DU Shao-fu , XIE Jin-gui , LIU Zuo-yi
2013, 16(8):1-19.
Abstract:In recent decades, healthcare service has been improved world widely since people have paid close attention to it. Healthcare operations management, which applies operations methods and techniques to solve health delivery problems, has played an important role in the development of healthcare service. This survey reviews most of significant research works on healthcare operations management. It investigates papers in OR/MS top journals (Management Science, Operations Research,Manufacturing&Service Operations Management,etc) or papers with great contribution in each specified category, and provided potential research prospects directions in the future.
2013, 16(8):20-30.
Abstract:Based on Markov switching dynamic conditional correlation (MS-DCC) and independent switching DCC (IS-DCC) models,we construct a Markov independent switching DCC (MIS-DCC) model which has the advantage to be estimated and analyzed accurately. Then we investigate the contagion effects among five major stock markets from the American subprime mortgage crisis to European sovereign debt crisis. We find that, firstly,our model endogenously characterizes different intervals of the contagion,which effectively avoids the shortcoming that divides the whole sample into pre-crisis and post-crisis period arbitrarily. Secondly,we find it is necessary for countries to cooperate with each other to respond to crises since American subprime mortgage crisis and European sovereign crisis evolve into a systemic risk. Thirdly,there is the evidence that America and other relevant countries miss the time to respond to the American subprime mortgage crisis. Fourthly,we find more complex information in period of the crisis,which results to frequently switch between different regimes of the market. Finally,both conditional and unconditional correlations can be described intuitively by regime variables.
LING Ai-fan , YANG Xiao-guang , TANG Le
2013, 16(8):31-46.
Abstract:The return of portfolios will be limited when one uses the variance of portfolio to control risk. Compared with the shortcoming of the variance,lower partial moment (LPM) is paid close attention by many researchers due to the fact that LPM controls only the risk of portfolios without limiting the return. But,under the assumption of non-normal distribution,one can not generally obtain the analytic properties of LPM models. Motivated by these facts,under the assumption of uncertainty distribution,we propose a class of robust tracking error portfolio selection problems with multiple weights constraints in which we use the worst-case lower partial moment (LPM) to measure the loss of portfolios. The analytic solutions of the proposed robust models with-order LPM constraints are obtained. Some interesting and novel results are found based on the geometrical presentations of efficient frontiers. The numerical comparisons indicate that the proposed robust models have much better performance than the classical mean-variance model.
LI Ping , ZENG Yong , ZHU Xiao-lin
2013, 16(8):47-53.
Abstract:In order to accelerate the reform of China’s banking sector,China government has taken an array of measures since 2003,including carve-outs of non-performing loans,reconstruction,introduction of the overseas strategic investors,and public listings. This paper employs DEA approach to estimate and compare the efficiencies of 32 commercial banks during the period 2002-2008. The results indicate that,although the overall efficiency of China’s banking sector increased significantly after the several-year’s reform,large stateowned banks were still the least efficient. The reconstruction of the large state-owned banks could not reduce the gap of efficiency between the state-owned banks and the joint-stock banks as well as the city commercial banks,but the behavior of carve-outs of non-performing loans from the large state-owned banks brings forth higher technology efficiency. Furthermore,the overseas strategic investors encouraged by the government can help Chinese banks to improve their allocate efficiency. In summary,the reform of China’s banking sector has both positive and significant impacts on the improvement in the overall cost efficiency of Chinese banks.
YIN Zhu-jia , YANG Xiao-guang , HUANG Jian-huan
2013, 16(8):54-67.
Abstract:This paper uses the accounting study method,improved FA-DEA,event study method and tobit regression method to study the efficiency changes of listed companies implementing holistic listing and their influencing factors,and constructs a theoretic model to explain the empirical results. The empirical results show that,although holistic listing increases the controlling proportion of listed companies for major shareholders and expands the operation scale in the short-term,it does not accordingly improve the profit and efficiency and excess earnings for their long-term investors. The regression also finds that holistic listing and the state-owned property of major shareholders have negative impacts on efficiency. The theoretic model indicates that the new asset injected by major shareholders is likely to be“bad asset”in contrast to the old asset of listed companies and that it doesn’t create new value. These findings mean the seeming “propping”may be “tunneling”in fact,and holistic listing may become a new way for benefit expropriation.
LIU Jian , CHEN Jian , LIU Si-feng , ZHOU Xian-zhong
2013, 16(8):68-79.
Abstract:Appling the method of risk preferences and attribute reduction to large decision tables with many attributes,respectively,a new strategy is proposed that first classifies decision makers (DMs) and then makes decisions. First,the DMs are classifed into risk-aversion,risk-neutral,and risk-appetite types,then different methods are used to find out the useful criteria corresponding to the different types of DMs,only the useful criteria are used to make decisions. Second,three new risk preference assumptions are established according to the risk preferences of the decision makers. Third,a new method based on advantageous discernibility matrix is proposed to obtain attribute weights. Then,a new method,based on weighted combinatorial advantage values (WCAV) for different risk preference decision makers,for information integration and alternative ranking is introduced. Finally,two real examples with numerical and interval value attribute values are presented to demonstrate the new method,respectively.
DING Chuan , WANG Kai-hong , RAN Rong
2013, 16(8):80-94.
Abstract:The pricing mechanism of the channel coordination between manufacturers and retailers is studied in this paper. A fairness preference theory in behavioral economics is embedded in channel research of coordination. The channel,based on different ranges of the fairness preference coefficient,falls into four types, namely,the narrow self-interest type,the competitive preference type,the avoiding unfair preference one and the social welfare preference one. Among them,the narrow self-interest type is a fully rationality; channels coordination with fully rationality is a special case of this paper. Retailers’utility function is modeled based on the theory of fairness preference. Stackelberg game model of the channel coordination is studied regarding four types. The results show that: if there is no other coordination mechanism,1) Channel coordination can not be achieved in either type: i. e. ,the narrow self-interest type and the competitive preference type. 2) Channel coordination can be achieved in the types of the avoiding unfair preference type and the social welfare preferences type,when a fair preference coefficient and other parameters satisfy certain conditions,and both sides of the channel can derive equal utility. 3) Channel coordination can be achieved in fairness preference,with the total utility of the channels up by 33.33%. This shows that: the introduction of the fairness preference theory in the channels decision-making is a Pareto improvement. Finally,the implication for further research is discussed.