The traditional DCF approach ignoring the managerial flexibility of the decision makers often underestimates the value of project value. This paper not only takes into account the uncertainty of investment and the irr...The traditional DCF approach ignoring the managerial flexibility of the decision makers often underestimates the value of project value. This paper not only takes into account the uncertainty of investment and the irreversibility of the sunk cost, but also takes the competitors＇ erode to the project value into it. Relax the EMH and the rationality of the investor＇s hypothesis, integrate the behavioral finance theory and the game option, and construct the valuing frame based on the behavioral finance and game option theory to make a scientific and effective project decision-making approach.展开更多
During the process of enterprises＇ strategy evaluation and selection, there are many evaluating indicators, and among them there are some potential correlations and conflicts. Thus it poses the problems to the decisi...During the process of enterprises＇ strategy evaluation and selection, there are many evaluating indicators, and among them there are some potential correlations and conflicts. Thus it poses the problems to the decision-makers how to conduct correct evaluation on a business and how to make strategy adjustment and selection according to the evaluation. Based on the qualitative and quantitative method, the paper introduces the Projection Pursuit Classification （PPC） model based on the Real-coded Accelerating Genetic Algorithm （RAGA） into the process of enterprises＇ strategy evaluation and selection. The characteristic of PPC model is that it ultimately overcomes the influence of the proportion of subjectivity and avoids precocious convergence, thus providing a new objective method for strategy evaluation and selection by pursuing the most objective strategy evaluation to make the relatively sensible strategy portfolio and action.展开更多
Japanese accounting system has been strongly influenced by the culture and foreign influences. The initial regulatory framework was based on German model. After Second World War, the accounting system moved to the Ame...Japanese accounting system has been strongly influenced by the culture and foreign influences. The initial regulatory framework was based on German model. After Second World War, the accounting system moved to the American investor orientated approach, then later the development was the results of the own needs and satisfaction with the culture influences.展开更多
This paper firstly introduces the definition and features of QFII, and then mainly analyzes the QFII＇s portfolio performance and investment yield, as welt as stock market. And at last, it refers to the impacts of QFI...This paper firstly introduces the definition and features of QFII, and then mainly analyzes the QFII＇s portfolio performance and investment yield, as welt as stock market. And at last, it refers to the impacts of QFII＇s companies and supervision systems in China security market. the investment ideas and strategies of QFII in China investment styles and strategies on investors, listed展开更多
With the trend of world economic globalization, the enterprises must be influeced by the economic globalization. At the same time, Chinese economy has developed fast and entered WTO. There are opportunities as wetl as...With the trend of world economic globalization, the enterprises must be influeced by the economic globalization. At the same time, Chinese economy has developed fast and entered WTO. There are opportunities as wetl as challenges for Chine.re enterprises; internationalization is the trend for Chinese enterprises to get more chances to develop. How Chlne.re enterprises take the multinational operatian is a hot topic for both Chinese enterprise sector and academe sector, as well as far the government saul all the Chinese people. This paper firstly reviews the multinational operation theories and thoughts of scholars from home and abroad, and describes the necessity for Chinese enterprises to take internation-alization road. Combined with the status quo and characteristics of Chinese enterprises＇ internationalization, it concludes four mades available for Chinese enterprises： low-cost expansion, mergers and acquisitions, OBM and OEM. and analyzes faur modes. Finally, it proposes same suggestions and eountermeasures from the aspects of enterprises and government according to the problems in the process of Chinese enterprises＇ internationalization.展开更多
This paper deals with the security voting structure in an auction mechanism used to sell an item Of high-tech. The design of security voting structure allows the seller to choose between two objectives that are not mu...This paper deals with the security voting structure in an auction mechanism used to sell an item Of high-tech. The design of security voting structure allows the seller to choose between two objectives that are not mutually consistent. However, if the seller wants to maximize his revenue, he should retain some shares to benefit from the future dividends generated by the acquirer. In addition, if he wants to sell his high-tech to the most efficient candidate, he should sell all the shares.展开更多
The paper aims at verifying if there still are advantages in diversification inside the Eurozone despite the economic and monetary unification process. The results show unambiguously that notwithstanding the high degr...The paper aims at verifying if there still are advantages in diversification inside the Eurozone despite the economic and monetary unification process. The results show unambiguously that notwithstanding the high degree of correlation between the Eurozone stock markets, opportunities for diversification still exist. The introduction of constraints on short selling significantly reduces these benefits. Investors from the European leading countries would have greatly benefitted from a Eurozone portfolio diversification strategy. The advantages of diversification appear to change significantly over time and from country to country. The results are also conclusive in reflecting the instability of the historical mean-variance data.展开更多
