Abstract:Patent protection and government regulation are studied in the process of end-of-life ( EOL) product collection and remanufacturing operations undertaken by the third-party remanufacturer. Dynamic game models between manufacturers and remanufacturers are established for three scenarios to discuss respective production decision-makings of enterprises and remanufacturing performances: no patent protection without government regulation，patent protection without government regulation，and patent protection with government regulation. The results indicate that the manufacturer-led patent licensing mechanism restrains remanufacturing to some extent and can bring significant benefits to the manufacturers only when the remanufacturing industry is relatively well developed. The government-led extended producer responsibility (EPR) mechanism can facilitate the development of remanufacturing industry，by effectively enhancing the product recovery rate，especially during the early development periods of remanufacturing. In addition，the promoting effect of the governmentled mechanism on remanufacturing implementations is positively related to the environmental benefits brought about by remanufacturing. The conclusions are of significant references for remanufacturing-related enterprises in developing production strategies concerning remanufacturing patented products and for the government in developing related fiscal policies.

Abstract:Recent literature on behavior-based pricing discrimination (BBPD) has a common assumption that consumers always have a constant basic utility in a two-period dynamic game model. Obviously，this assumption is far away from the reality that consumers usually have different experiences and update their utility according to the products they purchase. The paper，assuming consumers having different experiences or utilities，studies the effect of customer recognition and BBPD in a three-period game model for a duopoly with a discrete value distribution. The role of consumers’ex ante valuation uncertainty is investigated in a dynamic price competition through the comparison of BBPD with uniform pricing (UP); the firms’optimal pricing policy is also analyzed under the two different pricing strategies: BBPD and UP. The results are that: the firms always reward new customers and punish old customers; BBPD frequently increases each firm’s total profits， but decreases the social welfare; BBPD always drives more consumer switching in both period 2 and period 3，relative to the UP. Prisoner's dilemma occurs when the duopoly can choose BBPD and UP simultaneously.

Abstract:The adjustment of industrial structure and rational development of the real estate market are important tasks in China at present. The deepening of population aging will affect both. Using the inter-provincial panel data from 2004 to 2016，this paper analyzes the spatial and temporal effects of industrial structure changes on housing price fluctuations in the context of population aging with a spatial dynamic panel model. The results show that China’s housing prices have significant spatial correlations，though heterogeneous in different markets，no matter geographical，economic or demographic spatial weight matrices are used. The optimization of industrial structure can significantly promote housing prices，while the rationalization of industrial structure has a positive impact on housing prices and the effect is sustainable for five years. Further analyses show that the effects of population aging and industrial structure changes on housing prices are significantly different in different markets and different regions. The impact of population aging on housing prices is completely realized through the indirect interaction with the optimization of industrial structure.

Abstract:Liquidity differences between banks can be more significant than both“large scales”and“multiple connections”in measuring systemic risk. Firstly，an approach for testing liquidity differences between commercial banks is proposed from the perspective of interbank networks. The power law distributions of lending (outflow intensity of network) and borrowing (inflow intensity of network) between banks are used for measuring interbank liquidity differences. Empirical results indicate that there were huge liquidity differences among large commercial banks in China between 2012 and 2014. In particular，demands for liquidity of large banks appeared to be most significant in 2014. Secondly，two networks，where the large banks are liquidity-demand and liquidity-supply types respectively，are constructed to examine the influence of liquidity differences on risk contagion. Experiment results indicate that，large banks demanding for liquidity can be much more destructive than banks with similar scales and connections in view of risk contagion. This demonstrates that the liquidity position should be the main criterion for detecting systemic risk by regulators. This paper provides an accurate pressure testing and scenario analysis framework for systemic risk.

Abstract:Researches have not agreed on the relationship between institutional investor holdings and stock price crash risk yet. This article thinks this problem needs to be studied by subdividing market conditions. Therefore， using the Chinese A-share listed companies from 2011 to 2015 as a sample，this paper adopts a threshold model to explore the impact of institutional investor holdings on the stock price crash risk from the perspective of market efficiency and marketization degree. The study finds that market efficiency and marketization degree have a threshold effects on the relationship between institutional investor holdings and stock price crash risk. When the market efficiency is high，institutional investor holdings will reduce the stock price crash risk and when the market efficiency is at a low level，institutional investor holdings will increase the stock price crash risk. When marketization degree of listed companies is high，institutional investor holdings will reduce the stock price crash risk and when the marketization degree of listed companies is low，institutional investor holdings will increase the stock price crash risk. Under current overall market environment in China，institutional investor holdings will increase the stock price crash risk.

Abstract:This paper uses Baidu search index，for the first time，to measure the degree of lottery preferences of investors in Chinese stock market，and from the overall perspective，studies the effect of investor lottery preferences on stock market returns and volatility. First，using the lottery sales data，the lottery preference index is proved to be effective. Second，the empirical study using a series of JuChao indices finds that lottery preferences will significantly reduce the one period lagged return. This effect is particularly evident in mediumand small-cap stocks. Further，lottery preference will significantly reduce the current volatility of small-cap stocks，and this effect is mainly reflected by the mobile terminal. The empirical results are proved to be robust using the Shanghai A Shares Series Index.

Abstract:The relation between idiosyncratic risk and expected return is an academic central issue. This paper investigates the relation among idiosyncratic volatility ( IVOL) ，investor preference and stock returns. A theoretical model is established to explore the effect of idiosyncratic volatility on investor preference. The result shows that，for stocks with unrealized capital losses，investors will prefer high idiosyncratic volatility stocks，so the IVOL-return relation is negative among stocks with unrealized capital losses. While for stocks with unrealized capital gains，investors will prefer low idiosyncratic volatility stocks; so the IVOL-return relation is positive among stocks with unrealized capital gains. Fama-French five-factor model is used to estimate the idiosyncratic volatility，and prospect theory value is used to measure investor preference. The empirical results from group sorting test and Fama-MacBeth regression based on Chinese stock market supports the conclusion of the theoretical model. Our work based on prospect theory not only contributes to the theoretical research of idiosyncratic volatility puzzle，but also provides theoretical support and realistic guidance for the risk management of investors and the sustainable development of the capital market.

Abstract:A new model is proposed to price European options under Knightian uncertainty by introducing a grade parameter into the Black-Scholes option pricing model to measure the degree of Knightian uncertainty in the financial market. The paper defines the grade parameter as the measurement of Knight uncertainty through setting the feasible control set，gives the uncertainty’s dual measurement through the capacity of feasible region，and constructs the pricing interval of European call and put options based on the Black-Scholes option model. The backward stochastic differential equation( BSDE) is used to obtain the expression of pricing interval. An empirical study based on the daily returns of SSE 50ETF options，which were listed on February 9， 2015，is conducted and the results are compared with Black-Scholes option pricing. The results show that，under the environment of Knightian uncertainty，the option’s equilibrium price is a pricing interval instead of a certain value. The higher the spot price of the options’under lying asset，the larger the pricing interval; the longer the maturity，the larger the pricing interval. Further，the pricing interval increases with the the degree of Knightian uncertainty. The study shows that the existence of Knightian uncertainty reduces market liquidity， which endogenously explains the puzzle of“non-market participation”，exogenously demonstrates the characteristic of“limited market participation”，and offers a reference for investor’s decision andan empirical evidence for finance supervision.