Abstract:This paper constructs a two-period model of stock recommendations to investigate how the interaction between analysts’incentive conflicts，analyst type uncertainty and market asymmetric information influence the stock price responsiveness． The results show that due to non-neutral incentive and reputation concerns regarding“status identification”，strategic reporting behavior will arise for both affiliated and independent analysts respectively． Analysts’strategic reporting，which is driven by incentive conflicts and reputation concerns，together with investors’strategic interpretation，will lead to decreasing information quality and increasing stock price volatility． Our results are independent of the non-strategic player assumption，and we also find that categorical ranking systems will help to reduce stock market volatility． These results provide theoretical supports for policies such as improving analyst’compensation schedule，strengthening information disclosure，cultivating analyst’reputation market，establishing long-term tracking system and appropriating accountability system．

Abstract:Bank systemic risk based on network model has recently became a hot topic． Due to the inaccessibility of interbank sensitive data，it is very difficult to make a breakthrough on it． This paper proposes a new method of analyzing interbank network characteristics． Firstly，this paper tests the distribution rule of interbank network node strength． Furthermore，we find out that interbank network node strength and its node degree follow the power function relationship． The paper proves that if node strength follows power law distribution，node degree also does． Finally，we deduce that China is characterized by scale-free interbank network with the highest concentration and the minimum scaling parameter compared with other countries.

Abstract:This paper assumes the cash flow follows an arithmetic Brownian motion and discusses the capital structure that includes contingent convertible bonds ( CCB) ． We provide equilibrium prices of corporate securities and show the relationship among ruin probability，business risk and optimal capital structure． We find that CCB not only lowers ruin probability，but also decreases the risk-shifting incentive of managers and has most of the risk faced by the firm． In this way，CCB significantly increases the firm’s value and has higher yield spreads than straight bond． If a firm earns more /less whenever the market is in recession /boom，the value of the firm gets lower /higher．

Abstract:In order to realize the overall optimum，the integrated optimization problem on Lot Sizing of the whole remanufacturing system with uncertain demand and reprocessing ratio is studied in this paper． First，a model describing the total disassembling and reprocessing cost is presented based on the defined Ｒatio of Lotsizing of reprocessing and disassembling and the variable reprocessing cost，which corresponds to their different quality conditions，of the disassembled parts． Second，an optimization model is proposed that considers all costs that occur during the remanufacturing process——including disassembling，reprocessing and reassembling sub-systems——and unknown procurement lead time，based on the principle of two-stage profit function to maximize the profit． Third，the optimal ratio of lot-sizing of disassembling and reprocessing，as well as lotsizing of disassembling，of reprocessing /purchasing，and of reassembling，are determined through the optimization model． Finally，the effects of different unit acquisition cost of remanufactured parts on lot-sizing of reprocessing，lot-sizing of purchasing，cost of disassembling and reprocessing，and total profit of the whole remanufacturing;the relationship between the ratio of reprocessing and disassembling and unit disassembling are discussed by numerical examples．

Abstract:In the framework of prospect theory，the newsvendor problems are investigated by considering bothbuyback and stockout penalty in three situations respectively． We analyze the relationship of the optimal order quantities between prospect theory and classic newsvendor based on some parameter conditions ，and then give the monotonicity of the optimal order quantitieswithbuyback price and stockout penalty． Finally，the numerical results are carried out to support our conclusions．

Abstract:Since network users have different socio-economic characteristics and different levels of income，this paper proposes a generalized system optimal model in traffic networks with fixed demand and then explicitly derives its first-order optimality conditions． The proposed model can deal withany continuously distributed value of time ( VOT) or finite discrete VOT． The relationships among the generalized system optimal model，standard system optimal model and multi-class cost-based system optimal model are investigated． It is found that，for the fixed demand traffic networks with homogeneous users，the generalized system optimal model degenerates into a standard system optimal model，and for traffic networks with multi-class users，the generalized system optimal model and multi-classes cost-based system optimal model are equivalent．

Abstract:This paper discovers anomalies in activity networks under generalized precedence relations ( GPＲs) ，which arebeyond the explanations of current time parameters． For example，under the conditions of unchanged project completion time and other activity durations，an activity’s start time could be earlier than its earliest one，its finish time could be later than its latest one，and a prolongation of its duration could be greater than its total float． By researching the anomalies，new concepts of hidden times，hidden floats and false floats of activities are proposed to reveal hidden properties under GPＲs，and algorithms for them are designed．In many cases ( particularly adjusting activity durations) ，the hidden times，hidden floats and false floats instead of the current time parameters are perfectly suitable for practices． Furthermore，adjusting activity durations is an important measure for project scheduling，and as a common view，the allowable maximum prolongation of an activity’s duration is equal to the activity’s classic total float． However，our study tests that the view is wrong under GPＲs，and in this paper，an algorithm for the correct maximum prolongation of an activity’s duration is designed based on the hidden time parameters．

Abstract:Ｒesearches on control mechanisms paid little attention to their dark side and conditional limits．Based on the transaction cost theory，social exchange theory and the contingency perspective，the paper explores the shifting effects of contracts，relational governance，as well as their interaction over the range of relationship duration and environmental uncertainty． The results reveal that both relationship duration and environmental uncertainty weaken the negative relationship between contracts and opportunism; relationship duration also weakens the negative relationship between relational governance and opportunism． Furthermore，contracts and relational governance function as substitutes at the early stage of channel relationships or in a relatively stable environment，yet they become complements in mature relationships or in highly uncertain environment．