Strategic interaction between institutional investors and supervision department:a theoretical analysis of low‑price collusion in SBIC

We introduce evolutionary game method to analyze low-price collusion in inquiry market of Sci-Tech Innovation Board of China(SIBC)from the perspective of strategic interaction between large institutional investors(LIIs),small and medium-sized institutional investors(SMIIs),and supervision department(SD).The results show that supervision behaviors of SD,and quotation behaviors of institutional investors,are subject to supervision conditions.Under the condition that benefits of tough supervision are lower a lot than minimum benefits of light supervision(light supervision condition),SD will choose light supervision and institutional investors will turn to illegal quotation in response.Finally,a steady-state equilibrium with low-price collusion will form in SIBC’s inquiry market even with a large supervision penalty for illegal quotation.On the contrary,under the condition that benefits of tough supervision are higher a lot than maximum benefits of light supervision(tough supervision condition)and with a large penalty for illegal quotation,SD and institutional investors will choose tough supervision and legal quotation.Further numerical simulations under light supervision condition show that:(1)High-price culling rule will become a booster for low-price collusion and accelerate SMIIs’evolutionary process to imitative quotation.(2)Blindly increasing penalties for illegal quotation or reducing the culling rate is not an appropriate approach to solve the problem of low-price collusion since it cannot shift supervision condition from light into tough and make SD supervise toughly.(3)Institutional investors’choices of quotation strategies are more volatile and highly susceptible to supervision behaviors of SD when facing exogenous uncertainty.Therefore,the keys to solving the problem of low-price collusion are shifting supervision condition from light into tough through increasing incremental benefits of tough supervision,and providing institutional investors with a stable and predictable supervision policy.In conclusion,the creation of a fair inquiry market doesn’t only depend on restraint and punishment to institutional investors,but also requires the establishment of supervision mechanism those are compatible with market-based inquiry.

Discreet investors exert greater influence on cooperation in the public goods game

This paper studies the evolutionary process of cooperative behavior in a public goods game model with heterogeneous investment strategies in square lattices.In the proposed model,players are divided into defectors,cooperators and discreet investors.Among these,defectors do not participate in investing,discreet investors make heterogeneous investments based on the investment behavior and cooperation value of their neighbors,and cooperators invest equally in each neighbor.In real life,heterogeneous investment is often accompanied by time or economic costs.The discreet investors in this paper pay a certain price to obtain their neighbors'investment behavior and cooperation value,which quantifies the time and economic costs of the heterogeneous investment process.The results of Monte Carlo simulation experiments in this study show that discreet investors can effectively resist the invasion of the defectors,form a stable cooperative group and expand the cooperative advantage in evolution.However,when discreet investors pay too high a price,they lose their strategic advantage.The results in this paper help us understand the role of heterogeneous investment in promoting and maintaining human social cooperation.

Inspired by Innovation China’s hi-tech achievements add to its appeal for foreign investors

China’s focus on nurturing new quality productive forces while promoting high-quality development provides foreign investors with enormous market opportunities and vast development prospects,amid rising uncertainties in the global economic landscape.In a series of recent engagements with China,foreign investors,including British businesses,have expressed confidence in the future prospects of the market.

Augmented Appeal China is doubling down on attracting foreign investors through broader market access and improved business environment

Attracting foreign capital is a key pillar of China’s reform and opening up policy,and foreign-funded enterprises are an important component of China’s economy.Currently,China is taking steps to further boost its attractiveness as a foreign direct investment(FDI)destination in order to seek more foreign capital.

