Based on the order distribution assumption, this paper sets up a strategic trading game model of blind call auction. This model implies that the individual investor is not willing to attend the call auction or needs risk compensation. Therefore the banker can not carry out normal trade strategy and incline to market manipulation. The empirical analysis of Shanghai Stock Exchange supports the model and indicates that the call auction mechanism of Chinese stock markets needs improvements.

In this study, we discussed some factors affected the multiple NPV of MNC and the host country enterprise in the international equity joint venture through the multiple cash flow methods. We explained which factor has a positive relation with multiple NPV and which factor has a negative relation with multiple NPV. We also pointed the key point that it should be pay attention to when the enterprise of our country make a alliance relation with the MNC.

In the course of venture capital, venture capitalist and venture enterpriser forms the relationship of principal agent. Venture enterpriser has more information than the venture capitalist, which results in venture capitalist adverse selecting venture enterpriser and venture enterpriser′s moral hazard. In this paper information economics has been applied to the research of the game between venture capitalist and venture enterpriser. This paper tries to study venture capitalist's agency venture due to asymme...

The information asymmetry between fund managers and investors about fund managers' investment ability is thought of as one of the main reasons causing the low subscription rate of different funds in issuance. Then, under the way of option pricing, the management fee rate is affiliated with fund return and market return, the management fee rate spread is designed, and the option's prices and profits shareholders can obtain are computed through Monte Carlo simulation. At last, the difference in parameters set...

The Contrarian Strategy implies buying the "value stock" which is priced too low and selling the "glamour stock" which is priced too high. The empirical research in many stock markets indicate that the contrarian strategy outperforms the market. This study researches whether the contrarian strategy can yield higher returns in Chinese stock market. The result reveals that using proper indexes and terms, the contrarian strategy is effective in China. But as an emerging stock market, the condition in China is ...

The characteristics of the exploration and extraction activities of oil and gas resources are analyzed firstly, so the model of exploration discovery rate and the reserves model could be deduced. With the aim to maximize the income of development of oil and gas and by the assumption that price of oil and gas follows the geometric Brownian motion, an stochastic optimal control model for the exploration and extraction of oil and gas resources has been established. Finally, the problem was solved by the dynami...

In this paper we study an optimal portfolio selection problem in a continuous-time financial market under a safety-first criterion. In a Black-Scholes setting, we obtain closed-form explicit solutions of the best constant-rebalanced portfolios. Furthermore we analyze our results in relation to ones of the continuous-time mean-variance problem, and examine these results' implications and applications.

Different from reliability-centered management, for fleet management it is not only important to consider the hazard but also the current capacity, backlog and so on. In fleet management the decision to repair a specific machine not only depends on its condition but also the condition of all other assets in the fleet and the current service environment. In this paper, a series of problems on optimal policies for one of multiple fleet maintenance (MFM) problems have been studied and it is formulated as a dyn...

This paper is concerned with stochastic growth model. We use the corresponding knowledge of optimal control model to define the feasibility and optimality of path. Demonstrating that a stochastic model can be viewed as a deterministic model. This makes it possible to study turnpikes.

Based on the discussion of Delphi inquiry method, the paper studied the integration of expert's opinions. The reliability function of expert's opinion was design and the measurement of the reliability of integration result of all expert's opinions could be got. An optimizing search model was set up to get the optimal scheme to correspond the different expert's opinion. It could not only keep the independent of each expert's opinion, but also consider the consistency and correspondent at the same time. The c...

As a very typical integration method of qualitative and quantitative analysis in systems engineering, analytic hierarchy process (AHP) is has been applied in many system engineering practical problems such as comprehensive evaluation and multi-object decision-making of complex systems. In this paper in order to correct the consistency of judgement matrix in AHP, a new method, named AGA-CAHP, is proposed to check the consistency of judgement matrix and compute rank weights at the same time by using accelerat...

New definition of the model of compound fuzzy game was given in this paper, we call the model as generally compound fuzzy game. Moreover the fuzzy stable set and the fuzzy core of the generally compound fuzzy game were studied in detail.

The main objective of the paper is to introduce some new concepts of knowledge reduction based on variable precision rough set theory such as upper distribution reduction and lower distribution reduction. The decision rules derived from the distribution consistent set are compatible with the ones derived from original system. Their equivalent definitions are studied. The relationships among alternative reducts in inconsistent information systems are discussed. The judgement theorems and discernibility ma...

