This paper meant to analyze the spatial evolution of a large country in its process of integration with the world economy in general, and, to look into the possible effect of China′s accession into WTO on the future ...This paper meant to analyze the spatial evolution of a large country in its process of integration with the world economy in general, and, to look into the possible effect of China′s accession into WTO on the future development of its spatial economy in particular. Through an approach of increasing returns, external economy, product differentiation and path-dependence, with foreign trade costs incurred by different regions within the large country discriminated, a model of investment and employment flow is developed as a simulation of a large country′s process of integration with the world economy. The modeling indicates that in the process of integration, as there exist differences in foreign trade costs among different regions within the large country, either the spatial economy of the country deviates from its symmetric structure in autarky and falls into a core-periphery relationship, or the effect of industrial agglomeration is reinforced, amplified and locked in, if the agglomeration had been started. The economic gap on either the aggregate or structural basis between different regions within the large country will increase rapidly as the integration proceeds.展开更多
Depending on the source, a reader may be left with the impression that Family Businesses （FBs） typically account for between 75% and 95% of all enterprises operating in an economy. This study, using official structu...Depending on the source, a reader may be left with the impression that Family Businesses （FBs） typically account for between 75% and 95% of all enterprises operating in an economy. This study, using official structural business statistics from Ireland, suggests that in fact family businesses may account for a considerably smaller share of the business economy, something closer to 46%. This paper attempts to explain how such a discrepancy can arise. Using the Annual Services Inquiry compiled by the Central Statistics Office （CSO） as the anchor dataset, micro data are linked to the e-Commerce and ICT survey, Community Innovation Survey and VAT registrations datasets in order to determine whether labour productivity in Family Businesses （FBs） is significantly different to that of Non-Family Businesses （NFBs） and if Information and Communication Technologies （ICT） or innovation has an impact. The paper also highlights the significant impact that Foreign Direct Investment （FDI） makes to the Irish economy. This analysis is particularly relevant for a small open economy like Ireland where 31% of traded services GVA and 15% of employment is generated by multinational enterprises.展开更多
According to the statistics of cultivated land in Yantai area during the Reform and Opening-up over the past 20 years and with the detailed survey and changing data of land use during the recent live years, this paper...According to the statistics of cultivated land in Yantai area during the Reform and Opening-up over the past 20 years and with the detailed survey and changing data of land use during the recent live years, this paper reveals the basic characteristics of the resource utilization, the basic process of the changes, regional differences, and current direction of cultivated land In addition, this paper makes a preliminary research on the major driving factors and the influence mechanism for the changes in the cultivated land area. and reaches the following conclasions： （1） There was a trend of obvious fluctuant decrease in cultivated laud area during the past 20 years. The changes of cultivated land have undergone the process - slow decrease,steep decrease, slow decrease. And there were three peak periods of cultivated land loss around 1985. 1987-1996 and 1991-1993 respectively （2） The decreased cultivated land was mainly converted into land for industry and mining, residential area. and all kinds of traffic and orchards. The increase of cultivated land mainly came from exploitation and land and arrangement and reclamation of industry and mining land （3） The economic development. population growth and policy are the dominant macro-driving factors for the decrease of cultivated land area in Yantai. The obvious sudden changes during the change process of cultivated land acreage are relevant to the national macro.policies background The rapid decrease of cnltivated land area is synchronous with the overheated economic growth resulting from the direct investment in fixed assets. Spatial distribution of the decrease in cultivated land is congruous with the differences in speed and the scale of economic growth between the different regions of Yantai area. Furthermore. the decrease in cultivated land caused by population increase cannot be ignored.展开更多
Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ra...Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.展开更多
