopt the prepayment mechanism to implement power request. Furthermore, we propose a trading market running by the control center to cope with the users' dynamic demand. It is noteworthy that both users' original demand and trading records are protected against potential adversaries including the curious control center. Through the numerical simulation, we demonstrate that our scheme is highly efficient in both computation and communication.展开更多
Water utility is considered as unique among all the natural monopolies. Overseas private sector involvement in water utility operation has been always being a sensitive topic in China. Overseas investment and engageme...Water utility is considered as unique among all the natural monopolies. Overseas private sector involvement in water utility operation has been always being a sensitive topic in China. Overseas investment and engagement has happened progressively in spite of implicit and explicit barriers within China. Reviewing past foreign investments in water supply and sanitation in China, experiences and lessons co-existed, based on the combined analysis both concerning the past practices and current new possibilities, the future cooperation on international private sector participation can be looked forward to.展开更多
The year of 2011 is considered the first year of big data market in China.Compared with the global scale,China's big data growth will be faster than the global average growth rate,and China will usher in the rapid...The year of 2011 is considered the first year of big data market in China.Compared with the global scale,China's big data growth will be faster than the global average growth rate,and China will usher in the rapid expansion of big data market in the next few years.This paper presents the overall big data development in China in terms of market scale and development stages,enterprise development in the industry chain,the technology standards,and industrial applications.The paper points out the issues and challenges facing big data development in China and proposes to make polices and create support approaches for big data transactions and personal privacy protection.展开更多
Innovative entrepreneurial process and the development of Chinese private enterprises have striking similarities： rapid rise rapidly fading, keeping play with the creation, rise, decline, and the trilogy. Chinese pri...Innovative entrepreneurial process and the development of Chinese private enterprises have striking similarities： rapid rise rapidly fading, keeping play with the creation, rise, decline, and the trilogy. Chinese private enterprises in its initial start-up phase, is always full of vigor and vitality, highly competitive and pioneering spirit, a variety of opportunities to grasp and use is always on the way. Thus achieved considerable results and performance, and with a not too long, but the fast expansion stage of development, and the rapid rise. However, after these private companies completed the primitive accumulation, while making great strides with the conditions and ability, they stopped, lost some goals and direction, showing a series of irrational behavior, even some are from decline rapidly decline.展开更多
The present paper examines accounting issues that come up when evaluating a private firm under the Greek accounting standards. More specifically, we try to provide an accounting framework for appraisers who, when they...The present paper examines accounting issues that come up when evaluating a private firm under the Greek accounting standards. More specifically, we try to provide an accounting framework for appraisers who, when they try to retrieve intrinsic values of SMEs, make use of the Free Cash Flows to the Firm （FCFF） model. We focus on adjusting the firms＇ statements＇ items in order to produce a nominator that is consistent with the FCFF theory, taking in response---among others--the Greek tax legislation and the Greek General Chart of Accounts. Finally, we produce a rather normative formula, which can be positively used upon this very model （FCFF valuation） in order to assess the value of a private firm in Greece. The formula is explained thoroughly enough via a practical example of a real Greek private firm.展开更多
One of the big problems of the urban centres of the cities in Brazil is the growth of the generation of the Civil Construction Waste （CCW）. A disturbing concern for the public and private sectors is to find proper d...One of the big problems of the urban centres of the cities in Brazil is the growth of the generation of the Civil Construction Waste （CCW）. A disturbing concern for the public and private sectors is to find proper disposal of Urban Solid Waste （USW） in large cities, since suitable dumping sites for this waste are increasingly scarce due to the spread and development of large urban centres. In general, recycling is currently one of the procedures most studied by researchers for disposal of such waste. In this context and aiming a new application for recycled CCW aggregates, the research characterized the physical properties of the material to use in fill compaction piles in soil improvement. The analysis shows results from laboratorial tests executed in CCW recycled samples, which came from works in different construction stages from Recife-PE, and natural aggregate, adopted as a reference. Characterization tests were performed with samples CCW recycled CLue aggregates and samples of natural fine aggregate （stone powder）. The results of characterization tests showed similarities between the CCW samples tested and the reference samples, indicating that the civil construction wastes has potcntial use as material for consolidation piles in foundation works.展开更多
文摘A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.
文摘The differences of regional economic development between underdeveloped areas and developed areas are mainly embodied by different levels of private economic development. Since 20-year reform and opening-up to the outside world, the private industry of Zigong has developed gradually, become more and more economically competitive, and played a more and more important role in the economic structure of Zigong. This paper analyzes the problems of private economy and its countermeasures based on the research on its status quo.
文摘Using CHIP （Chinese Household Income Project Survey） data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types （SOEs, COEs, FEs, and PEs） in 1995 and 2007. The major conclusions are as follows. First, effects of education on wage levels in SOEs and FEs become greater, while education effects decrease in SOEs and PEs under economic transition periods; firm-specific human capital becomes more important in the wage determination mechanism along with market-oriented reforms in SOEs, PEs, and FEs; age effect decreases in SOEs and COEs, but it becomes greater in PEs and FEs. Second, there exist wage structure differences between sectors by wage distributions. For example, in 2007, in SOEs, education return rates are higher for the low-wage and middle-wage groups, and the effect is the highest at the 40th percentile. However in COEs and FEs, education return rates are higher for the high-wage groups, and the effect is the highest at the 70th percentile in COEs and at the 70th percentile in FEs. Tenure effects are greater in the middle-wage groups （40th-80th） in SOEs, COEs, and FEs, and age effects are greater in the low-wage groups （5th-30th） in SOEs, FEs, and PEs.
