In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. I...In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.展开更多
Environmental pollution and environmental reporting have increasingly drawn the attention of the countries around the world. The paper selects A-share listed companies of chemical industry in China. Using logistic mod...Environmental pollution and environmental reporting have increasingly drawn the attention of the countries around the world. The paper selects A-share listed companies of chemical industry in China. Using logistic model, we research the impact of financial performance of listed companies upon environmental reporting. The conclusion of the study shows that the total number of enterprises which disclosed environmental information (EI) has increased year by year, and EI content and volume disclosed by heavy pollution corporations have increased annually. And the more profitability the listed companies attain, the more EI they are inclined to disclose. Moreover, companies will have an ability to disclose EI so as to reduce the agency costs arising from informa-tion asymmetry. Furthermore, the development capability of com-panies is of negative correlation to environmental reporting, and the liabilities degree of listed companies is of negative correlation to environmental reporting, but it is not significant. This paper also offers policy recommendations that enhance EI transparency and regulate EI reporting of listed companies.展开更多
With the endless strengthening of the economic globalization trend, the world market gradually steps into a new turn of the market integration period. Market integration in China is always the key study field of acade...With the endless strengthening of the economic globalization trend, the world market gradually steps into a new turn of the market integration period. Market integration in China is always the key study field of academic communities, but it is developed late, whatever content system or methodology shall be greatly improved as expected. This paper aims at summarizing and reviewing the study on the content system and main demonstrations of market integration in order to provide theoretical guide and methodological basis for related studies.展开更多
This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay...This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay for the service qualities in the mixed market scenario under vertical product differentiation model. Initially, it analyzes benchmark equilibrium solutions of monopoly and duopoly to establish the degree of quality differentiation between two private banks in an uncover market configuration. Further, it estimates the quality differentiation between private and public banks, and examines the interaction between two market structures keeping public bank as both leader and follower, and then measures the social welfare from different prospectives. The explicit operation of two stages Nash equilibrium game forecasted that public banks＇ monopoly seems to be still better than a private banking, and it is socially optimal. The outcome demonstrates a significant importance of vertical quality differentiation for policy implication in banking industry and provides an insight on the reasons of particular co-existence of public and private banking services in the specified location. In this context, it is concluded that the presence of public banks in banking industries is a crucial condition for obtaining the higher range of social welfare.展开更多
This study models supply response for major agricultural crops in Nigeria which include the standard arguments and price risk. The data comes from Central Bank of Nigeria annual reports and statement of account, Natio...This study models supply response for major agricultural crops in Nigeria which include the standard arguments and price risk. The data comes from Central Bank of Nigeria annual reports and statement of account, National Bureau of Statistics＇ abstract of statistics and annual Agricultural survey manual. The data are analyzed using autoregressive distributed lag and cointegration and error correction models. The results indicate that producers are responsive not only to price but also to price risk and exchange rate.展开更多
Maritime cluster is a well-established and productively researched theme by maritime policy and economics scholars. Maritime cluster＇s evolution is an under-investigated area, with ramifications in maritime policy an...Maritime cluster is a well-established and productively researched theme by maritime policy and economics scholars. Maritime cluster＇s evolution is an under-investigated area, with ramifications in maritime policy and business decision-making. In this paper, we study the evolutionary formation of maritime clusters, in the contemporary European blue economy context. We examine pertinent factors for the sustainable development of maritime clusters, with a strong technical, service and market innovation orientation. We merely examine the significance of legislative, financial, business networking and knowledge management related components. Qualitative empirical testing of the theoretical premises is performed for the Spanish, Italian, Greek and Cypriot cluster entities.展开更多
For natural resource science, resource productivity studying is an important subject. But researches on tourism resource productivity are limited. The most significant influencing factor on tourism resource productivi...For natural resource science, resource productivity studying is an important subject. But researches on tourism resource productivity are limited. The most significant influencing factor on tourism resource productivity is the potential market scale of tourist locations, and second most important influencing factor is the resource endowment. Regional urban population is significantly correlated with region tourist numbers, being the decisive factor of region potential tour market scale. In tourism development, the dual model should be adopted: on one hand to enhance tour spot attractiveness, on the other hand to cultivate the potential market by improving urbanization level and other means. In the situation of tourism development fever spreading, the dual model for improving tourism productivity helps to avoid the "Great Leap Forward" which means that too rapid tourism construction divorces from actual market demand.展开更多
