Recent research and studies have shown that Information Technology(IT)has a significant impact on service quality,customer satisfaction,and customer relationship development.With the proliferation and penetration of t...Recent research and studies have shown that Information Technology(IT)has a significant impact on service quality,customer satisfaction,and customer relationship development.With the proliferation and penetration of technology in all aspects of life,organizations are responding to the implications and opportunities that IT creates in relation to customer services.The main objective of using information technology in organizations is to increase customer satisfaction,service quality,and customer relationship management,which the authors will focus on here.Enhancing service quality,improving customer satisfaction,and establishing close and sustainable customer relationships are key advantages of leveraging information technology in this field.This article examines the impact of information technology on service quality,customer satisfaction,and customer relationship development and provides strategies and models for organizations to improve customer satisfaction and establish closer connections with them through the use of information technology.Seventy individuals from the IT field were used to evaluate the proposed model.The proposed model was compared with three models:SEM,regression,and decision tree,and the results demonstrated better performance of this approach.展开更多
In recent Years, China's real estate market has been rapid developed, and real estate has become a hot spot of consumption and investment. In some large and medium-sized cities there has been a rapid rise in housing ...In recent Years, China's real estate market has been rapid developed, and real estate has become a hot spot of consumption and investment. In some large and medium-sized cities there has been a rapid rise in housing prices. The rapid rise in housing prices has led to difficulties in the purchase of houses in some cities and towns, and this phenomenon has aroused the attention and con- cern of all walks of life. Housing is the basic human life needs. Housing problem is not only an economic problem, but also a social problem. The relationship between house price and land price and the effective control of housing prices have become the focus of government and scholars. Thus, grey relational analysis is used to ana- lyze the relationship between housing prices and land prices, and the grey relational coefficients are calculated.展开更多
In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data ...In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis (DEA) and the stochastic frontier analysis (SFA) models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises (SBF250) index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms' efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature (e.g., Botosan, 1997). However, there are some differences between the findings of SFA and DEA models.展开更多
The presence of numerous uncertainties in hybrid decision information systems(HDISs)renders attribute reduction a formidable task.Currently available attribute reduction algorithms,including those based on Pawlak attr...The presence of numerous uncertainties in hybrid decision information systems(HDISs)renders attribute reduction a formidable task.Currently available attribute reduction algorithms,including those based on Pawlak attribute importance,Skowron discernibility matrix,and information entropy,struggle to effectively manages multiple uncertainties simultaneously in HDISs like the precise measurement of disparities between nominal attribute values,and attributes with fuzzy boundaries and abnormal values.In order to address the aforementioned issues,this paper delves into the study of attribute reduction withinHDISs.First of all,a novel metric based on the decision attribute is introduced to solve the problem of accurately measuring the differences between nominal attribute values.The newly introduced distance metric has been christened the supervised distance that can effectively quantify the differences between the nominal attribute values.Then,based on the newly developed metric,a novel fuzzy relationship is defined from the perspective of“feedback on parity of attribute values to attribute sets”.This new fuzzy relationship serves as a valuable tool in addressing the challenges posed by abnormal attribute values.Furthermore,leveraging the newly introduced fuzzy relationship,the fuzzy conditional information entropy is defined as a solution to the challenges posed by fuzzy attributes.It effectively quantifies the uncertainty associated with fuzzy attribute values,thereby providing a robust framework for handling fuzzy information in hybrid information systems.Finally,an algorithm for attribute reduction utilizing the fuzzy conditional information entropy is presented.The experimental results on 12 datasets show that the average reduction rate of our algorithm reaches 84.04%,and the classification accuracy is improved by 3.91%compared to the original dataset,and by an average of 11.25%compared to the other 9 state-of-the-art reduction algorithms.The comprehensive analysis of these research results clearly indicates that our algorithm is highly effective in managing the intricate uncertainties inherent in hybrid data.展开更多