Based on the text of posing on the network forum, the authors establish a set of keyword dictionary to measure the long and short investors＇ sentiment effectively, then they investigate the mutual relations between i...Based on the text of posing on the network forum, the authors establish a set of keyword dictionary to measure the long and short investors＇ sentiment effectively, then they investigate the mutual relations between investor sentiment and the trading market through a Multivariable BEKK-GARCH model of abnormal long and short investor sentiment, returns, and abnormal trading volume. The results show that abnormal sentiment of long investor has a negative impact on the returns and a positive impact on the abnormal trading volume; while abnormal sentiment of short investor has no impact on the return and a negative impact on the abnormal trading volume. Otherwise, there is the negative volatility effect from abnormal sentiment of long investor to returns and abnormal trading volume, the positive volatility effects from abnormal sentiment of short investor to returns, and no volatility effects from abnormal sentiment of short investor to abnormal trading volume. In addition, network forum investor sentiment is a factor affecting the trading market. The analysis of forum information plays a certain role in presenting market risk and improving efficiency in making investment decision.展开更多
Decision-making of investors at the stock exchange can be based on the fundamental indicators of stocks, on the technical indicators, or can exist as a combination of these two methods. The paper gives emphasis to the...Decision-making of investors at the stock exchange can be based on the fundamental indicators of stocks, on the technical indicators, or can exist as a combination of these two methods. The paper gives emphasis to the domain of technical analysis. In the broader sense the technical analysis enables the dynamics of the expected future values of the shares estimation. This can be performed on the basis of the data on historical trends of the revenues, profits and other indicators from the balance sheet, but also on the basis of historical data on changes in the values of the shares. Companies generally belong to the different sectors that have different presumptions of development resulting from the global market trends, technology and other characteristic. Processing of historical data values of the outstanding shares of the Zagreb Stock Exchange （ZSE） is origination of this research. Investors are interested to know the estimation of future returns for the stocks as well as the size of the risk associated with the expected returns. Research task in this paper is finding the optimal portfolio at the ZSE based on the concept of dominant portfolio by Markowitz approach. The portfolio is created by solving non-linear programming problem using the common software tools. The results of obtained optimal portfolios contain relevant conclusions about the specifics of the shares as well as the characteristics of the industrial sectors but also provide a further knowledge about diverse sectors treatment at the stock exchange in a multi-year period.展开更多
In the new competitive environment of the electricity market, risk analysis is a powerful tool to guide investors under both contract uncertainties and energy prices of the spot market. Moreover, simulation of spot pr...In the new competitive environment of the electricity market, risk analysis is a powerful tool to guide investors under both contract uncertainties and energy prices of the spot market. Moreover, simulation of spot price scenarios and evaluation of energy contracts performance, are also necessary to the decision maker, and in particular to the trader to foresee opportunities and possible threats in the trading activity. In this context, computational systems that allow what-if analysis, involving simulation of spot price, contract portfolio optimization and risk evaluation are rather important. This paper proposes a decision support system not only for solving the problem of contracts portfolio optimization, by using linear programming, but also to execute risks analysis of the contracts portfolio performance, with VaR and CVaR metrics. Realistic tests have demonstrated the efficiency of this system.展开更多
The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statist...The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statistically and economically significant effect on rate of return of securities for a given time through the application of the ARDL approach to cointegration when the variables are mixed degrees of integration in cointegrated time series, i.e. I（0） and I（1）. This results in a long-run or a short-run relationship between macroeconomic force acting for a given time affecting 24 quarterly rates of return for listed companies in Information and Communication Technologies OCT） sector of Stock Exchange of Thailand （SET）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI）, Philippine Stock Exchange （PSE）, and Jakarta Composite Index （JKSE） （Indonesia）. The impulses of three ASEAN macroeconomic forces---GDPt, EXt, and INTt acting for a given time influence the earnings of selected 23 1CT returns for listed companies on both domestic investments and outsider investments in the same period. This paper has investigated how other-concerning macroeconomic force acting might interrelate with rate of return of securities in the ICT sector, debt and financial innovations, in line with some significant formalized facts. The funding of capital inflow in part of ICT securities was statistically globally significant to recognize significant achievement in ICT specific pathways to distinction as the science of accomplishment. The public sector performing as a key purchaser of ICT security solutions related to integrate the ASEAN exchange members into modern capitalization can lead to adverse effects, such as risky investment-hub interventions due to the mixing financial systems in three ASEAN regional integrations through investments.展开更多
