Equilibrium concepts for time‐inconsistent stopping problems in continuous time

A new notion of equilibrium, which we call strong equilibrium, is introduced for time‐inconsistent stopping problems in continuous time. Compared to the existing notions introduced in Huang, Y.‐J., & Nguyen‐Huu, A. (2018, Jan 01). Time‐consistent stopping under decreasing impatience. Finance and Stochastics, 22(1), 69–95 and Christensen, S., & Lindensjö, K. (2018). On finding equilibrium stopping times for time‐inconsistent markovian problems. SIAM Journal on Control and Optimization, 56(6), 4228–4255, which in this paper are called mild equilibrium and weak equilibrium, respectively, a strong equilibrium captures the idea of subgame perfect Nash equilibrium more accurately. When the state process is a continuous‐time Markov chain and the discount function is log subadditive, we show that an optimal mild equilibrium is always a strong equilibrium. Moreover, we provide a new iteration method that can directly construct an optimal mild equilibrium and thus also prove its existence.     

商誉存在顺周期效应吗

本文采用2007-2017年间中国资本市场A股上市公司作为分析样本,实证检验经济周期对商誉的影响以及相应的影响路径和情境特征.研究发现:(1)在经济上行期,商誉变动额显著增加,表现为商誉顺周期效应;(2)商誉减值在商誉顺周期效应中发挥了中介作用,即经济上行期可以通过降低商誉减值准备计提比例以促使商誉变动额增加,而并购频次和并购溢价在经济周期影响商誉变动的路径检验中不显著;(3)当企业所处地区制度环境完善、处于轻资产行业或成长期时,商誉顺周期效应显著减弱;(4)拓展性检验表明,商誉变动额促进了个股收益率的提升,但经济周期会抑制这一促进作用.本文明晰了商誉顺周期效应的影响路径和情境特征,丰富了经济周期和微观企业行为之间关系的文献.     

无溶剂大豆浓缩蛋白的生产工艺

采用物理压榨法制取大豆粉,以此大豆粉为原料,通过酸法改性制取大豆浓缩蛋白,旨在获得无溶剂残留的大豆浓缩蛋白。制得大豆浓缩蛋白的蛋白质含量≥65%、NSI≥70%、脂肪≤1.0%、保油性明显提高。     

A Configurational Analysis of the Causes of Consumer Indirect Misbehaviors in Access-Based Consumption

Journal of Business Ethics - Consumer indirect misbehavior in access-based consumption is a significant challenge for enterprises. The literature is in short of a deep understanding of the...     

中美高收益债券市场发展比较研究

在美国市场上,高收益债已经发展成为一种相对独立的资产类别,而中国的高收益债市场才刚刚起步,对其研究也相对匮乏。本文在厘清中国高收益债的定义前提下,以美国成熟市场为参照,对中国当前时间截面上高收益债市场的存量分布和分类做出详细描述,并展示了中国高收益债的风险收益特征与成熟市场的异同。研究认为,由于中美高收益债市场发展阶段差异显著,投资者亟需寻找不同的投资逻辑和策略。     

Game-theoretic modeling of pre-disaster relocation

Abstract

Sea-level rise due to climate change is clearly an important problem. This paper uses game theory in conjunction with discounting to explore strategies by which governments might encourage pre-disaster relocation by residents living in areas at high risk of flooding due to sea-level rise. We find that offering a subsidy (e.g., a partial buyout) can be effective if government has a significantly lower discount rate than residents. We also present extensions to our model, exploring the use of a fixed annual benefit after relocation (instead of a one-time subsidy), and hyperbolic instead of standard exponential discounting. Numerical sensitivity analysis elucidates many important factors affecting the timing of anticipatory relocation, since for example relocating too soon may be costly to both residents and government if flooding risk is increasing only gradually. This conceptual model also provides a foundation for future studies that quantify the model with more realistic parameter values (e.g., realistic estimates of flooding probabilities), and alternative behavioral models of resident decision making.     

瑞替普酶治疗急性心肌梗死患者的临床疗效

目的探讨瑞替普酶治疗急性心肌梗死患者的临床疗效。方法收集2013年1月至2014年2月收治的66例急性心肌梗死患者资料,按患者入院治疗时间顺序分为两组,对照组33例患者予以尿激酶治疗,瑞替普酶组33例患者予以瑞替普酶治疗。比较两组患者溶栓后临床再通率、病死率以及并发出血率。结果瑞替普酶组患者临床再通率明显高于对照组(P<0.05);且该组患者并发出血率、病死率均明显低于对照组(均P<0.05)。结论采用瑞替普酶治疗急性心肌梗死具有较高理想的临床治疗效果,且安全性高。     

基于Pro/E的机械制图国标化的模板文件定制

文章探讨了如何将国标定制到Pro/E软件模板中的方法,主要包括零件模板、组件模板以及工程图模板等的建立方法,最终达到提高设计效率、规范图纸的目的.     

改革开放30年,彰显中国会计本科教学与时俱进

中国改革开放30年,以全面推进素质教育作为会计基础教育改革和会计专业教育改革的重要方向。会计本科教学在教学目标、教学理念、教学方案、教学手段、教学方法和教学管理等方面与时俱进,逐步形成了特有的教学风格,有效提高了本科教育质量。     

管理层收购与政府规制的关系分析

文章从我国管理层收购存在的问题、政府规制管理层收购的现状等入手,进一步阐述管理层收购与政府规制之间的关系,分析政府时管理层收购规制的目标以及政府规制管理层收购的转变。