文摘This paper discusses the notion of commitment--a construct used in the psychology of work--and engagement, as hypothetically opposed to the concept of burnout used in the paradigm of positive psychology. The aim of this study is to analyze engagement in a group of 132 high school teachers from various schools in the private sector and identify its relationship with the commitment variable. The results of the work of this group in three dimensions are presented in this study： vigor, dedication, and absorption; the correlation data are also presented with organizational commitment in three dimensions： affective, normative and temporal （or continuity）. With these results the aim is to find predictive evidence among teachers who score significantly in the three dimensions of engagement and the three dimensions of commitment.
基金supported by the National Key Research and Development Plan of China under Grant No.2016YFB0800301the Fund of Science and Technology on Communication Networks Laboratory under Grant No.KX162600024Youth Innovation Promotion Association CAS under Grant No.2016394
文摘Demand response has been intensively studied in recent years. It can motivate customers to change their consumption patterns according to the dynamic(time-varying) electricity price, which is considered to be the most cost-effective and reliable solution for smoothing the demand curve. However, many existing schemes, based on users' demand request in each period, require users to consume their requested electricity exactly, which sometimes causes inconvenience and losses to the utility, because customers cannot always be able to consume the accurate electricity demand due to various personal reasons. In this paper, we tackle this problem in a novel approach. Instead of charging after consumption, we adopt the prepayment mechanism to implement power request. Furthermore, we propose a trading market running by the control center to cope with the users' dynamic demand. It is noteworthy that both users' original demand and trading records are protected against potential adversaries including the curious control center. Through the numerical simulation, we demonstrate that our scheme is highly efficient in both computation and communication.
文摘Water utility is considered as unique among all the natural monopolies. Overseas private sector involvement in water utility operation has been always being a sensitive topic in China. Overseas investment and engagement has happened progressively in spite of implicit and explicit barriers within China. Reviewing past foreign investments in water supply and sanitation in China, experiences and lessons co-existed, based on the combined analysis both concerning the past practices and current new possibilities, the future cooperation on international private sector participation can be looked forward to.
文摘The year of 2011 is considered the first year of big data market in China.Compared with the global scale,China's big data growth will be faster than the global average growth rate,and China will usher in the rapid expansion of big data market in the next few years.This paper presents the overall big data development in China in terms of market scale and development stages,enterprise development in the industry chain,the technology standards,and industrial applications.The paper points out the issues and challenges facing big data development in China and proposes to make polices and create support approaches for big data transactions and personal privacy protection.
文摘Innovative entrepreneurial process and the development of Chinese private enterprises have striking similarities： rapid rise rapidly fading, keeping play with the creation, rise, decline, and the trilogy. Chinese private enterprises in its initial start-up phase, is always full of vigor and vitality, highly competitive and pioneering spirit, a variety of opportunities to grasp and use is always on the way. Thus achieved considerable results and performance, and with a not too long, but the fast expansion stage of development, and the rapid rise. However, after these private companies completed the primitive accumulation, while making great strides with the conditions and ability, they stopped, lost some goals and direction, showing a series of irrational behavior, even some are from decline rapidly decline.
文摘The present paper examines accounting issues that come up when evaluating a private firm under the Greek accounting standards. More specifically, we try to provide an accounting framework for appraisers who, when they try to retrieve intrinsic values of SMEs, make use of the Free Cash Flows to the Firm （FCFF） model. We focus on adjusting the firms＇ statements＇ items in order to produce a nominator that is consistent with the FCFF theory, taking in response---among others--the Greek tax legislation and the Greek General Chart of Accounts. Finally, we produce a rather normative formula, which can be positively used upon this very model （FCFF valuation） in order to assess the value of a private firm in Greece. The formula is explained thoroughly enough via a practical example of a real Greek private firm.
文摘One of the big problems of the urban centres of the cities in Brazil is the growth of the generation of the Civil Construction Waste （CCW）. A disturbing concern for the public and private sectors is to find proper disposal of Urban Solid Waste （USW） in large cities, since suitable dumping sites for this waste are increasingly scarce due to the spread and development of large urban centres. In general, recycling is currently one of the procedures most studied by researchers for disposal of such waste. In this context and aiming a new application for recycled CCW aggregates, the research characterized the physical properties of the material to use in fill compaction piles in soil improvement. The analysis shows results from laboratorial tests executed in CCW recycled samples, which came from works in different construction stages from Recife-PE, and natural aggregate, adopted as a reference. Characterization tests were performed with samples CCW recycled CLue aggregates and samples of natural fine aggregate （stone powder）. The results of characterization tests showed similarities between the CCW samples tested and the reference samples, indicating that the civil construction wastes has potcntial use as material for consolidation piles in foundation works.