Measures based on rough set theory and information entropy for rule uncertainty have widely got research, but the relationships between them have not attracted much attention so far. In this paper, several uncertainty measures based on rough set theory and information entropy are compared and analyzed. We proved that they exist inconsistency in evaluating uncertainty of rules and gave the necessary condition of occurring the inconsistency. Also the relationships among these measures are summarized from diff...

In this paper, several extended rough set models are analyzed and another model is presented. In this model, thresholds are introduced and an incomplete system is divided into two parts. The aim of tolerant relation based on connection degree is to ascertain classes by which the lower approximation set and upper approximation set of a set in universe are confirmed. By an example, this model presented in this paper is accord with facts. It is important that man can control the partition of universe in some w...

In this paper, the roughness of knowledge and rough set is denoted by their rough entropy with respect to general binary relation, which provides theory basis for knowledge acquisition in information systems based on general binary relation.

Batch process is one of the most important processes in chemical industry, and how to monitor the performance of batch processes has always been one of the most active research areas in process control. In this paper, neural network (NN) is used to describe the nonlinear and dynamic behavior of batch processes, and the predicted residuals of NN is modeled through the extension of multiscale principal component analysis (MSPCA) to batch processes. Compared to the multiway principal component analysis (MPCA) ...

This paper builds virtual enterprise process integrated methodology based on value analysis and BPR theory, brings out the fuzzy value analysis methododlogy and the process integrated project evaluation methodology, studies the virtual enterprise process reference model.

This paper studies the fuzzy multiple attribute decision making problems with preference information on alternatives, in which the attribute values and the preference information are expressed in the form of triangular fuzzy numbers, and defines the concept of expected value decision matrix. The method based on expected values is given for fuzzy multipleattribute decision making problems, in which the information on attribute weights is completely unknown or partly known. The method can utilize the known fu...

In allusion to the drawback of TOPSIS method,this paper puts forward a revised method:vertical projection method.First TOPSIS method is Reviewed.Then vertical projection distance is defined .Computation ,nature of vertical projection as well as relationship between vertical projection distance and the relative closeness to the ideal solutions is discussed.Afterwards simplified compute procedure of vertical projection method is presented.Vertical projection method is applyed to a real example.In the end, the...

How to construct or optimize the structure of Neural Network, as a hotspot of research in ANN, will affect the performance of it directly. This article applies the early-restart algorithm to the optimization of Neural Network′s structure, studies the character of optimal restart time in the algorithm, and advances the revisable structure of L-M (levernberg-marquardt) BP Neural Network based on early-restart algorithm. The comparative experiment shows that the early-restart algorithm can optimize the structu...

First, this paper introduces the idea and the method of Nested Partitions Algorithm (NP Algorithm) applying to discrete system optimization. The principle of NP Algorithm applying to continuous system optimization is proposed. Finally, this paper demonstrates the feasibility of NP Algorithm applying to continuous system optimization and reveals its excellent capability of global optimization by solving a classical optimization problem.

In this paper, system network structure and simulation rules are reasonably determined based on analyzing the characteristics of water distribution, and the identification and modification module are introduced in simulation process. The joint operation of water from Hanjiang River and local water resource is studied by using system simulation technology. Water allocated for each province is obtained through the simulation calculation. The result is reasonable and feasible.

Based on Generalized Least Square (GLS) model, a dynamic origin-destination (OD) matrix estimation algorithm with sliding window is proposed. The OD matrix can be estimated through the surveillance of traffic counts and traveling time on links in a traffic network. An analytical formula to calculate the key assignment matrix is also presented. The algorithm is a recursive procedure with few apriori data, and there exists no divergence in the estimation. With the sliding window, more surveillance data can be...

The industry solid hazardous waste handle centre of Shenyang city adopts safe land filling technology to the solid hazardous waste of industry, Preventing dialysis liquid from Infiltration for the sake of the groundwater.This paper applies multi-objects fuzzy comprehensive evaluation to guide and predict the key cnstructinglink - the construction of two layer clay lining and chooses optimum scheme according with the designing requirement and economical and practical principles.

Mergers and acquisitions amonglisted firms surged since 1997 and the wave still goes on. The article tries to probe by empirical analysis the impact on of such activities on the listed companies' performance. Acquisitions are divide into two categories: non-related acquisitions and related acquisitions. The research focuses on the impact of the non-related acquisitions. The statistical analyses are conducted on the performance of the acquisitions of listed companies in terms of financial indicators. market ...

based on Rough set theory and ANN(artificial neural networks) method, Rough-ANN model for pre-warning of enterprise financial crisis is established. It integrates predigesting of enterprise financial crisis index, dynamic learning of financial crisis knowledge by neural networks and forecasting of financial crisis, and an example in financial crisis predicting is given to validate the model. The results show the feasibility and validity of the model. The research work supplies a new way for dynamic predicti...