Rapid internationalization of economic activities following the Second World War has generated an unprecedented increase in international trade and capital flows. For example, only during 1963-1993, exports rose from ...Rapid internationalization of economic activities following the Second World War has generated an unprecedented increase in international trade and capital flows. For example, only during 1963-1993, exports rose from 157 billion to 3.774 billion dollars. Also the flows of foreign direct investment （FDI） have grown exponentially. Although FDI flows are concentrated on developing countries, 80% being targeted towards 10 countries, capital flows towards the Third World have quadrupled only between 1990 and 1993. This trend towards a truly international economy influences also on how companies do business. International business environment provides many opportunities, as well as threats. Romanian companies need to align to this trend. In addition to identifying new opportunities to do business in foreign markets, they have to deal with specific risks, which they did not have to face when working internally. In this context, we consider necessary to launch an investigation, whose main objective would be analyzing the manner in which Romanian companies manage risks specific to international economic affairs. As the complexity of these businesses is great, and the majority of Romanian companies, in their attempt to internationalize, use classical forms of export-import, the analysis took into account only the export activity undertaken by Romanian companies. We mention that we did not take into account the determination of the exposure to these risks of the companies concerned, but an analysis of the management of those risks. For this analysis, data were collected based on the administration of a questionnaire, and these data were used to develop an econometric model analysis. The specific methods of risk analysis of specific export transactions are then interpreted using the GLOBE model.展开更多
This paper studies the continuous prisoner's dilemma games (CPDG) on Barabasi-Albert (BA) networks.In the model,each agent on a vertex of the networks makes an investment and interacts with all of his neighboring ...This paper studies the continuous prisoner's dilemma games (CPDG) on Barabasi-Albert (BA) networks.In the model,each agent on a vertex of the networks makes an investment and interacts with all of his neighboring agents.Making an investment is costly,but which benefits its neighboring agents,where benefit and cost depend on the level of investment made.The payoff of each agent is given by the sum of payoffs it receives in its interactions with all its neighbors.Not only payoff,individual's guilty emotion in the games has also been considered.The negative guilty emotion produced in comparing with its neighbors can reduce the utility of individuals directly.We assume that the reduction amount depends on the individual's degree and a baseline level parameter.The group's cooperative level is characterized by the average investment of the population.Each player makes his investment in the next step based on a convex combination of the investment of his best neighbors in the last step,his best history strategies in the latest steps which number is controlled by a memory length parameter,and a uniformly distributed random number.Simulation results show that this degree-dependent guilt mechanism can promote the evolution of cooperation dramatically comparing with degree-independent guilt or no guilt cases.Imitation,memory,uncertainty coefficients and network structure also play determinant roles in the cooperation level of the population.All our results may shed some new light on studying the evolution of cooperation based on network reciprocity mechanisms.展开更多
This article analyzes R ＆ D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second, there are two kinds ...This article analyzes R ＆ D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second, there are two kinds of uncertainties over the future returns from the investment and over technology in R ＆ D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm （leader）, and shows that the investment threshold values are reduced by competition of two firms. Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.展开更多
The mistakes made in the decision-making pro- cess would result in more serious environmental problems than in the project process. How to re- duce or avoid the negative environmental impacts that may be created in th...The mistakes made in the decision-making pro- cess would result in more serious environmental problems than in the project process. How to re- duce or avoid the negative environmental impacts that may be created in the decision-making process, and push the decision-making towards sustainabili- ty, strategic environmental assessment (SEA) was considered one of the most effective approaches and tools. Although SEA has been in existence for over ten years, it should be noted that there are still some shortcomings involving the framework, methodology, procedure and review methods. Based upon three SEA case studies in the coastal zone of Xiamen, China, this paper systematically compares and analyzes targets, contents, method- ologies, and effects of SEA. The results showed that the higher the level of the target, the larger the effect of SEA ; and the earlier SEA is involved in the decision-making process, the more effective SEA is in influencing decision-making. The conceptual framework for environmental protection principles proposed at the beginning of the decision-making process was developed. It was proven a very effi- cacious methodology for SEA.展开更多
文摘The traditional DCF approach ignoring the managerial flexibility of the decision makers often underestimates the value of project value. This paper not only takes into account the uncertainty of investment and the irreversibility of the sunk cost, but also takes the competitors＇ erode to the project value into it. Relax the EMH and the rationality of the investor＇s hypothesis, integrate the behavioral finance theory and the game option, and construct the valuing frame based on the behavioral finance and game option theory to make a scientific and effective project decision-making approach.