From Control to Empowerment:A Paradigm Shift in the Discourse of Educational Supervision

As educational reforms intensify and societal emphasis shifts towards empowerment,the traditional discourse paradigm of management and control in educational supervision faces growing challenges.This paper explores the transformation of this discourse paradigm through the lens of empowerment,analyzing its distinct characteristics,potential pathways,and effective strategies.This paper begins by reviewing the concept of empowerment and examining the current research landscape surrounding the discourse paradigm in educational supervision.Subsequently,we conduct a comparative analysis of the“control”and“empowerment”paradigms,highlighting their essential differences.This analysis illuminates the key characteristics of an empowerment-oriented approach to educational supervision,particularly its emphasis on dialogue,collaboration,participation,and,crucially,empowerment itself.Ultimately,this research advocates for a shift in educational supervision towards an empowerment-oriented discourse system.This entails a multi-pronged approach:transforming ingrained beliefs,embracing renewed pedagogical concepts,fostering methodological innovation,and optimizing existing mechanisms and strategies within educational supervision.These changes are proposed to facilitate the more effective alignment of educational supervision with the pursuit of high-quality education.

Study on Independent Supervision Function of Design Assurance System

The effective operation of a design assurance system cannot be achieved without the effective performance of the independent supervision function.As one of the core functions of the design assurance system,the purpose of the independent supervision function is to ensure that the system operates within the scope of procedures and manuals.At present,the function of independent supervision is a difficult and confusing issue for various original equipment manufacturers as well as suppliers,and there is an urgent requirement to put forward relevant requirements and form relevant methods.Based on the above mentioned objective,the basic requirements of the independent supervision function of design assurance system were studied,the problems and deficiencies in the organization,staffing,and methods existing in the current independent supervision function were analyzed,the improvement suggestions and measures for the performance of the independent supervision function from the aspects of the organization,staffing,procedures,and suppliers were put forward.The present work and conclusions provide guidance and direction for the effective operation of the design assurance system.

Discussion on the Financial Management Goal and the Investor Supervision for Enterprise

The investors and the managers are different interest entities in a firm, so there must be divergences between them in their value reference and goal selection. When a firm wants to determine its financial management goal, not all the relevant interest parties need to be considered with, but only the principal entities of them. It＇s necessary to set up the investor supervision mechanism by some certain system arrangement in order to realize the interest maximization of shareholders coinciding with the manager＇s interest maximization pursued by managers.

Distant Supervision方法中对齐数据的聚类去噪

基于聚类和寻找表达语义关系的句子模式,提出一种基于聚类去噪的distant supervision方法,解决了传统distant supervision方法在知识库和文本集对齐阶段会引入噪声数据的问题,得到了一种改进的distant supervision方法.实验结果表明,该方法可有效提高关系抽取任务的准确率.

Key Points in the Supervision of Road Landscaping Project——A Case Study of the South 3^(rd) Ring Road in Yanta District of Xi'an City,China

Characteristics of road landscaping were analyzed,as a kind of "linear" landscaping,it could be classified into urban street landscaping,urban ring road and expressway landscaping.Differences between road landscaping projects and other garden landscaping projects or construction projects were analyzed.Landscaping project for the South 3rd Ring Road of Xi'an City(in Yanta District)was taken for an example to summarize construction experience,discuss present conditions and features of garden landscaping supervision in China.The artistic and physiological properties of garden landscaping,as well as the supervision during maintenance period were stressed,but it was also pointed out that garden landscaping supervision in China was actually not given sufficient attention.On this basis,key points in the supervision of road landscaping project were proposed:understanding design ideas,selection of landscape plants,quality control of concealed works,prevention and control of diseases and insects,construction safety management and overall image;only by effectively implementing these key points,a high-quality road landscaping project could be realized to improve the image of a city and beautify its environment.

《The influence of institutional investors on myopic R&D investment behavior》述评

机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希(Brian Bushee)的论文"The influence of institutional investors on myopic R&D investment behavior"(机构投资者对企业短视研发投资行为的影响,以下简称Bushee(1998))进行评价并提出相关的建议和研究方向。

The chaotic behavior among the oil prices, expectation of investors and stock returns: TAR-TR-GARCH copula and TAR-TR-TGARCH copula

This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.

