This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024,with an average dividend yield of at least 3%,as the sample.Using a panel data model,the effect of ...This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024,with an average dividend yield of at least 3%,as the sample.Using a panel data model,the effect of the cash dividend ratio on stock pricing was analyzed.The empirical results indicated a significant positive relationship between the cash dividend ratio and stock price.Furthermore,stocks with high dividend payouts demonstrated greater resilience during macroeconomic downturns,while notable differences were observed across industries.These findings provide a theoretical foundation for investors in making informed decisions and offer practical guidance for listed companies in formulating effective dividend policies.展开更多
We derive some results on the dividend payments prior to ruin in the classical surplus process with interest.An integro-differential equation with a boundary conditions satisfied by the expected present value of divid...We derive some results on the dividend payments prior to ruin in the classical surplus process with interest.An integro-differential equation with a boundary conditions satisfied by the expected present value of dividend payments is derived and solved.Furthermore,we derive an integro-differential equation for the moment generating function,through which we analyze the higher moment of the present value of dividend payments.Finally,closed-form expressions for exponential claims are given.展开更多
Given the great strides that China＇s education sector has made in recent decades, it can be expected that the overall workforce quality of exiting China＇s labor market in coming one or two decades will be relatively...Given the great strides that China＇s education sector has made in recent decades, it can be expected that the overall workforce quality of exiting China＇s labor market in coming one or two decades will be relatively low, while the overall quality of workforce newly entering into China＇s labor market will be high. As the new, bettereducated generation takes over, China＇s workforce quality will be vastly improved. This in turn will promote economic growth. We refer to economic growth arising from improved workforce quality as qualitative demographic dividend. Using the computable general equilibrium （CGE） model, this paper investigates the relationship between workforce quality improvements and economic growth. According to the model＇s results, an improvement in workforce quality will raise the economic growth rate by about two percentage points per annum between 2016 and 2020 and by 10 percentage points cumulatively by 2020. In other words, GDP will be 1.1 times the level of baseline GDP by 2020 due to the improved education levels. Given different production functions across sectors, the improvement of workforce quality will affect different sectors in different ways. On the whole, the improvement of workforce quality is more favorable to the development of capital-intensive sectors and sectors with rapid technology progress. According to this paper, considering the improvement of workforce quality, we cannot conclude that China＇s potential economic growth rate has already begun to decline. Despite diminishing conventional quantitative demographic dividends, China ＂s qualitative demographic dividends will keep rising. Qualitative demographic dividends will further push forward China＇s industrial restructuring and the strategic transition of industrial competitiveness from quantitative to qualitative and from an extensive to an intensive pattern of development.展开更多
[Objective] The aim was to analyze the phenomenon of employment diffi- culty and labor shortage, and to reveal the influencing factors of employment difli- culty and labor shortage. [Method] On the basis of the econom...[Objective] The aim was to analyze the phenomenon of employment diffi- culty and labor shortage, and to reveal the influencing factors of employment difli- culty and labor shortage. [Method] On the basis of the economic principle of popu- lation dividend, the use of human resources and natural resource constraints The IS-LM model describes these two states. [Results] The resource constraints have a ＂squeeze＂ effect on the demographic dividend, and employment pressure is shown in terms of the population opportunity window; the labor market segmentation, the ir- rational industrial structure, the backward curriculum and employment concept are the main factors affecting employment and labor shortage. [Conclusion] The way to solve this dilemma must be removed from the division of labor market, the adjust- ment of industrial structure, the setting of university specialty, the change of em- ployment concept of university graduates as well as the improvement of the quality of labor.展开更多
In this paper,a Markov-dependent risk model with a threshold strategy is considered. The expected discounted dividend payments satisfy some integro-differential equations. The analytical solutions to these systems are...In this paper,a Markov-dependent risk model with a threshold strategy is considered. The expected discounted dividend payments satisfy some integro-differential equations. The analytical solutions to these systems are given. Finally,some numerical exam-ples in some special cases are provided.展开更多
Reform dividends refer to the improvements in certain economic actors under the new, reformed institutional system as compared against the original system. Reform leads to greater economic growth potential by changing...Reform dividends refer to the improvements in certain economic actors under the new, reformed institutional system as compared against the original system. Reform leads to greater economic growth potential by changing the institutional environment, which in turn increases the vibrancy and innovation of economic actors. The most economically convenient system is also in actuality the most effective market economic system. Reform based on public and collective actions should be based on the following principle： if institutional reform is evolving towards the enhancement of economic convenience, then we can be sure that reform is embarking on the path of releasing dividends.展开更多
