Engineering facilities subjected to natural hazards(such as winds and earthquakes) will result in risk when any designed system(i.e.capacity) will not be able to meet the performance required(i.e.demand).Risk might be...Engineering facilities subjected to natural hazards(such as winds and earthquakes) will result in risk when any designed system(i.e.capacity) will not be able to meet the performance required(i.e.demand).Risk might be expressed either as a likelihood of damage or potential financial loss.Engineers tend to make use of the former(i.e.damage).Nevertheless,other non-technical stakeholders cannot get useful information from damage.However,if financial risk is expressed on the basis of probable monetary loss,it will be easily understood by all.Therefore,it is necessary to develop methodologies which communicate the system capacity and demand to financial risk,Incremental dynamic analysis(IDA) was applied in a performance-based earthquake engineering context to do hazard analysis,structural analysis,damage analysis and loss analysis of a reinforced concrete(RC) frame structure.And the financial implications of risk were expressed by expected annual loss(EAL).The quantitative risk analysis proposed is applicable to any engineering facilities and any natural hazards.It is shown that the results from the IDA can be used to assess the overall financial risk exposure to earthquake hazard for a given constructed facility.The computational IDA-EAL method will enable engineers to take into account the long-term financial implications in addition to the construction cost.Consequently,it will help stakeholders make decisions.展开更多
The financial crisis in late 2008 arrested economic development in the construction sector in the Middle East, with the result that investors' confidence in the sector is severely depressed. Delays constitute one of ...The financial crisis in late 2008 arrested economic development in the construction sector in the Middle East, with the result that investors' confidence in the sector is severely depressed. Delays constitute one of the highest impediments to project success. In this respect, the traditional management is no longer sufficient for construction project success. The objective of this study is to conduct a literature review to identify additional effective measures for controlling the potential delays risks in construction projects in order to maximize the opportunities for success in those projects. Thirty-six scholarly articles published between 2000 and 2011 are reviewed to identify related MDRC (measures for delays risks control). This survey reveals that 60% of the studies are related to decision-making, performance, risk management variations and poor management knowledge of stakeholders and that 20% of these studies are undertaken in the Middle East. A further 25% of the studies are related to the lack of financial risk by stakeholders, and of these 14% are in the Middle East. A knowledge gap is identified in terms of project performance, stakeholder management and risk management, which are seen as significant measures of success in controlling project delay.展开更多
In consensus building process in medicine, it is said that it is crucial for its participants to understand why each stakeholder, patient, his/her family, physician, nurse, etc., in decision-making has his/her own opi...In consensus building process in medicine, it is said that it is crucial for its participants to understand why each stakeholder, patient, his/her family, physician, nurse, etc., in decision-making has his/her own opinion. In order to understand this condition more deeply, I develop the notion of "reason of opinion" to characterize the process as "prospective consensus building." This prospective consensus building should satisfy the requirements of having "history of reason" and "list of risks." The former requirement, history of reason, can be characterized by making clear when one started to form the reason of an opinion, how one formed the reason, what kind of relationship is supposed to be between the present opinion and its reason, and what kind of result is expected to come out after a decision making. The latter requirement, the list of risks, should display what kind of outcomes are supposed to come out in each alternative of the decision making. Prospective consensus building makes it possible, firstly, for the stakeholders to understand the patient's needs more deeply. For the patient, secondly, the each stakeholder would be able to become aware of his/her own sense of value and to confirm what he/she expects from the result of his/her decision-making. For all the stakeholders, thirdly, it would make it possible to decrease the amount of risks of misunderstanding and to share their expectations for their well-being. Finally, the stakeholders can reach a satisfactory consensus and find a way to the better solution.展开更多
The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present ...The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.展开更多
Over the last decade, the private equity (PE) industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increa...Over the last decade, the private equity (PE) industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds' (PEFs) performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares (GLS) technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that: (1) Fund size and industrial specialization were observed to have an insignificant influence on the funds' returns in our panels; (2) Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and (3) Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds' returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.展开更多
