Testing the validity of the conditional capital asset pricing model （CAPM） is a puzzle in the finance literature. Lewellen and Nagel[14] find that the variation in betas and in the equity premium would have to be im...Testing the validity of the conditional capital asset pricing model （CAPM） is a puzzle in the finance literature. Lewellen and Nagel[14] find that the variation in betas and in the equity premium would have to be implausibly large to explain important asset-pricing anomalies. Unfortunately, they do not provide a rigorous test statistic. Based on a simulation study, the method proposed in Lewellen and Nagel[14] tends to reject the null too frequently. We develop a new test procedure and derive its limiting distribution under the null hypothesis. Also, we provide a Bootstrap approach to the testing procedure to gain a good finite sample performance. Both simulations and empirical studies show that our test is necessary for making correct inferences with the conditional CAPM.展开更多
A model of using binomial tree pricing formulae in a fuzzy market is proposed. In the fuzzy market, a price interval can be got according to the belief degree. The rule for the reasonability of the price interval is p...A model of using binomial tree pricing formulae in a fuzzy market is proposed. In the fuzzy market, a price interval can be got according to the belief degree. The rule for the reasonability of the price interval is proposed. The explicit expression of the interval is discussed in some special settings.展开更多
By Analyzing the behavior and character of derivative security, the authors established a pricing model of multiattribute derivative security whose underlying asset pricing process is a mixed process, and obtained a n...By Analyzing the behavior and character of derivative security, the authors established a pricing model of multiattribute derivative security whose underlying asset pricing process is a mixed process, and obtained a new model for option pricing of multiattribute derivatives based on mixed process, and improved some original results.展开更多
This paper views knowledge management （KM） investment from the angle of real options, and demonstrates the utility of the real options approach to KM investment analysis. First, KM project has characteristics of unc...This paper views knowledge management （KM） investment from the angle of real options, and demonstrates the utility of the real options approach to KM investment analysis. First, KM project has characteristics of uncertainty, irreversibility and choice of timing, which suggests that we can appraise KM investment by real options theory. Second, the paper analyses corresponding states of real options in KM and finance options. Then, this paper sheds light on the way to the application of binomial pricing method to KM investment model, which includes modeling and conducting KM options. Finally, different results are shown of using DCF method and binomial model of option evaluation via a case.展开更多
Highway engineering requires higher investment and requires a long time of management compared to other construction projects.There are many factors that affect the project cost during the engineering construction sta...Highway engineering requires higher investment and requires a long time of management compared to other construction projects.There are many factors that affect the project cost during the engineering construction stage of a highway.The effective development of cost management in the construction phase of highway engineering under the list pricing model can avoid unnecessary waste and help control the cost of highway engineering.However,there are still some problems in the development of cost management in the construction phase of highway engineering,which will affect the role of the list-based pricing mode in cost management.This paper explores and analyzes the advantages of the list pricing model and the problems existing in the cost management of the highway engineering construction stage under the list pricing model,and proposes effective management strategies to improve cost management of the highway engineering construction stage.展开更多
Financial leasing is a financial innovation product with leasing and financing functions.The research on the theory of financial leasing and risk pricing methods should be highly valued.Rent is set based on the total ...Financial leasing is a financial innovation product with leasing and financing functions.The research on the theory of financial leasing and risk pricing methods should be highly valued.Rent is set based on the total revenue of the lessor and the total cost of the lessee.The factors that affect pricing include project costs,security deposits,fees,lease terms,revenue,interest rates,etc.Using the principle of net present value to elaborate the components of financial leases and constructing a financial lease pricing model from the perspective of maximizing the profit and interests of the lessor,an empirical analysis of the model was carried out using an actual case,thus concluding that the model is effective.展开更多
The conservation of historical buildings is essential for safeguarding architectural heritage,facilitating urban development,and promoting sustainable economic growth.This research investigates the adaptive reuse of i...The conservation of historical buildings is essential for safeguarding architectural heritage,facilitating urban development,and promoting sustainable economic growth.This research investigates the adaptive reuse of industrial architectural heritage in Hong Kong,focusing on its sustainable contributions to architectural practice and urban redevelopment.Employing the hedonic pricing model,this study quantitatively analyses the impact of industrial heritage conservation on property prices,revealing its signifcant contributions to imperatives with economic and developmental goals.Positioning Hong Kong as a paradigmatic example,this study uses a comprehensive analysis of 34,892 property transaction records collected from January 2010 to September 2022 across 23 subdistricts and ofers critical insights into the challenges and opportunities of safeguarding industrial