From the background of small peasant management and information asymmetry,this paper introduced the middle profit sharing model and discussed influence factors and ownership of pricing power of agricultural products. ...From the background of small peasant management and information asymmetry,this paper introduced the middle profit sharing model and discussed influence factors and ownership of pricing power of agricultural products. It obtained following results:( i) the transaction scale has positive effect on farmer's pricing power of agricultural products,while the competitor's transaction scale has negative effect on it,so does the cost for information search;( ii) under the condition of small peasant management system,farmer is in a relatively weak position in the distribution of pricing power of agricultural products,due to factors such as small transaction scale,information asymmetry and farmer's weak negotiation ability;( iii) through cooperative game,farmer and buyers can share cooperative surplus at the agreed ratio;( iv) the introduction of self-organizing specialized farmers cooperatives is favorable for solving the problem of pricing power of agricultural products,and possible problems,such as " collective action dilemma" and " fake cooperatives" in the cooperative development process can be solved by internal and external division of labor and specialization of cooperatives.展开更多
In view of the development problems of village banks,through introducing the concept of private relationship lending,the functions of soft information,the channels of village banks for collecting soft information,and ...In view of the development problems of village banks,through introducing the concept of private relationship lending,the functions of soft information,the channels of village banks for collecting soft information,and the private relationship lending of village banks under Chinese rural human environment of highlighting relationship while despising rationality are proved.According to the recognition standard of core competitive edge,it can be concluded that the core competitive edge of village banks is private relationship lending.In the first place,these kinds of small and medium-sized quarter banks have competitive advantages in launching private relationship lending;in the second place,the lending businesses of village banks based on soft information attracts small and medium clients;in the third place,the private relationship lending has realized the scale economy.Furthermore,the reasons why village banks can not display the core competitive edge have been analyzed:firstly,village banks have not found that private relationship lending is their core competitive edge;secondly,the internal motivation on establishing private relationship lending of village banks is insufficient;thirdly,village banks have not prepared well in developing private relationship lending;The relevant policies and countermeasures are put forward,including transforming idea and vigorously developing private relationship lending;intensifying training and improving the quality of personnel involved;strengthening supervision and avoiding the violation behaviors of personnel involved;emulating experiences and perfecting the private relationship lending mechanism of village banks.展开更多
In this paper, we characterize the players’ behavior in the stock market by the repeated game model with asymmetric information. We show that the discount price process of stock is a martingale driven by Brownian mot...In this paper, we characterize the players’ behavior in the stock market by the repeated game model with asymmetric information. We show that the discount price process of stock is a martingale driven by Brownian motion, and give an endogenous explanation for the random fluctuation of stock price: the randomizations in the market is due to the randomizations in the strategy of the informed player which hopes to avoid revealing his private information. On this basis, through studying the corresponding option pricing problem furtherly, we can give the expression of function<em> φ</em>.展开更多
The Basel II committee sets their customers. This new up directives encouraging banks to use internal scores in order to assess the risk of form of information competes with the existing ones. Small and medium-sized e...The Basel II committee sets their customers. This new up directives encouraging banks to use internal scores in order to assess the risk of form of information competes with the existing ones. Small and medium-sized enterprises (SMEs) are most concerned by these new stakes, due to the lack of transparency. The aim of this paper is to understand the determinants of the choice between substitution and complementarity between the two types of information: "soft" and "hard", to test a potential effect of this choice on the banking performance and to describe which variables are involved in the decision-making process. The originality of this work is to try to quantify the information costs and to use it as a variable which is affecting the adopted choice.展开更多
The adoption of the "new public management" in the hospital sector brought about greater presence and power to professional managers in hospitals, thus increasing the risk of conflict in the doctor-manager relations...The adoption of the "new public management" in the hospital sector brought about greater presence and power to professional managers in hospitals, thus increasing the risk of conflict in the doctor-manager relationship. Aiming to enrich the discussion on the factors that could be the bases for this conflict and considering the role of accounting, the study presented here corresponds, basically, to what we call "content analysis" of qualitative studies. The results demonstrate that the Portuguese doctors as the sample studied accept, in essence, the principles of enterprise management and recognize the use of accounting information in the scope of their functions as long as they are called to participate as legitimate actors, and authorities respect their desires to preserve a practice which they consider of quality.展开更多
Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. A...Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. Asynmaetric information makes supply chain unable to give a real reaction to the relationship between market supply and demand, and the personnel in the channels of supply chain are unable to make the optimal pricing, so that the overall profits are affected. Therefore, asymmetric information should be controlled within the normal range, for the purpose of ensuring the normal operation and healthy development of the market transactions.展开更多
