Abstract:In this paper , we review some main progress in research on double auctions and the Smith’s mystery. Also we discuss a few development trends in double auctions for future investigations. The main purpose of this pa2 per is to attract more people to pay their attention to both the experimental economics methodologies and development of the experimental economics

Abstract:This paper realizes the concept of treating the adoption of technology innovations as a sequence of real op2 tions more completely by introducing the second generation of future innovations. The solutions to the values of the real options and the triggers to adopt the current innovation , to leapfrog or upgrade to the future innovation are dis2 cussed in detail . By assuming the first as well as the current innovation emerges over the sales recording period , the relevant probability model regarding adoption timing is given analytically. Our numerical illustrations show that while there is a significant turning point in the impact of the speed of technology progress when only one generation of fu2 ture innovation is expected and it emerges over the recording period , the impact becomes much less non-monotonic or even monotonic when a further generation of improvements is expected. This confirms the intuitive and our previ2 ous empirical results.

Abstract:This paper focuses on the two- stage investment problems of venture firms with successful R&D. Firstly , the two real options are identified with the help of real options thinking. After that , based on the analysis of profit function , stochastic models are proposed to describe the uncertainties inherent in markets. Then the value function of decision-making flexibility is derived as well as the vital executable probability of the two real options. Finally , numerical techniques are employed to calculate the optimal proportions of a case and the influence of investment pro2 portions upon the flexibility value is also analyzed.

Abstract:This paper sets up a two-period reputation model based on signaling game. There are two players in the game , the one is sender with private information , and the other is receiver without private information. The reputa2 tion model studies the type L senders to see whether they have motive to set up reputation in period one or not . We show that the optimal signal of the type L sender is larger in the period two if he sets up reputation in the period one. The utility of the type L sender is less in the period one if he sets up reputation in the period one , but he will get the higher utility in the period two.

Abstract:The group decision-making based on different form of preference information is a new topic in decision analysis and group decision support systems. It is significant to improve the practical effect and flexibility of group decision support systems. This paper proposes an approach to group decision2making problems with four forms of preference information , such as preference ordering , utility value , fuzzy reciprocal judgement matrix and multiplicative judgement matrix. In the approach , firstly , the computational formulas are given to uniform the four different forms of preference information into the form of multiplicative judgement matrix. Then , based on OWGoperators , the preference information provided by every decision maker is aggregated into group preference and a method is also given to select the most desirable alternative ( s) . Finally , a numerical example is used to illustrate the use of the proposed approach.

Abstract:This paper present a problem description language PDL , which is natural language2like and can be ap2 plied in model management system. The structure of PDL is presented. The process of problem understanding based on PDL includes two phases : problem semantic understanding and problem paragraph understanding. This paper fo2 cuses on the method of problem understanding ,by which problem description in PDL is translated into structured problem representation.

Abstract:This paper focuses on a fuzzy approach in modeling and optimization for aggregate production planning problems with multi2product under fuzzy requirements and fuzzy capacities environment . By means of fuzzy addition and fuzzy equation , the production2inventory balance equations in single stage and dynamic balance equations are formulated as a soft equation in terms of a degree of truth and interpreted as the level of satisfaction with production and inventory planning to meet fuzzy demand. As a result , multi2product aggregate production planning problem with fuzzy demand and fuzzy capacity can be modeled into a fuzzy linear programming problem with fuzzy objective and fuzzy constraints. The fuzzy solution approach to the model is also proposed in the paper.

Abstract:Based on a stochastic frontier model , it is empirically examed in this paper whether there is deliberate un2 derprising or overpricing in the Initial Public Offerings of Chinese stock markets. The results show that these IPOs are not underpriced as overseas. Contrarily , the lower frontier was found in Chinese IPOs pricing , showing that there is overpricing in Chinese stock market . By applying the stochastic frontier model and the first day’s closing price of IPOs , we find that the IPOs is always overvalued by market in China.

Abstract:With the monthly stock returns data , price data , market value data , and corporate financial data from July 1995 to June 2000 in the Shanghai Stock Exchange , by using Fama2Macbeth regression and dynamic portfolio approach , many factors are studied to determine if they have effects on average stock returns. The size effect , book2 to2market effect , E/ P ratio effect , and price effect are found to be obvious in the SSE. It is also found that these factor effects have close correlations , beta values can not explain these effects , and three2factor model of Fama2 French’s can’t explain these effects also. But an E/ P ratio factor added to the three2factor model can explain these effects quite well

Abstract:Given the special status of the stock analysts in Chinese securities markets and the extensive existence of herding behaviors and their profound impacts on the market , we propose a model to test the herding behaviors of the stock analysts on the consensus while they make predictions on the futures movement of the market returns. We fo2 cus on the existence of the herding behaviors , the interior and exterior factors that influence the herding behaviors and the rationality of the herding behaviors. The main conclusions are as follows : there are significant herding be2 haviors on the consensus of the analysts. As the history returns increase , the optimistic sentiment in the markets in2 crease , the degree of the uniform of the predictions of the analysts increases , the abilities of the analysts decreases and the initial reputations of them increases , the incentives of the analysts to herd on consensus increase. The re2 search on the rationality of the herding behaviors indicates that the degree of herding increases when the consensus is proved to be wrong by the ex post return. Therefore , the herding of the stock analysts is more likely to be a kind of irrational behavior.

Abstract:Autoregressive conditional heteroscedasticity (ARCH) models , which broke though the assumption of constant variance of traditional econometrics , have had a profound influence to the modern capital asset pricing theo2 ry. Along with development in researching time-varying variance , variance persistence has being concerned by more and more economists. In this paper we firstly introduce the conceptions and the properties of conditional mean , con2 ditional variance and the persistence of autoregressive conditional heteroscedasticity models , and then discuss the capital asset pricing model of a portfolio which follows the time-varying conditional variance process. Moreover , in the end of the paper , we analyze the persistence of multi-asset portfolio which follow a vector GARCH process

Abstract:The paper review the literatures that discussed the value creation in interorganization context based RBV (resource-based-view) .At first ,the paper discussed the different aspects in RBV by the rent they focused. Then we concluded the characteristics and content of three different value creation activities mentioned in existing literatures. Based on that ,we analysised the relationship between different value creation activities. Finally ,the paper evaluated the existing researches and pointed out the possible research direction.

Abstract:Many recent researches with empirical data have demonstrated that financial data have multifractal prop2 erties , but seldomwith Chinese financial data. In this paper we study the Shanghai Stock Exchange Composite Index (SSECI) and find that return volatility correlations are power2laws with a non-unique scaling exponent . The result is quite similar to other researcher’s findings. Since multifractal models for financial market can provide us much in2 formation about volatility , we suppose the associated research between multifractal and risk management would be significative.

Abstract:It is widely recognized that exit is always crucial to allow venture capitalists to recycle their investments before a venture capitalist’s decision to invest in an entrepreneurial firms. However , potential conflict of interest be2 tween venture capitalists and entrepreneurs may cause an inefficient exit . We show that with convertible preferred equity by allocating control rights and choosing a proper conversion option the ex-ante agreed optimal exit policy can be implemented. We also discuss the allocation and shift of control right in venture capital contracts . Our findings give an explanation for the prevalent use of convertible preferred in venture capital finance and practical implications for China’s venture capital industry.