Corporate restructuring was identified as a new industrial force that has great impact on economic values and that therefore has become central in daily financial decision making. This article investigates the optimal...Corporate restructuring was identified as a new industrial force that has great impact on economic values and that therefore has become central in daily financial decision making. This article investigates the optimal restructuring strategies under different dynamic factors and their numerous impacts on firm value. The concept of quasi-leverage is introduced and valuation models are built for corporate debt and equity under imperfect market conditions. The model’s input variables include the quasi-leverage and other firm-specific parameters, the output variables include multiple corporate security values. The restruc- turing cost is formulated in the form of exponential function, which allows us to observe the sensitivity of the variation in security values. The unified model and its analytical solution developed in this research allow us to examine the continuous changes of security values by dynamically changing the coupon rates, riskless interest rate, bankruptcy cost, quasi-leverage, personal tax rate, corporate taxes rate, transaction cost, firm risk, etc., so that the solutions provide useful guidance for financing and restructuring decisions.展开更多
This paper analyzes the threat of TCG Software Stack(TSS)/TCM Service Module(TSM) deadlock in multi-user environment such as cloud and discusses its causes and mechanism.In addition,this paper puts forward a dynamic p...This paper analyzes the threat of TCG Software Stack(TSS)/TCM Service Module(TSM) deadlock in multi-user environment such as cloud and discusses its causes and mechanism.In addition,this paper puts forward a dynamic priority task scheduling strategy based on value evaluation to handle this threat.The strategy is based on the implementation features of trusted hardware and establishes a multi-level ready queue.In this strategy,an algorithm for real-time value computing is also designed,and it can adjust the production curves of the real time value by setting parameters in different environment,thus enhancing its adaptability,which is followed by scheduling and algorithm description.This paper also implements the algorithm and carries out its performance optimization.Due to the experiment result from Intel NUC,it is shown that TSS based on advanced DPTSV is able to solve the problem of deadlock with no negative influence on performance and security in multi-user environment.展开更多
This paper presents a novel design procedure for optimizing the power distribution strategy in distributed generation system. A coordinating controller, responsible to distribute the total load power request among mul...This paper presents a novel design procedure for optimizing the power distribution strategy in distributed generation system. A coordinating controller, responsible to distribute the total load power request among multiple DG units, is suggested based on the conception of hierarchical control structure in the dynamic system. The optimal control problem was formulated as a nonlinear optimization problem subject to set of constraints. The resulting problem was solved using the Kuhn-Tucker method. Computer simulation results demonstrate that the proposed method can provide better efficiency in terms of reducing total costs compared to existing methods. In addition, the proposed optimal load distribution strategy can be easily implemented in real-time thanks to the simplicity of closed-form solutions.展开更多
Delay in signalized intersections may constitute a significant part of bus journey times in urban environment. Providing priority for buses at traffic signals can be an effective measure to reduce this delay. Bus prio...Delay in signalized intersections may constitute a significant part of bus journey times in urban environment. Providing priority for buses at traffic signals can be an effective measure to reduce this delay. Bus priority in Swedish urban traffic signal systems are normally coordinated with fixed time plan selection. Within this framework local traffic actuated signal timing adjustments are applied based on detector inputs aimed to reduce the number of vehicles in the dilemma zone. Active bus priority is also achieved with the aim to display green signal at the arrival of the bus to the stop line. Due to lack of knowledge of traffic performance impacts of these techniques a major research study was undertaken funded by the Swedish Road Administration. The aim was to evaluate the following control strategies using Stockholm as case study： （1） Fixed time coordination （FTC）; （2） Fixed time coordination with local signal timing adjustment （FTC-LTA）; （3） FTC-LTA with active bus priority （PRIBUSS）; （4） Self-optimizing control （SPOT） with active bus priority. The methodologies for the study included field data collection using mobile and stationary techniques, offiine signal timing calculations with TRANSYT, microscopic simulation modeling using the HUTSIM model. The study obtained the following results： （1） Local traffic adjustment with the manual FTC reduced total delay by 1%. （2） Signal timings determined using TRANSYT reduced the average intersection delay by 9% compared to manual signal settings. （3） Local traffic adjustment reduced total delay by a further 5%. （4） Bus travel time was reduced by 11% using PRIBUSS, and 28% using SPOT. （5） Travel time for all vehicles did not increase using PRIBUSS, and was reduced by 6.5% with SPOT. Results of comparing PRIBUSS and SPOT to FTC-LTA were shown to be statistically significant.展开更多
From the insurer＇s point of view, this paper studies the optimal investment and proportional reinsurance in the Sparre Andersen model. Under the criterion of maximizing the adjustment coefficient, the authors obtain ...From the insurer＇s point of view, this paper studies the optimal investment and proportional reinsurance in the Sparre Andersen model. Under the criterion of maximizing the adjustment coefficient, the authors obtain the closed form expressions of the optimal strategy and the maximal adjustment coefficient, and derive the explicit expression of the ruin probability or its lower bound when the claim sizes are exponentially distributed. Some numerical examples are presented, which show the impact of model parameters on the optimal values. It can also be seen that the optimal strategy to maximize the adjustment coefficient is sometimes equivalent to those which minimize the ruin probability.展开更多
文摘Corporate restructuring was identified as a new industrial force that has great impact on economic values and that therefore has become central in daily financial decision making. This article investigates the optimal restructuring strategies under different dynamic factors and their numerous impacts on firm value. The concept of quasi-leverage is introduced and valuation models are built for corporate debt and equity under imperfect market conditions. The model’s input variables include the quasi-leverage and other firm-specific parameters, the output variables include multiple corporate security values. The restruc- turing cost is formulated in the form of exponential function, which allows us to observe the sensitivity of the variation in security values. The unified model and its analytical solution developed in this research allow us to examine the continuous changes of security values by dynamically changing the coupon rates, riskless interest rate, bankruptcy cost, quasi-leverage, personal tax rate, corporate taxes rate, transaction cost, firm risk, etc., so that the solutions provide useful guidance for financing and restructuring decisions.