In this paper, an agent-based simulation about knowledge transition associated with social impact in market is introduced. In the simulation, the genetic algorithm is used to generate the next generation products and ...In this paper, an agent-based simulation about knowledge transition associated with social impact in market is introduced. In the simulation, the genetic algorithm is used to generate the next generation products and a dynamic social impact model is used to simulate how customers are influenced by other customers. The simulation and its results not only show some features and patterns of knowledge transition, but also explore and display some phenomena of business cultures. On the basis of the innovation model of knowledge-based economy, the transition between technical knowledge and products knowledge is discussed, and a fuzzy linear quantification model which can be used to simulate the transition is introduced.展开更多
We address the question of how the structure condition is affected when one possesses some additional information at the very beginning of the investment period.The structure condition represents essentially an altern...We address the question of how the structure condition is affected when one possesses some additional information at the very beginning of the investment period.The structure condition represents essentially an alternative to non-arbitrage conditions for the Markowitz’s portfolio optimization framework,and is crucial for the existence of the optimal portfolio in quadratic utility settings.Herein,we provide practical assumption on the initial market model and the additional information to preserve the structure condition.The stochastic tools that drive this result are a generalization of the Lazaro-Yor representation by Lazaro and Yor(1978)and optional stochastic integral.展开更多
This paper explores the investors＇ feedback to the price change by modelling the price- related dynamics of trading intensity. A component decomposition duration modeling approach, called the component autoregressive...This paper explores the investors＇ feedback to the price change by modelling the price- related dynamics of trading intensity. A component decomposition duration modeling approach, called the component autoregressive conditional duration （CACD） model, is proposed to capture the variation of trading intensity across time intervals between price change events. Based on the CACD model, an empirical analysis is carried out on the Chinese stock market that covers different market statuses. The empirical results suggest that the CACD model can capture the price-related dynamics of trading intensity, which supports the existence of the feedback effect and is robust across different market statuses. The authors also study how the investors react to the price change by examining the driven factors of the price-related dynamics of trading intensity. The authors find that the trading can be triggered by the fast rise in the price level and the high trading volume. Besides, investors are more sensitive to the price change direction in the sideways market than in the upward or downward markets.展开更多
基金Supported by National Natural Science Foundation of China under Grant Nos.60973152 and 60573172Doctoral Program Foundation of Institution of Higher Education of China under Crant No.20070141014Natural Science Foundation of Liaoning Province of China under Grant No.20082165
文摘In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.
文摘Environmental pollution and environmental reporting have increasingly drawn the attention of the countries around the world. The paper selects A-share listed companies of chemical industry in China. Using logistic model, we research the impact of financial performance of listed companies upon environmental reporting. The conclusion of the study shows that the total number of enterprises which disclosed environmental information (EI) has increased year by year, and EI content and volume disclosed by heavy pollution corporations have increased annually. And the more profitability the listed companies attain, the more EI they are inclined to disclose. Moreover, companies will have an ability to disclose EI so as to reduce the agency costs arising from informa-tion asymmetry. Furthermore, the development capability of com-panies is of negative correlation to environmental reporting, and the liabilities degree of listed companies is of negative correlation to environmental reporting, but it is not significant. This paper also offers policy recommendations that enhance EI transparency and regulate EI reporting of listed companies.
基金the periodic achievements of the study of Circulation Economy and Logistics Management of "211" project by the Ministry of Education of the State.
文摘With the endless strengthening of the economic globalization trend, the world market gradually steps into a new turn of the market integration period. Market integration in China is always the key study field of academic communities, but it is developed late, whatever content system or methodology shall be greatly improved as expected. This paper aims at summarizing and reviewing the study on the content system and main demonstrations of market integration in order to provide theoretical guide and methodological basis for related studies.
