Abstract:The past 50 years have witnessed a remarkable development in portfolio selection both in theory and real practice. With a rapid globalization of world economy and a fast growth of capital markets in China , more and more domestic financial institutes start to feel an urgent need of applying modern portfolio selection theory to their prac2 tice. This paper aims at reviewing the fundamental concepts and basic solution methodologies in portfolio selection and examining recent development in the field. It is hoped that the research issues brought up in the paper will stimulate more interests in the development of portfolio selection , thus advancing the state2of2the2art of risk manage2 ment and financial optimization in China.

Abstract:This paper proposes a theoretical framework to incorporate a firm’s intrinsic value and market2trading value into asset pricing model . The paper show that asset return can be decomposed into two components. The first component , called the firmfactor , is related to the output of a firm and is proportional to return on equity. The sec2 ond component , termed the market factor , is the relative change of P/ B ratio and is related to market return. Then a new capital asset pricing model that integrates both the firmfactor and the market factor is developed. In addition , when cash dividend is present , the two2factor model under industry equilibrium and market equilibrium is derived. This simple , two2factor model explicitly explains , in a symmetric fashion , the economic implication of individual firm and collective market on asset pricing. Empirical analysis on historical data from COMPUSTAT is provided

Abstract:This paper provides six analytical price formulas and one put-call parity for continuous geometric-average European Asian options using risk-neutral valuation and properties of stochastic integral when the price of underlying asset follows the model with time-dependent parameters , i . e. time-dependent riskless interest rate r ( t) , and risk asset has time-dependent expected rate of return μ( t ) , volatility σ( t ) and pays time-dependent dividend yield g ( t) . By adjusting the form of strike price , approximated formulas for fixed- strike continuous arithemtic-average Asian options are also obtained

Abstract:This paper does some research on the return policy under demand uncertainty , models the theory of re2 turn policy with risk preference of the retailer and supplier. Based on this theoretical model , a numerical example is employed to analyze the influence of risk preference on decision of the participants in a supply chain. From this pa2 per the decision2maker of the supply chain can make a scientific decision by using this model . At last , according to the situation of China , the problem how Chinese corporations use the return policy properly is discussed

Abstract:This paper studied a procurement problemfaced by the make-to-order manufacturer with loss-averse utili2 ty , who will purchase additional units of an order- specific component besides his advanced purchasing. Because of long leadtime , the advanced procurement was an important way to increase the possibility of on-time delivery , and it might result in a lot of dead inventory. It was a big challenge to the make-to-order company to tradeoff the dead in2 ventory and late delivery. After a mathematical purchasing-problem model was setting up , the existence of the opti2 mal solution was proved and the effect of loss aversion , the uncertainty of the component demand , the supply con2 tract parameters , and the component nature etc. on the purchasing decision were studied. As a result , our research reveals that the loss-averse manufacturer’s purchasing decision is different from the manufacturer’s with risk-neutral utility and risk-averse utility , and it is not in line with the intuition under some circumstances

Abstract:This paper studies the use of safety stock in single-item inventory systems. At first , we studied the rela2 tionship of two kinds of service level , and then based on this relationship , by numeric arithmetic , we constructed a search procedure to find the optimal order quantity. The cost implications of using these criteria are thoroughly ex2 plored , the major criteria in determining and evaluating safety stock are identified. The issues of discrepancy be2 tween the safety stock use in theory and that in practice are addressed. At last we explored an efficient heuristic de2 cision of selecting the safety factor for managers to cope with uncertainties under different user’s environment

Abstract:Based the theory of power in marketing channels , this paper investigated the impact of personal guanxi on exercises of power in the context of China marketing channels. It was found that the personal guanxi between the reps of suppliers and the relevant persons of retailers did not have significant influence on the retailers’exercises of noncoercive power , but it did have both significant and negative affect on retailers’exercises of coercive power. The implications of the findings are suggested.

Abstract:Pricing and seat inventory control are primary strategies for airlines to improve their profitability and com2 petitiveness. In the past , however , research in these two areas has been carried out independently. This article pro2 poses a comprehensive model that integrates the two decision processes in airline revenue management . It assumes that the airline serves multiple fare classes. Demand of each fare class follows a Poisson process whose intensity is time dependent . Given the state of remaining seats and time2to2go , the airline determines an optimal fare2mix and an optimal fare for the customer class if it is open. It develops a three2stage strategy for the optimal policy which is fairly simple and tractable. Numerical examples are provided

Abstract:Nowadays , as one kind of the distinctive competences of a firm , strategic flexibility has become the strategic driving force of superior competitive performance. Based on previous studies , this paper makes an explo2 rative study of the relationship between strategic flexibility , core competences and competitive performance. Then the moderating effects of environmental turbulence on the relationship between strategic flexibility and competitive performance of a firm is discussed and examined empirically by developing structural equation models using partial least squares method with evidence from Chinese’s firms

Abstract:Creating customer loyalty is one of the central tenets and principal objectives for a company. Customers’ repurchase intention , one of the major measurements for customer loyalty , is the object of this study. The article firstly carries out a literature review about the influencing factors of customers’repurchase intention and brings for2 ward the research questions of this study. Then , this paper takes durable goods industry in China as an example , employs the hierarchical linear models to analyze the variation of customers’repurchase intention at both individual and brand levels. Research results show that the percentage of individual level variance of customers’repurchase in2 tention is much higher than that of brand level variance for the durable goods industry in China. Further research re2 veals that companies should improve research on market segmentation and provide customized products and services to target markets , should make great efforts to improve customer satisfaction , and should avoid the image of low2 price2low2quality. Furthermore , companies could implement the policy of improving service quality or increasing the quality/ price ratio as low cost with high efficiency strategies to enhance customers’repurchase intention.

Abstract:Coordinating producer and supplier is one of main issues of supply chain with uncertain delivery. Consid2 ering interaction between the members in supply chain , there is a Stackelberg game in supply chain. The nature of the Stackelberg game is discussed in this paper. The solution of the game is deduced. As the leader , the producer in supply chain initializes the optimal order quantity and penalty cost policy for minimizing his cost , while as the fol2 lower , the supplier responds with the optimal extra capacity policy for maximizing his profit . Appling genetic algo2 rithm , a simulation about tail rolled steel products is done based on Shanghai BaoSteel industry &trade co. . The solution is adopted for implementing J IT in the supply systemof Shanghai BaoSteel industry &trade co. . The simu2 lation solution shows that Stackelberg game is effective and practical .