In the last years, the issues regarding both sustainable development and business global responsibility have qualified the corporate governance effectiveness. Many international institutions have intervened and the co...In the last years, the issues regarding both sustainable development and business global responsibility have qualified the corporate governance effectiveness. Many international institutions have intervened and the companies, at least formally, have increased their attention to the interaction between stakeholder relationship management and economic, social, and environmental responsibility. The numerous and frequent scandals underline the discrepancy between the firms' formal statements and the substantial behaviors. Most of the companies, in the industrialized country, publish well-structured code of ethics and conduct, explicating the strategic values assigned to the global responsibility. The research considers the capability of the code of conduct to influence effectively the behaviors, in relation with the needs of transparency, sharing, coherent individual behavior, and control. In relation to the importance conferred to the sustainable development by the European Union (EU), the analysis examines listed companies with the greatest market capitalization operating in the Great Britain, Germany, and Italy, in order to verify the firms' behavioral uniformity and the effectiveness of sustainability policies. The analysis shows that the codes of ethics seem to remain only formal declarations. Conscious and rational governance not only transfers values and principles of sustainability to the firm's behaviors and its result system, but also goes beyond a mere diffusion and formalization of codes of ethics and conducts. To achieve that, it is necessary to develop productive behaviors focused on the risk control and on managing behaviors of all the organization's members, in particular in reference to the stakeholder relationship management. The codes of ethics, in fact, seem to assume a poor relevance for the corporate sustainability promotion if a correct formal structure does not occur integrated with strategies and processes which assure a constant workability. It requests especially: the ethic culture diffusion and sharing of related values and principles; definition and integration of critical success dimensions in relation to economic, environmental, and ecological responsibility; and identification of relevant ethical parameters and control of their observance.展开更多
Since children, as a rule, have more free time than adults, it is adults' responsibility to provide children with a chance to spend the time of relaxation, play, and fun in a beneficial way. Unfortunately, children'...Since children, as a rule, have more free time than adults, it is adults' responsibility to provide children with a chance to spend the time of relaxation, play, and fun in a beneficial way. Unfortunately, children's spare time is nowadays very frequently organized for the sake of brushing up children's knowledge, skills, and competences, which is accomplished by means of escalating extra-curriculum activities. When expressed by teacher and parents, these ambition-related attitudes pave the way for the disappearance of children's personal interests and motivations to perform complicated tasks which are perceived as unwanted or obscure by the affected children themselves. This form of adults' behavior may lead to the feelings of frustration, stress, demotivation, or rebellion on behalf of their children. The said emotional states, especially in relation to the lack of spontaneous play, give rise to serious psychic dysfunctions, and the instability of children's psychic balance. It may also pave the way for various forms of destructive behavior that mostly characterize children of younger school age who are about to start schooling.展开更多
Technical standard is typically characterized by network effect.The key point for a technical standard is the consumers' choice,which is based on consumers' maximum benefits.When a technical standard becomes a...Technical standard is typically characterized by network effect.The key point for a technical standard is the consumers' choice,which is based on consumers' maximum benefits.When a technical standard becomes a national standard,its interests have been integrated into the national interests.National interests are divided into economic profits and security factors.From the perspective of consumers' choice,this paper deals with the main factors which affect the result of technical standard competition- the risk and profits of intellectual property based on the assumption of bounded rationality and dynamic game theory.展开更多
The present paper studies time-consistent solutions to an investment-reinsurance problem under a mean-variance framework.The paper is distinguished from other literature by taking into account the interests of both an...The present paper studies time-consistent solutions to an investment-reinsurance problem under a mean-variance framework.The paper is distinguished from other literature by taking into account the interests of both an insurer and a reinsurer jointly.The claim process of the insurer is governed by a Brownian motion with a drift.A proportional reinsurance treaty is considered and the premium is calculated according to the expected value principle.Both the insurer and the reinsurer are assumed to invest in a risky asset,which is distinct for each other and driven by a constant elasticity of variance model.The optimal decision is formulated on a weighted sum of the insurer’s and the reinsurer’s surplus processes.Upon a verification theorem,which is established with a formal proof for a more general problem,explicit solutions are obtained for the proposed investment-reinsurance model.Moreover,numerous mathematical analysis and numerical examples are provided to demonstrate those derived results as well as the economic implications behind.展开更多
