The kinetic theory is employed to analyze influence of agent competence and psychological factors on investment decision-making.We assume that the wealth held by agents in the financial market is non-negative,and agen...The kinetic theory is employed to analyze influence of agent competence and psychological factors on investment decision-making.We assume that the wealth held by agents in the financial market is non-negative,and agents set their own investment strategies.The herding behavior is considered when analyzing the impact of an agent's psychological factors on investment decision-making.A nonlinear Boltzmann model containing herding behavior,agent competence and irrational behavior is employed to investigate investment decision-making.To characterize the agent's irrational behavior,we utilize a value function which includes current and ideal-investment decisions to describe the agent's irrational behavior.Employing the asymptotic procedure,we obtain the Fokker-Planck equation from the Boltzmann equation.Numerical results and the stationary solution of the obtained Fokker-Planck equation illustrate how herding behavior,agent competence,psychological factors,and irrational behavior affect investment decision-making,i.e.,herding behavior has both advantages and disadvantages for investment decision-making,and the agent's competence to invest helps the agent to increase income and to reduce loss.展开更多
The investment decision making of Project Gang, the projects that are associated with one another on economy and technique, is studied. In order to find out the best Scheme that can make the maximum profit, a dynami...The investment decision making of Project Gang, the projects that are associated with one another on economy and technique, is studied. In order to find out the best Scheme that can make the maximum profit, a dynamic programming algorithm on the investment decision making of Project Gang is brought forward, and this algorithm can find out the best Scheme of distributing the m resources to the n Items in the time of O(m 2 n).展开更多
Investment decision is a traditional multi-attribute decision making (MADM) problem since it has many uncertainty factors and incomplete information such as investment value, cost, sales, etc. D numbers theory is a us...Investment decision is a traditional multi-attribute decision making (MADM) problem since it has many uncertainty factors and incomplete information such as investment value, cost, sales, etc. D numbers theory is a useful tool to deal with uncertainty factors and incomplete information. In this paper, interval number and D numbers theory are revealed in the uncertain factor and incomplete information of investment decision. The weights of uncertain factors are calculated using entropy weight method. Thus, a new MADM model for investment decision based on D numbers theory is proposed. Numerical example is used to illustrate the efficiency of the proposed method.展开更多
The key indication of a nation’s economic development and strength is the stock market.Inflation and economic expansion affect the volatility of the stock market.Given the multitude of factors,predicting stock prices...The key indication of a nation’s economic development and strength is the stock market.Inflation and economic expansion affect the volatility of the stock market.Given the multitude of factors,predicting stock prices is intrinsically challenging.Predicting the movement of stock price indexes is a difficult component of predicting financial time series.Accurately predicting the price movement of stocks can result in financial advantages for investors.Due to the complexity of stock market data,it is extremely challenging to create accurate forecasting models.Using machine learning and other algorithms to anticipate stock prices is an interesting area.The purpose of this article is to forecast stock market values to assist investors to make better informed and precise investing decisions.Statistics,Machine Learning(ML),Natural language processing(NLP),and sentiment analysis will be used to accomplish the study’s objectives.Using both qualitative and quantitative information,the study developed a hybrid model.The hybrid model has been handled with GANs.Based on the model’s predictions,a buy-or-sell trading strategy is offered.The conclusions of this study will assist investors in selecting the ideal choice while selling,holding,or buying shares.展开更多
Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projec...Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.展开更多
This essay analyzes the data of Chinese telecommunication market, telecommunication investments and investment benefits over the past 20 years. On the basis of these data, the essay reviews Chinese changing telecommun...This essay analyzes the data of Chinese telecommunication market, telecommunication investments and investment benefits over the past 20 years. On the basis of these data, the essay reviews Chinese changing telecommunication policies and discusses the major events in the course of China's telecommunication development. It is argued that telecommunication policies, regime backgrounds and market demand characteristics have a significant impact on investment decision mode in telecommunication industry. The evolution of network investments decision mode in China's telecommunication has corresponded to the transformation of these key factors. Considering the special events in the development of Chinese telecommunication as divisions, the essay discusses three stages of the evolution of investments decision mode in China's tel With the firm environment and problems that Chinese telecommunication operators have been facing since 2000 analyzed, it is demonstrated that Chinese telecommunication operators should change their mode of investment decision into the "profit-oriented investment decision mode" in order to achieve a high growth performance in the capital market,. This investment decision mode will result in increase of the investment profit with limited investment capital. The main procedure of profit-oriented investment decision mode is set out, which is abstracted to a mathematical model eventually.展开更多
I show that the disclosure of mutual funds’holdings significantly affects investors’investment decisions.As most mutual fund websites,advertisements,and fund-trading platforms only disclose a fund’s 10 largest hold...I show that the disclosure of mutual funds’holdings significantly affects investors’investment decisions.As most mutual fund websites,advertisements,and fund-trading platforms only disclose a fund’s 10 largest holdings(top-10),this study finds that investors disproportionately focus on these stocks.However,this bias does not lead to additional profit because relative to their peers,funds with good top-10 performance tend to generate poor long-term returns.I design a clean and innovative discontinuity test between the performance of the 10th and 11th portfolio holdings to examine such window dressing behavior.I find that relative to their peers,funds that are small,new,and highly active are more likely to window dress and incur greater costs if they suffer from severe capital outflows.My findings suggest that partial disclosure misleads investors and allows effective window dressing.展开更多
基金Project supported by the Fundamental Research Funds for the Central Universities and Southwest Minzu University(Grant No.2022SJQ002)。
文摘The kinetic theory is employed to analyze influence of agent competence and psychological factors on investment decision-making.We assume that the wealth held by agents in the financial market is non-negative,and agents set their own investment strategies.The herding behavior is considered when analyzing the impact of an agent's psychological factors on investment decision-making.A nonlinear Boltzmann model containing herding behavior,agent competence and irrational behavior is employed to investigate investment decision-making.To characterize the agent's irrational behavior,we utilize a value function which includes current and ideal-investment decisions to describe the agent's irrational behavior.Employing the asymptotic procedure,we obtain the Fokker-Planck equation from the Boltzmann equation.Numerical results and the stationary solution of the obtained Fokker-Planck equation illustrate how herding behavior,agent competence,psychological factors,and irrational behavior affect investment decision-making,i.e.,herding behavior has both advantages and disadvantages for investment decision-making,and the agent's competence to invest helps the agent to increase income and to reduce loss.