文摘During the process of enterprises＇ strategy evaluation and selection, there are many evaluating indicators, and among them there are some potential correlations and conflicts. Thus it poses the problems to the decision-makers how to conduct correct evaluation on a business and how to make strategy adjustment and selection according to the evaluation. Based on the qualitative and quantitative method, the paper introduces the Projection Pursuit Classification （PPC） model based on the Real-coded Accelerating Genetic Algorithm （RAGA） into the process of enterprises＇ strategy evaluation and selection. The characteristic of PPC model is that it ultimately overcomes the influence of the proportion of subjectivity and avoids precocious convergence, thus providing a new objective method for strategy evaluation and selection by pursuing the most objective strategy evaluation to make the relatively sensible strategy portfolio and action.
文摘Japanese accounting system has been strongly influenced by the culture and foreign influences. The initial regulatory framework was based on German model. After Second World War, the accounting system moved to the American investor orientated approach, then later the development was the results of the own needs and satisfaction with the culture influences.
文摘This paper firstly introduces the definition and features of QFII, and then mainly analyzes the QFII＇s portfolio performance and investment yield, as welt as stock market. And at last, it refers to the impacts of QFII＇s companies and supervision systems in China security market. the investment ideas and strategies of QFII in China investment styles and strategies on investors, listed
文摘With the trend of world economic globalization, the enterprises must be influeced by the economic globalization. At the same time, Chinese economy has developed fast and entered WTO. There are opportunities as wetl as challenges for Chine.re enterprises; internationalization is the trend for Chinese enterprises to get more chances to develop. How Chlne.re enterprises take the multinational operatian is a hot topic for both Chinese enterprise sector and academe sector, as well as far the government saul all the Chinese people. This paper firstly reviews the multinational operation theories and thoughts of scholars from home and abroad, and describes the necessity for Chinese enterprises to take internation-alization road. Combined with the status quo and characteristics of Chinese enterprises＇ internationalization, it concludes four mades available for Chinese enterprises： low-cost expansion, mergers and acquisitions, OBM and OEM. and analyzes faur modes. Finally, it proposes same suggestions and eountermeasures from the aspects of enterprises and government according to the problems in the process of Chinese enterprises＇ internationalization.
文摘This paper deals with the security voting structure in an auction mechanism used to sell an item Of high-tech. The design of security voting structure allows the seller to choose between two objectives that are not mutually consistent. However, if the seller wants to maximize his revenue, he should retain some shares to benefit from the future dividends generated by the acquirer. In addition, if he wants to sell his high-tech to the most efficient candidate, he should sell all the shares.
文摘The paper aims at verifying if there still are advantages in diversification inside the Eurozone despite the economic and monetary unification process. The results show unambiguously that notwithstanding the high degree of correlation between the Eurozone stock markets, opportunities for diversification still exist. The introduction of constraints on short selling significantly reduces these benefits. Investors from the European leading countries would have greatly benefitted from a Eurozone portfolio diversification strategy. The advantages of diversification appear to change significantly over time and from country to country. The results are also conclusive in reflecting the instability of the historical mean-variance data.
