摘要：
The economic value of private brands and online marketing channel have been widely recognized in literature and practical life. Besides, studies show that advertising, as one of the major factors, can affect consumer attitudes and has significant effects on demand and profit. On the existing basis, this paper analyzes the advertising strategies under competition between a national brand manufacturer and a retailer with private brand, where the national brand can be sold both through a direct channel and a store channel but the retailer brand can be sold only through a store channel. We study the best advertising investment strategies and the balanced profits of the national brand manufacturer and retailer in the disintegrated system and the integrated system. Specially, in the disintegrated system, we discuss the best decision-making issues for national brand manufacturer and retailer in two special cases which there is only have brand competition or channel spillover effects. We discuss the impacts of the spillover effect and brand competition on the chain members and advertising strategies of different channels. In addition, we design a unilateral advertising subsidy contract to coordinate the supply chain. The results in this paper offer structural and quantitative insights into the interplay between the manufacturer and retailer in the dual channel supply chain and can be used as a reference for choosing the optimal advertising strategy.
摘要：
Fractional-order grey models have received more attention owing to superiority to integer-order ones in terms of the prediction performance. In this paper, to further improve the performance of grey-based model, a new method based on conformable fractional derivative, the continuous conformable fractional grey model (denoted as CCFGM(1,1) for short), is proposed. In comparison with the traditional fractional-order grey models, the novel model possesses the simpler computation procedure. The numerical results of two real cases show that the prediction performance of the novel model is superior to other competitive models and therefore, it is proved that this model effectively brings forth the improvement of the existing fractional-order grey models. (C) 2020 Elsevier Ltd. All rights reserved.
期刊：
Mathematics and Computers in Simulation,2020年173:85-104 ISSN：0378-4754
通讯作者：
Yu, Xing
作者机构：
[Wang, Xinxin; Yu, Xing] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.;[Zhang, Wei Guo; Wang, Chao; Liu, Yong Jun] South China Univ Technol, Sch Business Adm, Guangzhou 510640, Peoples R China.
通讯机构：
[Yu, Xing] C;Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
关键词：
Exchange rate risk;Hedging with currency options;Kernel density estimation;Differential evolution algorithm;International portfolios
摘要：
This paper studies exchange rate risk hedging with currency options in international portfolios. We propose a new iterative method to estimate the bandwidth of the kernel density estimator (KDE). Based on KDE, we further estimate the density function of the hedging portfolio's return and calculate the risk of lower partial moments (LPM). Some in-depth analysis is conducted for currency of USD/CAD in two sample spaces (i.e. testing the hedging efficiency with in-sample data and out-of-sample simulation). Specifically, we test whether currency options hedging can improve the performance of international assets portfolios and find that, for the investors whose domestic currency is CAD, currency options hedging is more significant and outperforms other instruments in the investment period of in-sample. To examine the robustness, we also investigate the hedging effectiveness of the proposed model in view of the out-of-sample simulation. Simulation results demonstrate the superiority of currency options hedging in terms of reducing the downside risk exposure. We find that higher risk aversion or target return means an increase in downside risk, but efficient frontier measured by mean/LPM becomes smaller. The efficient frontier markedly increases when the investor hedges the exchange rate risk with currency options. We also apply the proposed model to the currency of USD/CHN and obtain similar results. Therefore, we suggest investors to buy put options with larger strike price for hedging exchange rate risk. (C) 2020 International Association for Mathematics and Computers in Simulation (IMACS). Published by Elsevier B.V. All rights reserved.
关键词：
Chinese cities;Urban green development transformation;Estimation and evaluation;Staged decomposition;Improvement paths
摘要：
Urban green development transformation (UGDT) has become a new direction for Chinese urban development in the 21st century. In this paper, firstly constructs an index system for dynamic assessment of UGDT based on resource consumption, economic development and social welfare, secondly propose a two-stage decomposition to further open the "black box" of UGDT process from the perspective of ecological welfare performance. This paper empirically investigates the evaluation and staged decomposition of the UGDT process in 286 cities of China over the period 2005-2016, and propose improvement paths based on this. Our results show that the UGDT of Chinese cities will gradually begin and be in a benign state of time after 2014. Moreover, find that low eco-economic efficiency (EE) is the main reason for the low level of overall CGDT in cities, and that the CGDT in regions has shown a trend of "the highest in the central, the second in the east, and the lowest in the west". Correspondingly, based on the principles of obvious "short board" priority improvement between green development and urban social welfare, this paper can explore the different improvement paths of CGDT in different cities. (c) 2020 Elsevier Ltd. All rights reserved.
