A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establ...A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.展开更多
Taking Guangzhou as a case,this paper adopted a questionnaire survey to gather first-hand data and analyzed the characteristics and influencing factors of private car travel in Chinese cities.As the research indicated...Taking Guangzhou as a case,this paper adopted a questionnaire survey to gather first-hand data and analyzed the characteristics and influencing factors of private car travel in Chinese cities.As the research indicated,trip purposes of private car travel are mainly commute and business affairs with a more flexible trip in the urban core area.And trip intensities are concentrated in a certain extent,with trip frequency being lower in the urban core area than the peripheral area.In addition,the trip time has two significant peaks occurring in the morning and afternoon,and one trough in the midday.And trip spatial distribution is mainly within commute with both residence and employment in urban area and inward commute with residence in suburban area while employment in urban area.Both kinds of commutes direct to the urban area.The study also shows that the characteristics of private car travel are principally influenced by two aspects:travelers' attributes and urban characteristics.The main travelers' social and economic attributes influenced it include the gender,education attainment,age,driving experience and per capita monthly household income.The urban characteristics influenced it mainly cover the land use pattern,public traffic facilities and spatial attributes of residential environment.展开更多
The private hospital has increased the capacity of health service delivery in number and is going to become an important supplement for medical resources. The thesis is combined with the actual situation of Chongqing ...The private hospital has increased the capacity of health service delivery in number and is going to become an important supplement for medical resources. The thesis is combined with the actual situation of Chongqing Tongkang Orthopedic Hospital after its opening within half a year, so as to discuss the enlightenment from the position of medical institution, the performance management, the hospital culture and competitive environment at the beginning of the private hospital's foundation.展开更多
This paper's objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a c...This paper's objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a coordination of states (G20) for the implementation of affirmative action in order to support the international financial system. Our hypothesis is that resource dependence is the basis of all interactions between the public and private sectors. The fact that the public sector bails out private sector activity shows that it is beneficial to citizens through employment and taxes repaid by the company and all this contributes to social stability. Here we develop an argument in two phases. The first is to revisit the question of the relationship between the state and the market. The second part develops the hypothesis by focusing on the interdependence of resources. The theory of resource dependence often applied to international relations and inter-organizational business has allowed us to highlight the correlation between public and private sectors展开更多
The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a...The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a systematic analysis of the contextual, organizational and strategic factors that arise after a public company's privatization does not exist. This study explores the changes in strategic management that take place after a public company's privatization and proposes a theoretical global analysis model that facilitates their analysis. In order to confirm the theoretical propositions posed, the contemporary multiple case study was used as a research methodology. In particular, the changes experienced in the strategic management area in four privatized Spanish companies were investigated along the lines of a longitudinal analysis. The results of this study show that most theoretical propositions are confirmed or tend to be, according to the evidence shown by the firms in the sample. In addition, a comparative analysis of the different firms' behaviors by following the structure constructed on the basis of the three areas (strategies, objectives and organizational structure) leads to the conclusion that all these areas are relevant to the process of change in a privatized firm's strategic management.展开更多
Housing in the private sector in the metropolitan of Tehran in the past decades has been very much tied to the economical considerations, The current urban and building standards and regulations are believed to have v...Housing in the private sector in the metropolitan of Tehran in the past decades has been very much tied to the economical considerations, The current urban and building standards and regulations are believed to have very much contributed to the undermining the many social, environmental and visual potentials of the neighborhoods and to what we face today as congested apartment atmosphere where and the monotonous character of most of the neighborhoods as a result of the very same plans and regulations applied to their development namely the setbacks, land coverage ratios and floor to land area ratios with no regard to the very different characters many of these neighborhoods once had, either traditional and long-established or scenic and natural. The purpose of this paper is to briefly review the current state and trend of urban housing in Tehran and search for practical measures to improve the environment and character of urban housing in the city.展开更多
The differences of regional economic development between underdeveloped areas and developed areas are mainly embodied by different levels of private economic development. Since 20-year reform and opening-up to the out...The differences of regional economic development between underdeveloped areas and developed areas are mainly embodied by different levels of private economic development. Since 20-year reform and opening-up to the outside world, the private industry of Zigong has developed gradually, become more and more economically competitive, and played a more and more important role in the economic structure of Zigong. This paper analyzes the problems of private economy and its countermeasures based on the research on its status quo.展开更多
The year of 2011 is considered the first year of big data market in China.Compared with the global scale,China's big data growth will be faster than the global average growth rate,and China will usher in the rapid...The year of 2011 is considered the first year of big data market in China.Compared with the global scale,China's big data growth will be faster than the global average growth rate,and China will usher in the rapid expansion of big data market in the next few years.This paper presents the overall big data development in China in terms of market scale and development stages,enterprise development in the industry chain,the technology standards,and industrial applications.The paper points out the issues and challenges facing big data development in China and proposes to make polices and create support approaches for big data transactions and personal privacy protection.展开更多