Problems of Rural Food Safety and Strategies of Constructing Supervision System

This paper expounds the practical necessity of constructing diversified rural food safety supervision system as follows: it is the necessary requirements of guaranteeing people's health and life safety; it is an important component of governmental function of social management and the logical extension of administrative responsibilities; it is the basis of maintaining order of rural society and constructing harmonious society. The main problems existing in the supervision of rural food safety are analyzed as follows: first, the legislative work of rural food safety lags behind to some extent; second, the supervision of governmental departments on rural food safety is insufficient; third, the industrial supervision mechanism of rural food security is not perfect; fourth, the role of rural social organizations in supervising food safety is limited; fifth, the farmers' awareness of food safety supervision is not strong. Based on these problems, the targeted strategies of constructing diversified rural food safety supervision system are put forward as follows: accelerate the legislation of rural food safety, and ensure that there are laws to go by; give play to the dominant role of government, and strengthen administrative supervision on rural food safety; perfect industrial convention of rural food safety, and improve industrial supervision mechanism; actively support the fostering of social organizations, and give play to the role of supervision of organizations; cultivate correct concept of rights and obligations of farmers, and form awareness of food safety supervision.

Research on effectiveness of coal mine safety supervision system reform on three types of collieries in China

Coal mine safety supervision system plays an important role in the coal mine safety management in China.However,the current supervision system is established on the basis of learning the advanced experience from other developed countries.It needs to be further improved according to national conditions.Therefore,the effectiveness of coal mine safety supervision system reform on three types of collieries are assessed by using time series analysis method based on comparative analysis of the supervision system before and after the reform in this paper.The regression results show that the structural reform is not conductive to the improvement of coal mine safety situation in the short term,but conductive significantly in the long term.Specifically,the effects in township coal mines are more significant than stateowned key coal mines in the long run,but negative effects also exist in the short term.The negative effects in state-owned key coal mines are non-significant compared with township coal mines.Moreover,the regression results are analyzed from the aspects of the closure policy of illegal small township coal mines at the end of 1998 and shortage of the new supervision system.Finally,the suggestions on improving the new supervision system are put forward based on the above analysis.

基于主题模型的中文Distant Supervision噪声标注识别方法

针对Distant Supervision关系抽取方法训练语料存在大量噪声的问题,提出一种基于主题模型的噪声标注识别方法。该方法首先分析了中文Distant Supervision实体关系抽取方法面临的关系句子实例结构复杂的问题,然后利用自定义的模式以及模式聚类实现模式表示与聚合,最后使用主题模型识别噪声标注。实验结果表明,文章方法能有效识别噪声标注,用滤除噪声标注后的数据训练实体关系抽取模型,实验证明经过噪声滤除后实体关系抽取性能得到显著改善。

Online Supervision of Penicillin Cultivations Based on Rolling MPCA

To reduce the variations of the production process in penicillin cultivations, a rolling multivariate statis-tical approach based on multiway principle component analysis (MPCA) is developed and used for fault diagnosis of penicillin cultivations. Using the moving data windows technique, the static MPCA is extended for use in dy-namic process performance monitoring. The control chart is set up using the historical data collected from the past successful batches, thereby resulting in simplification of monitoring charts, easy tracking of the progress in each batch run, and monitoring the occurrence of the observable upsets. Data from the commercial-scale penicillin fer-mentation process are used to develop the rolling model. Using this method, faults are detected in real time and the corresponding measurements of these faults are directly made through inspection of a few simple plots (t-chart, SPE-chart, and T2-chart). Thus, the present methodology allows the process operator to actively monitor the data from several cultivations simultaneously.

Research on the Status Quo and Supervision Mechanism of Food Safety in China

Food safety supervision mechanism is a strong guarantee to promote the smooth implementation of China's food safety laws and regulations,and it is implemented through legal,administrative,economic,moral and other integrated policy instruments,as well as media publicity,quality traceability,network tracking,information disclosure and other non-administrative means. Along with strengthening supervision and control means,the people's food safety in China is safeguarded,and the healthy development of the food industry is promoted.

