This paper studies an optimal portfolio-consumption choice with information cost.In financial market,investors collect market information to understand the market parameters,make reasonable investment and consumption ...This paper studies an optimal portfolio-consumption choice with information cost.In financial market,investors collect market information to understand the market parameters,make reasonable investment and consumption choice while controlling risks,and finally gain utility.Information acquisition and portfolio-consumption choice are two important steps of investment behavior,which are a whole.Nevertheless,the existing literature usually only considers the cost of information acquisition or only considers portfolio-consumption choice.In order to study the overall behavior of investors in financial market,these two issues are considered together in this paper.Firstly,based on portfolio-consumption choice model in ambiguity market,a bilevel optimization problem is established to discuss how investors should acquire information and make investment-consumption strategies to maximize their comprehensive utilities.Then,the inner stochastic game problem with constraints is simplified into finding saddle point of a function,and the value function of game problem is provided via the function value at the saddle point,so that the objective function of the outer optimization problem can be represented as a non-convex and non-concave binary function.At last,the existence condition and the range of the optimal strategy are presented,and the sensitivity analysis is studied.展开更多
The objective of this research is to examine the antecedents and consequences of cost management systems （CMS） design effectiveness of manufacturing businesses in Thailand. The effect of CMS design effectiveness on ...The objective of this research is to examine the antecedents and consequences of cost management systems （CMS） design effectiveness of manufacturing businesses in Thailand. The effect of CMS design effectiveness on cost information quality is investigated. Moreover, the effect of cost information quality on business success is investigated. Furthermore, executive management support and cost accountant competency are assumed to become the antecedents of CMS design effectiveness. Electronics manufacturing businesses in Thailand are samples of the research. A mail survey procedure via the questionnaire was used for data collection from accounting controllers. The results indicate that CMS design effectiveness has a positive significant effect on cost information quality. Moreover, cost information quality also has a positive significant effect on business success. Additionally, both executive management support and cost accountant competency have a positive significant effect on CMS design effectiveness.展开更多
The engineering cost control of the construction industry plays a very important role in the long-term development of enterprises. The construction enterprises should analyze the project cost from all aspects, and dev...The engineering cost control of the construction industry plays a very important role in the long-term development of enterprises. The construction enterprises should analyze the project cost from all aspects, and develop a set of the most reasonable engineering cost control plan. Combined with information technology, while effectively saving the project operation cost, it can also make the competition in the construction engineering professional market more standardized. At the same time, the development of the construction industry has a very important relationship with the peoples livelihood. The real estate company should actively play its social function when developing, and actively promote the development of all aspects of the construction cause in China.展开更多
基金supported by the National Natural Science Foundation of China(Nos.12171169,11771158 and 11801091)Guangdong Basic and Applied Basic Research Foundation(No.2019A1515011338)Fujian Key Laboratory of Financial Information Processing(Putian University)(No.JXC202203).
文摘This paper studies an optimal portfolio-consumption choice with information cost.In financial market,investors collect market information to understand the market parameters,make reasonable investment and consumption choice while controlling risks,and finally gain utility.Information acquisition and portfolio-consumption choice are two important steps of investment behavior,which are a whole.Nevertheless,the existing literature usually only considers the cost of information acquisition or only considers portfolio-consumption choice.In order to study the overall behavior of investors in financial market,these two issues are considered together in this paper.Firstly,based on portfolio-consumption choice model in ambiguity market,a bilevel optimization problem is established to discuss how investors should acquire information and make investment-consumption strategies to maximize their comprehensive utilities.Then,the inner stochastic game problem with constraints is simplified into finding saddle point of a function,and the value function of game problem is provided via the function value at the saddle point,so that the objective function of the outer optimization problem can be represented as a non-convex and non-concave binary function.At last,the existence condition and the range of the optimal strategy are presented,and the sensitivity analysis is studied.
文摘The objective of this research is to examine the antecedents and consequences of cost management systems （CMS） design effectiveness of manufacturing businesses in Thailand. The effect of CMS design effectiveness on cost information quality is investigated. Moreover, the effect of cost information quality on business success is investigated. Furthermore, executive management support and cost accountant competency are assumed to become the antecedents of CMS design effectiveness. Electronics manufacturing businesses in Thailand are samples of the research. A mail survey procedure via the questionnaire was used for data collection from accounting controllers. The results indicate that CMS design effectiveness has a positive significant effect on cost information quality. Moreover, cost information quality also has a positive significant effect on business success. Additionally, both executive management support and cost accountant competency have a positive significant effect on CMS design effectiveness.
文摘The engineering cost control of the construction industry plays a very important role in the long-term development of enterprises. The construction enterprises should analyze the project cost from all aspects, and develop a set of the most reasonable engineering cost control plan. Combined with information technology, while effectively saving the project operation cost, it can also make the competition in the construction engineering professional market more standardized. At the same time, the development of the construction industry has a very important relationship with the peoples livelihood. The real estate company should actively play its social function when developing, and actively promote the development of all aspects of the construction cause in China.