heritage within dynamic high-density urban landscapes.The fndings indicate that approximately 75%of the variability in industrial property prices can be attributed to signifcant variables at the 1%confdence level.Key architectural parameters,including gross foor area(GFA),age,and foor level,demonstrate nonlinear relationships with industrial buildings designated for heritage conservation.The data suggest that industrial properties with a GFA of up to 10,989 square feet and an age of up to 41.5 years are considered best for preserving heritage values.Other urban planning parameters,such as the provisions of car parks and proximity to public transportation interchanges,also have signifcant positive external impacts on industrial property prices.These fndings provide empirical evidence regarding the infuence of heritage conservation on industrial property prices,serving as a valuable resource for policy-makers aiming to promote sustainable urban development and efective resource allocation.By integrating heritage conservation into urban planning strategies,this research underscores the vital role that preserved industrial heritage can play in fostering vibrant,sustainable urban environments.展开更多
The growth of the Internet of Things(IoT)equipment business encourages the collection of large sizes of data.IoT data is being regarded as a new digital asset which contains valuable information.As a result,IoT data t...The growth of the Internet of Things(IoT)equipment business encourages the collection of large sizes of data.IoT data is being regarded as a new digital asset which contains valuable information.As a result,IoT data transactions are gaining in popularity,and data markets are starting to emerge.To support the smooth flow of data transactions,several academics offer market models and pricing techniques from various perspectives.However,the factors considered in the pricing model are still not comprehensive enough,and the willingness to sell of data providers has been ignored.Therefore,this paper investigates the pricing and profit maximization problems for the IoT data market who considers the willingness of data providers as well as data quality when purchasing data.Firstly,we analyze the factors that impact data providers’willingness to sell and give a definition of the willingness function.Secondly,we propose a data quality evaluation method and define a joint utility function based on data size and data quality.In addition,we build the profit function model of data market and give theoretical analysis.Finally,numerical experiments demonstrate that the suggested pricing mechanism can benefit the data market participants the most.展开更多
Amid the global shift toward climate governance and low-carbon transformation,accurately quantifying environmental risk factors within green bond pricing mechanisms has emerged as a critical issue.Drawing on data from...Amid the global shift toward climate governance and low-carbon transformation,accurately quantifying environmental risk factors within green bond pricing mechanisms has emerged as a critical issue.Drawing on data from China’s green bond market between 2018 and 2023,this study develops a multifactor pricing model that integrates environmental risk premiums.Through regression analysis,it empirically investigates the effects of environmental reputation,transparency of information disclosure,and third-party certification on bond risk premiums.The results indicate that green-labeled bonds carry,on average,a 42.6 basis point lower risk premium compared to non-green bonds,while third-party certification further reduces this premium by an additional 54.1 basis points.Moreover,a one standard deviation improvement in the quality of environmental information disclosure leads to a reduction in bond financing costs by approximately 18 to 25 basis points.Issuers operating in high-energy-consuming industries bear significantly higher environmental risk premiums relative to those in low-energy-consuming sectors.By integrating an ESG scoring framework into bond pricing,this study reveals the transmission channels of environmental risks into market pricing and provides a theoretical foundation for enhancing pricing benchmarks in the green bond market.展开更多
Big Personal Data is growing explosively. Consequently, an increasing number of internet users are drowning in a sea of data. Big Personal Data has enormous commercial value; it is a new kind of data asset. An urgent ...Big Personal Data is growing explosively. Consequently, an increasing number of internet users are drowning in a sea of data. Big Personal Data has enormous commercial value; it is a new kind of data asset. An urgent problem has thus arisen in the data market： How to price Big Personal Data fairly and reasonably. This paper proposes a pricing model for Big Personal Data based on tuple granularity, with the help of comparative analysis of existing data pricing models and strategies. This model is put forward to implement positive rating and reverse pricing for Big Personal Data by investigating data attributes that affect data value, and analyzing how the value of data tuples varies with information entropy, weight value, data reference index, cost, and other factors. The model can be adjusted dynamically according to these parameters. With increases in data scale, reductions in its cost,and improvements in its quality, Big Personal Data users can thereby obtain greater benefits.展开更多
This paper presents a new stock pricing model based on arithmetic Brown motion. The model overcomes the shortcomings of Gordon model completely. With the model investors can estimate the stock value of surplus compani...This paper presents a new stock pricing model based on arithmetic Brown motion. The model overcomes the shortcomings of Gordon model completely. With the model investors can estimate the stock value of surplus companies, deficit companies, zero increase companies and bankrupt companies in long term investment or in short term investment.展开更多
Pricing of the optical networks will play a key role from network operator's point of view to achieve the maximum profit. This paper introduces pricing models for optical networks.
