Cooperative game with nondeterministic returns

We study a non-traditional cooperative game where returns from coalitions are nondeterministic. The long-standing concept of core can be generalized to reflect players’ contentment with their allocations. It is now imperative to formalize the restrictions, such as those pertaining to information, on allocations. The latter are also at times more conducive to fractional representations. With probabilistic structures added, nondeterministic returns become random variables, utility functions attain risk-attitude connotations, and the timing of players’ allocation resolutions gains significance. Under various conditions for utility functions, we show how various core concepts of the general game can be related to its traditionally defined auxiliaries. These developments help pave the way for our illustrations, within two distinct settings, that players’ increased risk aversion would promote the formation of the grand coalition.     

Geographies of Algorithmic Violence: Redlining the Smart City

City governments are embracing data-driven and algorithmic planning to tackle urban problems. Data-driven analytics have an unprecedented capacity to call urban futures into being. At the same time, they can depoliticize planning decisions. I argue that this shift calls urban studies scholars to investigate geographies of algorithmic violence—a repetitive and standardized form of violence that contributes to the racialization of space and spatialization of poverty. This article examines this broader phenomenon through the case of a proprietary market value assessment that is being used to guide development in cities across the United States. The assessment employs an algorithm that helps city officials make critical decisions about which neighborhoods to target for investment, disinvestment and public service upgrades or disconnections. I argue that the racial, infrastructural, and epistemological violence associated with this evaluation can potentially lead to a new kind of municipal redlining. The article brings insights from critical race theory into conversation with critical scholarship on algorithms by analyzing how algorithmic violence works through data-driven planning technologies to depoliticize and leverage power while further entrenching racism and inequality.     

Corporates' strategic responses to economic policy uncertainty in China

Using a novel news‐based index of economic policy uncertainty, this paper studies the impact of economic policy uncertainty on corporate strategic positioning and corporate risk in China from 2009 to 2015. The study also investigates the impact of corporate strategic positioning on corporate risk. The results show that corporate strategic positioning and economic policy uncertainty have a significant positive impact on corporate risk. The results also explain that economic policy uncertainty increases the market risk of the firms irrespective of their corporate strategy. However, it increases the business risk of prospector firms and decreases the business risk of defensive firms. The study may help the firms to formulate and improve their strategic positioning while considering economic policy uncertainty. Our results are robust to alternate proxies of economic policy uncertainty and corporate risk.     

Environmental policies,national culture,and stock price crash risk: Evidence from renewable energy firms

This study investigates the impact of country‐level environmental performance and national culture on the stock price crash risk of renewable energy firms. Employing a large sample of 626 renewable energy firms across 31 countries, we find a significant nonlinear relationship between country‐level environmental performance and crash risk. National culture dimensions are found to strongly predict the crash risk of renewable energy firms, particularly after the global financial crisis. On the contrary, national culture dimensions and environmental policies are observed to not exert any significance in explaining the crash risk of fossil fuel firms. Our results are robust with respect to alternative measures of stock price crash risk and the endogeneity of national culture dimensions. Overall, the findings of this paper contribute to the environmental economics literature by providing new evidence regarding the role of societal and environmental factors in explaining the stock price crash risk of energy firms.     

基于信息辅助块稀疏贝叶斯学习的直扩通信窄带干扰抑制

现有基于Nyquist-Shannon采样定理的窄带干扰(Narrowband Interference,NBI)抑制方法存在应用受限于采样率较高的问题。应用压缩感知(Compressive Sensing,CS)理论解决上述问题，利用NBI在频域表现出的块稀疏特性以及直接序列扩频(Direct Sequence Spread Spectrum,DSSS)信号的类噪声特性，提出了基于块稀疏贝叶斯学习(Block Sparse Bayesian Learning,BSBL)框架的DSSS通信NBI抑制模型。实现干扰抑制后，利用传统的CS重构算法实现DSSS信号的压缩域解调。为进一步提高算法性能，将NBI稀疏分块的块内自相关矩阵建模为单位矩阵，提出了信息辅助BSBL(Aid BSBL,ABSBL)算法，设计了基于ABSBL的DSSS通信NBI抑制算法。该算法在保持较好NBI抑制性能的条件下，提高了运算效率并且不依赖NBI的稀疏结构。仿真验证和对比分析结果表明，所提方法能够有效抑制DSSS通信中的NBI，在干扰强度相同的条件下，NBI带宽越小、压缩率越大，算法对NBI的抑制性能越好。     

