Abstract:A structural equation model has been developed to study the perceived risk of smog，related factors and coping behaviors，based on the data collected from a large-scale questionnaire survey during the recent se-rious smog time． Ｒesults show that individuals who are more sensitive to environmental information，who have a higher level of perceived risk and more knowledge about smog，and who perceive more controllability，will be more likely to have protective and coping behavior，and more willing to purchase health protection prod-ucts． In particular，perceived risk plays as a strong mediation role between environmental information and cop-ing behaviors as well as environment satisfaction． In other words，when smog pollution arouses public per-ceived risk，they will take more coping behaviors and will give a worse evaluation of the environment． In addi-tion，the perceived controllability of smog plays a partial mediation role between the familiarity of smog knowl-edge and coping behaviors，and between the familiarity of smog knowledge and environment satisfaction．

Abstract:How to make online trading decisions in one-way trading when only the range of prices in the future is known beforehand? This paper applies Savage’s mini-max regret criterion and proposes a method of compet-itive difference analysis ( CDA) ． The CDA introduces an imaginary adversary who controls the price se-quences，thus transforming the original one-person decision-making problem into a two-person zero-sum game． Compared with the widely used method of competitive ratio analysis ( CＲA) which depends heavily on prior in-tuition，the CDA can directly obtain the optimal online trading strategy and all the possible worst-case scenari-os for the trader via backward induction． In addition，numerical experiments show that the online algorithm based on CDA can save calculation time and that it outperforms the online algorithm based on CＲA when sol-ving revenue-maximization problems because it is less conservative．

Abstract:The lagged effect is a common phenomenon in the process of supply chain advertising，which plays an important role in making cooperative advertising strategy of supply chains． This paper studies cooperative advertising strategy in a supply chain having lagged effect on the product’s brand goodwill and develops a dy-namic brand goodwill model with time-delay and a product sales model with brand goodwill． By applying the Maximum principle，the optimal advertising strategies of both the manufacturer and the retailer，the brand goodwill of product，and the entire supply chain profit are obtained in the decentralized and centralized deci-sions，respectively． Also，the optimal advertising cost sharing rate is given in the decentralized decision． The results indicate that the optimal advertising investment and the sales of products are higher in the centralized decision than in the decentralized decision，yet the entire supply chain profit is higher in the centralized deci-sion when the delay time is less than a given threshold value． The results also offer a reference for making ad-vertising strategy and choosing decision mechanism in a supply chain． Finally，numerical examples illustrate the impact of delay time on the optimal advertising strategy and decision mechanism．

Abstract:Overlapping activities are an effective means to accelerate the duration of Ｒ＆D projects． Project scheduling with overlapping modes and resource constraints is an extension of the classical problem． Firstly， based on an in-depth analysis of the influence of overlapping activities on project scheduling，a detailed de-scription and modeling of overlapping and its uncertainty is proposed． Then，a binomial probability model for reworking on downstream activities is built． Thirdly，an optimization model is built whose objective is to mini-mize the expectation of duration，and a serial schedule generation mechanism is designed as decoding operator for genetic algorithm． Finally，a heuristic method is used to test on the PSPLIB of J60 problems ( 480 cases) ． The duration of the project is analyzed as the network and resource parameters and overlapping parameters change． The results show that: the smaller the intensity of activities on resource requirements or the lower the scarcity of resources，the larger the number of overlapped activities，and the more the shortening in the project duration; Network complexity has little effect on shortening the duration; The more overlapping activities or the smaller reworking probability on downstream activities，the more obvious the impact of shortening the duration．

Abstract:This paper investigates the impact of investor attention on the IPO abnormal initial returns from the perspectives of the primary and secondary market respectively． Using a sample of 138 GEM IPO firms listed between April 2012 and December 2015，the results of two-tier stochastic frontier analysis show that the stocks are generally issued at premiums． Higher investor attention before the issuance pricing leads to greater gap be-tween the issue price and the intrinsic value，resulting in a lower pricing efficiency． Furthermore，the implicit window guidance restrains the pricing bubble in the primary market． It is also found that both the pricing bub-ble and the investor attention in the secondary market have significant positive impacts on IPO abnormal initial returns．