The pricing theories of capital assets are the principal part in the modern financial theories. Presently, the capital asset pricing model and the arbitrage pricing theory, including their evolutional forms, all don＇...The pricing theories of capital assets are the principal part in the modern financial theories. Presently, the capital asset pricing model and the arbitrage pricing theory, including their evolutional forms, all don＇t embody the premium of non-system risks and non-factor risks. This paper analyses the risk reward of traditional capital assets pricing models, revises the traditional capital assets pricing models, and advances the revised models of capital assets pricing theories basing on full-risk reward.展开更多
In this paper we use a binomial tree to price convertible bond with default risk. A new way about pricing convertible bonds is proposed, which belongs to the deduced form approach. Firstly an inhomogeneous Possion pro...In this paper we use a binomial tree to price convertible bond with default risk. A new way about pricing convertible bonds is proposed, which belongs to the deduced form approach. Firstly an inhomogeneous Possion process is used to describe default event and definition of default time. Secondly we combine the stock binomial tree with default intensity and obtain a new tree, then convertible bonds are priced according to the combined tree. It is worth pointing out that the model have following characters： simple, intuitive and having the strong ability to combine other items in convertible bonds＇ indenture.展开更多
Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant re...Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.展开更多
Price plays an important role in water resources management. The price of water resources can also be considered as a “water resource tax” which reflects the value and opportunity cost of water, and people will pay ...Price plays an important role in water resources management. The price of water resources can also be considered as a “water resource tax” which reflects the value and opportunity cost of water, and people will pay for the right to use water. Currently, the water resource fees’ effect of regulating resource differential revenues is not manifest and it’s not enough to reflect the principle of paid use of resources as well as regulating resources differential revenues. Due to the ambiguity and complexity of water resources price, this paper uses methods relating to fuzzy mathematics for modeling and processing. The study had a comprehensive consideration of five factors including water quality, water resources per capita, household consumption level, per capita GNP, population or population density to evaluate the water resource price.展开更多
In recent years,the Internet of Things(IoT)technology has been widely used in the production and sales of tropical fruits,with strong practicability and wide application prospects.The tropical fruit dynamic pricing mo...In recent years,the Internet of Things(IoT)technology has been widely used in the production and sales of tropical fruits,with strong practicability and wide application prospects.The tropical fruit dynamic pricing model based on the IoT technology can promote the healthy development of the tropical fruit industry in Hainan and ensure the income of fruit farmers.Based on IoT technology,the quality grade of tropical fruits in Hainan is obtained.According to the dynamic pricing strategy of revenue management,a dynamic pricing model based on the quality of tropical fruits and a dynamic pricing model based on consumer segmentation are established to study the dynamic pricing problem under the condition of maximum profit for tropical fruit sellers.The research results show that for different fruit quality and consumer groups,different pricing models are required for pricing,in order to get the maximum profit from tropical fruit sales.Sellers must flexibly adopt different dynamic pricing models to price tropical fruits to enhance the competitiveness of the tropical fruit industry.展开更多
The aim of this paper is to test the ability of conditional and unconditional capital asset pricing models （CAPMs） and to explain emerging markets returns in terms of their integration into the international market....The aim of this paper is to test the ability of conditional and unconditional capital asset pricing models （CAPMs） and to explain emerging markets returns in terms of their integration into the international market. The authors use data on five developed countries and five emerging countries as well as data on the Tunis Stock Exchange （TSE） after the reforms. The results show that the correlations between emerging markets returns and developed markets returns are very low and sometimes negative. Conditional arbitrage pricing theory （APT） as well as conditional CAPM has low predictive power for emerging markets than that for developed markets. Finally, following the financial reforms, Tunisian financial markets have became more and more integrated into the international market （excess returns and unconditional beta consistent with predictions）. However, conditional APT does not accurately explain Tunisian market returns. This study confirms the unavailability of an accurate modelling technique of the TSE structure.展开更多
