In financial investment planning,a large number of components that interact in varying and complexways are involved.This leads to complex behavior that is difficult to understand,predict and manage.Asingle intelligent...In financial investment planning,a large number of components that interact in varying and complexways are involved.This leads to complex behavior that is difficult to understand,predict and manage.Asingle intelligent technique can not solve the complicated and elaborate investment planning problems.Itis necessary to study those problems synthetically by combining the multiple intelligent techniques.Weemployed fussy algorithms,genetic algorithms,etc.to solve complicated financial portfolio managementin this paper.We analyse and design an agent-based hybrid intelligent system by following the methodolo-gy for constructing agent-based hybrid intelligent system(MAHIS).The system starts with the financialrisk tolerance evaluation based on fussy algorithms.Asset allocation,portfolio selections,interest predic-tions,and ordered weighted averaging can be conducted by using hybrid intelligent techniques.The plan-ning agent in the system can easily access all the intelligent processing agents,including the agents of fi-nancial risk tolerance assessment,asset allocation,portfolio selection,interest prediction,and decisionaggregation.Overall system robustness is facilitated.展开更多
Financial planning may not meet all the accepted criteria of traditional professions such as divinity and law, it does, however, fit the post-modernist view of professions characterized by the role played by professio...Financial planning may not meet all the accepted criteria of traditional professions such as divinity and law, it does, however, fit the post-modernist view of professions characterized by the role played by professional associations. The hallmark of a profession is the presence of a common body of knowledge and it can be claimed that a theoretical body of knowledge for the ＂financial planning profession＂ has always existed, although it has only been in recent times that agreement has been reached on a common understanding of the theoretical basis of the financial planning profession. This common body of knowledge is the basis upon which the Financial Planning Standards Board [FPSB] is attempting to develop a global curriculum as part of the certification process for financial planners. The FPSB has developed a curriculum framework to be applied by its affiliate members to ensure consistency in global education standards. A review of Certified Financial Planner （CFP） certification in Australia, China, India and the United States exposes differences in how this is approached. The Intemational Organization for Standardization [ISO] has also emerged as another forum in which global financial planning education standards have been set. Although the FPSB＇s global financial planning education standards has a high degree of compatibility with the ISO standard, the ISO standard has largely remained as a shelf reference.展开更多
Medium-term air quality assessment,benchmarking it to recent past data can usefully complement short-term air quality index data for monitoring purposes.By using daily and monthly averaged data,medium-term air quality...Medium-term air quality assessment,benchmarking it to recent past data can usefully complement short-term air quality index data for monitoring purposes.By using daily and monthly averaged data,medium-term air quality benchmarking provides a distinctive perspective with which to monitor air quality for sustainability planning and ecosystem perspectives.By normalizing the data for individual air pollutants to a standard scale they can be more easily integrated to generate a daily combined local area benchmark(CLAB).The objectives of the study are to demonstrate that medium-term air quality benchmarking can be tailored to reflect local conditions by selecting the most relevant pollutants to incorporate in the CLAB indicator.Such a benchmark can provide an overall air quality assessment for areas of interest.A case study is presented for Dallas County(U.S.A.)applying the proposed method by benchmarking 2020 data for air pollutants to their trends established for 2015 to 2019.Six air pollutants considered are:ozone,carbon monoxide,nitrogen dioxide,sulfur dioxide,benzene and particulate matter less than 2.5 micrometres.These pollutants are assessed individually and in terms of CLAB,and their 2020 variations for Dallas County compared to daily trends established for years 2015 to 2019.Reductions in benzene and carbon monoxide during much of 2020 are clearly discernible compared to preceding years.The CLAB indicator shows clear seasonal trends for air quality for 2015 to 2019 with high pollution in winter and spring compared to other seasons that is strongly influenced by climatic variations with some anthropogenic inputs.Conducting CLAB analysis on an ongoing basis,using a relevant near-past time interval for benchmarking that covers several years,can reveal useful monthly,seasonal and annual trends in overall air quality.This type of medium-term,benchmarked air quality data analysis is well suited for ecosystem monitoring.展开更多
Coordinated investment and operations within renewable portfolio standards is one of the key technologies to meet the renewable energy target and realize the economic operations of the power system.This paper proposes...Coordinated investment and operations within renewable portfolio standards is one of the key technologies to meet the renewable energy target and realize the economic operations of the power system.This paper proposes a unified framework of coordinated planning and financial incentives.Joint investment in renewable energy and energy storage and joint optimization of energy and ancillary services are integrated into a unified framework.Various factors are taken into consideration by the social planner in the centralized electricity market,such as the sitting and sizing of renewable energy and energy storage,charge and discharge efficiency of the energy storage,transmission network constraints,reserve capacity,and financial incentives.This framework provides a tool for the social planner to determine the optimal planning scheme of renewable energy and energy storage.The conclusion derived is that the sum of market revenue and financial subsidies of renewable energy and energy storage is exactly equal to their investment cost which is obtained by the Karush-Kuhn-Tucker(KKT)condition of maximizing social welfare problems.A numerical result based on the modified IEEE-39 bus test system demonstrates the effectiveness of the unified framework.The impact of financial incentives,reserve capacity,and production costs on capital investment are studied.展开更多
The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become ...The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.展开更多
基金the Overseas Scholar Research Foundation of Heilongjiang,China(No.LC0609)
文摘In financial investment planning,a large number of components that interact in varying and complexways are involved.This leads to complex behavior that is difficult to understand,predict and manage.Asingle intelligent technique can not solve the complicated and elaborate investment planning problems.Itis necessary to study those problems synthetically by combining the multiple intelligent techniques.Weemployed fussy algorithms,genetic algorithms,etc.to solve complicated financial portfolio managementin this paper.We analyse and design an agent-based hybrid intelligent system by following the methodolo-gy for constructing agent-based hybrid intelligent system(MAHIS).The system starts with the financialrisk tolerance evaluation based on fussy algorithms.Asset allocation,portfolio selections,interest predic-tions,and ordered weighted averaging can be conducted by using hybrid intelligent techniques.The plan-ning agent in the system can easily access all the intelligent processing agents,including the agents of fi-nancial risk tolerance assessment,asset allocation,portfolio selection,interest prediction,and decisionaggregation.Overall system robustness is facilitated.