This empirical study explores Can-Do structured products engineered by Johannesburg Securities Exchange （JSE） of South Africa around June 2006. However, as time evolved, different types of Can-Do structured products...This empirical study explores Can-Do structured products engineered by Johannesburg Securities Exchange （JSE） of South Africa around June 2006. However, as time evolved, different types of Can-Do structured products were developed. Can-Do structured product, called XFWQ, is used as an example in this empirical study. As previous empirical studies by Georgieva （2005） and Subandh （2007） have confirmed that there are embedded exotic options within structured products that generally make these products to be expensive, and in most cases less profitable compared with plain-vanilla assets, the empirical study confirmed that there is an embedded shout option with the Can-Do structured product. Furthermore, the empirical study shows that there is extra value to the structured product indicated by European long call option that does not accrue to the investors when time of expiration reaches maturity.展开更多
Investors have traditionally been viewed as economically rational individuals who make decisions based on all available information. They have been assumed to use probability functions to arrive at the most optimal de...Investors have traditionally been viewed as economically rational individuals who make decisions based on all available information. They have been assumed to use probability functions to arrive at the most optimal decision. More recent studies propose that investors are irrational and systematically overreact to good and bad information events. The concept of the rational investor has been supported by among others Efficient Market Hypothesis and Modem Portfolio Theory. Other studies opposed to the notion of rational investors have identified psychological biases that influence decision making process of an investor, and leading them to make irrational decisions. Several anomalies have been identified that deviate from rational behavior. The objective of this paper was to test for investor rationality for companies listed at the Nairobi Stock Exchange. This paper tested overreaction by investors to news and performance of companies listed at the Nairobi Stock Market as an anomaly that has been proven in other markets. The test involved forming companies into two portfolios, one of extreme good performers and the other of extreme poor performers during the base year. Performance of these portfolios was analyzed for a nine year period from the year of portfolio formation. The results are consistent with the notion of overreaction, showing that investors overreact to both good and bad news. Over the study period the loser portfolio outperformed the winner portfolio by about 35.92%. This confrere that investors are irrational and make decisions based on some biases.展开更多
Using the GARCH model to describe the risky asset's return process so thatits time-varying moments and conditional heteroskedasticity can be properly reflected,general multiperiod optimal investment and consumptio...Using the GARCH model to describe the risky asset's return process so thatits time-varying moments and conditional heteroskedasticity can be properly reflected,general multiperiod optimal investment and consumption problems with both fixed andproportional transactions costs are investigated in this paper. We model this kind ofdifficult problems as a dynamic stochastic optimization problem, which can cope withdifferent utility functions and any number of time periods. The procedure to solve theresulting complex nonlinear stochastic optimization problem is discussed in detail and abranch-decomposition algorithm is devised.展开更多
Chinese Finance Minister Lou Jiwei signs the agreement for the Asian Infrastructure Investment Bank（AIIB）in Beijing on June 29.Representatives of the 57 prospective AIIB founding countries signed the agreement at th...Chinese Finance Minister Lou Jiwei signs the agreement for the Asian Infrastructure Investment Bank（AIIB）in Beijing on June 29.Representatives of the 57 prospective AIIB founding countries signed the agreement at the ceremony.The signing wrapped up six months of negotiations and paved the way for establishing the Beijing-headquartered bank before the end of this year. The 60-article agreement specifies each member＇s share and role in the AIIB as well as the bank＇s governance structure and policy-making mechanism.展开更多