期刊：
Mathematical Problems in Engineering,2020年2020 ISSN：1024-123X
通讯作者：
Su, Kuangxi
作者机构：
[Zheng, Chengli; Su, Kuangxi] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China.;[Zheng, Chengli; Su, Kuangxi] Cent China Normal Univ, Financial Engn Res Ctr, Wuhan, Peoples R China.
通讯机构：
[Su, Kuangxi] C;Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China.;Cent China Normal Univ, Financial Engn Res Ctr, Wuhan, Peoples R China.
摘要：
Studying the impact of the different components in data on hedging can provide valuable guidance to investors. However, the previous multiscale hedging studies do not examine the issue from the data itself. In this study, we use the empirical mode decomposition (EMD) method to reconstruct the crude oil futures and spot returns into three different scales: short-term, medium-term, and long-term. Then, we discuss the crude oil hedging performance under the dynamic minimum-CVaR framework at different scales. Based on the daily prices of Brent crude oil futures contract from August 18, 2005, to September 16, 2019, the empirical results show that the extracted scales comprise different information of original returns, short-term information occupies the most important position, and hedging is mainly driven by short-term information. Besides, hedging relying on long-term information has the best hedging performance. Removing some information related to short-term noise from the original returns is helpful for investors.
作者机构：
[Chen, Yan] Cent China Normal Univ, Sch Math & Stat, Wuhan 430079, Peoples R China.;[Zheng, Chengli; Cai, Ya] Cent China Normal Univ, Financial Engn Res Ctr, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
通讯机构：
[Zheng, Chengli] C;Cent China Normal Univ, Financial Engn Res Ctr, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.
摘要：
The grey opposite-direction model with fractional-order accumulation ($$ {\text{GOM}}^{\text{r}} (1,1) $$) has been appealed and interested in non-equidistant cases. However, there exists the drawback that it does not consider the effect of time-varying factor. In other words, the fixed grey control parameter defined as a certain constant limits the prediction performance of the model. By fully studying modelling procedure of the model, the optimized non-equidistant $$ {\text{GOM}}^{\text{r}} (1,1) $$ model with time-varying characteristics is proposed in this paper, which is abbreviated as $$ {\text{NTVGOM}}^{\text{r}} (1,1) $$ model. In the new model, a polynomial with time-varying characteristics is applied on grey control parameter, and the optimal fractional order could be automatically determined by minimizing the mean absolute percentage error. Then, the two empirical examples are employed to verify the effectiveness of the proposed model, and the numerical results show the proposed model has a better prediction performance.
摘要：
In this paper, we consider the optimal cross-hedging and risk control problem of a competitive firm facing exchange risk exposure in a multi-period setting. We present the optimal positions of currency futures and options to maximize the exponential utility of the terminal wealth by dynamic programming approach. To evaluate the potential effectiveness of cross-hedging with currency futures and options, we compare terminal wealth, utility based on terminal wealth and variance of the wealth accumulation path in three cases: hedging with futures and options, net futures hedging and no hedging. An empirical study of two cross-exchange rates of USD/EUR and CNY/USD is performed. The results show that cross-exchange rate futures and options always offer the firm an improved ability to hedge against the foreign exchange rate risks. Relative to no hedging, cross-hedging with currency futures and options or net currency futures hedging achieves positive returns. As the risk aversion coefficient increases, the firm's profit of futures hedging increases, while the profit of options hedging decreases. We suggest the firm with smaller risk aversion coefficient choose options hedging, and the firm with higher risk aversion coefficient choose futures hedging. Furthermore, when using currency derivatives for hedging, the wealth volatility also decreases significantly. Thus, for the multinational firms, cross-currency hedging is an efficient risk management technique to reduce their foreign exchange risk exposure. (C) 2019 Elsevier B.V. All rights reserved.
作者机构：
[Yu Xing] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Hubei, Peoples R China.;[Liu Yong-Jun; Zhang Wei-Guo] South China Univ Technol, Sch Business Adm, Guangzhou 510640, Guangdong, Peoples R China.
通讯机构：
[Yu Xing] C;Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Hubei, Peoples R China.
