Abstract:In a traffic network with uncertain travel time，we postulate that the travelers are heterogeneous in terms of their reference points，which follow a continuous distribution function，and at the same time the degree of the diminishing sensitivity is dependent on the reference points．We then develop a multi-class，cumulative prospect theory-based equilibrium model by incorporating these heterogeneities．The results show the risk is treated by different users in different manners: those with higher and lower reference points prefer the routes with higher risks to get a higher perceived value，and those with medium reference points mainly focus on the routes with lower risks．In addition，a sensitivity analysis is conducted with respect to two management methods，i.e.，road expansion and risk management in improving the perceived value for each kind of users．The results show that road expansion is an effective way in improving the social perceived value but with decreasing marginal effect．However，as far as risk management is concerned，different users represent distinct preferences．In general，users with lower reference points can benefit from it while users with higher reference points will lose their potential gain．

Abstract:Taking into consideration the unpredictable booking information，we consider the joint ticket pricing and booking problem in the airline industry from the perspective of online algorithms and competitive analysis． Assuming that the process of the passengers meets the low-before-high manner and that the expected value of passengers falls in a closed interval，we propose one optimal online joint policy for each case．Different from previous approaches in this field，the proposed online policies eliminate both the demand forecast and riskneutrality assumption．The proposed policies can dynamically adjust price and allocate the tickets according to the set of bookings previously offered at any point in time．The ratio between the revenue of online joint strategy and the revenue of optimal offline strategy with perfect demand information is always in a certain range．Compared with the existing research，the joint online strategies can identify the types of passengers effectively which relaxes the assumption of knowing the type of passengers．

Abstract:Alliance formation research suggests that choosing appropriate alliance forms is an important mechanism in achieving cooperative goals．This study extends prior alliance formation research by bridging two previously separated domains—entrepreneurship and strategic alliances—together． Specifically，we explore the in_x005ffluences of entrepreneurial orientation on a set of decisions involved in the alliance formation process，including decisions on alliance governance structure，alliance scope，and planned time boundedness．Moreover，we also examine the moderating effects of past alliance experience on the relationships between entrepreneurial orientation and alliance formation decisions．Data on 205 paired partner firms in China indicate that a higher level of entrepreneurial orientation will be associated with equity-based governance structure，broad alliance scope，and open time boundedness．Results also suggest that past alliance experience positively moderates the relationship between entrepreneurial orientation and planned time boundedness．

Abstract:FDI entry mode is one of the most important strategic decisions in the process of firms’internationalization．Meanwhile，FDI is a sequential process which can be greatly influenced by firms’former experiences．This kind of influence may vary during the whole process of FDI．Based on the data of listed companies in Chinese manufacturing industry，we applied a multinomial logistic regression model to verify our proposed hypotheses． Through the empirical studies，we found that firm-level experience，TMT-level experience and TMT capabilities will affect these firm’s propensity of their first entry mode choice，and the propensity will change systematically in the following FDI processes．Pensity will change systematically in the following FDI process．

Abstract:Based on the comprehensive influence of consumption habits，income，interest rates，uncertainty，and liquidity constraints，and considering the heterogeneity of precautionary saving motives，we structure a dynamic panel model to explain the strength and reasons of precautionary saving motives of urban inhabitants in China during 1999-2011 by using the panel data of 31 provinces．The results show that: ①Consumption habits，income，the elderly dependency ratio，the ratio of male to female，real interest rates are important factors that influence the consumption of urban residents in China，but not important factors to promote precautionary saving motives; ②The strength of precautionary saving motives of urban residents is obviously improved when the heterogeneity of precautionary savings motives is considered．The uncertainties of the housing reform and the education reform are the major factors to the heterogeneity of urban inhabitants’precautionary savings motives．So，in order to improve the situations of high saving rates and low consumption，the key is to reduce the expected uncertainty of the consumption expenditure caused by the reforms of education and rising house prices．

Abstract:To capture the asymmetric effects of positive shocks(good news)and negative shocks(bad news)to asset returns，this paper incorporates both the threshold and state-dependent leverage effects into the basic stochastic volatility (SV) model，and proposes a threshold SV model with double leverage(THSV-DL)to model the volatility of asset returns．Based on the efficient importance sampling(EIS) technique，we use the maximum likelihood(ML)method to estimate the parameters of the THSV-DL model．Then，Monte Carlo simulations are presented to examine the accuracy and small sample properties of the proposed method．The experimental results show that the EIS-ML method performs very well．We apply the THSV-DL model to the daily returns of Shanghai stock exchange(SSE)composite index and Shenzhen stock exchange(SZSE)component index of China．Empirical results show that there exists a high persistence of volatility and a significant leverage effect in China’s stock market．More importantly，asymmetries in the volatility persistence，volatility of volatility and leverage effect are discovered in China’s stock market．Specifically，the volatility persistence tends to be higher，and both volatility of volatility and leverage effect tend to be lower following the bad news than following the good news．Finally，an empirical study on the accuracy of value at risk(VaR)estimates based on Shanghai stock exchange composite index is presented．The empirical results demonstrate that the THSV-DL model can yield more balanced and accurate VaR estimates than the basic SV，SV with leverage effect (SV-L)，THSV，and THSV with leverage effect (THSV-L) models．

Abstract:Analyses based on liquidity perspectives show that serious imbalance of funding，asset and monetary liquidity caused the quick spread of the European and American sovereign crisis．Besides the traditional price and volume indicators，the paper introduces liquidity impact indicators and constructs a liquidity measurement system for stock market．Based on Spearman method，the paper builds a new change-points detection process via binary Copula and probability integral transformation and successfully realizes effective changepoints detection of liquidity shocks between stock markets in Europe，America，and core developed countries and emerging countries．