In this paper, the absolute ruin in the compound Poisson risk model with interest and a constant dividend barrier is investigated. First, integro-differential equations satisfied by the expected discounted dividend pa...In this paper, the absolute ruin in the compound Poisson risk model with interest and a constant dividend barrier is investigated. First, integro-differential equations satisfied by the expected discounted dividend payments are derived. The explicit expressions are obtained when the individual claim size is exponential distributed. Second, the moment generating function of the discounted dividends is considered, and integro-differential equations satisfied by the moment generating function of the discounted dividends are derived. Third, by a ＂differential＂ argument, the time to recovery to zero from a given negative surplus is considered. Finally, how long it takes for the surplus process to reach the dividend barrier is discussed.展开更多
Due to diminishing demographic dividend characterized by a falling workingage population and rising dependency ratio, China's long-term potential growth rates will keep declining, likely to be a mere 6.6% during t...Due to diminishing demographic dividend characterized by a falling workingage population and rising dependency ratio, China's long-term potential growth rates will keep declining, likely to be a mere 6.6% during the 13 th Five-Year Plan period(2016-2020). China's economic growth sustainability hinges upon its transition from the previous dependence on demographic dividend to the future reform dividend. In the growth accounting equation, we have simulated various reform initiatives and arrived at the following findings. First, although both the labor participation rate and TFP can increase China's potential growth rate, the former will only achieve a short-term growth effect, which will diminish in the long run. By contrast, the growth effect of TFP demonstrates the tendency of continuous increase. This further indicates that China's economic growth will increasingly rely on TFP improvement instead of traditional factor input. Second, different from the diminishing growth effect of enrolment rate, training may play a pivotal role in human capital development to significantly enhance potential growth rates. Third, if all reform initiatives can achieve their expected effects, integrated reform dividends may reach one or two percentage points of China's potential growth rate.展开更多
This paper deals with options on assets, such as stocks or indexes, which pay cash dividends. Pricing methods which consider discrete dividends are usually computationally expensive and become infeasible when one cons...This paper deals with options on assets, such as stocks or indexes, which pay cash dividends. Pricing methods which consider discrete dividends are usually computationally expensive and become infeasible when one considers multiple dividends paid during the option lifetime. This is the case of long-term options and options on indexes. The first purpose of this paper is to assess efficient and accurate numerical procedures which yield consistent prices for both European and American options when the underlying asset pays discrete dividends. The authors then analyze some methodologies to extract information on implied volatilities and dividends from quoted option prices. Implied dividends can also be computed using a modified version of the well-known put-call parity relationship. This technique is straightforward, nevertheless, its use is limited to European options, and when dealing with equities, most traded options are of American type. As an alternative, the numerical inversion of pricing methods, such as efficient interpolated binomial method, can be used. This paper applies different procedures to obtain implied volatilities and dividends of listed stocks of the Italian derivatives market （IDEM）.展开更多
In this paper, a compound binomial model with a constant dividend barrier and random income is considered. Two types of individual claims, main claims and by-claims, are defined, where every by-claim is induced by the...In this paper, a compound binomial model with a constant dividend barrier and random income is considered. Two types of individual claims, main claims and by-claims, are defined, where every by-claim is induced by the main claim and may be delayed for one time period with a certain probability. The premium income is assumed to another binomial process to capture the uncertainty of the customer＇s arrivals and payments. A system of difference equations with certain boundary conditions for the expected present value of total dividend payments prior to ruin is derived and solved. Explicit results are obtained when the claim sizes are Kn distributed or the claim size distributions have finite support. Numerical results are also provided to illustrate the impact of the delay of by-claims on the expected present value of dividends.展开更多
This article considers a Markov-dependent risk model with a constant dividend barrier. A system of integro-differential equations with boundary conditions satisfied by the expected discounted penalty function, with gi...This article considers a Markov-dependent risk model with a constant dividend barrier. A system of integro-differential equations with boundary conditions satisfied by the expected discounted penalty function, with given initial environment state, is derived and solved. Explicit formulas for the discounted penalty function are obtained when the initial surplus is zero or when all the claim amount distributions are from rational family. In two state model, numerical illustrations with exponential claim amounts are given.展开更多
In this article, a threshold dividend strategy is used for classical risk model. Under this dividend strategy, certain probability of ruin, which occurs in case of constant barrier strategy, is avoided. Using the stro...In this article, a threshold dividend strategy is used for classical risk model. Under this dividend strategy, certain probability of ruin, which occurs in case of constant barrier strategy, is avoided. Using the strong Markov property of the surplus process and the distribution of the deficit in classical risk model, the survival probability for this model is derived, which is more direct than that in Asmussen（2000, P195, Proposition 1.10）. The occupation time of non-dividend of this model is also discussed by means of Martingale method.展开更多
