Optimal distribution of the injured in a multi-type transportation network with damage-dependent travel times: Two metaheuristic approaches

We study a location-allocation-routing problem for distribution of the injured in a disaster response scenario, considering a three-type transportation network with separate links. A circle-based approach to estimate the impacts of the disaster is presented. After formulating relations for computing the percentage of the injured, the destruction percentage and the damage-dependent travel times, the problem is formulated as an integer nonlinear program. We utilize a genetic algorithm and a discrete version of the imperialist competitive algorithm for solving large problems. An empirical study focused on earthquakes in Tabriz, Iran, illustrates applicability of the proposed model and performance of the proposed algorithms.     

Online marketing: When to offer a refund for advanced sales

Advance selling is a marketing strategy commonly used by online retailers to increase sales by exploiting consumer valuation uncertainty. Recently, some online retailers have started to allow refunds on products sold in advance. On the one hand this reduces the net advance sales, but on the other hand it allows a higher advance sales price. This research is the first to explore the overall effect of allowing a refund on profits from advance sales, identifying conditions where advance selling with or without refunds (or no advance selling at all) is best. We analytically compare the profits of three advance selling strategies: none, without refund, and with refund. We show that selling in advance and allowing a refund is optimal for products with a relatively small profit margin and small strategic market size, and that the added profit can be considerable. Our results guide managers in selecting the right advance selling strategy. To facilitate this, we graphically display, based on the two dimensions of regular profit margin and strategic market size, under what conditions the different strategies are optimal.     

Individually rational rules for the division problem when the number of units to be allotted is endogenous

We study individually rational rules to be used to allot, among a group of agents, a perfectly divisible good that is freely available only in whole units. A rule is individually rational if, at each preference profile, each agent finds that her allotment is at least as good as any whole unit of the good. We study and characterize two individually rational and efficient families of rules, whenever agents' preferences are symmetric single-peaked on the set of possible allotments. Rules in the two families are in addition envy-free, but they differ on whether envy-freeness is considered on losses or on awards. Our main result states that (a) the family of constrained equal losses rules coincides with the class of all individually rational and efficient rules that satisfy justified envy-freeness on losses and (b) the family of constrained equal awards rules coincides with the class of all individually rational and efficient rules that satisfy envy-freeness on awards.     

Periodic strategies in optimal execution with multiplicative price impact

We study the optimal execution problem with multiplicative price impact in algorithmic trading, when an agent holds an initial position of shares of a financial asset. The interselling decision times are modeled by the arrival times of a Poisson process. The criterion to be optimized consists in maximizing the expected net present value of the gains of the agent, and it is proved that an optimal strategy has a barrier form, depending only on the number of shares left and the level of the asset price.     

Firms’ performance following the initial resignation of independent directors: evidence from Taiwan

This study investigates the operating performance of firms listed on the Taiwan stock exchange following the initial resignation of independent directors. The results show that the firms’ operating performance following the resignation of these directors has not only deteriorated, but is also significantly below the industry average. In addition, firms with a relatively severe agency problem, including firms that have lower insider or institutional shareholdings, receive audit opinions other than unqualified opinions or change their auditors prior to the resignation of the independent directors, tend to perform more poorly following the resignation.     

Why principals tolerate biases of inaccurate agents

Some agents are more accurate than others in estimating the best policy. The more accurately an agent estimates a policy's effects, the more he will resist biases, such as bribes from a special interest. Thus, a special interest needs to pay a larger bribe to an accurate agent than to an inaccurate agent. The accurate agent who is biased will then more likely cause harm than does an inaccurate agent who favors the special interest. Therefore, the principal may gain more from controlling biases of an accurate agent than of an inaccurate one. Thus, high ability of public officials may be associated with little corruption.     

Dynamic management of aircraft stand allocation

This paper aimed to present an original approach for solving the aircraft stand allocation (SA) problem dynamically when due to operational disturbances, the planned allocation cannot be accomplished. The proposed Multiple-criteria Dynamic Stand Allocation (MDSA) method uses fuzzy logic to support decision-making under uncertainty. The MDSA method provides effective solutions in a short time, necessary for traffic management in case of delays, emergency, and untypical cases. It considers partially conflicting points of view of different airport users (airport managers, air traffic controllers, airlines, handling agents, and passengers) and may significantly support managers on the SA problem. The approach proposed can also be used for creating an initial SA plan for a considerable number of aircraft.     

Robust consumption‐investment problem under CRRA and CARA utilities with time‐varying confidence sets

We consider a robust consumption‐investment problem under constant relative risk aversion and constant absolute risk aversion utilities. The time‐varying confidence sets are specified by Θ, a correspondence from [0, T] to the space of the Lévy triplets, and describe a priori drift, volatility, and jump information. For each possible measure, the log‐price processes of stocks are semimartingales, and the triplet of their differential characteristics is almost surely a measurable selector from the correspondence Θ. By proposing and investigating the global kernel, an optimal policy and a worst‐case measure are generated from a saddle point of the global kernel, and they constitute a saddle point of the objective function.     

上市公司发放现金股利的价值效应——基于委托代理问题视角的实证研究

现金股利发放反映了债权人、股东、管理者之间的利益分配关系,现金股利的价值效应受到委托代理问题的影响。采用2008—2017年沪深A股上市公司作为研究样本,在委托代理理论的分析框架下实证检验我国上市公司发放现金股利的价值效应。研究表明,发放现金股利可能会损害债权人利益,过度债务公司发放现金股利的价值效应较小,而债务不足公司发放现金股利的价值效应较大。基于管理者代理问题视角的研究发现,现金股利可以有效发挥降低管理者代理成本的作用,当管理者代理问题严重时公司发放现金股利的价值效应更大。基于控股股东代理问题视角的实证结果表明,现金股利可以作为替代性的治理机制约束控股股东行为,当控股股东代理问题严重时现金股利具有更高的价值效应。