VaR(Value at Risk) is the popular method for risk measurement recently. However, risk value that VaR measured sometimes has difficulty being corresponding with investor's real feeling precisely and VaR lacks of sub-additive in some cases. Aiming for these problems, this paper puts forward Cohesive Value at Risk (CVaR) as a new measurement method for risk, simulates distribution of income rate by forming new distribution, puts forward total-parametric method to calculate value of CVaR so as to solve its heav...

This study deals with the dynamic relationship between liquidity and return in Chinese stock market. It is found that the character of liquidity changes with the development of Chinese stock market, and also found is the empirical evidence consistent with the notion of "illiquidity premium" in 2002, using such econometric methods as VAR model, Granger causality test etc.

The method to control chaos by using uniform phase space compression is applied to economic systems in this paper, and a new stabilization method called threshold stabilization method that suppresses chaos by adding upper bound or and lower bound to state variable is developed according to the characteristic of economic systems. Two kinds of chaos in 2D output game model are stabilized by use three forms of this method respectively. Performance measures of the system are improved by controlling chaos.

By defining ε-hedging strategy, applying duality principle of linear programming and martingale measure theory, we present a kind of calculation method for the seller's arbitrage price and the buyer's arbitrage price of capital asset in finite (state) security market. We study the following two cases: (a) allowing short selling securities, and allowing borrowing and lending cash; (b) not allowing short selling securities, but allowing borrowing and lending cash. The analyses show that the ε-arbitrage prices...

This paper advances the theory of multiattributed utility structure of product functions and replaces idea and criterion of manufacturing product. On the basis of the theory a model of firm's optimal strategy in Nash equilibrium condition of market games is constructed. The model may scientifically analyze a Firm's product strategies, price strategies and else strategies.

It is difficult that investment level is optimal because of principal-agency. The paper discusses the relationship between manager's private benefits and investment behavior. By developing model, we find that manager's private benefits is the determinant of over-investment, and manager's payoff only affects the level of his efforts. Moreover, manager will be punished if share-holder find over-investment occurs. We believes that sound debts, perfect monitoring and the acknowledge of property right of human b...

A factor framework works on the demand trend of commercial domicile was proposed here and a knowledge discovery algorithm based on attribute clustering was put forward to get useful rules between the commercial domicile demand and its corresponding impact factors to direct the demand trend forecast.

This paper gives an analysis of the objects and restriction conditions of the defense facility location, and a multiobjective model of the facility location is set up. By using the overlay algorithm of the theory of military geographic information system, the problem of searching feasible set or limited schemes in decision space based on overlay algorithm of hierarchical maps comes up. The solution method by constructing the criterion decision matrix of facility location is put forward, and an example is gi...

This text is on the basis of economies of scale, such as transaction cost, etc. Statistical analysis was used with the parameter and non-parameter test and discrimination analytic approach to carry on the empirical research to the state of development of firm scale of Chinese listed companies in textiles industry. The result of study demonstrated the firm scale of listed company of Chinese textiles industry was generally small.

To offer theory proof for the price data of the dynamic pricing, the related conceptions are defined, and the interrelated theories are deduced based on the concave envelope theory. Farther research of each leg's price character in network transportation is made, and with a numerical example combined, connection between different legs' optimal prices and the preset prices is demonstrated. Thus a new research approach, which can determine each leg's price in network transportation, is provided.

Based on the technology acceptance model (TAM) and the task-technology fit model (TTF), we analyze the behavioral factors that influence the enterprise ERP implementation, and build an integrated TAM/TTF model to explain and forecast the employee's behaviors in the process of ERP acceptance. This integrated model can help enterprises understand the behavioral factors more profound and use the ERP more successfully and effectively.

In this paper, a method for establishing multivariable evaluation index is proposed by combining Partial Least Square Path Modeling with Multiple Tables Analysis. The relation between every latent variable and corresponding observable variables is investigated and the relation between every latent variable and multivariable evaluation index is analyzed with the proposed method. On the other hand, the important information of observable variables is extracted and the multivariable evaluation index which repr...

An index of the compatibility of the group decision making was given. By the idea of minimizing the compatibility of the group decision making, a mathematical model of solving the weights of the group decision making was gained. And the we proposed an algorithm to modify a pair of elements of the expertjudge matrixes, by which the compatibility of the group decision making was less than that of the original one. Then the convergence theorem for this algorithm was established and its practicality was showed ...