Extensions of Merton’s model(EMM)considering the firm’s payments and generating new types of firm value distribution are suggested.In the open log-value/time space,these distributions evolve from initially normal to...Extensions of Merton’s model(EMM)considering the firm’s payments and generating new types of firm value distribution are suggested.In the open log-value/time space,these distributions evolve from initially normal to negatively skewed ones,and their means are concave-down functions of time.When payments are set to zero or proportional to the firm value,EMM turns into the Geometric Brownian model(GBM).We show that risk-neutral probabilities(RNPs)and the no-arbitraging principle(NAP)follow from GBM.When firm’s payments are considered,RNPs and NAP hold for the entire market for short times only,but for long-term investments,RNPs and NAP just temporarily hold for individual stocks as far as mean year returns of the firms issuing those stocks remain constant,and fail when the mean year returns decline.The developed method is applied to firm valuation to derive continuous-time equations for the firm present value and project NPV.展开更多
Based on the experimental results of the references [1] and [2], i. e., the contact resistance increases due to the contaminants formed on contact surface with the operating cycles,the physical model and math model of...Based on the experimental results of the references [1] and [2], i. e., the contact resistance increases due to the contaminants formed on contact surface with the operating cycles,the physical model and math model of contact failure on small current contacts under mechanical actions are proposed through deep theoretical analysis in this paper.展开更多
Currently, Granger-Geweke causality models have been widely applied to investigate the dynamic direction relationships among brain regions. In a previous study, we have found that the right hand finger-tapping task ca...Currently, Granger-Geweke causality models have been widely applied to investigate the dynamic direction relationships among brain regions. In a previous study, we have found that the right hand finger-tapping task can produce relatively reliable brain response. As an extension of our previous study, we developed an algorithm based on the classical Granger- Geweke causality model to further investigate the effective connectivity of three brain regions (left primary motor cortex (M1), supplementary motor area (SMA) and right cerebellum) that showed the most robust brain activations. Our computational results not only confirm the strong linear feedback among SMA, M1 and right cerebellum, but also demonstrate that M1 is the hub of these three regions indicated by the anatomy research. Moreover, the model predicts the high intermediate node density existing in the area between SMA and M1, which will stimulate the imaging experimentalists to carry out new experiments to validate this postulation.展开更多
This paper considers an SIRS epidemic model that incorporates constant immigrati on rate, a general population size dependent contact rate and proportional tran sfer rate from the infective class to susceptible class...This paper considers an SIRS epidemic model that incorporates constant immigrati on rate, a general population size dependent contact rate and proportional tran sfer rate from the infective class to susceptible class.A threshold parameter σ is identified. If σ≤1, the disease free equilibrium is globally stab le. If σ>1, a unique endemic equilibrium is locally asymptotically stable. For two important special cases of mass action incidence and standard incidence, global stability of the endemic equilibrium is proved provided the threshold is larger than unity. Some previous results are extended and improved.展开更多
基金The author is infinitely thankful to his friend and colleague M.Rubinstein for valuable discussions and an invariable interest to his work.The author is also thankful to C.Miller for his high estimation of the author’s efforts.Of course,all errors are author’s full responsibility.
文摘Extensions of Merton’s model(EMM)considering the firm’s payments and generating new types of firm value distribution are suggested.In the open log-value/time space,these distributions evolve from initially normal to negatively skewed ones,and their means are concave-down functions of time.When payments are set to zero or proportional to the firm value,EMM turns into the Geometric Brownian model(GBM).We show that risk-neutral probabilities(RNPs)and the no-arbitraging principle(NAP)follow from GBM.When firm’s payments are considered,RNPs and NAP hold for the entire market for short times only,but for long-term investments,RNPs and NAP just temporarily hold for individual stocks as far as mean year returns of the firms issuing those stocks remain constant,and fail when the mean year returns decline.The developed method is applied to firm valuation to derive continuous-time equations for the firm present value and project NPV.
文摘Based on the experimental results of the references [1] and [2], i. e., the contact resistance increases due to the contaminants formed on contact surface with the operating cycles,the physical model and math model of contact failure on small current contacts under mechanical actions are proposed through deep theoretical analysis in this paper.
文摘Currently, Granger-Geweke causality models have been widely applied to investigate the dynamic direction relationships among brain regions. In a previous study, we have found that the right hand finger-tapping task can produce relatively reliable brain response. As an extension of our previous study, we developed an algorithm based on the classical Granger- Geweke causality model to further investigate the effective connectivity of three brain regions (left primary motor cortex (M1), supplementary motor area (SMA) and right cerebellum) that showed the most robust brain activations. Our computational results not only confirm the strong linear feedback among SMA, M1 and right cerebellum, but also demonstrate that M1 is the hub of these three regions indicated by the anatomy research. Moreover, the model predicts the high intermediate node density existing in the area between SMA and M1, which will stimulate the imaging experimentalists to carry out new experiments to validate this postulation.
基金Supported by the Science and Technology Foundation of Zhejiang University(1 0 70 0 0 - 54430 1 )
文摘This paper considers an SIRS epidemic model that incorporates constant immigrati on rate, a general population size dependent contact rate and proportional tran sfer rate from the infective class to susceptible class.A threshold parameter σ is identified. If σ≤1, the disease free equilibrium is globally stab le. If σ>1, a unique endemic equilibrium is locally asymptotically stable. For two important special cases of mass action incidence and standard incidence, global stability of the endemic equilibrium is proved provided the threshold is larger than unity. Some previous results are extended and improved.