文摘This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay for the service qualities in the mixed market scenario under vertical product differentiation model. Initially, it analyzes benchmark equilibrium solutions of monopoly and duopoly to establish the degree of quality differentiation between two private banks in an uncover market configuration. Further, it estimates the quality differentiation between private and public banks, and examines the interaction between two market structures keeping public bank as both leader and follower, and then measures the social welfare from different prospectives. The explicit operation of two stages Nash equilibrium game forecasted that public banks＇ monopoly seems to be still better than a private banking, and it is socially optimal. The outcome demonstrates a significant importance of vertical quality differentiation for policy implication in banking industry and provides an insight on the reasons of particular co-existence of public and private banking services in the specified location. In this context, it is concluded that the presence of public banks in banking industries is a crucial condition for obtaining the higher range of social welfare.
文摘This study models supply response for major agricultural crops in Nigeria which include the standard arguments and price risk. The data comes from Central Bank of Nigeria annual reports and statement of account, National Bureau of Statistics＇ abstract of statistics and annual Agricultural survey manual. The data are analyzed using autoregressive distributed lag and cointegration and error correction models. The results indicate that producers are responsive not only to price but also to price risk and exchange rate.
文摘Maritime cluster is a well-established and productively researched theme by maritime policy and economics scholars. Maritime cluster＇s evolution is an under-investigated area, with ramifications in maritime policy and business decision-making. In this paper, we study the evolutionary formation of maritime clusters, in the contemporary European blue economy context. We examine pertinent factors for the sustainable development of maritime clusters, with a strong technical, service and market innovation orientation. We merely examine the significance of legislative, financial, business networking and knowledge management related components. Qualitative empirical testing of the theoretical premises is performed for the Spanish, Italian, Greek and Cypriot cluster entities.
基金Phase Achievement of the Project "National Scientific-basic Special Fund in2008:Scientific Investigation in the Middlelower Reaches of the Lancang River and in Big Shangri-La Areas(Grant No.2008FY110300)"
文摘For natural resource science, resource productivity studying is an important subject. But researches on tourism resource productivity are limited. The most significant influencing factor on tourism resource productivity is the potential market scale of tourist locations, and second most important influencing factor is the resource endowment. Regional urban population is significantly correlated with region tourist numbers, being the decisive factor of region potential tour market scale. In tourism development, the dual model should be adopted: on one hand to enhance tour spot attractiveness, on the other hand to cultivate the potential market by improving urbanization level and other means. In the situation of tourism development fever spreading, the dual model for improving tourism productivity helps to avoid the "Great Leap Forward" which means that too rapid tourism construction divorces from actual market demand.
文摘In this paper, an agent-based simulation about knowledge transition associated with social impact in market is introduced. In the simulation, the genetic algorithm is used to generate the next generation products and a dynamic social impact model is used to simulate how customers are influenced by other customers. The simulation and its results not only show some features and patterns of knowledge transition, but also explore and display some phenomena of business cultures. On the basis of the innovation model of knowledge-based economy, the transition between technical knowledge and products knowledge is discussed, and a fuzzy linear quantification model which can be used to simulate the transition is introduced.
基金supported by the Natural Sciences and Engineering Research Council of Canada (Grant No. G121210818)National Natural Science Foundation of China (Grant No. 11501105)
文摘We address the question of how the structure condition is affected when one possesses some additional information at the very beginning of the investment period.The structure condition represents essentially an alternative to non-arbitrage conditions for the Markowitz’s portfolio optimization framework,and is crucial for the existence of the optimal portfolio in quadratic utility settings.Herein,we provide practical assumption on the initial market model and the additional information to preserve the structure condition.The stochastic tools that drive this result are a generalization of the Lazaro-Yor representation by Lazaro and Yor(1978)and optional stochastic integral.
基金supported by the National Science Foundation of China under Grant Nos.71201161 and71671183
文摘This paper explores the investors＇ feedback to the price change by modelling the price- related dynamics of trading intensity. A component decomposition duration modeling approach, called the component autoregressive conditional duration （CACD） model, is proposed to capture the variation of trading intensity across time intervals between price change events. Based on the CACD model, an empirical analysis is carried out on the Chinese stock market that covers different market statuses. The empirical results suggest that the CACD model can capture the price-related dynamics of trading intensity, which supports the existence of the feedback effect and is robust across different market statuses. The authors also study how the investors react to the price change by examining the driven factors of the price-related dynamics of trading intensity. The authors find that the trading can be triggered by the fast rise in the price level and the high trading volume. Besides, investors are more sensitive to the price change direction in the sideways market than in the upward or downward markets.