Abstract:This paper studies the occurrence and causes of the regime-switching of two representative commod-ity indexes，S＆P GSCI ( Standard ＆ Poor’s Goldman Sachs Commodity Index) and DJCI ( Dow Jones Com-modity Index) ，by using the modified Markov Ｒegime-Switching model with the dummy variables that reflect the changes of regimes both before and after the financial crisis． The results show that the suggested model performances better in characterizing the periodic variation of return volatility，which possesses a feature of “medium-high-medium high-low-medium”． Around the turning point，the considered commodity index is shaped as a “V”type． It also reveals that liquidity shocks in the process of financial crisis could alter the probability of regime-switching． The empirical findings could provide some references，to some extent，for the prediction of the trend of commodity markets and the emergence of the stage turning points．

Abstract:This paper constructs stochastic Copula models to study the time-varying leverage effects in Chinese stock markets at the extremes． It is well-known that volatility can not be directly observed in the financial mar-kets． To overcome this problem，realized volatility is used to measure the latent volatility． Then the efficient importance sampling-based maximum likelihood ( EIS-ML) estimation is adopted to estimate the parameters of the stochastic Copula models． The empirical results from data of Shanghai and Shenzhen stock markets demon-strate that the leverage effects in Chinese stock markets exhibit asymmetric features． Specifically，extremely low stock market returns tend to be associated with extremely large volatilities，but extremely high stock market returns are not related to small volatilities． Moreover，the leverage effects in Chinese stock markets are found to be changing over time and exhibit similar variation trends in Shanghai and Shenzhen stock markets． The sto-chastic Copula models are shown to outperform other Copula models，including the static Copula models and time-varying Copula models．

Abstract:This paper examines the decisions underwriters and issuing firms make during seasoned equity offer-ing and the impact of underwriter switch on the price performance of issuing firms． Our theoretical model shows that when there is a severe information asymmetry between the underwriters and issuing firms ( IPO) ， all firms can choose reputable underwriters． As firms and underwriters know each other further and deeply( SEO) ，reputable underwriters can know the real asset of issuing firms and may refuse low-quality firms to maintain their reputation． Therefore，low-quality firms can only choose bad reputation underwriters at the SEO stage． The empirical results are consistent with the theoretical model: low-quality firms have to switch under-writers during the SEO period． There is no significant difference between a switcher and non-switcher during IPO，but underwriter reputation of a switcher is worse during the SEO． Meanwhile，firms managed by former IPO underwriters exhibit lower discount levels and better long-run performance compared to the firms that switch their underwriters，and this result is robust to various checks．

Abstract:There are closely and interestingly economic ties between funds and the security firms with qualifi-cations of rating funds． On one hand，these security firms provide ratings for funds． On the other hand，funds may be economically connected with these security firms through the following two ways． First，funds pay trading commission fees to security firms since they need trading seats from security firms． Second，these secu-rity firms may be large shareholders of mutual funds． Then，will these two kinds of connected interests harm the independence of these security firms when rating funds? This paper finds that: 1) if there are trading com-mission fees or ownership relationship between funds and rating security firms． security firms offer higher rating for funds; 2) the rating under the shadow of connected interests has lower explanatory power for future fund performance; and 3) the above two effects are more significant after 2010 in which year the regulation system of fund rating qualification was enacted． Those findings show that connected interests damage the independ-ence of security firms as fund rating agencies，and the regulation system of fund rating qualification further exacerbates the damage．

Abstract:This paper studies the optimal strategy for entrepreneur and investors in equity crowdfunding． Based on the general procedure for equity crowdfunding，a three-step model is established to characterize the gam-bling behaviors between the entrepreneur and the investors． To maximize the expected utility of the enterprise and investors，three optimal problems are solved and the optimal strategy for each stage is given． The results indicate that when parameters satisfying certain condition，optimal strategies for the investors and entrepreneur exist，which are influenced by marginal revenue，the probability of project succeed，expected rate of return，etc．