The coordinating pricing strategies with asymmetric cost information under disruptions are investigated in a one-supplier-one-retailer supply chain system.While the retailer's cost structure is asymmetric informat...The coordinating pricing strategies with asymmetric cost information under disruptions are investigated in a one-supplier-one-retailer supply chain system.While the retailer's cost structure is asymmetric information,supply chain pricing contract models(a wholesale price contract and an all-unit quantity discount contract)under asymmetric information are proposed by employing the principal-agent principle in a regular scenario.When the retailer's cost distribution is fluctuated by disruptions,we obtain the optimal emergency strategies of the supply chain under asymmetric information by considering deviation costs and show how to effectively handle the cost uncertainty.Using numerical methods,impacts of cost disruptions on the optimal wholesale price,the retailer price,the order quantity and the expected profits of the retailer,the supplier,as well as the total system are analyzed.It is found that the all-unit quantity discount policy can obtain better performance than the wholesale pricing policy.展开更多
Understanding an image goes beyond recognizing and locating the objects in it,the relationships between objects also very important in image understanding.Most previous methods have focused on recognizing local predic...Understanding an image goes beyond recognizing and locating the objects in it,the relationships between objects also very important in image understanding.Most previous methods have focused on recognizing local predictions of the relationships.But real-world image relationships often determined by the surrounding objects and other contextual information.In this work,we employ this insight to propose a novel framework to deal with the problem of visual relationship detection.The core of the framework is a relationship inference network,which is a recurrent structure designed for combining the global contextual information of the object to infer the relationship of the image.Experimental results on Stanford VRD and Visual Genome demonstrate that the proposed method achieves a good performance both in efficiency and accuracy.Finally,we demonstrate the value of visual relationship on two computer vision tasks:image retrieval and scene graph generation.展开更多
The accuracy of predicting the Producer Price Index(PPI)plays an indispensable role in government economic work.However,it is difficult to forecast the PPI.In our research,we first propose an unprecedented hybrid mode...The accuracy of predicting the Producer Price Index(PPI)plays an indispensable role in government economic work.However,it is difficult to forecast the PPI.In our research,we first propose an unprecedented hybrid model based on fuzzy information granulation that integrates the GA-SVR and ARIMA(Autoregressive Integrated Moving Average Model)models.The fuzzy-information-granulation-based GA-SVR-ARIMA hybrid model is intended to deal with the problem of imprecision in PPI estimation.The proposed model adopts the fuzzy information-granulation algorithm to pre-classification-process monthly training samples of the PPI,and produced three different sequences of fuzzy information granules,whose Support Vector Regression(SVR)machine forecast models were separately established for their Genetic Algorithm(GA)optimization parameters.Finally,the residual errors of the GA-SVR model were rectified through ARIMA modeling,and the PPI estimate was reached.Research shows that the PPI value predicted by this hybrid model is more accurate than that predicted by other models,including ARIMA,GRNN,and GA-SVR,following several comparative experiments.Research also indicates the precision and validation of the PPI prediction of the hybrid model and demonstrates that the model has consistent ability to leverage the forecasting advantage of GA-SVR in non-linear space and of ARIMA in linear space.展开更多
The mechanism of price limit impacts on informed traders’ behavior. To find out what effects related to price limit, three hypotheses caused by price limit are analyzed. Comprehensive method of event study and compar...The mechanism of price limit impacts on informed traders’ behavior. To find out what effects related to price limit, three hypotheses caused by price limit are analyzed. Comprehensive method of event study and comparative grouping is used to test the performance of price limit in Chinese stock market. The result of test indicates that price limit policy impedes fulfillment of traders and delays the discovery of stock price so it should be abolished.展开更多
Pork is common in people's daily life consumption,and it accounts for more than half of all meats. By collecting data information published by Bureau of Statistics and Bureau of Agriculture,this paper makes a stat...Pork is common in people's daily life consumption,and it accounts for more than half of all meats. By collecting data information published by Bureau of Statistics and Bureau of Agriculture,this paper makes a statistical analysis of the influence of price fluctuation in the pork market on China's pork production,and finds that China's pork production shows a general trend of fluctuations due to the impact of price factors.According to the predecessors' studies on the factors influencing pig market price,combined with the actual situation of pig breeding in China,this paper uses the latest website data released by the government's public information platform to establish a forecasting model.展开更多