Realizing profits immediately:disposition effect of open-end fund investors in China

This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling positions of open-end fund investors in China. Results show that investors' buying and selling behaviors are significantly affected by fund performance. The reasons that lie behind such results are mainly related to the non-persistence of fund performance. When fund performance is non-persistent, investors are not clear about the future returns on funds. So, investors, especially individual investors, would have to realize the profits on hand immediately. Meanwhile, fund investors are highly sensitive to fund age and loading fees, but not sensitive to management fees charged by funds when they buy or sell fund shares.

Optimization of Safety Production Supervision Mode of Coalmining Enterprises

In view of the fact that safety production supervision of coal mines in China features low efficacy, this paper applies principles of cybernetics to simulate the dynamic process of safety supervision, and proposes that institutional variables be controlled to support intermediate goals, which in turn contribute to the ultimate safety production objective. Rather than focusing all attention on safety issues of working faces, supervising departments of coalmines are advised to pay much more attention to institutional factors that may impact people’s attitude and behavior, which are responsible for most coalmine accidents. It is believed that such a shift of attention can effectively reduce coalmining production accidents and greatly enhance supervision efficacy.

To supervise or to self‑supervise:a machine learning based comparison on credit supervision

This study investigates the need for credit supervision as conducted by on-site banking supervisors.It builds on a real bank on-site credit examination to compare the performance of a hypothetical self-supervision approach,in which banks themselves assess their loan portfolios without external intervention,with the on-site banking supervision approach of the Central Bank of Brazil.The experiment develops two machine learning classification models:the first model is based on good and bad ratings informed by banks,and the second model is based on past on-site credit portfolio examinations conducted by banking supervision.The findings show that the overall performance of the on-site supervision approach is consistently higher than the performance of the self-supervision approach,justifying the need for on-site credit portfolio examination as conducted by the Central Bank.

Clinical Supervision of Midwifery Students at the University Teaching Hospital School of Nursing and Midwifery in Lusaka, Zambia

Introduction: Clinical supervision plays a significant role in the acquisition of psychomotor skills by student midwives during training leading to the provision of high quality midwifery care. However, the acquisition of the psychomotor skills required for successful practice and learning can only be acquired if student midwives are supported and guided by clinical supervisors in their learning environments. Main Objective: The main objective of the study was to determine factors influencing clinical supervision of Student Midwives in Lusaka Urban District. Methodology: A cross-sectional study design that employed both quantitative and qualitative methods was used. The study population comprised 124 Nurses and Midwives working in Lusaka urban District. Self-administered questionnaires were used to collect data from the Nurses and midwives and a focus group discussion guide was used to guide discussions with the student midwives at Lusaka College of Nursing and Midwifery and a total of three focus group discussions were conducted. Quantitative data were entered into by Statistical Package Social Sciences (SPSS) version 22 for windows. Chi-square test was used to test associations among variables. The confidence interval was set at 95% with a significance level of 0.05. Qualitative data were analysed using content analysis to classify words into themes and categories by looking for repeated ideas or patterns of thoughts. Results: The findings showed that a high percentage of the clinical supervisors (89.5%) had not been trained in clinical supervision and most respondents had moderate knowledge on clinical supervision of students. Majority of the respondents (63%) exhibited inadequate supervision skills. The attitudes of all the supervisors towards supervision were positive. A large percentage of respondents (73%) were competent in clinical supervision. However the learning environment considered to be poor by most respondents (61%). The study revealed a significant association between clinical supervision and the respondents’ knowledge on clinical supervision (p-value of 0.00). Conclusion: The current study showed that clinical supervision was untrained and had inadequate supervision skills and the learning environment was poor. There is need therefore to train clinical supervisors and improve the students’ learning environment in order to enhance teaching and learning. The study offers a valuable insight into the factors influencing students’ midwives learning in clinical learning environment.