期刊：
Mathematical Problems in Engineering,2019年2019 ISSN：1024-123X
通讯作者：
Jiang, Jianming
作者机构：
[Wu, Wen-Ze; Li, Qi] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan 430079, Peoples R China.;[Jiang, Jianming] Baise Univ, Sch Math & Stat, Baise 533000, Peoples R China.
通讯机构：
[Jiang, Jianming] B;Baise Univ, Sch Math & Stat, Baise 533000, Peoples R China.
摘要：
This paper aims to further increase the prediction accuracy of the grey model based on the existing discrete grey model, DGM(1,1). Herein, we begin by studying the connection between forecasts and the first entry of the original series. The results comprehensively show that the forecasts are independent of the first entry in the original series. On this basis, an effective method of inserting an arbitrary number in front of the first item of the original series to extract messages is applied to produce a novel grey model, which is abbreviated as FDGM(1,1) for simplicity. Incidentally, the proposed model can even forecast future data using only three historical data. To demonstrate the effectiveness of the proposed model, two classical examples of the tensile strength and life of the product are employed in this paper. The numerical results indicate that FDGM(1,1) has a better prediction performance than most commonly used grey models.
关键词：
Industrial structure green adjustment;Green total factor productivity;Ecological well-being performance;Spatial econometrics
摘要：
Industrial structure green adjustment (ISGA) and green total factor productivity (GTFP), deriving from development processes for green goals, recently attracted great attention as two ways to achieve Ecological Well-being Performance (EWP) growth, which is one of the main green development goals that humanity should pursue, and which affects the efficiency improvement of transforming ecological consumption into human well-being. In this paper, the effects of ISGA and GTFP on EWP growth are empirically tested in a dynamic panel model of spatial econometrics, using statistics from 30 provinces of China in the 1994-2014 period. In particular, the indicator system of ISGA is firstly constructed based on the theories of EWP and three-dimensional industrial ecological footprint (3DIEF). The results indicate that spatial spillovers are important factors in the effects, the main driving force for EWP growth in provinces of China had gradually shifted from ISGA to GTFP, and GTFP is essential for structural bonuses from ISGA to take effect. In addition, a provincial government needs to target reference objects from not only other provinces in the same economic zone's yardstick competition, but also ISGA and GTFP situations in geographically close or economically similar provinces. In addition, the adverse EWP effects of ISGA can be mitigated by GTFP increase or a combination of GTFP and ISGA for provinces in all stages of ISGA. In general, improving GTFP will be the main driving force for China's provincial EWP growth, and the main venue through which the adverse effects of improper ISGA can be mitigated. The present study contributes to explore the EWP growth effect of ISGA and GTFP, can at least provide a valuable guidance and in-depth understanding to researchers, operators and policy makers who wish to improve human well-being in an ecologically efficient way, as well as for the follow-up studies. (C) 2019 Elsevier Ltd. All rights reserved.
作者机构：
[Zhou, Tao; Tu, Zhengge] Cent China Normal Univ, Sch Econ & Business Management, Wuhan 430079, Hubei, Peoples R China.;[Zhang, Ning] Shandong Univ, Inst Blue & Green Dev, Weihai 264200, Peoples R China.;[Zhang, Ning] Jinan Univ, Dept Econ, Guangzhou 510000, Guangdong, Peoples R China.
通讯机构：
[Zhang, Ning] S;[Zhang, Ning] J;Shandong Univ, Inst Blue & Green Dev, Weihai 264200, Peoples R China.;Jinan Univ, Dept Econ, Guangzhou 510000, Guangdong, Peoples R China.
关键词：
pollution levy standards reform;green total factor productivity;DEA;Difference-in-Differences
摘要：
Estimating the impact of environmental taxes on economic output is of great theoretical value for promoting green growth in China. Using a dataset of 232 cities from 2004 to 2014, this paper investigates the effect of pollution levy standards reform (PSR) on green total factor productivity (GTFP). We employ directional distance functions (DDF) computed by data envelopment analysis (DEA) to derive GTFP based on the Malmquist–Luenberger (ML) productivity index. Then, we investigate the impacts of PSR on China’s GTFP using Difference-in-Differences (DID) estimation. The results reveal that PSR has an inhibitory effect on GTFP, via the mechanism of technological change. Furthermore, PSR has heterogeneous impacts on different city types. The results indicate that PSR statistically significantly reduces GTFP in key environmental protection cities (KEPCs), large cities, and eastern cities, but that it has less impact on non-KEPCs, small/medium cities, megacities, and cities in central areas.