文摘The investment decision making of Project Gang, the projects that are associated with one another on economy and technique, is studied. In order to find out the best Scheme that can make the maximum profit, a dynamic programming algorithm on the investment decision making of Project Gang is brought forward, and this algorithm can find out the best Scheme of distributing the m resources to the n Items in the time of O(m 2 n).
文摘Investment decision is a traditional multi-attribute decision making (MADM) problem since it has many uncertainty factors and incomplete information such as investment value, cost, sales, etc. D numbers theory is a useful tool to deal with uncertainty factors and incomplete information. In this paper, interval number and D numbers theory are revealed in the uncertain factor and incomplete information of investment decision. The weights of uncertain factors are calculated using entropy weight method. Thus, a new MADM model for investment decision based on D numbers theory is proposed. Numerical example is used to illustrate the efficiency of the proposed method.
文摘The key indication of a nation’s economic development and strength is the stock market.Inflation and economic expansion affect the volatility of the stock market.Given the multitude of factors,predicting stock prices is intrinsically challenging.Predicting the movement of stock price indexes is a difficult component of predicting financial time series.Accurately predicting the price movement of stocks can result in financial advantages for investors.Due to the complexity of stock market data,it is extremely challenging to create accurate forecasting models.Using machine learning and other algorithms to anticipate stock prices is an interesting area.The purpose of this article is to forecast stock market values to assist investors to make better informed and precise investing decisions.Statistics,Machine Learning(ML),Natural language processing(NLP),and sentiment analysis will be used to accomplish the study’s objectives.Using both qualitative and quantitative information,the study developed a hybrid model.The hybrid model has been handled with GANs.Based on the model’s predictions,a buy-or-sell trading strategy is offered.The conclusions of this study will assist investors in selecting the ideal choice while selling,holding,or buying shares.
基金supported from the National Science and Technology Major Project under Grant No.2011ZX05030
文摘Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.
文摘This essay analyzes the data of Chinese telecommunication market, telecommunication investments and investment benefits over the past 20 years. On the basis of these data, the essay reviews Chinese changing telecommunication policies and discusses the major events in the course of China's telecommunication development. It is argued that telecommunication policies, regime backgrounds and market demand characteristics have a significant impact on investment decision mode in telecommunication industry. The evolution of network investments decision mode in China's telecommunication has corresponded to the transformation of these key factors. Considering the special events in the development of Chinese telecommunication as divisions, the essay discusses three stages of the evolution of investments decision mode in China's tel With the firm environment and problems that Chinese telecommunication operators have been facing since 2000 analyzed, it is demonstrated that Chinese telecommunication operators should change their mode of investment decision into the "profit-oriented investment decision mode" in order to achieve a high growth performance in the capital market,. This investment decision mode will result in increase of the investment profit with limited investment capital. The main procedure of profit-oriented investment decision mode is set out, which is abstracted to a mathematical model eventually.
文摘I show that the disclosure of mutual funds’holdings significantly affects investors’investment decisions.As most mutual fund websites,advertisements,and fund-trading platforms only disclose a fund’s 10 largest holdings(top-10),this study finds that investors disproportionately focus on these stocks.However,this bias does not lead to additional profit because relative to their peers,funds with good top-10 performance tend to generate poor long-term returns.I design a clean and innovative discontinuity test between the performance of the 10th and 11th portfolio holdings to examine such window dressing behavior.I find that relative to their peers,funds that are small,new,and highly active are more likely to window dress and incur greater costs if they suffer from severe capital outflows.My findings suggest that partial disclosure misleads investors and allows effective window dressing.