In the dual risk model, we consider the optimal dividend and capital injection problem, which involves a random time horizon and a ruin penalty. Both fixed and proportional costs from the transactions of capital injec...In the dual risk model, we consider the optimal dividend and capital injection problem, which involves a random time horizon and a ruin penalty. Both fixed and proportional costs from the transactions of capital injection are considered. The objective is to maximize the total value of the expected discounted dividends, and the penalized discounted both capital injections and ruin penalty during the horizon, which is described by the minimum of the time of ruin and an exponential random variable. The explicit solutions for optimal strategy and value function are obtained, when the income jumps follow a hyper-exponential distribution.Besides, some numerical examples are presented to illustrate our results.展开更多
In this paper, a compound Poisson risk model with time-dependent claims is studiedunder a multi-layer dividend strategy. A piecewise integro-differential equation for the Gerber- Shiu function is derived and solved. A...In this paper, a compound Poisson risk model with time-dependent claims is studiedunder a multi-layer dividend strategy. A piecewise integro-differential equation for the Gerber- Shiu function is derived and solved. Asymptotic formulas of the ruin probability are obtained when the claim size distributions are heavy-tailed.展开更多
We obtain a Black Scholes formula for the arbitrage free pricing of European Call options with constant coefficients when the underlying stock generates dividends. To hedge the Call option, we will always borrow mon...We obtain a Black Scholes formula for the arbitrage free pricing of European Call options with constant coefficients when the underlying stock generates dividends. To hedge the Call option, we will always borrow money form bank. We see the influence of the dividend term on the option pricing via the comparison theorem of BSDE(backward stochastic differential equation,). We also consider the option pricing problem in terms of the borrowing rate R which is not equal to the interest rate r. The corresponding Black Scholes formula is given. We notice that it is in fact the borrowing rate that plays the role in the pricing formula.展开更多
We consider that the reserve of an insurance company follows a renewal risk process with interest and dividend. For this risk process, we derive integral equations and exact infinite series expressions for the Cerber-...We consider that the reserve of an insurance company follows a renewal risk process with interest and dividend. For this risk process, we derive integral equations and exact infinite series expressions for the Cerber-Shiu discounted penalty function. Then we give lower and upper bounds for the ruin probability. Finally, we present exact expressions for the ruin probability in a special case of renewal risk processes.展开更多
In this paper, we consider a compound Poisson risk model with taxes paid according to a loss-carry-forward system and dividends paid under a threshold strategy. First, the closed-form expression of the probability fun...In this paper, we consider a compound Poisson risk model with taxes paid according to a loss-carry-forward system and dividends paid under a threshold strategy. First, the closed-form expression of the probability function for the total number of taxation periods over the lifetime of the surplus process is derived. Second, analytical expression of the expected accumulated discounted dividends paid between two consecutive taxation periods is provided. In addition, explicit expressions are also given for the exponential individual claims.展开更多
We study the dividend optimization problem for an insurance company under the consideration of internal competition between different units inside company and transaction costs when dividends occur. The management of ...We study the dividend optimization problem for an insurance company under the consideration of internal competition between different units inside company and transaction costs when dividends occur. The management of the company controls the reinsurance rate, the timing and the amount of dividends paid out to maximize the expected total dividends paid out to the shareholders until ruin time. By solving the corresponding quasi-variational inequality, we obtain the optimal return function and the optimal strategy.展开更多
In this article, we consider an optimal proportional reinsurance with constant dividend barrier. First, we derive the Hamilton-Jacobi-Bellman equation satisfied by the expected discounted dividend payment, and then ge...In this article, we consider an optimal proportional reinsurance with constant dividend barrier. First, we derive the Hamilton-Jacobi-Bellman equation satisfied by the expected discounted dividend payment, and then get the optimal stochastic control and the optimal constant barrier. Secondly, under the optimal constant dividend barrier strategy, we consider the moments of the discounted dividend payment and their explicit expressions are given. Finally, we discuss the Laplace transform of the time of ruin and its explicit expression is also given.展开更多
文摘This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024,with an average dividend yield of at least 3%,as the sample.Using a panel data model,the effect of the cash dividend ratio on stock pricing was analyzed.The empirical results indicated a significant positive relationship between the cash dividend ratio and stock price.Furthermore,stocks with high dividend payouts demonstrated greater resilience during macroeconomic downturns,while notable differences were observed across industries.These findings provide a theoretical foundation for investors in making informed decisions and offer practical guidance for listed companies in formulating effective dividend policies.