In this paper, the author uses the listed company's annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age...In this paper, the author uses the listed company's annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age of employees, professional proportion, and the average assesses and executives' shareholdings have no significant impact with P/B. The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages. By using these indicators, the author can improve the human resources information voluntary disclosure, make the disclosure of information comparable, and provide the empirical reference to the listed companies.展开更多
This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) ...This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) have made investments, to study the impact of QFII's investment behaviors on the information efficiency of China's stock market. The results show that QFII's investments can improve the information efficiency of China's stock market, but its impact is varied. The impact of QFII's investments on market information efficiency is more significant in bear markets than in bull markets, the impact on private enterprises is more significant than on state-owned enterprises, and the impact on Small and Medium Enterprises(SME) market is more significant than in main board market. Further research also finds that QFII has a certain threshold effect on the information efficiency of China's stock market. This research paper provides a problem-solving perspective for China's capital markets to achieve information efficiency through opening up, and at the same time warns against financial risks.展开更多
Household medicine lease (HML) industry originated way back in the Edo period (17C-19C), when it was promoted by the local fiefdom government to revitalize the economy. Accumulations of wealth, acquired thereafter...Household medicine lease (HML) industry originated way back in the Edo period (17C-19C), when it was promoted by the local fiefdom government to revitalize the economy. Accumulations of wealth, acquired thereafter from everywhere outside the region, have culminated in the formation of the present-day industrial cluster in Toyama, the largest in the whole area facing the Sea of Japan. Today an adaptation of the quasi-CRM (customer relationship management) business model of the HML system has proved to be a success in Mongolia. This fact seems to offer the authors some clues for dealing with those problems that healthcare and medical services in Japan and elsewhere are riddled with. In this paper, focusing on the common critical success factors (CSFs) behind the success of the authors' prototype HML system and its recent successful application in Mongolia, the authors will analyze these factors from the perspective of CRM. The authors will then clarify the following: (1) the usefulness of the business model for ensuring primary healthcare for people in developing countries; (2) the usefulness in our ubiquitous network society of applying ICT to the HML system; (3) possible contributions that the use of the system can make toward improving the quality of our everyday healthcare and medical services in our prominently aging society; and the authors will also suggest (4) the importance of elevating "individual self-medication" to "community-based self-medication".展开更多
This article indicates by example about power price of Henan province that the energy resources of Henan province are "the commons". According to analysis of the game of "the tragedy of the commons", this article ...This article indicates by example about power price of Henan province that the energy resources of Henan province are "the commons". According to analysis of the game of "the tragedy of the commons", this article demonstrates that, whether under complete information or not, energy commons are abused. Based upon the situation, the author gives out the strategy to solve "the tragedy of the commons" of China energy sources.展开更多
On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model ...On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.展开更多
文摘Recent research and studies have shown that Information Technology(IT)has a significant impact on service quality,customer satisfaction,and customer relationship development.With the proliferation and penetration of technology in all aspects of life,organizations are responding to the implications and opportunities that IT creates in relation to customer services.The main objective of using information technology in organizations is to increase customer satisfaction,service quality,and customer relationship management,which the authors will focus on here.Enhancing service quality,improving customer satisfaction,and establishing close and sustainable customer relationships are key advantages of leveraging information technology in this field.This article examines the impact of information technology on service quality,customer satisfaction,and customer relationship development and provides strategies and models for organizations to improve customer satisfaction and establish closer connections with them through the use of information technology.Seventy individuals from the IT field were used to evaluate the proposed model.The proposed model was compared with three models:SEM,regression,and decision tree,and the results demonstrated better performance of this approach.
文摘In recent Years, China's real estate market has been rapid developed, and real estate has become a hot spot of consumption and investment. In some large and medium-sized cities there has been a rapid rise in housing prices. The rapid rise in housing prices has led to difficulties in the purchase of houses in some cities and towns, and this phenomenon has aroused the attention and con- cern of all walks of life. Housing is the basic human life needs. Housing problem is not only an economic problem, but also a social problem. The relationship between house price and land price and the effective control of housing prices have become the focus of government and scholars. Thus, grey relational analysis is used to ana- lyze the relationship between housing prices and land prices, and the grey relational coefficients are calculated.
