China is aging at an unprecedented rate. Improvements in life expectancy and the consequences of the decades-old family planning policy have led to a rapid increase in the elderly population. According to the United Nations World Population Prospects, the proportion of older people age 65 and...

This paper solves a utility maximization problem under utility-based shortfall risk constraint, by proposing an approach using Lagrange multiplier and convex duality. Under mild conditions on the asymptotic elasticity of the utility function and the loss function, we find an optimal wealth...

This paper studies four trading algorithms of a professional trader at a multilateral trading facility, observing a realistic two-sided limit order book whose dynamics are driven by the order book events. The identity of the trader can be either internalizing or regular, either a hedge fund or a...

This paper solves a Bayes sequential impulse control problem for a diffusion, whose drift has an unobservable parameter with a change point. The partially-observed problem is reformulated into one with full observations, via a change of probability measure which removes the drift. The optimal...

We consider a general class of continuous asset price models where the drift and the volatility functions, as well as the driving Brownian motions, change at a random time $\tau$. Under minimal assumptions on the random time and on the driving Brownian motions, we study the behavior of the model...

The main aim of current study is to evaluate the anti-penetration deformation behavior of an ultra-high strength low alloy armor steel (commercial name: XF1700) at strain rates 0.001/s, 0.1/s (quasi-static), 922/s, 5962/s, 6000/s (dynamic) and temperatures 298K, 373K(0.2Tm), 473K(0.26Tm) and...

The effects of the site symmetric distortion induced by the phase transition on up-conversion emission and thermal sensing performance of Gd 2 (MoO 4 ) 3 :Yb 3+ /Er 3+ (GMO) crystals are elaborately studied by minimizing interference from many factors. Monoclinic GMO shows much stronger...

The influence of a firm’s cause-related marketing efforts on sales representative attitudes and behavioral performance is investigated. Results from a field study indicate that the influence of a representative’s construed customer attitude toward the cause campaign on selling behavioral...

This study links empirical analysis of geographical variations in fertility to ideas of contextualising demography. We examine whether there are statistically significant clusters of fertility in Scotland between 1981 and 2001, controlling for more general factors expected to influence...

We examine the industry-level relation between the two dominant asset pricing anomalies, the continuation of past price movements (momentum) and the incomplete reaction to earnings news (post-earnings-announcement drift). With the former having long been established in REIT returns, and the...