互联网金融的信用风险评估与预警研究

随着互联网金融的蓬勃发展，用户对消费金融的需求也越来越丰富多样。满足用户的多样化需求与建立健全风险监管体系成为互联网金融发展的重中之重。如何实现数据驱动服务升级、技术辅助市场监管成为研究的热点问题。本文通过数据处理与特征工程实现用户认证信息、金融信息、行为信息的融合，利用深度森林算法建立模型进行信用风险评估。结果表明，该方法能有效挖掘数据潜在价值，提高信用风险评估与预警效果。最后，本文针对互联网金融的信用风险预警与市场监管提出了建议。     

Political risk in private participation projects: The effects of political discretionality and corruption

This article investigates the impact of political risk on the performance of private participation infrastructure projects in emerging markets. Previous studies have shown that firms in regulated sectors are prone to employ political capabilities in their investments overseas. Our analysis of 32,257 projects in 114 emerging countries from 1997 to 2013 shows that higher political discretionality in the host country is negatively associated with project completion. In contrast, a higher level of corruption in the host country is positively associated with project completion. The study makes a contribution to the literature on political risk in foreign direct investments.     

Chinese multinationals on the New Silk Route: Managing political risk by branding the nation

Though Chinese multinational enterprises (CMNEs) have brought investment and opportunities to countries along the Belt and Road Initiative, there has been scepticism regarding the content and context of their investment. On the one hand, infrastructural development contributes to GDP formation and enhances the efficiency of productive inputs where international trade enhances technology and export development, which jointly provides a path to economic growth. On the other hand, critical issues such as debt sustainability and national sovereignty among countries that have gone through the decolonization process mean that CMNEs need to grasp the implication of political risk when investing. This article focuses on South and Southeast Asia, where China has historical socio‐economic relationship, and proposes a nation branding model combining tradition and modernity which can be the way forward for CMNEs to mitigate political risk in relation to the Belt and Road Initiative (BRI) investment. Nation branding of BRI could be seen as a continuity of China's unfinished business in globalization that has preceded the modern polity; nevertheless, there is a need to communicate a coherent and authentic message that reflects the reality of business operations.     

财务公司的风险管理与内部控制

财务公司是一类特殊的金融机构,既有风险内生性特点,也易受外部风险传导。在风险管理与内部控制上,要坚持业务发展与内部控制相平衡的原则,一方面要遵循普适性、规律性的银行业规则(巴塞尔协议),另一方面也要充分考虑所属集团的具体实际情况,服务于集团和财务公司战略目标的实现。     

Switzerland’s transition from flood defence to flood-adapted land use–A policy coordination perspective

This contribution examines Switzerland’s shift towards integrated flood risk management from a policy coordination perspective. The study applies a heuristic framework of policy coordination to explore how adaption needs promoted cross-sectoral policy coordination between hydraulic engineering and land use planning and enhanced coherence in flood policies targeting extreme flood events. To account for the temporal dimension in policy coordination, the article traces Swiss flood policies back to the early 1800s and distinguishes four phases of policy coordination. Across the four periods, the analysis focuses on (a) the drivers of policy coordination, (b) the manifestation of policy coordination in terms of policy frames, goals, instruments and subsystem involvement, and (c) the performance of policy coordination. Complemented by an in-depth case study of cross-sectoral flood policies in the Swiss canton Nidwalden findings show that the coordination between flood and land use policies has primarily been driven by three factors: (i) extreme floods as focusing events, (ii) an increasing problem pressure, and (iii) strategic reorientations in flood and land use policies. Today, flood risk management in Switzerland displays a high degree of sectoral interplay between hydraulic engineering and spatial planning. By fostering flood-adapted land uses Switzerland’s coordinated flood policies reduce the vulnerability to uncertain future changes in flood risk and strengthen the country’s capacities to mitigate damage in extreme floods events.