文摘In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis (DEA) and the stochastic frontier analysis (SFA) models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises (SBF250) index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms' efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature (e.g., Botosan, 1997). However, there are some differences between the findings of SFA and DEA models.
基金Anhui Province Natural Science Research Project of Colleges and Universities(2023AH040321)Excellent Scientific Research and Innovation Team of Anhui Colleges(2022AH010098).
文摘The presence of numerous uncertainties in hybrid decision information systems(HDISs)renders attribute reduction a formidable task.Currently available attribute reduction algorithms,including those based on Pawlak attribute importance,Skowron discernibility matrix,and information entropy,struggle to effectively manages multiple uncertainties simultaneously in HDISs like the precise measurement of disparities between nominal attribute values,and attributes with fuzzy boundaries and abnormal values.In order to address the aforementioned issues,this paper delves into the study of attribute reduction withinHDISs.First of all,a novel metric based on the decision attribute is introduced to solve the problem of accurately measuring the differences between nominal attribute values.The newly introduced distance metric has been christened the supervised distance that can effectively quantify the differences between the nominal attribute values.Then,based on the newly developed metric,a novel fuzzy relationship is defined from the perspective of“feedback on parity of attribute values to attribute sets”.This new fuzzy relationship serves as a valuable tool in addressing the challenges posed by abnormal attribute values.Furthermore,leveraging the newly introduced fuzzy relationship,the fuzzy conditional information entropy is defined as a solution to the challenges posed by fuzzy attributes.It effectively quantifies the uncertainty associated with fuzzy attribute values,thereby providing a robust framework for handling fuzzy information in hybrid information systems.Finally,an algorithm for attribute reduction utilizing the fuzzy conditional information entropy is presented.The experimental results on 12 datasets show that the average reduction rate of our algorithm reaches 84.04%,and the classification accuracy is improved by 3.91%compared to the original dataset,and by an average of 11.25%compared to the other 9 state-of-the-art reduction algorithms.The comprehensive analysis of these research results clearly indicates that our algorithm is highly effective in managing the intricate uncertainties inherent in hybrid data.
文摘From the background of small peasant management and information asymmetry,this paper introduced the middle profit sharing model and discussed influence factors and ownership of pricing power of agricultural products. It obtained following results:( i) the transaction scale has positive effect on farmer's pricing power of agricultural products,while the competitor's transaction scale has negative effect on it,so does the cost for information search;( ii) under the condition of small peasant management system,farmer is in a relatively weak position in the distribution of pricing power of agricultural products,due to factors such as small transaction scale,information asymmetry and farmer's weak negotiation ability;( iii) through cooperative game,farmer and buyers can share cooperative surplus at the agreed ratio;( iv) the introduction of self-organizing specialized farmers cooperatives is favorable for solving the problem of pricing power of agricultural products,and possible problems,such as " collective action dilemma" and " fake cooperatives" in the cooperative development process can be solved by internal and external division of labor and specialization of cooperatives.
基金Supported by National Social Science Foundation(10BJY057)2010 Program of the Eleventh-Five Plan of the Development of Philosophy and Social Science in Guangzhou(10Y49)
文摘In view of the development problems of village banks,through introducing the concept of private relationship lending,the functions of soft information,the channels of village banks for collecting soft information,and the private relationship lending of village banks under Chinese rural human environment of highlighting relationship while despising rationality are proved.According to the recognition standard of core competitive edge,it can be concluded that the core competitive edge of village banks is private relationship lending.In the first place,these kinds of small and medium-sized quarter banks have competitive advantages in launching private relationship lending;in the second place,the lending businesses of village banks based on soft information attracts small and medium clients;in the third place,the private relationship lending has realized the scale economy.Furthermore,the reasons why village banks can not display the core competitive edge have been analyzed:firstly,village banks have not found that private relationship lending is their core competitive edge;secondly,the internal motivation on establishing private relationship lending of village banks is insufficient;thirdly,village banks have not prepared well in developing private relationship lending;The relevant policies and countermeasures are put forward,including transforming idea and vigorously developing private relationship lending;intensifying training and improving the quality of personnel involved;strengthening supervision and avoiding the violation behaviors of personnel involved;emulating experiences and perfecting the private relationship lending mechanism of village banks.