基金Project(2011CB013804) supported by the National Basic Research Program of ChinaProject(50925828) supported by the National Natural Science Funds for Distinguished Young Scholars of China
文摘Engineering facilities subjected to natural hazards(such as winds and earthquakes) will result in risk when any designed system(i.e.capacity) will not be able to meet the performance required(i.e.demand).Risk might be expressed either as a likelihood of damage or potential financial loss.Engineers tend to make use of the former(i.e.damage).Nevertheless,other non-technical stakeholders cannot get useful information from damage.However,if financial risk is expressed on the basis of probable monetary loss,it will be easily understood by all.Therefore,it is necessary to develop methodologies which communicate the system capacity and demand to financial risk,Incremental dynamic analysis(IDA) was applied in a performance-based earthquake engineering context to do hazard analysis,structural analysis,damage analysis and loss analysis of a reinforced concrete(RC) frame structure.And the financial implications of risk were expressed by expected annual loss(EAL).The quantitative risk analysis proposed is applicable to any engineering facilities and any natural hazards.It is shown that the results from the IDA can be used to assess the overall financial risk exposure to earthquake hazard for a given constructed facility.The computational IDA-EAL method will enable engineers to take into account the long-term financial implications in addition to the construction cost.Consequently,it will help stakeholders make decisions.
文摘The financial crisis in late 2008 arrested economic development in the construction sector in the Middle East, with the result that investors' confidence in the sector is severely depressed. Delays constitute one of the highest impediments to project success. In this respect, the traditional management is no longer sufficient for construction project success. The objective of this study is to conduct a literature review to identify additional effective measures for controlling the potential delays risks in construction projects in order to maximize the opportunities for success in those projects. Thirty-six scholarly articles published between 2000 and 2011 are reviewed to identify related MDRC (measures for delays risks control). This survey reveals that 60% of the studies are related to decision-making, performance, risk management variations and poor management knowledge of stakeholders and that 20% of these studies are undertaken in the Middle East. A further 25% of the studies are related to the lack of financial risk by stakeholders, and of these 14% are in the Middle East. A knowledge gap is identified in terms of project performance, stakeholder management and risk management, which are seen as significant measures of success in controlling project delay.
文摘In consensus building process in medicine, it is said that it is crucial for its participants to understand why each stakeholder, patient, his/her family, physician, nurse, etc., in decision-making has his/her own opinion. In order to understand this condition more deeply, I develop the notion of "reason of opinion" to characterize the process as "prospective consensus building." This prospective consensus building should satisfy the requirements of having "history of reason" and "list of risks." The former requirement, history of reason, can be characterized by making clear when one started to form the reason of an opinion, how one formed the reason, what kind of relationship is supposed to be between the present opinion and its reason, and what kind of result is expected to come out after a decision making. The latter requirement, the list of risks, should display what kind of outcomes are supposed to come out in each alternative of the decision making. Prospective consensus building makes it possible, firstly, for the stakeholders to understand the patient's needs more deeply. For the patient, secondly, the each stakeholder would be able to become aware of his/her own sense of value and to confirm what he/she expects from the result of his/her decision-making. For all the stakeholders, thirdly, it would make it possible to decrease the amount of risks of misunderstanding and to share their expectations for their well-being. Finally, the stakeholders can reach a satisfactory consensus and find a way to the better solution.
文摘The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.
文摘Over the last decade, the private equity (PE) industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds' (PEFs) performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares (GLS) technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that: (1) Fund size and industrial specialization were observed to have an insignificant influence on the funds' returns in our panels; (2) Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and (3) Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds' returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.