文摘Financial planning may not meet all the accepted criteria of traditional professions such as divinity and law, it does, however, fit the post-modernist view of professions characterized by the role played by professional associations. The hallmark of a profession is the presence of a common body of knowledge and it can be claimed that a theoretical body of knowledge for the ＂financial planning profession＂ has always existed, although it has only been in recent times that agreement has been reached on a common understanding of the theoretical basis of the financial planning profession. This common body of knowledge is the basis upon which the Financial Planning Standards Board [FPSB] is attempting to develop a global curriculum as part of the certification process for financial planners. The FPSB has developed a curriculum framework to be applied by its affiliate members to ensure consistency in global education standards. A review of Certified Financial Planner （CFP） certification in Australia, China, India and the United States exposes differences in how this is approached. The Intemational Organization for Standardization [ISO] has also emerged as another forum in which global financial planning education standards have been set. Although the FPSB＇s global financial planning education standards has a high degree of compatibility with the ISO standard, the ISO standard has largely remained as a shelf reference.
文摘Medium-term air quality assessment,benchmarking it to recent past data can usefully complement short-term air quality index data for monitoring purposes.By using daily and monthly averaged data,medium-term air quality benchmarking provides a distinctive perspective with which to monitor air quality for sustainability planning and ecosystem perspectives.By normalizing the data for individual air pollutants to a standard scale they can be more easily integrated to generate a daily combined local area benchmark(CLAB).The objectives of the study are to demonstrate that medium-term air quality benchmarking can be tailored to reflect local conditions by selecting the most relevant pollutants to incorporate in the CLAB indicator.Such a benchmark can provide an overall air quality assessment for areas of interest.A case study is presented for Dallas County(U.S.A.)applying the proposed method by benchmarking 2020 data for air pollutants to their trends established for 2015 to 2019.Six air pollutants considered are:ozone,carbon monoxide,nitrogen dioxide,sulfur dioxide,benzene and particulate matter less than 2.5 micrometres.These pollutants are assessed individually and in terms of CLAB,and their 2020 variations for Dallas County compared to daily trends established for years 2015 to 2019.Reductions in benzene and carbon monoxide during much of 2020 are clearly discernible compared to preceding years.The CLAB indicator shows clear seasonal trends for air quality for 2015 to 2019 with high pollution in winter and spring compared to other seasons that is strongly influenced by climatic variations with some anthropogenic inputs.Conducting CLAB analysis on an ongoing basis,using a relevant near-past time interval for benchmarking that covers several years,can reveal useful monthly,seasonal and annual trends in overall air quality.This type of medium-term,benchmarked air quality data analysis is well suited for ecosystem monitoring.
基金supported in part by the National Natural Science Foundation of China under Grant 51777126。
文摘Coordinated investment and operations within renewable portfolio standards is one of the key technologies to meet the renewable energy target and realize the economic operations of the power system.This paper proposes a unified framework of coordinated planning and financial incentives.Joint investment in renewable energy and energy storage and joint optimization of energy and ancillary services are integrated into a unified framework.Various factors are taken into consideration by the social planner in the centralized electricity market,such as the sitting and sizing of renewable energy and energy storage,charge and discharge efficiency of the energy storage,transmission network constraints,reserve capacity,and financial incentives.This framework provides a tool for the social planner to determine the optimal planning scheme of renewable energy and energy storage.The conclusion derived is that the sum of market revenue and financial subsidies of renewable energy and energy storage is exactly equal to their investment cost which is obtained by the Karush-Kuhn-Tucker(KKT)condition of maximizing social welfare problems.A numerical result based on the modified IEEE-39 bus test system demonstrates the effectiveness of the unified framework.The impact of financial incentives,reserve capacity,and production costs on capital investment are studied.
基金support from the National Social Science Fund of China(No.23AZD024)the National Natural Science Foundation of China(No.71973053).
文摘The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.