This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source ...This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source data improves the accuracy of the spatial differentiation that reflects the impact of traffic accessibility on house prices. The results are as follows: first, the average house price is 12 436 yuan(RMB)/m^2, and reveals a declining trend from coastal areas to inland areas. The exception was Guilin Street, which demonstrates a local peak of house prices that decreases from the center of the street to its periphery. Second, the accessibility value is 33 minutes on average, excluding northern and eastern fringe areas, which was over 50 minutes. Third, the significant spatial correlation coefficient between accessibility and house prices is 0.423, and the coefficient increases in the southeastern direction. The strongest impact of accessibility on house prices is in the southeastern coast, and can be seen in the Lehua, Yingke, and Hushan communities, while the weakest impact is in the northwestern fringe, and can be seen in the Yingchengzi, Xixiaomo, and Daheishi community areas.展开更多
基金the National Nature Science Foundation of China(71131008(Key Project),70871003,70971113)supported by the Fundamental Research Funds for the Central Universities(2013221022)+1 种基金the Natural Science Foundation of Fujian Province(2011J01384)the Natural Science Foundation of China(71301135,71203189,71131008)
文摘Testing the validity of the conditional capital asset pricing model （CAPM） is a puzzle in the finance literature. Lewellen and Nagel[14] find that the variation in betas and in the equity premium would have to be implausibly large to explain important asset-pricing anomalies. Unfortunately, they do not provide a rigorous test statistic. Based on a simulation study, the method proposed in Lewellen and Nagel[14] tends to reject the null too frequently. We develop a new test procedure and derive its limiting distribution under the null hypothesis. Also, we provide a Bootstrap approach to the testing procedure to gain a good finite sample performance. Both simulations and empirical studies show that our test is necessary for making correct inferences with the conditional CAPM.
文摘A model of using binomial tree pricing formulae in a fuzzy market is proposed. In the fuzzy market, a price interval can be got according to the belief degree. The rule for the reasonability of the price interval is proposed. The explicit expression of the interval is discussed in some special settings.
基金Supported by the Natural Science Foundation of China (No. 79700022 ) and the AeronauticalFoundation of China(No. 95J55002 )
文摘By Analyzing the behavior and character of derivative security, the authors established a pricing model of multiattribute derivative security whose underlying asset pricing process is a mixed process, and obtained a new model for option pricing of multiattribute derivatives based on mixed process, and improved some original results.
基金This paper is supported by National Natural Science Foundation of China （NSFC） and Ph.D. Research Fund.
文摘This paper views knowledge management （KM） investment from the angle of real options, and demonstrates the utility of the real options approach to KM investment analysis. First, KM project has characteristics of uncertainty, irreversibility and choice of timing, which suggests that we can appraise KM investment by real options theory. Second, the paper analyses corresponding states of real options in KM and finance options. Then, this paper sheds light on the way to the application of binomial pricing method to KM investment model, which includes modeling and conducting KM options. Finally, different results are shown of using DCF method and binomial model of option evaluation via a case.
文摘Highway engineering requires higher investment and requires a long time of management compared to other construction projects.There are many factors that affect the project cost during the engineering construction stage of a highway.The effective development of cost management in the construction phase of highway engineering under the list pricing model can avoid unnecessary waste and help control the cost of highway engineering.However,there are still some problems in the development of cost management in the construction phase of highway engineering,which will affect the role of the list-based pricing mode in cost management.This paper explores and analyzes the advantages of the list pricing model and the problems existing in the cost management of the highway engineering construction stage under the list pricing model,and proposes effective management strategies to improve cost management of the highway engineering construction stage.
文摘Financial leasing is a financial innovation product with leasing and financing functions.The research on the theory of financial leasing and risk pricing methods should be highly valued.Rent is set based on the total revenue of the lessor and the total cost of the lessee.The factors that affect pricing include project costs,security deposits,fees,lease terms,revenue,interest rates,etc.Using the principle of net present value to elaborate the components of financial leases and constructing a financial lease pricing model from the perspective of maximizing the profit and interests of the lessor,an empirical analysis of the model was carried out using an actual case,thus concluding that the model is effective.