文摘In the last years, the issues regarding both sustainable development and business global responsibility have qualified the corporate governance effectiveness. Many international institutions have intervened and the companies, at least formally, have increased their attention to the interaction between stakeholder relationship management and economic, social, and environmental responsibility. The numerous and frequent scandals underline the discrepancy between the firms' formal statements and the substantial behaviors. Most of the companies, in the industrialized country, publish well-structured code of ethics and conduct, explicating the strategic values assigned to the global responsibility. The research considers the capability of the code of conduct to influence effectively the behaviors, in relation with the needs of transparency, sharing, coherent individual behavior, and control. In relation to the importance conferred to the sustainable development by the European Union (EU), the analysis examines listed companies with the greatest market capitalization operating in the Great Britain, Germany, and Italy, in order to verify the firms' behavioral uniformity and the effectiveness of sustainability policies. The analysis shows that the codes of ethics seem to remain only formal declarations. Conscious and rational governance not only transfers values and principles of sustainability to the firm's behaviors and its result system, but also goes beyond a mere diffusion and formalization of codes of ethics and conducts. To achieve that, it is necessary to develop productive behaviors focused on the risk control and on managing behaviors of all the organization's members, in particular in reference to the stakeholder relationship management. The codes of ethics, in fact, seem to assume a poor relevance for the corporate sustainability promotion if a correct formal structure does not occur integrated with strategies and processes which assure a constant workability. It requests especially: the ethic culture diffusion and sharing of related values and principles; definition and integration of critical success dimensions in relation to economic, environmental, and ecological responsibility; and identification of relevant ethical parameters and control of their observance.
文摘Since children, as a rule, have more free time than adults, it is adults' responsibility to provide children with a chance to spend the time of relaxation, play, and fun in a beneficial way. Unfortunately, children's spare time is nowadays very frequently organized for the sake of brushing up children's knowledge, skills, and competences, which is accomplished by means of escalating extra-curriculum activities. When expressed by teacher and parents, these ambition-related attitudes pave the way for the disappearance of children's personal interests and motivations to perform complicated tasks which are perceived as unwanted or obscure by the affected children themselves. This form of adults' behavior may lead to the feelings of frustration, stress, demotivation, or rebellion on behalf of their children. The said emotional states, especially in relation to the lack of spontaneous play, give rise to serious psychic dysfunctions, and the instability of children's psychic balance. It may also pave the way for various forms of destructive behavior that mostly characterize children of younger school age who are about to start schooling.
文摘Technical standard is typically characterized by network effect.The key point for a technical standard is the consumers' choice,which is based on consumers' maximum benefits.When a technical standard becomes a national standard,its interests have been integrated into the national interests.National interests are divided into economic profits and security factors.From the perspective of consumers' choice,this paper deals with the main factors which affect the result of technical standard competition- the risk and profits of intellectual property based on the assumption of bounded rationality and dynamic game theory.
基金supported by National Natural Science Foundation of China (Grant Nos. 11301376, 71201173 and 71571195)China Scholarship Council, the Natural Sciences and Engineering Research Council of Canada (NSERC)+2 种基金Society of Actuaries Centers of Actuarial Excellence Research Grant, Guangdong Natural Science Funds for Distinguished Young Scholar (Grant No. 2015A030306040)Natural Science Foundation of Guangdong Province of China (Grant No. 2014A030310195)for Ying Tung Eduction Foundation for Young Teachers in the Higher Education Institutions of China (Grant No. 151081)
文摘The present paper studies time-consistent solutions to an investment-reinsurance problem under a mean-variance framework.The paper is distinguished from other literature by taking into account the interests of both an insurer and a reinsurer jointly.The claim process of the insurer is governed by a Brownian motion with a drift.A proportional reinsurance treaty is considered and the premium is calculated according to the expected value principle.Both the insurer and the reinsurer are assumed to invest in a risky asset,which is distinct for each other and driven by a constant elasticity of variance model.The optimal decision is formulated on a weighted sum of the insurer’s and the reinsurer’s surplus processes.Upon a verification theorem,which is established with a formal proof for a more general problem,explicit solutions are obtained for the proposed investment-reinsurance model.Moreover,numerous mathematical analysis and numerical examples are provided to demonstrate those derived results as well as the economic implications behind.