Entropy can be as a measurement of the uncertainty and mean-entropy optimization model can help investors to make decisions in the imperfect securities market. In this paper, the transaction costs will be added to the...Entropy can be as a measurement of the uncertainty and mean-entropy optimization model can help investors to make decisions in the imperfect securities market. In this paper, the transaction costs will be added to the mean-entropy model, which makes the model more rational and objective. The empirical study is done in twenty stocks of Shanghai Stock Exchange A Share to verify the model＇s feasibility and effectiveness.展开更多
As a bid to ease its mounting forex reserves, the State Administration for Foreign Exchange （SAFE） issued rules on August 20 allowing domestic Citizens to directly trade overseas securities. The state will first run...As a bid to ease its mounting forex reserves, the State Administration for Foreign Exchange （SAFE） issued rules on August 20 allowing domestic Citizens to directly trade overseas securities. The state will first run a trial in Hong Kong before opening up further markets to Chinese investors.展开更多
文摘This paper meant to analyze the spatial evolution of a large country in its process of integration with the world economy in general, and, to look into the possible effect of China′s accession into WTO on the future development of its spatial economy in particular. Through an approach of increasing returns, external economy, product differentiation and path-dependence, with foreign trade costs incurred by different regions within the large country discriminated, a model of investment and employment flow is developed as a simulation of a large country′s process of integration with the world economy. The modeling indicates that in the process of integration, as there exist differences in foreign trade costs among different regions within the large country, either the spatial economy of the country deviates from its symmetric structure in autarky and falls into a core-periphery relationship, or the effect of industrial agglomeration is reinforced, amplified and locked in, if the agglomeration had been started. The economic gap on either the aggregate or structural basis between different regions within the large country will increase rapidly as the integration proceeds.
文摘Depending on the source, a reader may be left with the impression that Family Businesses （FBs） typically account for between 75% and 95% of all enterprises operating in an economy. This study, using official structural business statistics from Ireland, suggests that in fact family businesses may account for a considerably smaller share of the business economy, something closer to 46%. This paper attempts to explain how such a discrepancy can arise. Using the Annual Services Inquiry compiled by the Central Statistics Office （CSO） as the anchor dataset, micro data are linked to the e-Commerce and ICT survey, Community Innovation Survey and VAT registrations datasets in order to determine whether labour productivity in Family Businesses （FBs） is significantly different to that of Non-Family Businesses （NFBs） and if Information and Communication Technologies （ICT） or innovation has an impact. The paper also highlights the significant impact that Foreign Direct Investment （FDI） makes to the Irish economy. This analysis is particularly relevant for a small open economy like Ireland where 31% of traded services GVA and 15% of employment is generated by multinational enterprises.
基金Supported by National Natural Science Foundation of China (40101005), Natural Science Foundation of Shandong Province (Q2002E03), and Education Department Foundation of ShandongProvince (J02L01).
文摘According to the statistics of cultivated land in Yantai area during the Reform and Opening-up over the past 20 years and with the detailed survey and changing data of land use during the recent live years, this paper reveals the basic characteristics of the resource utilization, the basic process of the changes, regional differences, and current direction of cultivated land In addition, this paper makes a preliminary research on the major driving factors and the influence mechanism for the changes in the cultivated land area. and reaches the following conclasions： （1） There was a trend of obvious fluctuant decrease in cultivated laud area during the past 20 years. The changes of cultivated land have undergone the process - slow decrease,steep decrease, slow decrease. And there were three peak periods of cultivated land loss around 1985. 1987-1996 and 1991-1993 respectively （2） The decreased cultivated land was mainly converted into land for industry and mining, residential area. and all kinds of traffic and orchards. The increase of cultivated land mainly came from exploitation and land and arrangement and reclamation of industry and mining land （3） The economic development. population growth and policy are the dominant macro-driving factors for the decrease of cultivated land area in Yantai. The obvious sudden changes during the change process of cultivated land acreage are relevant to the national macro.policies background The rapid decrease of cnltivated land area is synchronous with the overheated economic growth resulting from the direct investment in fixed assets. Spatial distribution of the decrease in cultivated land is congruous with the differences in speed and the scale of economic growth between the different regions of Yantai area. Furthermore. the decrease in cultivated land caused by population increase cannot be ignored.
