Purpose – The purpose of this paper is to empirically analyze the relationship between risky asset allocation and background risk of Chinese residents. Design/methodology/approach – Using Chinese macroeconomic data, this study uses numerical method to solve dynamic stochastic optimal...

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we...

We discuss some problems with the modelling methods in the overconfidence literature. We argue that overconfidence models should be well constructed such that overconfident investors in the behavioural model could be distinguished clearly from the more informed investors in the rational...

It's commonly believed that managers with higher ability would be less likely to be taken over. We set out a model, which is built on Zwiebel (1996), to show that there is no monotonic relationship between manager's ability and the probability of being taken over. A manager with relatively high...

This paper presents a case study of underground thermal storage in a solar-ground coupled heat pump system (SGCHPS) for residential buildings. Based on the experimental results, the operation performance is simulated by the unit modelling. The results show that the performance of underground...

Waste heat recovery has been commonly accepted as an efficient, clean, reliable, and promising approach to increase the utilization efficiency of primary energy and reduce the pollutant emissions. A RNGCS (retrofitted natural gas-based cogeneration system), in which domestic hot water is heated...

This article presents the train timetabling problem in the complex railway network (including single-track line, double-track line, mixed-track line and terminal) and a solution algorithm. The problem is to determine the arrival, departure or through time of each train at each station on its...