Impact of correlated private signals on continuous-time insider trading

A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.

Evolution and Governance of the Structure of Marine Economic Networks in China’s Coastal Areas: Based on Sea-related A-share Listed Companies

Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linkages,the importance of marine economic net-work research is beginning to emerge.The construction of the marine economic network in China’s coastal areas is necessary to change the flow of land and sea resources and optimize regional marine economic development.Employing data from headquarters and branches of sea-related A-share listed enterprises to construct the marine economic network in China,we use social network analysis(SNA)to discuss the characteristics of its evolution as of 2010,2015,and 2020 and its governance.The following results were obtained.1)In terms of topological characteristics,the scale of the marine economic network in China’s coastal areas has accelerated and expan-ded,and the connections have become increasingly close;thus,this development has complex network characteristics.2)In terms of spatial structure,the intensity of the connection fluctuates and does not form stable development support;the group structure gradually becomes clear,but the overall pattern is fragmented;there are spatial differences in marine economic agglomeration radiation;the radi-ation effect of the eastern marine economic circle is obvious;and the polarization effect of northern and southern marine economic circles is significant.On this basis,we construct a framework for the governance of a marine economic network with the market,the government,and industry as the three governing bodies.By clarifying the driving factors and building objectives of marine economic network construction,this study aims to foster the high-quality development of China’s marine economy.

Comparative Analysis of Differences among Northern,Jiangnan,and Lingnan Classical Private Gardens Using Principal Component Cluster Method

This paper investigates the design essence of Chinese classical private gardens,integrating their design elements and fundamental principles.It systematically analyzes the unique characteristics and differences among classical private gardens in the Northern,Jiangnan,and Lingnan regions.The study examines nine classical private gardens from Northern China,Jiangnan,and Lingnan by utilizing the advanced tool of principal component cluster analysis.Based on literature analysis and field research,273 variables were selected for principal component analysis,from which four components with higher contribution rates were chosen for further study.Subsequently,we employed clustering analysis techniques to compare the differences among the three types of gardens.The results reveal that the first principal component effectively highlights the differences between Jiangnan and Lingnan private gardens.The second principal component serves as the key to defining the types of Northern private gardens and distinguishing them from the other two types,and the third principal component indicates that Lingnan private gardens can be categorized into two distinct types as well.

A Study on the Internal Control and Countermeasures of Fixed Assets in Private Universities:A Case Study of N College

Fixed assets in universities occupy an important position in university management due to their wide coverage and large amount of money.Due to insufficient funding supply,private universities mainly focus on the allocation and utilization of fixed assets,which reflects the overall characteristics of cautious allocation,maximum utilization,and delayed elimination in the actual management of fixed assets.This article aims to conduct research and analysis on the entire lifecycle process of the allocation,use,and disposal of fixed assets in private universities,summarize the problems existing in the internal control of fixed assets in private universities,and propose corresponding countermeasures and suggestions in a targeted manner.

Research on the High-Quality Development Path of Listed Private Education Groups

The rapid growth of the education industry and private education groups has brought the high-quality development of listed private education companies into focus for both the educational sector and the capital market.This study employs the fuzzy-set qualitative comparative analysis(fsQCA)method to explore pathways to high-quality development for these companies.Necessity analysis confirms that no single factor guarantees a company’s success,highlighting the importance of multi-factor interactions.Three main paths to high-quality development are identified:human resource optimization,precise market positioning,and comprehensive advantage.Conversely,four development paths for non-high-level companies are identified:dual insufficiency in resources and market,high turnover and over-investment,scale expansion with resource mismatch,and inadequate human resource development.The findings indicate that optimal allocation of educational resources,precise market positioning,rational resource allocation,and staff training are crucial for achieving high-quality development.Robustness tests,which raise the consistency threshold,verify the reliability and stability of the results.These findings provide a reference for policymakers,investors,and managers in the education industry.

Challenges and Countermeasures for Private Universities in Providing Education for International Students

Private universities are one of the forces driving the internationalization of higher education in China.Private universities are taking advantage of the trend to provide education for international students,playing an important role in the high-quality development of higher education in China.However,they also face challenges such as insufficient policy support,lack of management experience,and limited enrollment channels.Breakthroughs can be made through methods such as refining content,expanding enrollment channels,and attracting talent.