One of the big problems of the urban centres of the cities in Brazil is the growth of the generation of the Civil Construction Waste (CCW). A disturbing concern for the public and private sectors is to find proper d...One of the big problems of the urban centres of the cities in Brazil is the growth of the generation of the Civil Construction Waste (CCW). A disturbing concern for the public and private sectors is to find proper disposal of Urban Solid Waste (USW) in large cities, since suitable dumping sites for this waste are increasingly scarce due to the spread and development of large urban centres. In general, recycling is currently one of the procedures most studied by researchers for disposal of such waste. In this context and aiming a new application for recycled CCW aggregates, the research characterized the physical properties of the material to use in fill compaction piles in soil improvement. The analysis shows results from laboratorial tests executed in CCW recycled samples, which came from works in different construction stages from Recife-PE, and natural aggregate, adopted as a reference. Characterization tests were performed with samples CCW recycled CLue aggregates and samples of natural fine aggregate (stone powder). The results of characterization tests showed similarities between the CCW samples tested and the reference samples, indicating that the civil construction wastes has potcntial use as material for consolidation piles in foundation works.展开更多
The public private partnership (PPP) has functioned worldwide for more than 40 years now, and in different countries, it is developing at different speeds with varying degrees of success. The purpose of this article...The public private partnership (PPP) has functioned worldwide for more than 40 years now, and in different countries, it is developing at different speeds with varying degrees of success. The purpose of this article is to emphasize some standards of the PPP, in particular, within health services area which would guarantee a successful transformation process within the medical services market in Poland, and thus an appropriate division of financial and market risks among the public sectors, including local government sector and private partners within the health services area. Certainly, proper transformation solutions within that industry would significantly contribute to the stabilization of the local government's finance sector and higher resistance to the global financial crisis.展开更多
In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority sha...In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders' rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.展开更多
In 2008, two governmental committees presented their conclusions on strengthening the role of the private building sector in building control. In 2011, three new studies were commissioned by the government to address ...In 2008, two governmental committees presented their conclusions on strengthening the role of the private building sector in building control. In 2011, three new studies were commissioned by the government to address perceived problems. One of them was an integral study, executed by ERB (Foundation Expertcentre Regulations in Building), RIGO (Research Institute for Real Estate) and TNO (Research Institute for Applied Technologies), to innovate the whole building regulations system. It led to proposals to redefine responsibility and liability for all parties. This study states that by an effort of yearly £100 million, unnecessary costs up to £l billion can be avoided and a real quality push will take place in the building and real estate markets. The goals to reach are to minimize the administrative burden for the building owner and to enforce the construction industry to build conforming to the regulations. This paper discusses the ERB study and the given proposals. The ERB study demonstrated that a quality push is needed which potential will lead to less costs for building owners. It also shows that proven solutions, part of the regulations, might be of help for all parties involved.展开更多
In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a tr...In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a transition from a planned, socialist economy to a market or mixed economy. The emergence of a significant private sector is one of the most important developments of the market-oriented reforms in China over the last quarter of a century. It is true that the transformation of public ownership into private ownership indeed gave a rise to the new private enterprises. Nevertheless, there is also an origination process of genuine private enterprises parallel to this privatization approach. In this paper, the concept of raw entrepreneurship is introduced to distinguish new, green-field private firms from the rest of the private sector that has emerged from older firms that have been converted from SOEs (state-owned enterprises) or COEs (collectively-owned enterprises). It is also a concept that stresses the highly innovative manner in which private firms have emerged in China. This paper will explore deeply the concept of raw entrepreneurship through three case studies as well as theoretical analysis based on traditional wisdom.展开更多
he private equity (PE) bubble could be about to burst. During the market boom of the past few years, most bonds for funding leveraged buyouts (LBOs) were issued at low interest rates and few covenants. Since the...he private equity (PE) bubble could be about to burst. During the market boom of the past few years, most bonds for funding leveraged buyouts (LBOs) were issued at low interest rates and few covenants. Since the collapse of the US sub-prime mortgage cri- sis, global markets have tightened considerably. I believe that the US io-year treasury bond yield will normalize back to 6% and the risk premi- um on bonds will also normalize. The interest rate on bonds for funding LBOs could increase by 4-5 percentage points from the bottom. Such an increase in funding costs would make most LBOs impossible.展开更多
Today 42% (9 000 km2) of the area of Hesse is covered with forests. The total area of forests hasslightly increased since several years. But actually the forests adjacent to the conurbations of NorthernHesse in the vi...Today 42% (9 000 km2) of the area of Hesse is covered with forests. The total area of forests hasslightly increased since several years. But actually the forests adjacent to the conurbations of NorthernHesse in the vicinity of Kassel in particular and in the Rhein-Main Region surrounding Frankfurt are in a verydifficult position. There is big demand for land to be converted into settlements, infrastructure, etc., whilethere is increasing need for the protective and recreational functions of the forests. Therefore maintenance ofexisting forests and establishment of new forests are amongst the most important responsibilities of theforest authorities on regional and district level.展开更多
文摘A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.
