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This paper uses the present-value model of current account to analyze the reason for China's current account imbalances for the 1982-2010 periods. The results show that the consumption tilting parameter of China's residents in the same period is 1.127. This means that the Chinese residents' consumption is less than the persistent cash flow; residents will transfer their consumption to the future,...
Partial trade credit is widely used in practice since there exit distinctions between trading partners in financial status, the level of cooperation and negotiation power etc. In this paper, we consider a periodic-review inventory control problem where a retailer with cash flow constraints sells a single product to the market with random demand. In each period, the retailer, offered partial trade...
Economic problems in the optimal management of strategic resource stockpiles can be rigorously studied and solved by formulating them as optimal control problems in continuous time. Often, the real economic systems and stockpiling scenarios of interest exhibit both stochastic features and input saturation effects. Building on work to account for saturation effects into basic optimal stockpile problems,...
Anstract: In this paper, we propose a novel framework — the Observer Pattern Framework (OPF) — which could better reflect the complex securities market. The core of the OPF is observer collecting relevant information from two different perspectives, namely, stock price statistics and force comparison between buyer and seller. Further, based on a practical example, we not only define observer equations...
Since the CSI 300 index futures launched by the China Financial Futures Exchange in 2010, stock index trading has become another central issue in domestic financial research. This study determined the theoretical relationship between the margin level and market trading volume by using the definition of margin liquidity cost in a mathematical analysis model, and derived the general conclusions about...
To analyze interest rate risk of coupon bearing bonds and to immunize bond portfolios against this risk excel spreadsheets are developed using only plain vanilla excel, i.e. its basic functions and some additional functions from the Excel Analysis Toolpak Add-In. The reason for not using complicated macros nor Visual Basic for Application is that especially students at the University level have already...
In this study we analyze mutual fund flow-performance relation by using a novel sample of Chinese mutual funds and focus on the impact of stock market conditions. we find that the flow-performance relation varies significantly with market conditions and the positive relation is more pronounced during bull markets. The asymmetric flow-performance relation under different market conditions is consistent...
Nowdays, joint ventures have grown tremendously between companies all over the world. Joint venture is a partnership between two or more parties that contribute equity of investment to manage a project. The sharing of profit and loss in joint ventures describes the application of diminishing musyarakah principle in investment according to Islamic scholars. The application of diminishing musyarakah...
Musyarakah contract is a joint venture contract between two or more parties where the profit is shared according to the agreed profit sharing ratio. The new musyarakah model internalizes this concept and takes into account the investment of two parties using two different rates of profit as well as two profit sharing rates. At present, this model is the only model that uses two profit sharing rates...
In this paper we present a study of new problem of linking high quality public feedback to the issues discussed in an article. Analyzing public opinion on social and political issues as well as government policies is of particular importance to policy makers. Given a segmented article with multiple issues and public comments towards the article, the task aims to extract high quality feedback and link...
The provision of a financial product for renewable energy requires that the return of the financial product be determined based on the portion of risk it holds. Accurately modeling the risk becomes essential in order to achieve higher penetration of renewable energy in markets. This paper combines the effect of the various types of risks, and shows that the overall risk of renewable energy is not...
In order to test the efficiency of Chinese plastic futures market, we firstly use variance ratio under random walk model to test the price sequences of LLDPE and PVC, which shows that this market is of week form efficiency. Then an assistant method, JJ Cointegration test is completed, which shows that the market is efficient in the short run concerning the price discovery function. The two methods...
with the provincial panel data of the western region of China from 2000 to 2009, this paper establishes a regression model and uses pooled-LS analysis and MCMC algorithm which based on Bayesian linear regression theory to empirical analysis the financial development in the western region of China upon the urban-rural income gap. The result shows that the development of financial intermediation widens...
Based on the theory of evolutionary game, this paper using replication dynamic equations to analyze behaviors of banks and enterprises in the process of lending. Though the result of evolutionary game is a disappointment for rational people as the market is close to a failure, the government as an external force can promote a better relationship between banks and enterprises to mutual benefits for...
This paper tests the relationship between the current account deficits and NIIP(net international investment position) in U.S. It discovers that, in the middle of 1980's, trade is issue channel of dollar and finance is its withdrawal channel. Dollar circumfluence exists and largely depends on the sustainability of dollar standard. It is suggested that the dollar standard should sustain in a short...
This paper explores the relation between investor sentiment and stock price response to earnings news in China mainland stock market employing the method of event study. The evidence demonstrates that stock price response to earnings news with the prevailing sentiment, that is, investor sentiment is systematically related to the market response to corporate earnings announcement news. The empirical...
Rural finance has played a crucial role in the rural economy. Heilongjiang Province as a big agricultural province, in which rural finance is not well developed. The empirical analysis suggests that the low level of rural finance in Heilongjiang province can not have a strong support on the rural economy, which shows the financial supply shortage. However, the rural economic development is the Granger...
Kaplow (2006) presented a theoretical analysis on the distributive incidence of public goods which can help guide empirical efforts. This paper mainly analyzes the effects on fiscal revenue of public goods provision by utilizing panel model based on Chinese provincial data from 2001 through 2008. The main conclusion drawn is that changes in fiscal outlay and rural resident's net income bring about...
Many researchers have used prospect theory to analyze the taxpayer compliance issues and their results have confirmed that the prospect theory can explain the bounded rationality decision-making of taxpayer. However, previous research is based on the comprehensive income tax system and the Chinese income tax system is still a simple categories income tax system, which is completely different from...
In this thesis, by collecting and analyzing relevant data, we research the correlation between number of examinees taking the college entrance examination (hereafter referred to as “the number of examinees”) and the school-age population base in light of the decrease in the number of applicants for the 2009 college entrance examination. For the first time, the variation tendency of the number of examinees...
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