Research on the Relationship between the School-Running Characteristics of Private Colleges and Universities and the Development Objectives of the Government

The development objectives of the Chinese government have a guiding effect on the school-running characteristics of private colleges and universities.This paper explores the relationship between the characteristics of private colleges and universities and the development objectives of the provincial government,using Jiangsu Province as a case study.All the schools have the consciousness of fully considering the development objectives of Jiangsu Province when formulating the school-running characteristics.Their characteristics all contain some training methods,training courses,or institutional construction aiming at the development objectives.Most universities can support the government’s objectives on employment and innovation.Only a third of the schools provide government support for science research.Private colleges and universities should make full use of the free and flexible advantages of private education,combine them with the continuous changes of policies and markets,and create clear,scientific,and dynamic school-running characteristics,in order to achieve long-term development.

Private banking development in China under two organizational structures:Economic analysis from an organizational innovation perspective

This paper investigates optimal decisions for private banking development in China under two innovative organizational structures—the big retail mode(BRM)and the independent development mode(IDM).Under the BRM,the retail and private banking divisions form a cooperative relationship wherein the former transfers highnet-worth customers to the latter.In addition,retail banking receives a share of private banking revenues.We investigate the optimal revenue-sharing ratio between the two divisions and the optimal effort by private banking to serve transferred customers within the cooperative relationship.The analytical results show that as the private banking division becomes more developed,the optimal revenue-sharing ratio decreases,and the private banking division’s optimal effort to serve transferred customers decreases because it puts more effort into acquiring new customers.Under the IDM,the two divisions form a competitive relationship since they compete to acquire customers independently.We investigate customer acquisition efforts in this interdivisional competition.Optimal customer acquisition efforts by both divisions increase in potential assets and rates of return.This paper contributes to the literature by(1)analyzing financial innovation by private banks from an organizational perspective;(2)providing an economic analysis for private banking development in China.

China Sets Up Special Bureau to Stimulate Private Economy

Since the Opinion of the Communist Party of China Central Committee and the State Council to Boost the Development of the Private Sector(hereinafter referred to as the Opinion)was released in July,all departments and regional governments have been working hard to promote the recovery and development of the private economy.Recently,Cong Liang,Deputy Head of the NDRC(National Development and Reform Bureau),announced an important message at a news conference:China will set up the Bureau of the Development of the Private Economy within the NDRC.

Lesening's Parent Company dencare got listed in market

On April 10th,2023,Dencare(stock code:001328),parent company of Lesening,was listed in Shenzhen Stock Exchange.There were 43,043,500 new shares issued this time,with the issue price as 20.68 yuan and raised fund as 890 million yuan,accounting for 25%of the total capital stock after issuing.It thus became the“first share of anti-sensitivity toothpaste”in A share.Such fundraising will mainly be used to invest in intelligent manufacturing upgrading and construction projects.The opening price on that day was 41 yuan,rising 98.3%comparing with the issue price;the closing price was 56.64 yuan,increasing by 174%comparing with the issue price.It is also one of the first IPOs approved since the full registration system was officially implemented.

Board Characterstics and Capital Structure： An Empirical Study on China＇s Private Listed Companies

Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.

Author Correction: ITO-free silicon-integrated perovskite electrochemical cell for light-emission and light-detection

Correction to:Opto-Electronic Advances https://doi.org/10.29026/oea.2023.220154 published online 26 April 2023 After the publication of this article1,it was brought to our attention that calculations of the PeLEC device elec-troluminescent(EL)efficiency contained a mistake,leading to an inaccurate quantity value.The device’s maxim-um EL efficiency constitutes not‘~120 klm/W’but‘4.3 lm/W’instead.Correction details are listed below.

Clinical profile and risk factors of Strongyloides stercoralis infection

Strongyloides(S.)stercoralis,endemic in tropical and subtropical countries,is a soil-transmitted geohelminth human parasite belonging to a group of nematodes called roundworms.S.stercoralis is one of the most overlooked parasitic infections enlisted among the WHO"neglected tropical diseases"[1].S.stercoralis mainly infects humans but can also be found naturally in domestic dogs,cats,and some primates.

Correction:Brillouin scattering spectrum for liquid detection and applications in oceanography

After publication of this article1,it was brought to our at-tention that the mathematical expressions‘‰’were mis-takenly replaced by‘%’for salinities.Details are listed below.1.In the last sentence in abstract,“approximately 0.1℃and 0.5%”should be“approximately 0.1℃and 0.5‰”.

