基于内生信息的股票发售机制比较研究

本文在内生信息成本的基础上，通过引入投资银行的信息成本函数，考察了国际上主要股票发售机制的内在机理，并用一个统一的框架比较了各种发售机制的差异及演进趋势。本研究表明，在投资银行和投资者信息成本相同的情况下，由于固定价格发售机制须用额外的折价去解决投资者之间的信息问题，因而相对于累计投标询价制是一种处于劣势的机制选择。同时指出，具有信息成本优势的机构投资者的出现和发展，是固定价格发行向询价发行过渡的一个必要条件。     

一类时变需求且存货影响销售率的EOQ模型

从实际背景出发,在R AM P型需求和存货影响销售率条件下,讨论了一类以缺货开始的变质性物品的EOQ模型.给出了模型的求解方案及单位时间内平均利润最大化的两个充分条件,并用数值算例进行了验证.     

Thermally reversible light scattering films based on the melting/crystallization of organic crystals dispersed in an epoxy matrix

Films that can be reversibly switched from opaque to transparent states by varying temperature (TRLS films), have potential applications in thermal sensors, optical devices, recording media, etc. A dispersion of organic crystals in a thermoset may be used for these purposes provided that at temperatures higher than the melting point there is a matching of refractive indices of both phases. A model system consisting on a dispersion of diphenyl (DP) crystals in an epoxy matrix based on diglycidyl ether of bisphenol A and m-xylylenediamine, was analyzed as a possible TRLS film encapsulated between transparent covers to avoid sublimation of DP. To obtain a uniform dispersion of DP-rich domains in the epoxy matrix by polymerization-induced phase separation, it was necessary to add 5 wt% of polystyrene (PS) to the initial formulation. Phase separation induced by polymerization at 80 °C led to a dispersion of PS/DP domains in the epoxy matrix due to the low compatibility of PS with the epoxy and its high compatibility with DP. Crystallization and melting processes were confined to the interior of dispersed domains leading to an excellent reproducibility of the optical properties of TRLS films in the course of successive heating-cooling cycles.     

Characterization of Optical Properties in Water-in-Oil Emulsion

There have been few studies on the factors that determine the overall appearance of emulsions. Optical properties are quite important in determining the perceived quality of emulsion-based products. The overall appearance of an emulsion is determined by the way that it interacts with electromagnetic radiation in the visible region of the spectrum, for example, reflection, transmission, adsorption, and scattering. These interactions are principally determined by the characteristics of emulsion droplets (size, concentration, and refractive index). The present study aims at characterizing the optical properties and rheological behaviors of water-in-oil emulsions, especially macroemulsions. There is a decrease in the absorbance spectra as increasing glycerin ratio in aqueous phase because the difference of refractive index between oil phase and aqueous phase decreased, which improved the transparency of water-in-oil emulsion. The absorbance of linear and branched surfactant emulsions were smaller than that of alkyl modified branched surfactant emulsion. Moreover the transparency of emulsions prepared with linear and branched surfactants was much clearer than that of alkyl modified branched surfactant emulsion. The absorbance spectra also showed that low polar oil attributed to the more transparent emulsion, compared with high polar or nonpolar oil. However, these kinds of oils were not helpful to prepare transparent emulsion because the appearance of these emulsions was translucent or opaque, even if polyols in aqueous phase was 30 wt%.     

微波椭偏法测量不透明材料的厚度

在传统的激光椭偏法测量厚度的基础上,用微波取代激光测量了不透明材料的厚度.分析了偏转角及反射干扰产生的误差,并提出了修正方法.测量结果表明:该方法可以比较精确地测量铝板和塑料板的厚度;由于散射的影响,表面磨砂的有机玻璃板的厚度测量误差很大.     

Seasonality and idiosyncratic risk in mutual fund performance

This paper examines the relationship between seasonality, idiosyncratic risk and mutual fund returns using multifactor models. We use a large sample containing the return histories of 728 UK mutual funds over a 23-year period to measure fund performance. We present evidence that idiosyncratic risk cannot be eliminated, we also find evidence of seasonality in all fund categories. Specifically, we find a close relation between the seasonality and the end of the tax-year. We document that the idiosyncratic risk puzzle cannot explain seasonality in fund performance in the UK. Although, we do find that idiosyncratic risk can account for the seasonality in the month of April. Thus, the results show a link between the tax-loss selling hypothesis in April and idiosyncratic risk in that month. Finally, we report evidence that idiosyncratic risk is negatively related to expected returns for most fund classes.     

Pricing a stochastic car value depreciation deal

This paper deals with pricing a contract under which a dealer buys back a car from a client, for a cash amount contained in a given depreciation table. The value of the car is supposed to depreciate according to a stochastic model with random repairs modeled by a Poisson process. Copyright © 2013 John Wiley & Sons, Ltd.     

Contract and product quality in platform selling

More and more e-tailers (platforms) are allowing manufacturers direct access to customers. Two common contracts are offered by platforms to manufacturers: the revenue sharing contract where a platform appropriates a portion of the manufacturer’s revenue, and the fixed fee contract where a platform charges a fixed rent for each sale. Using an analytical model, this paper studies the interrelationship between a platform’s contract choice and a manufacturer’s product quality decision. We find that if product quality is exogenously given, the platform will always adopt the revenue sharing contract. If the manufacturer endogenously decides the quality, however, the platform’s contract choice may be changed. This is because the revenue sharing contract, compared to fixed fee, leads to a lower selling price of the manufacturer, whereas the fixed fee contract can motivate a higher quality than does revenue sharing. As a result, a large (small) market heterogeneity induces the platform to adopt the revenue sharing (fixed fee) contract. We also extend the model to several directions, finding that longer product line, manufacturer competition, lower marginal production cost, and higher platform cost all tend to induce the platform to put forward a fixed fee contract; while if quality decision is less flexible than contract decision, the platform is more ready to embrace revenue sharing. Besides, when there are two platforms competing for the same market, they should differentiate their contract choices so as to mitigate competition.     

不透明销售的顾客退货政策选择

本文探讨从事不透明销售的零售商对顾客退货政策的选择问题。分别针对零售商垄断和竞争两种市场情况,建立不透明零售商与其它供应链成员(制造商或普通零售商)之间的博弈模型,获得唯一均衡解;对均衡结果进行结构化分析,给出不透明销售方式下采用全额退款政策的判别条件;针对均衡结果,分析零售商垄断情况下产品不透明参数的最优设计,以及零售商竞争情况下的市场分化情况;鉴于净残值参数在退货政策选择中的决定性作用,本文进一步探讨了净残值为正时全额退款政策对各参与方利润及产品需求和价格的影响,分析了净残值在其中的作用机理。本研究能够为不透明零售商制定退货政策和价格以及其它供应链成员制定相关决策提供支持。     

考虑预付定金和退货的SMPEs产品定价与优化策略

借鉴中小制造型企业(SMPEs)在线渠道预售模式,考虑市场中存在预付订金和不预付订金的顾客,并将其退货情况引入到生产商利润表达式中,构建确定性和随机性市场需求下的SMPEs产品销售利润最大化模型,推导生产商产品最优定价的解析解;对比两种销售模式的利润,得到了生产商选择不同销售策略的条件。进一步考虑预付定金的产品数量、预交定金比例、退货数量是关于价格折扣敏感的情况,采用拉格朗日乘子法对生产商产品定价及优化问题进行研究,分析求得生产商销售策略(产品定价和价格折扣)的近似最优解。最后,通过数值算例对研究结论进行了验证并给出经济学解释。