基金supported by the State Key Program of National Natural Science Foundation of China(Grant No.91118003)the National Natural Science Foundation of China(Grant No.61173138,61272452,61332019)+1 种基金the National Basic Research Program of China("973"Program)(Grant No.2014CB340600)the National High-Tech Research and Development Program of China("863"Program)(Grant No.2015AA016002)
文摘This paper analyzes the threat of TCG Software Stack(TSS)/TCM Service Module(TSM) deadlock in multi-user environment such as cloud and discusses its causes and mechanism.In addition,this paper puts forward a dynamic priority task scheduling strategy based on value evaluation to handle this threat.The strategy is based on the implementation features of trusted hardware and establishes a multi-level ready queue.In this strategy,an algorithm for real-time value computing is also designed,and it can adjust the production curves of the real time value by setting parameters in different environment,thus enhancing its adaptability,which is followed by scheduling and algorithm description.This paper also implements the algorithm and carries out its performance optimization.Due to the experiment result from Intel NUC,it is shown that TSS based on advanced DPTSV is able to solve the problem of deadlock with no negative influence on performance and security in multi-user environment.
基金Sponsored by the Indiana 21stCentury Research and Technology Fund
文摘This paper presents a novel design procedure for optimizing the power distribution strategy in distributed generation system. A coordinating controller, responsible to distribute the total load power request among multiple DG units, is suggested based on the conception of hierarchical control structure in the dynamic system. The optimal control problem was formulated as a nonlinear optimization problem subject to set of constraints. The resulting problem was solved using the Kuhn-Tucker method. Computer simulation results demonstrate that the proposed method can provide better efficiency in terms of reducing total costs compared to existing methods. In addition, the proposed optimal load distribution strategy can be easily implemented in real-time thanks to the simplicity of closed-form solutions.
文摘Delay in signalized intersections may constitute a significant part of bus journey times in urban environment. Providing priority for buses at traffic signals can be an effective measure to reduce this delay. Bus priority in Swedish urban traffic signal systems are normally coordinated with fixed time plan selection. Within this framework local traffic actuated signal timing adjustments are applied based on detector inputs aimed to reduce the number of vehicles in the dilemma zone. Active bus priority is also achieved with the aim to display green signal at the arrival of the bus to the stop line. Due to lack of knowledge of traffic performance impacts of these techniques a major research study was undertaken funded by the Swedish Road Administration. The aim was to evaluate the following control strategies using Stockholm as case study： （1） Fixed time coordination （FTC）; （2） Fixed time coordination with local signal timing adjustment （FTC-LTA）; （3） FTC-LTA with active bus priority （PRIBUSS）; （4） Self-optimizing control （SPOT） with active bus priority. The methodologies for the study included field data collection using mobile and stationary techniques, offiine signal timing calculations with TRANSYT, microscopic simulation modeling using the HUTSIM model. The study obtained the following results： （1） Local traffic adjustment with the manual FTC reduced total delay by 1%. （2） Signal timings determined using TRANSYT reduced the average intersection delay by 9% compared to manual signal settings. （3） Local traffic adjustment reduced total delay by a further 5%. （4） Bus travel time was reduced by 11% using PRIBUSS, and 28% using SPOT. （5） Travel time for all vehicles did not increase using PRIBUSS, and was reduced by 6.5% with SPOT. Results of comparing PRIBUSS and SPOT to FTC-LTA were shown to be statistically significant.
基金supported by the National Natural Science Foundation of China under Grant No.11101215the Natural Science Foundation of the Jiangsu Higher Education Institutions of China under Grant No. 09KJB110004
文摘From the insurer＇s point of view, this paper studies the optimal investment and proportional reinsurance in the Sparre Andersen model. Under the criterion of maximizing the adjustment coefficient, the authors obtain the closed form expressions of the optimal strategy and the maximal adjustment coefficient, and derive the explicit expression of the ruin probability or its lower bound when the claim sizes are exponentially distributed. Some numerical examples are presented, which show the impact of model parameters on the optimal values. It can also be seen that the optimal strategy to maximize the adjustment coefficient is sometimes equivalent to those which minimize the ruin probability.