文摘We derive some results on the dividend payments prior to ruin in the classical surplus process with interest.An integro-differential equation with a boundary conditions satisfied by the expected present value of dividend payments is derived and solved.Furthermore,we derive an integro-differential equation for the moment generating function,through which we analyze the higher moment of the present value of dividend payments.Finally,closed-form expressions for exponential claims are given.
文摘Given the great strides that China＇s education sector has made in recent decades, it can be expected that the overall workforce quality of exiting China＇s labor market in coming one or two decades will be relatively low, while the overall quality of workforce newly entering into China＇s labor market will be high. As the new, bettereducated generation takes over, China＇s workforce quality will be vastly improved. This in turn will promote economic growth. We refer to economic growth arising from improved workforce quality as qualitative demographic dividend. Using the computable general equilibrium （CGE） model, this paper investigates the relationship between workforce quality improvements and economic growth. According to the model＇s results, an improvement in workforce quality will raise the economic growth rate by about two percentage points per annum between 2016 and 2020 and by 10 percentage points cumulatively by 2020. In other words, GDP will be 1.1 times the level of baseline GDP by 2020 due to the improved education levels. Given different production functions across sectors, the improvement of workforce quality will affect different sectors in different ways. On the whole, the improvement of workforce quality is more favorable to the development of capital-intensive sectors and sectors with rapid technology progress. According to this paper, considering the improvement of workforce quality, we cannot conclude that China＇s potential economic growth rate has already begun to decline. Despite diminishing conventional quantitative demographic dividends, China ＂s qualitative demographic dividends will keep rising. Qualitative demographic dividends will further push forward China＇s industrial restructuring and the strategic transition of industrial competitiveness from quantitative to qualitative and from an extensive to an intensive pattern of development.
基金Supported by the National Social Science Fund of China(13XSH017)~~
文摘[Objective] The aim was to analyze the phenomenon of employment diffi- culty and labor shortage, and to reveal the influencing factors of employment difli- culty and labor shortage. [Method] On the basis of the economic principle of popu- lation dividend, the use of human resources and natural resource constraints The IS-LM model describes these two states. [Results] The resource constraints have a ＂squeeze＂ effect on the demographic dividend, and employment pressure is shown in terms of the population opportunity window; the labor market segmentation, the ir- rational industrial structure, the backward curriculum and employment concept are the main factors affecting employment and labor shortage. [Conclusion] The way to solve this dilemma must be removed from the division of labor market, the adjust- ment of industrial structure, the setting of university specialty, the change of em- ployment concept of university graduates as well as the improvement of the quality of labor.
基金Supported by the Science and Technology Foundation of Hubei Province (D20092207)the Hubei Normal University Post-Graduate Foundation (2010C17)
文摘In this paper,a Markov-dependent risk model with a threshold strategy is considered. The expected discounted dividend payments satisfy some integro-differential equations. The analytical solutions to these systems are given. Finally,some numerical exam-ples in some special cases are provided.
