Most existing portfolio choice models ignore the prevalent periodic market closure and the fact that market volatility is significantly higher during trading periods. We find that market closure and the volatility difference across trading and nontrading periods significantly change optimal...

Most existing portfolio choice models ignore periodic market closure and the fact that market volatility is significantly higher during trading periods. We show that market closure and the volatility difference across trading and nontrading periods significantly change optimal trading strategies...

Levy and Levy (2002, 2004) and others extend the stochastic dominance (SD) theory for risk averters and risk seekers by developing the prospect SD (PSD) and Markowitz SD (MSD) theory for investors with S-shaped and reverse S-shaped (RS-shaped) utility functions. Davidson and Duclos (DD, 2000)...

In the enterprises, the workers' representative congresses are the basic organizational form by which workers exercise their democratic rights, take part in the management of the enterprises, and supervise the cadres. What is the current state of the workers' representative congresses? What...

With the implementation of the economic system reform, the notion of reform has penetrated even more deeply into people's minds; its boundaries have become increasingly broadened, and people have become more and more sensitive in their responses. The changeover from an old system to a new one,...

This note studies the existence and uniqueness of quasi-maximum likelihood estimator for mixed regressive, spatial autoregression model with continuously distributed response vector. Under very mild conditions that nrank(Xn)+1 (n is the sample size and Xn is the n×p constant matrix of...

This paper presents an inflow-forecasting model and a Piecewise Stochastic Dynamic Programming model (PSDP) to investigate the value of the Quantitative Precipitation Forecasts (QPFs) comprehensively. Recently medium-range quantitative precipitation forecasts are addressed to improve inflow...

Oliver Hart proved the impossibility of deriving general comparative static properties in portfolio weights. Instead, we derive new comparative statics for the distribution of payoffs: A is less risk averse than B iff Aʼs payoff is always distributed as Bʼs payoff plus a non-negative random...

In the northwestern Loess Plateau of China, low precipitation results in poor crop yields, with a great fluctuation from year to year. The adoption of gravel–sand mulching has shown improvements in the growth of crops such as watermelon. The ridge and furrow rainwater harvest system (RFRHS)...