Risk-return Efficiency, Financial Distress Risk, and Bank Financial Strength Ratings

This paper investigates whether there is any consistency between banks' financial strength ratings (bank rating) and their risk-return profiles. It is expected that banks with high ratings tend to earn high expected returns for the risks they assume and thereby have a low probability of experiencing financial distress. Bank ratings, a measure of a bank's intrinsic safety and soundness, should therefore be able to capture the bank's ability to manage financial distress while achieving risk-return efficiency. We first estimate the expected returns, risks, and financial distress risk proxy (the inverse z-score), then apply the stochastic frontier analysis (SFA) to obtain the risk-return efficiency score for each bank, and finally conduct ordered logit regressions of bank ratings on estimated risks, risk-return efficiency, and the inverse z-score by controlling for other variables related to each bank's operating environment. We find that banks with a higher efficiency score on average tend to obtain favorable ratings. It appears that rating agencies generally encourage banks to trade expected returns for reduced risks, suggesting that these ratings are generally consistent with banks' risk-return profiles.bank ratings; risk-return efficiency; stochastic frontier analysis

Radial symmetric solutions of the Cahn-Hilliard equation with degenerate mobility

In this paper we study the radial symmetric solutions of the two-dimensional Cahn-Hilliard equation with degenerate mobility. We adopt the method of parabolic regularization. After establishing some necessary uniform estimates on the approximate solutions, we prove the existence and the nonnegativity of weak solutions

Modelling arterial pressure waveforms using Gaussian functions and two-stage particle swarm optimizer

Changes of arterial pressure waveform characteristics have been accepted as risk indicators of cardiovascular diseases. Waveform modelling using Gaussian functions has been used to decompose arterial pressure pulses into different numbers of subwaves and hence quantify waveform characteristics. However, the fitting accuracy and computation efficiency of current modelling approaches need to be improved. This study aimed to develop a novel two-stage particle swarm optimizer (TSPSO) to determine optimal parameters of Gaussian functions. The evaluation was performed on carotid and radial artery pressure waveforms (CAPW and RAPW) which were simultaneously recorded from twenty normal volunteers. The fitting accuracy and calculation efficiency of our TSPSO were compared with three published optimization methods: the Nelder-Mead, the modified PSO (MPSO), and the dynamic multiswarm particle swarm optimizer (DMS-PSO). The results showed that TSPSO achieved the best fitting accuracy with a mean absolute error (MAE) of 1.1% for CAPW and 1.0% for RAPW, in comparison with 4.2% and 4.1% for Nelder-Mead, 2.0% and 1.9% for MPSO, and 1.2% and 1.1% for DMS-PSO. In addition, to achieve target MAE of 2.0%, the computation time of TSPSO was only 1.5 s, which was only 20% and 30% of that for MPSO and DMS-PSO, respectively

Some properties of solutions for a class of metaparabolic equations

In this paper, we study the initial boundary value problem for a class of metaparabolic equations. We establish the existence of solutions by the energy techniques. Some results on the regularity, blow-up and existence of global attractor are obtained

The changing geography of interprovincial migration in China:history and new trends

This paper elucidates how the geography of interprovincial migration in China has evolved with the country’s structural changes over the past 35 years and explores how this geography has developed in the past decade. In synthesizing existing literature, we demonstrate that the coast-inland migration discrepancy emerged in the late 1980s when migration control was relaxed and a coastal development strategy was adopted, reinforced in the 1990s when globalization, marketization, and decentralization unfolded and interprovincial economic disparities increased, and stabilized in the 2000s when the growth of interprovincial economic disparities came to a halt with the country’s shift to a coordinated regional development strategy. Using 2020 Census data, the geography is revealed to have become less skewed between 2010 and 2020, driven primarily by two groups of provinces. One group includes five southeast coastal provinces and two coastal municipalities; the other includes nine southern inland provinces. The southern inland-coast migration flows, which had been growing prior to 2010, have decreased between 2010 and 2020, whereas counterflows have increased greatly. These emerging trends can be attributed to several significant transformations in China’s demography and economic landscape, including the aging of a large number of first-generation migrants, a declining workforce, the relocation of manufacturing industries, and people’s increasing emphasis on public services, the access to which are often tied to the hukou place. Interprovincial migration in China has reached a turning point in terms of geographic changes. The policies on this migration and the geographical framework for analyzing it may need updating.<br/

The changing geography of interprovincial migration in China:history and new trends

This paper elucidates how the geography of interprovincial migration in China has evolved with the country’s structural changes over the past 35 years and explores how this geography has developed in the past decade. In synthesizing existing literature, we demonstrate that the coast-inland migration discrepancy emerged in the late 1980s when migration control was relaxed and a coastal development strategy was adopted, reinforced in the 1990s when globalization, marketization, and decentralization unfolded and interprovincial economic disparities increased, and stabilized in the 2000s when the growth of interprovincial economic disparities came to a halt with the country’s shift to a coordinated regional development strategy. Using 2020 Census data, the geography is revealed to have become less skewed between 2010 and 2020, driven primarily by two groups of provinces. One group includes five southeast coastal provinces and two coastal municipalities; the other includes nine southern inland provinces. The southern inland-coast migration flows, which had been growing prior to 2010, have decreased between 2010 and 2020, whereas counterflows have increased greatly. These emerging trends can be attributed to several significant transformations in China’s demography and economic landscape, including the aging of a large number of first-generation migrants, a declining workforce, the relocation of manufacturing industries, and people’s increasing emphasis on public services, the access to which are often tied to the hukou place. Interprovincial migration in China has reached a turning point in terms of geographic changes. The policies on this migration and the geographical framework for analyzing it may need updating.<br/

Existence of Solutions for the Evolution -Laplacian Equation Not in Divergence Form

The existence of weak solutions is studied to the initial Dirichlet problem of the equation =div(|∇|()−2∇), with inf ()>2. We adopt the method of parabolic regularization. After establishing some necessary uniform estimates on the approximate solutions, we prove the existence of weak solutions

Qualitative properties for a sixth–order thin film equation

In this article, the author studies the qualitative properties of weak solutions for a sixth‐order thin film equation, which arises in the industrial application of the isolation oxidation of silicon. Based on the Schauder type estimates, we establish the global existence of classical solutions for regularized problems. After establishing some necessary uniform estimates on the approximate solutions, we prove the existence of weak solutions. The nonnegativity and the expansion of the support of solutions are also discussed. First published online: 10 Feb 201

フレキシブルキバンジョウノギンメッキノギジュツトトクセイニカンスルケンキュウ

博士（工学）東京農工大