文摘Rapid internationalization of economic activities following the Second World War has generated an unprecedented increase in international trade and capital flows. For example, only during 1963-1993, exports rose from 157 billion to 3.774 billion dollars. Also the flows of foreign direct investment （FDI） have grown exponentially. Although FDI flows are concentrated on developing countries, 80% being targeted towards 10 countries, capital flows towards the Third World have quadrupled only between 1990 and 1993. This trend towards a truly international economy influences also on how companies do business. International business environment provides many opportunities, as well as threats. Romanian companies need to align to this trend. In addition to identifying new opportunities to do business in foreign markets, they have to deal with specific risks, which they did not have to face when working internally. In this context, we consider necessary to launch an investigation, whose main objective would be analyzing the manner in which Romanian companies manage risks specific to international economic affairs. As the complexity of these businesses is great, and the majority of Romanian companies, in their attempt to internationalize, use classical forms of export-import, the analysis took into account only the export activity undertaken by Romanian companies. We mention that we did not take into account the determination of the exposure to these risks of the companies concerned, but an analysis of the management of those risks. For this analysis, data were collected based on the administration of a questionnaire, and these data were used to develop an econometric model analysis. The specific methods of risk analysis of specific export transactions are then interpreted using the GLOBE model.
基金Supported by the National Natural Science Foundation of China under Grant Nos.71071119 and 60574071supported by Hubei Province Key Laboratory of Systems Science in Metallurgical Process (Wuhan University of Science and Technology)
文摘This paper studies the continuous prisoner's dilemma games (CPDG) on Barabasi-Albert (BA) networks.In the model,each agent on a vertex of the networks makes an investment and interacts with all of his neighboring agents.Making an investment is costly,but which benefits its neighboring agents,where benefit and cost depend on the level of investment made.The payoff of each agent is given by the sum of payoffs it receives in its interactions with all its neighbors.Not only payoff,individual's guilty emotion in the games has also been considered.The negative guilty emotion produced in comparing with its neighbors can reduce the utility of individuals directly.We assume that the reduction amount depends on the individual's degree and a baseline level parameter.The group's cooperative level is characterized by the average investment of the population.Each player makes his investment in the next step based on a convex combination of the investment of his best neighbors in the last step,his best history strategies in the latest steps which number is controlled by a memory length parameter,and a uniformly distributed random number.Simulation results show that this degree-dependent guilt mechanism can promote the evolution of cooperation dramatically comparing with degree-independent guilt or no guilt cases.Imitation,memory,uncertainty coefficients and network structure also play determinant roles in the cooperation level of the population.All our results may shed some new light on studying the evolution of cooperation based on network reciprocity mechanisms.
基金This work is supported by Post Doctor Science Foundation of China(2003034479)Natural Science Foundation of China(70671047)
文摘This article analyzes R ＆ D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second, there are two kinds of uncertainties over the future returns from the investment and over technology in R ＆ D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm （leader）, and shows that the investment threshold values are reduced by competition of two firms. Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.
文摘The mistakes made in the decision-making pro- cess would result in more serious environmental problems than in the project process. How to re- duce or avoid the negative environmental impacts that may be created in the decision-making process, and push the decision-making towards sustainabili- ty, strategic environmental assessment (SEA) was considered one of the most effective approaches and tools. Although SEA has been in existence for over ten years, it should be noted that there are still some shortcomings involving the framework, methodology, procedure and review methods. Based upon three SEA case studies in the coastal zone of Xiamen, China, this paper systematically compares and analyzes targets, contents, method- ologies, and effects of SEA. The results showed that the higher the level of the target, the larger the effect of SEA ; and the earlier SEA is involved in the decision-making process, the more effective SEA is in influencing decision-making. The conceptual framework for environmental protection principles proposed at the beginning of the decision-making process was developed. It was proven a very effi- cacious methodology for SEA.