基金Under the auspices of National Natural Science Foundation of China (No 40571052,40301014)
文摘Taking Guangzhou as a case,this paper adopted a questionnaire survey to gather first-hand data and analyzed the characteristics and influencing factors of private car travel in Chinese cities.As the research indicated,trip purposes of private car travel are mainly commute and business affairs with a more flexible trip in the urban core area.And trip intensities are concentrated in a certain extent,with trip frequency being lower in the urban core area than the peripheral area.In addition,the trip time has two significant peaks occurring in the morning and afternoon,and one trough in the midday.And trip spatial distribution is mainly within commute with both residence and employment in urban area and inward commute with residence in suburban area while employment in urban area.Both kinds of commutes direct to the urban area.The study also shows that the characteristics of private car travel are principally influenced by two aspects:travelers' attributes and urban characteristics.The main travelers' social and economic attributes influenced it include the gender,education attainment,age,driving experience and per capita monthly household income.The urban characteristics influenced it mainly cover the land use pattern,public traffic facilities and spatial attributes of residential environment.
文摘The private hospital has increased the capacity of health service delivery in number and is going to become an important supplement for medical resources. The thesis is combined with the actual situation of Chongqing Tongkang Orthopedic Hospital after its opening within half a year, so as to discuss the enlightenment from the position of medical institution, the performance management, the hospital culture and competitive environment at the beginning of the private hospital's foundation.
文摘This paper's objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a coordination of states (G20) for the implementation of affirmative action in order to support the international financial system. Our hypothesis is that resource dependence is the basis of all interactions between the public and private sectors. The fact that the public sector bails out private sector activity shows that it is beneficial to citizens through employment and taxes repaid by the company and all this contributes to social stability. Here we develop an argument in two phases. The first is to revisit the question of the relationship between the state and the market. The second part develops the hypothesis by focusing on the interdependence of resources. The theory of resource dependence often applied to international relations and inter-organizational business has allowed us to highlight the correlation between public and private sectors
文摘The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a systematic analysis of the contextual, organizational and strategic factors that arise after a public company's privatization does not exist. This study explores the changes in strategic management that take place after a public company's privatization and proposes a theoretical global analysis model that facilitates their analysis. In order to confirm the theoretical propositions posed, the contemporary multiple case study was used as a research methodology. In particular, the changes experienced in the strategic management area in four privatized Spanish companies were investigated along the lines of a longitudinal analysis. The results of this study show that most theoretical propositions are confirmed or tend to be, according to the evidence shown by the firms in the sample. In addition, a comparative analysis of the different firms' behaviors by following the structure constructed on the basis of the three areas (strategies, objectives and organizational structure) leads to the conclusion that all these areas are relevant to the process of change in a privatized firm's strategic management.
文摘Housing in the private sector in the metropolitan of Tehran in the past decades has been very much tied to the economical considerations, The current urban and building standards and regulations are believed to have very much contributed to the undermining the many social, environmental and visual potentials of the neighborhoods and to what we face today as congested apartment atmosphere where and the monotonous character of most of the neighborhoods as a result of the very same plans and regulations applied to their development namely the setbacks, land coverage ratios and floor to land area ratios with no regard to the very different characters many of these neighborhoods once had, either traditional and long-established or scenic and natural. The purpose of this paper is to briefly review the current state and trend of urban housing in Tehran and search for practical measures to improve the environment and character of urban housing in the city.
文摘The differences of regional economic development between underdeveloped areas and developed areas are mainly embodied by different levels of private economic development. Since 20-year reform and opening-up to the outside world, the private industry of Zigong has developed gradually, become more and more economically competitive, and played a more and more important role in the economic structure of Zigong. This paper analyzes the problems of private economy and its countermeasures based on the research on its status quo.
