Abstract:This paper constructed an utility function based on the relative wealth and habit formation , that is , the investor’s preference depends on his consumption history , as well as his relative wealth. The new utility function was used to develop a general framework of CAPMwith the relative wealth and habit formation , and three specific u2 tility functions were used to get the asset2pricing model

Abstract:First , a discrete nonlinear dynamics model is set up based on investment competition for homogeneous enterprises in this paper. Then , the stability of fixed points and all kinds of bifurcations as well as chaos behaviors of this model are studied. Moreover , the economic meaning that the nonlinear dynamics characters of this model is discussed. The results show that chaos is generated by quasi2periodic transition and double2periodic bifurcation with parameter increasing in this model . The nonlinear dynamics behavior can effectively explain a kind of social econo2 my phenomenon that investment competition results in economic scale growth for a enterprise and down for another for homogeneous enterprises

Abstract:With the China stock market data fromJuly 1997 to December 2000 , and making use of Fama2French re2 gression and dynamic portfolio approach , obvious effects of trading volume , ratio of A2shares to total shares , size , and book to market value ratio etc , are found in China stock market . The effects have close relations , and can’t be explained by the market beta value. But if two other factors , size factor and book2to2market value factor are added , the three2factor model of Fama2French can explain all these effects quite well

Abstract:The overreaction hypothesis and the information hypothesis are two major hypotheses regarding the effects of price constrains on stock price behavior. This paper examines the price behavior of limit moves for stocks listed on the Shanghai Stock Exchange over the period 1997 —2001. The results indicate the price continuations for the overnight period following limit moves and the price reversals for the subsequent trading time period. These results show that the noise traders on Shanghai stock market overreact to new information. On the other hand , the price constrains on Shanghai Stock Exchange restrict the overreaction.

Abstract:Based on the financial information of 456 firms listed at Shanghai Stock Exchange , this paper investigate the relationship between firm values and EVA , traditional accounting indexes and residual income from year 1999 to 2001. The evidences indicate that though EVA is positively related to firm values , the information content on firm values is very small . After controlling for traditional accounting indexes , EVA does not have any incremental infor2 mation content on firm values. There are significantly positive correlations between firm values and traditional ac2 counting indexes , and accounting indexes can explain firm values very well . Accounting indexes have strong incre2 mental information content on firm values EVA , and can dominate EVA. EVA has incremental information content beyond residual income , and vice versa

Abstract:The congestion of production factors is refer to the“jam2up”of production and the decrease of output during one or more production factors is increased to some extent of overabundance relatively. The production con2 gestion occurres if there are dormant assets according to theoretical analysis. In this paper the non2parametric ap2 proaches based on the theory of production frontiers is used to measure the static and dynamic status of production congestion of Chinese industries during the transition period 1992 —1998. The result supports the assumption that production congestion exists usually. The impact of congestion is the key reason of the fluctuation of industrial effi2 ciency and productivity in China.

Abstract:Budget management has raised extensive attentions in practice in China. But academic researches on budget management , especially on budget participator’s behavior are relatively lagging behind. In this paper we make some attempts in this field by using experimental research methods. As a result , we find that both information symmetry and truth-inducing compensation scheme have restraining effects on budgetary slack , among which the ef2 fects of the former are especially significant . Moreover , in our experiment we did some comparisons on purpose be2 tween professional accountants from domestic enterprises and college students majoring in accounting. The results show that , in the same experimental context

Abstract:From the angle of mutual joining network in the capital market , we discuss the problemof financial asset portfolio optimization and balance scale. Under the conditions of non2balance of financial assets and liabilities , we give the control models of investment scale and risks for the single department . From financial network and analyze the balance problem of financial instrument between the many department and establish the models describing the balance scale and price of system. Under the function of different investment effectiveness , the best optimization so2 lution is found to the single and many department models

Abstract:A standard form of interval linear programming was defined. The solution of the best optimal objective value and the worst optimal objective value of the standard formwas studied. Interval objective function , interval in2 equality constraints and interval equality constraints were discussed separately. By this way , exact linear program2 ming to find the best and the worst optimal objective value of IvLP can be built . Finally an example was given and some complementary comments were made

Abstract:An important factor that affects the daily investment decision is the risk. This paper introduced the risk concept into the online leasing problem , built the risk2reward model and analyzed the online leasing problem with interest and without interest in this risk2reward model . Traditional competitive analysis reflects the relative perfor2 mance of online algorithm to benchmark algorithm (usually the offline optimal algorithm) . But this approach is too inflexible and neglects some useful information the online player may have. Different from this method , the investor can control his own undertaken risk and choose the optimal online leasing strategy according to his own risk tolerance and forecast in the risk2reward model .

Abstract:The purpose of this paper is to model the optimal pricing problem in the following business practices : one firm produces various brands which belong to one product category. We pose an optimal pricing model for brands be2 longing to one product category , characterizing the complex interactions among price , sales volume , and cost per u2 nit , and the resulting sophisticated influence on a firm’s profit . Then , we apply a newly introduced neural network modeling technique to establish a neural network model needed by the solution of the optimal pricing model . In ad2 dition , we evaluate the performance of the neural network algorithm , and give an experimental example to show the wonderful performance of it . Furthermore , we illustrate an example of pricing for three brands , build its optimal pricing model , and derive its optimal solution using the neural network algorithm.

Abstract:The anomalies in capital market and many demonstration researches have indicated that efficient markets hypothesis (EMH) and modern capital market theory system based on the hypothesis often conflict with the facts from real markets. In this paper , some non2linearity theories , such as fractal theory , chaos theory , catastrophe theory , behavior finance theory , coherent market hypothesis , have been introduced , and the status in quo of these studies and their applications in capital market have been summarized. The prospects and main problems of non2linearity theory existing in present capital market researches and applications have been pointed out

Abstract:In this paper , we summarized the present condition of study for the transfer pricing in intrafirm trade of affiliated enterprise. We divide all researches into two aspects. One aspect is that the researchers consider tax fac2 tors in internal trade and the other aspect is that the researches do not consider tax factors. We analyze the draw2 backs and limitation for all kinds of transfer pricing strategies , and combing the realism condition put forward the further study direction. At last , the paper discusses the newest development at present and the trend of research in the future of transfer pricing.