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Uncertainty appears to jump up after major shocks like the Cuban Missile crisis, the assassination of JFK, the OPEC I oil-price shock, and the 9/11 terrorist attacks. This paper offers a structural fr...
Long design cycles due to the inability to predict silicon realities is a well-known problem that plagues analogRF integrated circuit product development. As this problem worsens for technologies belo...
We consider the problem of portfolio selection, with transaction costs and constraints on exposure to risk. Linear transaction costs, bounds on the variance of the return, and bounds on different shor...
We consider the problem of multi-period portfolio optimization over a finite horizon, with a self-financing budget constraint and arbitrary distribution of asset returns, with objective to minimize th...
In this paper we propose a method to optimize operation of a thermal energy storage (TES) system for heating, ventilation and air conditioning (HVAC) in terms of electricity cost. We pose this optimiz...
Developed by General Motors (GM), the Auto Choice Advisor website (http://www.autochoiceadvisor.com) recommends vehicles to consumers based on their requirements and budget constraints. Through the we...
零杠杆公司业绩研究     零杠杆  投资组合  业绩  超额收益       2016/11/11
资本结构权衡、代理成本等经典理论认为公司适度负债能够增加公司价值,公司存在最优资本结构。然而,现实中却有一些公司表现出与理论相背离的状态,它们不使用任何债务融资,这一现象被学界称为"零杠杆之谜",引起了研究者的关注。本文以1993-2012年中国A股主板上市公司为研究对象,选择零杠杆公司作为研究样本,并按照年份、行业、规模原则匹配杠杆公司,借鉴Liu和Strong(2008)的研究分别构建零杠杆公...

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