文摘In this paper, we characterize the players’ behavior in the stock market by the repeated game model with asymmetric information. We show that the discount price process of stock is a martingale driven by Brownian motion, and give an endogenous explanation for the random fluctuation of stock price: the randomizations in the market is due to the randomizations in the strategy of the informed player which hopes to avoid revealing his private information. On this basis, through studying the corresponding option pricing problem furtherly, we can give the expression of function<em> φ</em>.
文摘The Basel II committee sets their customers. This new up directives encouraging banks to use internal scores in order to assess the risk of form of information competes with the existing ones. Small and medium-sized enterprises (SMEs) are most concerned by these new stakes, due to the lack of transparency. The aim of this paper is to understand the determinants of the choice between substitution and complementarity between the two types of information: "soft" and "hard", to test a potential effect of this choice on the banking performance and to describe which variables are involved in the decision-making process. The originality of this work is to try to quantify the information costs and to use it as a variable which is affecting the adopted choice.
文摘The adoption of the "new public management" in the hospital sector brought about greater presence and power to professional managers in hospitals, thus increasing the risk of conflict in the doctor-manager relationship. Aiming to enrich the discussion on the factors that could be the bases for this conflict and considering the role of accounting, the study presented here corresponds, basically, to what we call "content analysis" of qualitative studies. The results demonstrate that the Portuguese doctors as the sample studied accept, in essence, the principles of enterprise management and recognize the use of accounting information in the scope of their functions as long as they are called to participate as legitimate actors, and authorities respect their desires to preserve a practice which they consider of quality.
文摘Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. Asynmaetric information makes supply chain unable to give a real reaction to the relationship between market supply and demand, and the personnel in the channels of supply chain are unable to make the optimal pricing, so that the overall profits are affected. Therefore, asymmetric information should be controlled within the normal range, for the purpose of ensuring the normal operation and healthy development of the market transactions.
基金The National Key Technology R&D Program of China during the11th Five-Year Plan Period(No.2006BAH02A06)Jiangsu Postdoctoral Foundation(No.0601015C)
文摘The coordinating pricing strategies with asymmetric cost information under disruptions are investigated in a one-supplier-one-retailer supply chain system.While the retailer's cost structure is asymmetric information,supply chain pricing contract models(a wholesale price contract and an all-unit quantity discount contract)under asymmetric information are proposed by employing the principal-agent principle in a regular scenario.When the retailer's cost distribution is fluctuated by disruptions,we obtain the optimal emergency strategies of the supply chain under asymmetric information by considering deviation costs and show how to effectively handle the cost uncertainty.Using numerical methods,impacts of cost disruptions on the optimal wholesale price,the retailer price,the order quantity and the expected profits of the retailer,the supplier,as well as the total system are analyzed.It is found that the all-unit quantity discount policy can obtain better performance than the wholesale pricing policy.
文摘Understanding an image goes beyond recognizing and locating the objects in it,the relationships between objects also very important in image understanding.Most previous methods have focused on recognizing local predictions of the relationships.But real-world image relationships often determined by the surrounding objects and other contextual information.In this work,we employ this insight to propose a novel framework to deal with the problem of visual relationship detection.The core of the framework is a relationship inference network,which is a recurrent structure designed for combining the global contextual information of the object to infer the relationship of the image.Experimental results on Stanford VRD and Visual Genome demonstrate that the proposed method achieves a good performance both in efficiency and accuracy.Finally,we demonstrate the value of visual relationship on two computer vision tasks:image retrieval and scene graph generation.
基金This work was supported by Hainan Provincial Natural Science Foundation of China[2018CXTD333,617048]The National Natural Science Foundation of China[61762033,61702539]+1 种基金Hainan University Doctor Start Fund Project[kyqd1328]Hainan University Youth Fund Project[qnjj1444].
文摘The accuracy of predicting the Producer Price Index(PPI)plays an indispensable role in government economic work.However,it is difficult to forecast the PPI.In our research,we first propose an unprecedented hybrid model based on fuzzy information granulation that integrates the GA-SVR and ARIMA(Autoregressive Integrated Moving Average Model)models.The fuzzy-information-granulation-based GA-SVR-ARIMA hybrid model is intended to deal with the problem of imprecision in PPI estimation.The proposed model adopts the fuzzy information-granulation algorithm to pre-classification-process monthly training samples of the PPI,and produced three different sequences of fuzzy information granules,whose Support Vector Regression(SVR)machine forecast models were separately established for their Genetic Algorithm(GA)optimization parameters.Finally,the residual errors of the GA-SVR model were rectified through ARIMA modeling,and the PPI estimate was reached.Research shows that the PPI value predicted by this hybrid model is more accurate than that predicted by other models,including ARIMA,GRNN,and GA-SVR,following several comparative experiments.Research also indicates the precision and validation of the PPI prediction of the hybrid model and demonstrates that the model has consistent ability to leverage the forecasting advantage of GA-SVR in non-linear space and of ARIMA in linear space.
