Time Orientation in Languages and Tax Avoidance

Journal of Business Ethics - Studies suggest that when a language requires grammatical marking of future events, speakers prefer immediate payoffs and engage in less future-oriented behavior. If...     

居民杠杆率的发展风险、国际比较与治理路径

当前,我国居民杠杆率快速上涨,并呈现出与国际趋势背离、风险不对称、居民储蓄率下降、债务过度扩张等风险特征.从居民杠杆率的发展肇因看,可归于中长期消费贷款领域的货币政策宽松促使房地产贷款过热,以及短期消费贷款领域的金融科技驱动消费金融机构的野蛮生长.通过采用法律金融学理论,重点分析不同法系下居民杠杆率的发展演进,充分借鉴海洋法系(以美国为代表)与大陆法系(以日本为代表)的居民杠杆率高企的风险治理经验,结合我国居民部门的风险境况,提出我国防范居民杠杆率高企的风险治理路径.     

Option pricing based on hybrid GARCH-type models with improved ensemble empirical mode decomposition

The exploration of option pricing is of great significance to risk management and investments. One important challenge to existing research is how to describe the underlying asset price process and fluctuation features accurately. Considering the benefits of ensemble empirical mode decomposition (EEMD) in depicting the fluctuation features of financial time series, we construct an option pricing model based on the new hybrid generalized autoregressive conditional heteroskedastic (hybrid GARCH)-type functions with improved EEMD by decomposing the original return series into the high frequency, low frequency and trend terms. Using the locally risk-neutral valuation relationship (LRNVR), we obtain an equivalent martingale measure and option prices with different maturities based on Monte Carlo simulations. The empirical results indicate that this novel model can substantially capture volatility features and it performs much better than the M-GARCH and Black–Scholes models. In particular, the decomposition is consistently helpful in reducing option pricing errors, thereby proving the innovativeness and effectiveness of the hybrid GARCH option pricing model.     

Advance selling of new products to strategic consumers on flash sale platforms*

Flash sale (FS) is a new business model that offers discounted products in limited numbers over a short period. In this paper we discuss the impact of strategic consumers on advance selling (AS) of new products on FS platforms. We first study the impact of strategic consumers on competing retailers adopting AS to sell a homogeneous new product. And find that the retailers’ AS profits and inventory quantities decrease with the strategic customers’ valuation and valuation decreasing rate. Then we analyse whether FS can mitigate the impact of strategic customers on retailers adopting AS for new products. We consider a newsvendor model involving only one retailer adopting AS to sell a new product. We derive the results by comparing this model with two counterpart models, namely the classical newsvendor model with no strategic customers and a newsvendor model with strategic customers where the retailer does not use FS under AS.     

基于多元数据分析的城市通风廊道规划策略研究——以北京副中心为例

城市通风廊道是提升城市通透性,改善城市微循环,减缓热岛效应的有效途径之一。通过建设通风廊道让城市"呼吸"起来,可以有效减轻热岛效应,增强空气流动性,提高人体舒适度。基于通州区建设大背景及热点问题,分析了国内外典型案例,利用通州国家级气象站多年观测记录及周边地区气象资料、通州城区1:2000建筑基础地理信息数据和德国高分辨率卫星影像Rapid(5m分辨率)、通州区2015年土地利用现状图及规划图等,分析了通州及周边地区的风环境,研究了通州城区天空开阔度和地表粗糙程度,得出了通风潜力的空间分布。同时,利用卫星遥感资料,分析了热环境的空间分布。提出了通州城区通风廊道规划原则和建议。     

Financial econometrics,mathematics, statistics,and financial technology: an overall view

Review of Quantitative Finance and Accounting - Based upon my experience in research, teaching, writing textbooks, and editing handbooks and journals, this review paper discusses how financial...     

绿色环保军用食品的研究与进展

军用野战食品是保证战士饮食的重要食物,对提高战士的身体素质、提升军队的战斗力具有至关重要的作用。各国军队首脑对此都十分重视,将此项内容作为军队建设的重要内容。基于此,本文综述了相关学者对军用食品的研究,以期为相关学者提供借鉴。     

学校食堂后勤社会化面临的问题及对策

高职院校的后勤管理是学校师生生活和学习的重要保障,其管理质量及服务质量直接影响师生的食品安全和学校的稳定。在新形势下,后勤管理向社会化转变,本文分析了高职院校后勤管理社会化存在的问题,在此基础上探讨解决问题的对策,以保证学校食品安全,促进学生健康发展。     

互联网视角下供应链金融的新发展

在这个网络社会愈发深化的时代,通过互联网科技完善和发展线上供应链金融成为必要的发展方向。本文首先梳理了传统供应链金融的基本模式,发现了其存在的不足;然后重点介绍了当前三种主要的线上供应链金融模式,总结了线上供应链金融的优势;最后,提出相关政策建议,认为金融机构应该不断升级线上供应链金融产品,逐步完善供应链金融线上操作系统,监管机构需要出台更加严格的监管规则对线上供应链金融进行有效监管。     

钢坝闸在珠海翠屏排洪渠排水防涝中的应用

翠屏排洪渠是珠海市香洲区几条主要排洪渠之一,其现有滚水坝叠梁闸因过流能力不足,无法达到暴雨期24h排出标准.为提高翠屏渠排洪能力,在滚水坝上游新建钢坝闸并拆除原有滚水坝.钢坝闸可无级调节开度,立门蓄水或防洪,卧门行洪排涝,兼具阻挡外潮与泄洪排涝双重功能.