文摘The conservation of historical buildings is essential for safeguarding architectural heritage,facilitating urban development,and promoting sustainable economic growth.This research investigates the adaptive reuse of industrial architectural heritage in Hong Kong,focusing on its sustainable contributions to architectural practice and urban redevelopment.Employing the hedonic pricing model,this study quantitatively analyses the impact of industrial heritage conservation on property prices,revealing its signifcant contributions to imperatives with economic and developmental goals.Positioning Hong Kong as a paradigmatic example,this study uses a comprehensive analysis of 34,892 property transaction records collected from January 2010 to September 2022 across 23 subdistricts and ofers critical insights into the challenges and opportunities of safeguarding industrial heritage within dynamic high-density urban landscapes.The fndings indicate that approximately 75%of the variability in industrial property prices can be attributed to signifcant variables at the 1%confdence level.Key architectural parameters,including gross foor area(GFA),age,and foor level,demonstrate nonlinear relationships with industrial buildings designated for heritage conservation.The data suggest that industrial properties with a GFA of up to 10,989 square feet and an age of up to 41.5 years are considered best for preserving heritage values.Other urban planning parameters,such as the provisions of car parks and proximity to public transportation interchanges,also have signifcant positive external impacts on industrial property prices.These fndings provide empirical evidence regarding the infuence of heritage conservation on industrial property prices,serving as a valuable resource for policy-makers aiming to promote sustainable urban development and efective resource allocation.By integrating heritage conservation into urban planning strategies,this research underscores the vital role that preserved industrial heritage can play in fostering vibrant,sustainable urban environments.
基金Supported by the Humanities and Social Science Fund of Ministry of Education of China(21YJCZH197)the Scientific and Technological Innovation Programs of Higher Education Institutions in Shanxi(2020L0252)。
文摘The growth of the Internet of Things(IoT)equipment business encourages the collection of large sizes of data.IoT data is being regarded as a new digital asset which contains valuable information.As a result,IoT data transactions are gaining in popularity,and data markets are starting to emerge.To support the smooth flow of data transactions,several academics offer market models and pricing techniques from various perspectives.However,the factors considered in the pricing model are still not comprehensive enough,and the willingness to sell of data providers has been ignored.Therefore,this paper investigates the pricing and profit maximization problems for the IoT data market who considers the willingness of data providers as well as data quality when purchasing data.Firstly,we analyze the factors that impact data providers’willingness to sell and give a definition of the willingness function.Secondly,we propose a data quality evaluation method and define a joint utility function based on data size and data quality.In addition,we build the profit function model of data market and give theoretical analysis.Finally,numerical experiments demonstrate that the suggested pricing mechanism can benefit the data market participants the most.
文摘Amid the global shift toward climate governance and low-carbon transformation,accurately quantifying environmental risk factors within green bond pricing mechanisms has emerged as a critical issue.Drawing on data from China’s green bond market between 2018 and 2023,this study develops a multifactor pricing model that integrates environmental risk premiums.Through regression analysis,it empirically investigates the effects of environmental reputation,transparency of information disclosure,and third-party certification on bond risk premiums.The results indicate that green-labeled bonds carry,on average,a 42.6 basis point lower risk premium compared to non-green bonds,while third-party certification further reduces this premium by an additional 54.1 basis points.Moreover,a one standard deviation improvement in the quality of environmental information disclosure leads to a reduction in bond financing costs by approximately 18 to 25 basis points.Issuers operating in high-energy-consuming industries bear significantly higher environmental risk premiums relative to those in low-energy-consuming sectors.By integrating an ESG scoring framework into bond pricing,this study reveals the transmission channels of environmental risks into market pricing and provides a theoretical foundation for enhancing pricing benchmarks in the green bond market.
基金supported in part by the National Natural Science Foundation of China (Nos. 61332001, 61272104, and 61472050)the Science and Technology Planning Project of Sichuan Province (Nos. 2014JY0257, 2015GZ0103, and 2014-HM01-00326SF)
文摘Big Personal Data is growing explosively. Consequently, an increasing number of internet users are drowning in a sea of data. Big Personal Data has enormous commercial value; it is a new kind of data asset. An urgent problem has thus arisen in the data market： How to price Big Personal Data fairly and reasonably. This paper proposes a pricing model for Big Personal Data based on tuple granularity, with the help of comparative analysis of existing data pricing models and strategies. This model is put forward to implement positive rating and reverse pricing for Big Personal Data by investigating data attributes that affect data value, and analyzing how the value of data tuples varies with information entropy, weight value, data reference index, cost, and other factors. The model can be adjusted dynamically according to these parameters. With increases in data scale, reductions in its cost,and improvements in its quality, Big Personal Data users can thereby obtain greater benefits.
文摘This paper presents a new stock pricing model based on arithmetic Brown motion. The model overcomes the shortcomings of Gordon model completely. With the model investors can estimate the stock value of surplus companies, deficit companies, zero increase companies and bankrupt companies in long term investment or in short term investment.