基金National Nature Science Foundation (04104007,60323043,60293061)
文摘The mechanism of price limit impacts on informed traders’ behavior. To find out what effects related to price limit, three hypotheses caused by price limit are analyzed. Comprehensive method of event study and comparative grouping is used to test the performance of price limit in Chinese stock market. The result of test indicates that price limit policy impedes fulfillment of traders and delays the discovery of stock price so it should be abolished.
基金Supported by Shaoxing"13th Five-Year Plan"Key Philosophy and Social Sciences Project in 2016-"Study on Promoting the Development of Agricultural Products Supply Chain in Shaoxing by Information Technology"Zhejiang Provincial Society of Commercial Economy Project in 2016(2016SJYB02)+1 种基金Jiyang College of Zhejiang A&F University Classroom Teaching Reform Project(kgyb201504)Shaoxing Classroom Teaching Reform Project in 2015
文摘Pork is common in people's daily life consumption,and it accounts for more than half of all meats. By collecting data information published by Bureau of Statistics and Bureau of Agriculture,this paper makes a statistical analysis of the influence of price fluctuation in the pork market on China's pork production,and finds that China's pork production shows a general trend of fluctuations due to the impact of price factors.According to the predecessors' studies on the factors influencing pig market price,combined with the actual situation of pig breeding in China,this paper uses the latest website data released by the government's public information platform to establish a forecasting model.
文摘In this paper, the author uses the listed company's annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age of employees, professional proportion, and the average assesses and executives' shareholdings have no significant impact with P/B. The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages. By using these indicators, the author can improve the human resources information voluntary disclosure, make the disclosure of information comparable, and provide the empirical reference to the listed companies.
文摘This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) have made investments, to study the impact of QFII's investment behaviors on the information efficiency of China's stock market. The results show that QFII's investments can improve the information efficiency of China's stock market, but its impact is varied. The impact of QFII's investments on market information efficiency is more significant in bear markets than in bull markets, the impact on private enterprises is more significant than on state-owned enterprises, and the impact on Small and Medium Enterprises(SME) market is more significant than in main board market. Further research also finds that QFII has a certain threshold effect on the information efficiency of China's stock market. This research paper provides a problem-solving perspective for China's capital markets to achieve information efficiency through opening up, and at the same time warns against financial risks.
文摘Household medicine lease (HML) industry originated way back in the Edo period (17C-19C), when it was promoted by the local fiefdom government to revitalize the economy. Accumulations of wealth, acquired thereafter from everywhere outside the region, have culminated in the formation of the present-day industrial cluster in Toyama, the largest in the whole area facing the Sea of Japan. Today an adaptation of the quasi-CRM (customer relationship management) business model of the HML system has proved to be a success in Mongolia. This fact seems to offer the authors some clues for dealing with those problems that healthcare and medical services in Japan and elsewhere are riddled with. In this paper, focusing on the common critical success factors (CSFs) behind the success of the authors' prototype HML system and its recent successful application in Mongolia, the authors will analyze these factors from the perspective of CRM. The authors will then clarify the following: (1) the usefulness of the business model for ensuring primary healthcare for people in developing countries; (2) the usefulness in our ubiquitous network society of applying ICT to the HML system; (3) possible contributions that the use of the system can make toward improving the quality of our everyday healthcare and medical services in our prominently aging society; and the authors will also suggest (4) the importance of elevating "individual self-medication" to "community-based self-medication".
文摘This article indicates by example about power price of Henan province that the energy resources of Henan province are "the commons". According to analysis of the game of "the tragedy of the commons", this article demonstrates that, whether under complete information or not, energy commons are abused. Based upon the situation, the author gives out the strategy to solve "the tragedy of the commons" of China energy sources.
文摘On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.