文摘Reform dividends refer to the improvements in certain economic actors under the new, reformed institutional system as compared against the original system. Reform leads to greater economic growth potential by changing the institutional environment, which in turn increases the vibrancy and innovation of economic actors. The most economically convenient system is also in actuality the most effective market economic system. Reform based on public and collective actions should be based on the following principle： if institutional reform is evolving towards the enhancement of economic convenience, then we can be sure that reform is embarking on the path of releasing dividends.
基金Supported by the National Natural Science Foundation of China (10971157)the Fundamental Research Funds for the Central Universities
文摘In this paper, the absolute ruin in the compound Poisson risk model with interest and a constant dividend barrier is investigated. First, integro-differential equations satisfied by the expected discounted dividend payments are derived. The explicit expressions are obtained when the individual claim size is exponential distributed. Second, the moment generating function of the discounted dividends is considered, and integro-differential equations satisfied by the moment generating function of the discounted dividends are derived. Third, by a ＂differential＂ argument, the time to recovery to zero from a given negative surplus is considered. Finally, how long it takes for the surplus process to reach the dividend barrier is discussed.
基金the National Social Sciences Foundation Program "A Study on the Effects of Changing Demographic Structure on China's Economic Deceleration and Countermeasures"
文摘Due to diminishing demographic dividend characterized by a falling workingage population and rising dependency ratio, China's long-term potential growth rates will keep declining, likely to be a mere 6.6% during the 13 th Five-Year Plan period(2016-2020). China's economic growth sustainability hinges upon its transition from the previous dependence on demographic dividend to the future reform dividend. In the growth accounting equation, we have simulated various reform initiatives and arrived at the following findings. First, although both the labor participation rate and TFP can increase China's potential growth rate, the former will only achieve a short-term growth effect, which will diminish in the long run. By contrast, the growth effect of TFP demonstrates the tendency of continuous increase. This further indicates that China's economic growth will increasingly rely on TFP improvement instead of traditional factor input. Second, different from the diminishing growth effect of enrolment rate, training may play a pivotal role in human capital development to significantly enhance potential growth rates. Third, if all reform initiatives can achieve their expected effects, integrated reform dividends may reach one or two percentage points of China's potential growth rate.
文摘This paper deals with options on assets, such as stocks or indexes, which pay cash dividends. Pricing methods which consider discrete dividends are usually computationally expensive and become infeasible when one considers multiple dividends paid during the option lifetime. This is the case of long-term options and options on indexes. The first purpose of this paper is to assess efficient and accurate numerical procedures which yield consistent prices for both European and American options when the underlying asset pays discrete dividends. The authors then analyze some methodologies to extract information on implied volatilities and dividends from quoted option prices. Implied dividends can also be computed using a modified version of the well-known put-call parity relationship. This technique is straightforward, nevertheless, its use is limited to European options, and when dealing with equities, most traded options are of American type. As an alternative, the numerical inversion of pricing methods, such as efficient interpolated binomial method, can be used. This paper applies different procedures to obtain implied volatilities and dividends of listed stocks of the Italian derivatives market （IDEM）.
基金supported by the NSFC(11171101)Doctoral Fund of Education Ministry of China(20104306110001)the Graduate Research and Innovation Fund of Hunan Province(CX2011B197)
文摘In this paper, a compound binomial model with a constant dividend barrier and random income is considered. Two types of individual claims, main claims and by-claims, are defined, where every by-claim is induced by the main claim and may be delayed for one time period with a certain probability. The premium income is assumed to another binomial process to capture the uncertainty of the customer＇s arrivals and payments. A system of difference equations with certain boundary conditions for the expected present value of total dividend payments prior to ruin is derived and solved. Explicit results are obtained when the claim sizes are Kn distributed or the claim size distributions have finite support. Numerical results are also provided to illustrate the impact of the delay of by-claims on the expected present value of dividends.
基金supported in part by Hubei Normal University Post-graduate Foundation(2007D59 and 2007D60)the Science and Technology foundation of Hubei(D20092207)the National Natural Science Foundation of China(10671149)
文摘This article considers a Markov-dependent risk model with a constant dividend barrier. A system of integro-differential equations with boundary conditions satisfied by the expected discounted penalty function, with given initial environment state, is derived and solved. Explicit formulas for the discounted penalty function are obtained when the initial surplus is zero or when all the claim amount distributions are from rational family. In two state model, numerical illustrations with exponential claim amounts are given.
