In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial go...In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial goshows. By calculating the mean loss, a model to describe the relationship between booking level and flight revenue is established. Then, an equation is deduced to decide the optimal booking level. Finally, a numerical example is utilized to illustrate the proposed model and discuss the impact of refund rate on the optimal booking level and the mean loss.展开更多
Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go o...Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go out if your little son cries, but you can go to the ticket window for full refund."展开更多
This paper regards the uncredited value-added tax(VAT)refund policy promulgated in 2018 as an exogenous shock to improve the neutrality for VAT.Based on the statistics of listed companies in the non-financial sectors ...This paper regards the uncredited value-added tax(VAT)refund policy promulgated in 2018 as an exogenous shock to improve the neutrality for VAT.Based on the statistics of listed companies in the non-financial sectors from 2013 to 2020,this paper applies the difference-in-differences(DID)approach to study the impact of the uncredited VAT refund policy on corporate cash holdings.The study finds that the policy has eased the impact of non-tax-neutral impact of non-refundable tax credits and lowered the level of corporate cash holdings.Furthermore,the analysis of capital sources verified that the policy has optimized the corporate capital conditions.These findings have proved to be robust after a series of tests.At the level of cross-sectional differences,the uncredited VAT refund policy exerts both"resource effect"and"signal effect",enabling companies to reduce cash holdings in the dimensions of both tax endowment and market expectation.At the level of policy effects,the policy improved the corporate behavior of high cash holdings for the production and operation cycle,with more notable impact on enterprises with higher tax credit rating.At the level of economic consequences,the adjustment of corporate cash holdings induced by uncredited VAT refund policy has significantly improved operating performance and reduced performance volatility,with a greater impact on enterprises with high capital intensity.The research findings evaluate the uncredited VAT refund policy from the perspective of tax neutrality,laying a theoretical foundation for further optimizing the uncredited VAT refund policy and the modern fiscal,tax and financial systems.展开更多
Between 1933 and 1939 Minister Edmondo Rossoni transformed his hometown,a modest village,into a modern center of industrialized agriculture.Rossoni wanted to experiment a new economic,political,and social model within...Between 1933 and 1939 Minister Edmondo Rossoni transformed his hometown,a modest village,into a modern center of industrialized agriculture.Rossoni wanted to experiment a new economic,political,and social model within the Ferrara countryside and,at the same time,aimed to consolidate his power over the territory.The Minster asked the young and trusted engineer Carlo Frighi to give substance to his project.A provincial construction site was quickly transformed into a dynamic workshop that attracts many workers and involves designers and craftsmen from all over Italy.This has emerged from a bibliographic and archival survey that refocused the history of a town that still confronts,through its architecture,its history,and a difficult legacy.展开更多
The“Announcement on Deepening the Value-Added Tax Reform”clearly outlines the preferential policy regarding incremental retention tax rebates.With the advancement of value-added tax(VAT)reform and the improvement of...The“Announcement on Deepening the Value-Added Tax Reform”clearly outlines the preferential policy regarding incremental retention tax rebates.With the advancement of value-added tax(VAT)reform and the improvement of VAT legislation in China,VAT tax planning for construction enterprises,particularly related to retained tax credits,has become routine.This paper,focusing on the characteristics of construction enterprises,analyzes VAT retained tax credits at the end of the period,the status of tax refunds,practical issues,and related processes,and offers suggestions for policy application and risk prevention.展开更多
文摘In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial goshows. By calculating the mean loss, a model to describe the relationship between booking level and flight revenue is established. Then, an equation is deduced to decide the optimal booking level. Finally, a numerical example is utilized to illustrate the proposed model and discuss the impact of refund rate on the optimal booking level and the mean loss.
文摘Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go out if your little son cries, but you can go to the ticket window for full refund."
基金General Program of the National Natural Science Foundation of China"Bank Development,Debt Capital and Corporate Innovation-Mystery of Macro-Micro Contradictions and Its Explanation"(71772091)Tianjin Research Innovation Project for Postgraduate Students"Research into the Corporate Cash Holdings and Corporate Value amid Digital Financial Development"(2021YJSB079).The authors would like to express appreciation for the valuable suggestions from anonymous reviewers,as well as from associate professor Cheng Cheng of Hunan University and Dr.Yuchen Yang of Nankai University at the 19th Chinese Finance Annual Meeting.The authors take sole responsibility for the paper.
文摘This paper regards the uncredited value-added tax(VAT)refund policy promulgated in 2018 as an exogenous shock to improve the neutrality for VAT.Based on the statistics of listed companies in the non-financial sectors from 2013 to 2020,this paper applies the difference-in-differences(DID)approach to study the impact of the uncredited VAT refund policy on corporate cash holdings.The study finds that the policy has eased the impact of non-tax-neutral impact of non-refundable tax credits and lowered the level of corporate cash holdings.Furthermore,the analysis of capital sources verified that the policy has optimized the corporate capital conditions.These findings have proved to be robust after a series of tests.At the level of cross-sectional differences,the uncredited VAT refund policy exerts both"resource effect"and"signal effect",enabling companies to reduce cash holdings in the dimensions of both tax endowment and market expectation.At the level of policy effects,the policy improved the corporate behavior of high cash holdings for the production and operation cycle,with more notable impact on enterprises with higher tax credit rating.At the level of economic consequences,the adjustment of corporate cash holdings induced by uncredited VAT refund policy has significantly improved operating performance and reduced performance volatility,with a greater impact on enterprises with high capital intensity.The research findings evaluate the uncredited VAT refund policy from the perspective of tax neutrality,laying a theoretical foundation for further optimizing the uncredited VAT refund policy and the modern fiscal,tax and financial systems.
文摘Between 1933 and 1939 Minister Edmondo Rossoni transformed his hometown,a modest village,into a modern center of industrialized agriculture.Rossoni wanted to experiment a new economic,political,and social model within the Ferrara countryside and,at the same time,aimed to consolidate his power over the territory.The Minster asked the young and trusted engineer Carlo Frighi to give substance to his project.A provincial construction site was quickly transformed into a dynamic workshop that attracts many workers and involves designers and craftsmen from all over Italy.This has emerged from a bibliographic and archival survey that refocused the history of a town that still confronts,through its architecture,its history,and a difficult legacy.
文摘The“Announcement on Deepening the Value-Added Tax Reform”clearly outlines the preferential policy regarding incremental retention tax rebates.With the advancement of value-added tax(VAT)reform and the improvement of VAT legislation in China,VAT tax planning for construction enterprises,particularly related to retained tax credits,has become routine.This paper,focusing on the characteristics of construction enterprises,analyzes VAT retained tax credits at the end of the period,the status of tax refunds,practical issues,and related processes,and offers suggestions for policy application and risk prevention.
