In 2014, more than 43 cities in China were racing to construct their urban rail systems (including metro and light rail systems), recognizing that an urban rail system will be a good solution to the tough problems that they are faced with, including traffic congestion and PM2.5 air pollution. On...

This article examines how various market and institutional mechanisms resolve information asymmetry problems in the municipal bond market in the U.S. Information asymmetry exists in this market since a significant percentage of the investors are individuals on one side and many of the issuers...

In this note we are concerned with the first passage time (FPT) of diffusions with holding and jumping boundary (DHJ) in one dimensional case. We first show that the Laplace transform of FPT of DHJ can be represented explicitly by the behavior of the killed process for one holding and jumping...

In order to model random population dynamics with cycles in ecosystems, we construct a diffusion process with random jumps from the boundary. The evolution of this new process is investigated. It is shown that the behavior of the whole process is uniquely determined by its first hitting time and...

Despite many reforms implemented in China’s public financial management over the past ten years, China’s public budget still exhibits a glaring lack of accountability, most evident in the gap between the adopted budget and the final budget. This article examines the role played by public...