文摘The year of 2011 is considered the first year of big data market in China.Compared with the global scale,China's big data growth will be faster than the global average growth rate,and China will usher in the rapid expansion of big data market in the next few years.This paper presents the overall big data development in China in terms of market scale and development stages,enterprise development in the industry chain,the technology standards,and industrial applications.The paper points out the issues and challenges facing big data development in China and proposes to make polices and create support approaches for big data transactions and personal privacy protection.
文摘One of the big problems of the urban centres of the cities in Brazil is the growth of the generation of the Civil Construction Waste (CCW). A disturbing concern for the public and private sectors is to find proper disposal of Urban Solid Waste (USW) in large cities, since suitable dumping sites for this waste are increasingly scarce due to the spread and development of large urban centres. In general, recycling is currently one of the procedures most studied by researchers for disposal of such waste. In this context and aiming a new application for recycled CCW aggregates, the research characterized the physical properties of the material to use in fill compaction piles in soil improvement. The analysis shows results from laboratorial tests executed in CCW recycled samples, which came from works in different construction stages from Recife-PE, and natural aggregate, adopted as a reference. Characterization tests were performed with samples CCW recycled CLue aggregates and samples of natural fine aggregate (stone powder). The results of characterization tests showed similarities between the CCW samples tested and the reference samples, indicating that the civil construction wastes has potcntial use as material for consolidation piles in foundation works.
文摘The public private partnership (PPP) has functioned worldwide for more than 40 years now, and in different countries, it is developing at different speeds with varying degrees of success. The purpose of this article is to emphasize some standards of the PPP, in particular, within health services area which would guarantee a successful transformation process within the medical services market in Poland, and thus an appropriate division of financial and market risks among the public sectors, including local government sector and private partners within the health services area. Certainly, proper transformation solutions within that industry would significantly contribute to the stabilization of the local government's finance sector and higher resistance to the global financial crisis.
文摘In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders' rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.
文摘In 2008, two governmental committees presented their conclusions on strengthening the role of the private building sector in building control. In 2011, three new studies were commissioned by the government to address perceived problems. One of them was an integral study, executed by ERB (Foundation Expertcentre Regulations in Building), RIGO (Research Institute for Real Estate) and TNO (Research Institute for Applied Technologies), to innovate the whole building regulations system. It led to proposals to redefine responsibility and liability for all parties. This study states that by an effort of yearly £100 million, unnecessary costs up to £l billion can be avoided and a real quality push will take place in the building and real estate markets. The goals to reach are to minimize the administrative burden for the building owner and to enforce the construction industry to build conforming to the regulations. This paper discusses the ERB study and the given proposals. The ERB study demonstrated that a quality push is needed which potential will lead to less costs for building owners. It also shows that proven solutions, part of the regulations, might be of help for all parties involved.
文摘In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a transition from a planned, socialist economy to a market or mixed economy. The emergence of a significant private sector is one of the most important developments of the market-oriented reforms in China over the last quarter of a century. It is true that the transformation of public ownership into private ownership indeed gave a rise to the new private enterprises. Nevertheless, there is also an origination process of genuine private enterprises parallel to this privatization approach. In this paper, the concept of raw entrepreneurship is introduced to distinguish new, green-field private firms from the rest of the private sector that has emerged from older firms that have been converted from SOEs (state-owned enterprises) or COEs (collectively-owned enterprises). It is also a concept that stresses the highly innovative manner in which private firms have emerged in China. This paper will explore deeply the concept of raw entrepreneurship through three case studies as well as theoretical analysis based on traditional wisdom.
文摘he private equity (PE) bubble could be about to burst. During the market boom of the past few years, most bonds for funding leveraged buyouts (LBOs) were issued at low interest rates and few covenants. Since the collapse of the US sub-prime mortgage cri- sis, global markets have tightened considerably. I believe that the US io-year treasury bond yield will normalize back to 6% and the risk premi- um on bonds will also normalize. The interest rate on bonds for funding LBOs could increase by 4-5 percentage points from the bottom. Such an increase in funding costs would make most LBOs impossible.
文摘Today 42% (9 000 km2) of the area of Hesse is covered with forests. The total area of forests hasslightly increased since several years. But actually the forests adjacent to the conurbations of NorthernHesse in the vicinity of Kassel in particular and in the Rhein-Main Region surrounding Frankfurt are in a verydifficult position. There is big demand for land to be converted into settlements, infrastructure, etc., whilethere is increasing need for the protective and recreational functions of the forests. Therefore maintenance ofexisting forests and establishment of new forests are amongst the most important responsibilities of theforest authorities on regional and district level.