Suchergebnisse

Capital inflow surges destabilise the economy through a maturity shortening mechanism. The underlying reason is that firms tend to make their debt redeemable on demand in order to accommodate the potential liquidity needs of global investors, which makes international borrowing endogenously fragile. Based on a theoretical model and empirical evidence at both firm level and macro level, our main findings are threefold. First, corporate debt maturity shortens substantially during surges, especially for firms with foreign bank relationships. Second, surges changethe shape of the interest rate term structure and lead to a more flattened yield curve. Third, the probability of a crisis following surges with a flattened yield curve is significantly larger than following surges without one. Our work suggests that debt maturity is key to understanding the consequences of capital inflow bonanzas.

This study examines the relationship between capital account liberalisation and income inequality. Adopting a novel identification strategy, namely a difference-in-difference estimation combined with propensity score matching between the liberalised and closed countries, we provide robust evidence that opening the capital account is associated with an adverse impact on income inequality in developing countries. The main findings are threefold. First, fully liberalising the capital account is associated with a small rise of 0.07-0.30 standard deviations in the Gini coefficient in the short-run and a rise as large as 0.32-0.62 standard deviations in the ten years after liberalisation, on average. Second, widening income inequality is the outcome of the growing income share of the rich at the cost of the poor. The long-term effect of capital account liberalisation includes a reduction in the income share of the poorest half by 2.66-3.79 percentage points and an increase in the income share of the richest 10% by 5.19-8.76 percentage points. Third, the directions and categories of capital account liberalisation matter. Inward capital account liberalisation is more detrimental to income equality than outward capital account liberalisation, and free access to the international equity market exacerbates income inequality the most, while foreign direct investment has an insignificant impact on inequality.

Intro -- Contents -- Third Party's Extended Warranty Design Strategy in Supply Chain -- 1 Introduction -- 2 Literature Review -- 3 The Model -- 4 Equilibrium Outcomes with Various Extended Warranty Retail Channel -- 4.1 The Centralized Supply Chain (C) -- 4.2 The Third Party Provides and Sells the Extended Warranty Directly (3T) -- 4.3 Results: The Third Party Provides and the Manufacturer Resells the Extended Warranty (3M) -- 4.4 Results: The Third Party Provides and the Retailer Resells the Extended Warranty (3R) -- 5 The Third Party's Design Strategy of the Extended Warranty -- 6 Conclusions -- References -- Multi-channel Structure Selection Model for Minor Enterprises -- 1 Introduction -- 2 Problem Description and Model Assumptions -- 3 Comparison of Traditional Channel Marketing Structure and Dual Channel Marketing Structure -- 3.1 Analysis of Traditional Marketing Channel Structure Profit -- 3.2 Analysis of the Profit of Dual Channel Marketing Structure After the Introduction of Direct Sales Channels -- 3.3 Dual Channel Marketing Structure Establishment Conditions -- 4 Numerical Simulation -- 5 Conclusion -- References -- Crude Oil-Import Portfolio Optimization Based on Interval Prediction Data -- 1 Introduction -- 2 Mathematical Model -- 2.1 Problem Statement -- 2.2 Optimization Model -- 3 Decomposition Hybrid Interval Prediction Method -- 3.1 Ensemble Empirical Mode Decomposition -- 3.2 Extreme Learning Machine -- 4 Experiment Research -- 4.1 Data Description -- 4.2 Results Analysis -- 4.2.1 Forecasting Analysis -- 4.2.2 Oil-Import Portfolio -- References -- Portfolio Optimization of Material Purchasing Considering Supply Risk -- 1 Introduction -- 2 Mathematical Model -- 2.1 Problem Statement -- 2.2 Optimization Model -- 3 Supply Risk Evaluation -- 3.1 Evaluation Indicator -- 3.2 Process of Evaluation -- 4 Experimental Analysis.

Chapter1 Literature Overview -- Chapter2 Energy-Ecient Speed Control -- Chapter3 Timetabling with Overlapping Time Maximization -- Chapter4 Timetabling with Regenerative Energy Maximization -- Chapter5 Integrated Speed Control and Timetable Optimization -- Chapter6 Dynamic Speed Control and Timetable Optimization -- Chapter7 Stochastic Speed Control and Timetable Optimization.

This paper uses loan application-level data from a Chinese peer-to-peer lending platform to study the risk-taking channel of monetary policy. By employing a direct ex-ante measure of risk-taking and estimating the simultaneous equations of loan approval and loan amount, we are the first to provide quantitative evidence of the impact of monetary policy on the risk-taking of nonbank financial institution. We find that the search-for-yield is the main workhorse of the risk-taking effect, while we do not observe consistent findings of risk-shifting from the liquidity change. Monetary policy easing is associated with a higher probability of granting loans to risky borrowers and a greater riskiness of credit allocation, but these changes do not necessarily relate to a larger loan amount on average.

The proceedings volume consists of academic papers on decision-making under uncertainty, smart decision, stochastic optimization, management simulation and its applications. It presents some compelling and valuable results on the cutting-edge modeling methods and the practical case studies in the operations management process for power, transportation, and logistics companies.