Enhancing Private Healthcare Effectiveness in Lagos State, Nigeria: An Overview of the Effect of Quality Improvement Initiatives and Implications for Sustainable Healthcare Delivery

Background: Nigeria, a nation grappling with rapid population growth, economic intricacies, and complex healthcare challenges, particularly in Lagos State, the economic hub and most populous state, faces the challenge of ensuring quality healthcare access. The overview of the effect of quality improvement initiatives in this paper focuses on private healthcare providers in Lagos State, Nigeria. The study assesses the impact of donor-funded quality improvement projects on these private healthcare facilities. It explores the level of participation, perceived support, and tangible effects of the initiatives on healthcare delivery within private healthcare facilities. It also examines how these initiatives influence patient inflow and facility ratings, and bring about additional benefits and improvements, provides insights into the challenges faced by private healthcare providers in implementing quality improvement projects and elicits recommendations for improving the effectiveness of such initiatives. Methods: Qualitative research design was employed for in-depth exploration, utilizing semi-structured interviews. Private healthcare providers in Lagos involved in the SP4FP Quality Improvement Project were purposively sampled for diversity. Face-to-face interviews elicited insights into participation, perceived support, and project effects. Questions covered participation levels, support perception, changes observed, challenges faced, and recommendations. Thematic analysis identified recurring themes from interview transcripts. Adherence to ethical guidelines ensured participant confidentiality and informed consent. Results: Respondents affirmed active involvement in the SP4FP Quality Improvement Project, echoing literature emphasizing private-sector collaboration with the public sector. While acknowledging positive influences on facility ratings, respondents highlighted challenges within the broader Nigerian healthcare landscape affecting patient numbers. Respondents cited tangible improvements, particularly in staff management and patient care processes, validating the positive influence of quality improvement projects. Financial constraints emerged as a significant challenge, aligning with existing literature emphasizing the pragmatic difficulties faced by private healthcare providers. Conclusions: This study illuminates the complex landscape of private healthcare provision in Lagos State, emphasizing the positive impact of donor-funded quality improvement projects. The findings provide nuanced insights, guiding policymakers, healthcare managers, and practitioners toward collaborative, sustainable improvements. As Nigeria progresses, these lessons will be crucial in shaping healthcare policies prioritizing population well-being.

Research on the Cultural Construction of Private University Laboratories Based on Cultural Education

University laboratories serve as crucial hubs for scientific and technological innovation and play a vital role in nurturing talents.As pivotal spaces for both teaching and scientific research,the development of laboratories necessitates not only investment in scientific research equipment and experimental facilities but also in cultural construction.This cultural aspect holds significant importance in promoting the comprehensive development of students and enhancing scientific research capabilities.This article concentrates on the strategies for cultivating laboratory culture in private universities,addressing six key dimensions:spiritual culture,institutional culture,scientific culture,innovation culture,safety culture,and shared culture.

Research on the Practice and Development of Teaching Evaluation in Private Colleges and Universities:Taking Xi’an Mingde Institute of Technology as an Example

With the government’s strong support and investment in higher education,private colleges and universities have become an important part of higher education.Teaching evaluation is an important means of monitoring the quality of teaching in colleges and universities and a crucial way to improve teaching quality.This article takes Xi’an Mingde Institute of Technology as an example to explore the practice and development of teaching evaluation in private colleges and universities.

Private Placement,Employee Ownership Plan and Mixed Ownership Reform--A Case Study of Wuliangye Listed Company

The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.

A study on the current situation and factors influencing the professional commitment of private kindergarten teachers

This study investigated the professional commitment of kindergarten teachers in a private kindergarten located in Jinan,Shandong Province,China.The research employed a questionnaire and utilized correlation analysis to examine the factors influencing the professional commitment of private kindergarten teachers.The findings revealed that the overall level of career commitment among private kindergarten teachers was moderately low.Among the three dimensions of professional commitment,namely,continuance commitment,affective commitment,and normative commitment,the affective commitment dimension exhibited a relatively high level,whereas the continuance commitment and normative commitment dimensions showed relatively low levels.Significant differences in professional commitment levels were observed based on teacher age,education level,age of children,salary,and class size.However,no significant differences were found based on teacher specialty,position,and teaching experience.

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.