Suchergebnisse

Currently, much attention is paid to the political aims and influence of Chinese outward investment, especially in developing Africa. This paper attempts to fill the knowledge-gap of international entrepreneurship literature by analyzing the entrepreneurial behavior of Chinese firms under the background of south-south economic cooperation. Through the case studies, we analyze the distinctive entrepreneurial behaviors and characters of different types of Chinese firms with high entrepreneurial spirits in Africa during the transitional time. After comparing the various entrepreneurial behaviors between Chinese and West investors, this paper sheds light on the potential positive roles of the entrepreneurial spirit, high risk-behavior and adaptability to foreign environment, which are necessary to successfully seek new, overseas entrepreneurial opportunities from an emerging market. Applications for firms' managers and policy makers are also offered.

Yunnan, located in southwestern China, harbors more than 19,000 higher plants, which represents the highest plant diversity in the country. However, plant diversity in Yunnan faces enormous threats today, including habitat destruction and fragmentation, environmental pollution, and over-exploitation of natural resources. Despite recent efforts to protect biodiversity, there are still thousands of threatened species, some of which have become extinct. We analyzed available data to gain a greater understanding of plant diversity and the status of plant conservation in Yunnan. We found that southern, southeastern, and northwestern Yunnan are hotspots of total species, endemic species, specimens, new species and threatened species, whereas southeastern Yunnan is a hotspot for plant species with extremely small populations. Moreover, we found that there are still conservation gaps and poorly protected areas in central, eastern, and northeastern Yunnan. We conclude that conservation of plant diversity in Yunnan requires modern field investigation, systematic research, the development of comprehensive databases, and government support. We recommend that conservationists pay more attention to building and improving functional protection systems and popularizing science.

Abstract
In this paper, we construct new valuation schemes for the liabilities and economic capital of insurance companies. Specifically, we first build a 'SAHARA' valuation framework based on Symmetric Asymptotic Hyperbolic Absolute Risk Aversion utility functions. Then, we construct a 'SAHARA-CPT' framework that incorporates the previous utility function as a value function and that is based on Cumulative Prospect Theory. The process used for assessing a life insurance company's own funds consists in replacing the market-consistent parametrization with a utility-consistent parametrization that accounts for the risk aversion of the market and the long-term duration of the company's commitments. Our illustrations show that this approach leads to a lower value of the Own Risk and Solvency Assessment and to a lower volatility of own funds. The framework that is based on cumulative prospect theory has the advantage over the expected utility theory framework that it considers a precautionary overweighting of extreme events, as a tradeoff for additional model complexity.