文摘Pricing of the optical networks will play a key role from network operator's point of view to achieve the maximum profit. This paper introduces pricing models for optical networks.
文摘The pricing theories of capital assets are the principal part in the modern financial theories. Presently, the capital asset pricing model and the arbitrage pricing theory, including their evolutional forms, all don＇t embody the premium of non-system risks and non-factor risks. This paper analyses the risk reward of traditional capital assets pricing models, revises the traditional capital assets pricing models, and advances the revised models of capital assets pricing theories basing on full-risk reward.
基金This project is supported by National Natural Science Foundation of China （70440011） and Natural Science Found of Beijing （1052007）.
文摘In this paper we use a binomial tree to price convertible bond with default risk. A new way about pricing convertible bonds is proposed, which belongs to the deduced form approach. Firstly an inhomogeneous Possion process is used to describe default event and definition of default time. Secondly we combine the stock binomial tree with default intensity and obtain a new tree, then convertible bonds are priced according to the combined tree. It is worth pointing out that the model have following characters： simple, intuitive and having the strong ability to combine other items in convertible bonds＇ indenture.
文摘Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
文摘Price plays an important role in water resources management. The price of water resources can also be considered as a “water resource tax” which reflects the value and opportunity cost of water, and people will pay for the right to use water. Currently, the water resource fees’ effect of regulating resource differential revenues is not manifest and it’s not enough to reflect the principle of paid use of resources as well as regulating resources differential revenues. Due to the ambiguity and complexity of water resources price, this paper uses methods relating to fuzzy mathematics for modeling and processing. The study had a comprehensive consideration of five factors including water quality, water resources per capita, household consumption level, per capita GNP, population or population density to evaluate the water resource price.
基金Central Public-interest Scientific Institution Basal Research Fund for Chinese Academy of Tropical Agricultural Sciences(1630062019003,19CXTD-31)Youth Foundation of Natural Science Foundation of Hainan Province(719QN282).
文摘In recent years,the Internet of Things(IoT)technology has been widely used in the production and sales of tropical fruits,with strong practicability and wide application prospects.The tropical fruit dynamic pricing model based on the IoT technology can promote the healthy development of the tropical fruit industry in Hainan and ensure the income of fruit farmers.Based on IoT technology,the quality grade of tropical fruits in Hainan is obtained.According to the dynamic pricing strategy of revenue management,a dynamic pricing model based on the quality of tropical fruits and a dynamic pricing model based on consumer segmentation are established to study the dynamic pricing problem under the condition of maximum profit for tropical fruit sellers.The research results show that for different fruit quality and consumer groups,different pricing models are required for pricing,in order to get the maximum profit from tropical fruit sales.Sellers must flexibly adopt different dynamic pricing models to price tropical fruits to enhance the competitiveness of the tropical fruit industry.
文摘The aim of this paper is to test the ability of conditional and unconditional capital asset pricing models （CAPMs） and to explain emerging markets returns in terms of their integration into the international market. The authors use data on five developed countries and five emerging countries as well as data on the Tunis Stock Exchange （TSE） after the reforms. The results show that the correlations between emerging markets returns and developed markets returns are very low and sometimes negative. Conditional arbitrage pricing theory （APT） as well as conditional CAPM has low predictive power for emerging markets than that for developed markets. Finally, following the financial reforms, Tunisian financial markets have became more and more integrated into the international market （excess returns and unconditional beta consistent with predictions）. However, conditional APT does not accurately explain Tunisian market returns. This study confirms the unavailability of an accurate modelling technique of the TSE structure.
基金Under the auspices of National Natural Science Foundation of China(No.41471140,41771178)Liaoning Province Outstanding Youth Program(No.LJQ2015058)
文摘This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source data improves the accuracy of the spatial differentiation that reflects the impact of traffic accessibility on house prices. The results are as follows: first, the average house price is 12 436 yuan(RMB)/m^2, and reveals a declining trend from coastal areas to inland areas. The exception was Guilin Street, which demonstrates a local peak of house prices that decreases from the center of the street to its periphery. Second, the accessibility value is 33 minutes on average, excluding northern and eastern fringe areas, which was over 50 minutes. Third, the significant spatial correlation coefficient between accessibility and house prices is 0.423, and the coefficient increases in the southeastern direction. The strongest impact of accessibility on house prices is in the southeastern coast, and can be seen in the Lehua, Yingke, and Hushan communities, while the weakest impact is in the northwestern fringe, and can be seen in the Yingchengzi, Xixiaomo, and Daheishi community areas.