文摘Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.
文摘Based on the text of posing on the network forum, the authors establish a set of keyword dictionary to measure the long and short investors＇ sentiment effectively, then they investigate the mutual relations between investor sentiment and the trading market through a Multivariable BEKK-GARCH model of abnormal long and short investor sentiment, returns, and abnormal trading volume. The results show that abnormal sentiment of long investor has a negative impact on the returns and a positive impact on the abnormal trading volume; while abnormal sentiment of short investor has no impact on the return and a negative impact on the abnormal trading volume. Otherwise, there is the negative volatility effect from abnormal sentiment of long investor to returns and abnormal trading volume, the positive volatility effects from abnormal sentiment of short investor to returns, and no volatility effects from abnormal sentiment of short investor to abnormal trading volume. In addition, network forum investor sentiment is a factor affecting the trading market. The analysis of forum information plays a certain role in presenting market risk and improving efficiency in making investment decision.
文摘Decision-making of investors at the stock exchange can be based on the fundamental indicators of stocks, on the technical indicators, or can exist as a combination of these two methods. The paper gives emphasis to the domain of technical analysis. In the broader sense the technical analysis enables the dynamics of the expected future values of the shares estimation. This can be performed on the basis of the data on historical trends of the revenues, profits and other indicators from the balance sheet, but also on the basis of historical data on changes in the values of the shares. Companies generally belong to the different sectors that have different presumptions of development resulting from the global market trends, technology and other characteristic. Processing of historical data values of the outstanding shares of the Zagreb Stock Exchange （ZSE） is origination of this research. Investors are interested to know the estimation of future returns for the stocks as well as the size of the risk associated with the expected returns. Research task in this paper is finding the optimal portfolio at the ZSE based on the concept of dominant portfolio by Markowitz approach. The portfolio is created by solving non-linear programming problem using the common software tools. The results of obtained optimal portfolios contain relevant conclusions about the specifics of the shares as well as the characteristics of the industrial sectors but also provide a further knowledge about diverse sectors treatment at the stock exchange in a multi-year period.
文摘In the new competitive environment of the electricity market, risk analysis is a powerful tool to guide investors under both contract uncertainties and energy prices of the spot market. Moreover, simulation of spot price scenarios and evaluation of energy contracts performance, are also necessary to the decision maker, and in particular to the trader to foresee opportunities and possible threats in the trading activity. In this context, computational systems that allow what-if analysis, involving simulation of spot price, contract portfolio optimization and risk evaluation are rather important. This paper proposes a decision support system not only for solving the problem of contracts portfolio optimization, by using linear programming, but also to execute risks analysis of the contracts portfolio performance, with VaR and CVaR metrics. Realistic tests have demonstrated the efficiency of this system.
文摘The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statistically and economically significant effect on rate of return of securities for a given time through the application of the ARDL approach to cointegration when the variables are mixed degrees of integration in cointegrated time series, i.e. I（0） and I（1）. This results in a long-run or a short-run relationship between macroeconomic force acting for a given time affecting 24 quarterly rates of return for listed companies in Information and Communication Technologies OCT） sector of Stock Exchange of Thailand （SET）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI）, Philippine Stock Exchange （PSE）, and Jakarta Composite Index （JKSE） （Indonesia）. The impulses of three ASEAN macroeconomic forces---GDPt, EXt, and INTt acting for a given time influence the earnings of selected 23 1CT returns for listed companies on both domestic investments and outsider investments in the same period. This paper has investigated how other-concerning macroeconomic force acting might interrelate with rate of return of securities in the ICT sector, debt and financial innovations, in line with some significant formalized facts. The funding of capital inflow in part of ICT securities was statistically globally significant to recognize significant achievement in ICT specific pathways to distinction as the science of accomplishment. The public sector performing as a key purchaser of ICT security solutions related to integrate the ASEAN exchange members into modern capitalization can lead to adverse effects, such as risky investment-hub interventions due to the mixing financial systems in three ASEAN regional integrations through investments.