基金the National Natural Science Foundation of China(10571092)the major program of Key Research Institute of HumanitiesSocial Sciences at Universities(04JJD790006).
文摘In this article, a threshold dividend strategy is used for classical risk model. Under this dividend strategy, certain probability of ruin, which occurs in case of constant barrier strategy, is avoided. Using the strong Markov property of the surplus process and the distribution of the deficit in classical risk model, the survival probability for this model is derived, which is more direct than that in Asmussen（2000, P195, Proposition 1.10）. The occupation time of non-dividend of this model is also discussed by means of Martingale method.
基金Supported by the National Natural Science Foundation of China(11231005)Promotive research fund for excellent young and middle-aged scientists of Shandong Province(BS2014SF006)the Natural Science Foundation of the Jiangsu Higher Education Institutions of China(15KJB110009)
文摘In the dual risk model, we consider the optimal dividend and capital injection problem, which involves a random time horizon and a ruin penalty. Both fixed and proportional costs from the transactions of capital injection are considered. The objective is to maximize the total value of the expected discounted dividends, and the penalized discounted both capital injections and ruin penalty during the horizon, which is described by the minimum of the time of ruin and an exponential random variable. The explicit solutions for optimal strategy and value function are obtained, when the income jumps follow a hyper-exponential distribution.Besides, some numerical examples are presented to illustrate our results.
基金Surported by the Third Stage of 211 ProjectInnovative Talent Training Project of S-09110the Chongqing University Postgraduates’ Science and Innovation Fund (200911B1B0110327)
文摘In this paper, a compound Poisson risk model with time-dependent claims is studiedunder a multi-layer dividend strategy. A piecewise integro-differential equation for the Gerber- Shiu function is derived and solved. Asymptotic formulas of the ruin probability are obtained when the claim size distributions are heavy-tailed.
文摘We obtain a Black Scholes formula for the arbitrage free pricing of European Call options with constant coefficients when the underlying stock generates dividends. To hedge the Call option, we will always borrow money form bank. We see the influence of the dividend term on the option pricing via the comparison theorem of BSDE(backward stochastic differential equation,). We also consider the option pricing problem in terms of the borrowing rate R which is not equal to the interest rate r. The corresponding Black Scholes formula is given. We notice that it is in fact the borrowing rate that plays the role in the pricing formula.
文摘We consider that the reserve of an insurance company follows a renewal risk process with interest and dividend. For this risk process, we derive integral equations and exact infinite series expressions for the Cerber-Shiu discounted penalty function. Then we give lower and upper bounds for the ruin probability. Finally, we present exact expressions for the ruin probability in a special case of renewal risk processes.
基金Supported in part by the National Natural Science Foundation of China, the Guangdong Natural Science Foundation (S2011010004511)the Fundamental Research Funds for the Central Universities of China (201120102020005)
文摘In this paper, we consider a compound Poisson risk model with taxes paid according to a loss-carry-forward system and dividends paid under a threshold strategy. First, the closed-form expression of the probability function for the total number of taxation periods over the lifetime of the surplus process is derived. Second, analytical expression of the expected accumulated discounted dividends paid between two consecutive taxation periods is provided. In addition, explicit expressions are also given for the exponential individual claims.
基金Supported by the National Natural Science Foundation of China(11371284)
文摘We study the dividend optimization problem for an insurance company under the consideration of internal competition between different units inside company and transaction costs when dividends occur. The management of the company controls the reinsurance rate, the timing and the amount of dividends paid out to maximize the expected total dividends paid out to the shareholders until ruin time. By solving the corresponding quasi-variational inequality, we obtain the optimal return function and the optimal strategy.
基金Supported in part by the National Natural Science Foun-dation of China and the Ministry of Education of China
文摘In this article, we consider an optimal proportional reinsurance with constant dividend barrier. First, we derive the Hamilton-Jacobi-Bellman equation satisfied by the expected discounted dividend payment, and then get the optimal stochastic control and the optimal constant barrier. Secondly, under the optimal constant dividend barrier strategy, we consider the moments of the discounted dividend payment and their explicit expressions are given. Finally, we discuss the Laplace transform of the time of ruin and its explicit expression is also given.