文摘This empirical study explores Can-Do structured products engineered by Johannesburg Securities Exchange （JSE） of South Africa around June 2006. However, as time evolved, different types of Can-Do structured products were developed. Can-Do structured product, called XFWQ, is used as an example in this empirical study. As previous empirical studies by Georgieva （2005） and Subandh （2007） have confirmed that there are embedded exotic options within structured products that generally make these products to be expensive, and in most cases less profitable compared with plain-vanilla assets, the empirical study confirmed that there is an embedded shout option with the Can-Do structured product. Furthermore, the empirical study shows that there is extra value to the structured product indicated by European long call option that does not accrue to the investors when time of expiration reaches maturity.
文摘Investors have traditionally been viewed as economically rational individuals who make decisions based on all available information. They have been assumed to use probability functions to arrive at the most optimal decision. More recent studies propose that investors are irrational and systematically overreact to good and bad information events. The concept of the rational investor has been supported by among others Efficient Market Hypothesis and Modem Portfolio Theory. Other studies opposed to the notion of rational investors have identified psychological biases that influence decision making process of an investor, and leading them to make irrational decisions. Several anomalies have been identified that deviate from rational behavior. The objective of this paper was to test for investor rationality for companies listed at the Nairobi Stock Exchange. This paper tested overreaction by investors to news and performance of companies listed at the Nairobi Stock Market as an anomaly that has been proven in other markets. The test involved forming companies into two portfolios, one of extreme good performers and the other of extreme poor performers during the base year. Performance of these portfolios was analyzed for a nine year period from the year of portfolio formation. The results are consistent with the notion of overreaction, showing that investors overreact to both good and bad news. Over the study period the loser portfolio outperformed the winner portfolio by about 35.92%. This confrere that investors are irrational and make decisions based on some biases.
基金This research is partially supported by the Natural Science Foundation of Shaanxi Province,China(2001SL09)
文摘Using the GARCH model to describe the risky asset's return process so thatits time-varying moments and conditional heteroskedasticity can be properly reflected,general multiperiod optimal investment and consumption problems with both fixed andproportional transactions costs are investigated in this paper. We model this kind ofdifficult problems as a dynamic stochastic optimization problem, which can cope withdifferent utility functions and any number of time periods. The procedure to solve theresulting complex nonlinear stochastic optimization problem is discussed in detail and abranch-decomposition algorithm is devised.
文摘Chinese Finance Minister Lou Jiwei signs the agreement for the Asian Infrastructure Investment Bank（AIIB）in Beijing on June 29.Representatives of the 57 prospective AIIB founding countries signed the agreement at the ceremony.The signing wrapped up six months of negotiations and paved the way for establishing the Beijing-headquartered bank before the end of this year. The 60-article agreement specifies each member＇s share and role in the AIIB as well as the bank＇s governance structure and policy-making mechanism.
文摘Entropy can be as a measurement of the uncertainty and mean-entropy optimization model can help investors to make decisions in the imperfect securities market. In this paper, the transaction costs will be added to the mean-entropy model, which makes the model more rational and objective. The empirical study is done in twenty stocks of Shanghai Stock Exchange A Share to verify the model＇s feasibility and effectiveness.
文摘As a bid to ease its mounting forex reserves, the State Administration for Foreign Exchange （SAFE） issued rules on August 20 allowing domestic Citizens to directly trade overseas securities. The state will first run a trial in Hong Kong before opening up further markets to Chinese investors.
