Mean-Variance Asset-Liability Management with State-Dependent Risk Aversion

In this paper, we consider the asset-liability management under the mean-variance criterion. The financial market consists of a risk-free bond and a stock whose price process is modeled by a geometric Brownian motion. The liability of the investor is uncontrollable and is modeled by another geometric Brownian motion. We consider a specific state-dependent risk aversion which depends on a power function of the liability. By solving a flow of FBSDEs with bivariate state process, we obtain the equilibrium strategy among all the open-loop controls for this time-inconsistent control problem. It shows that the equilibrium strategy is a feedback control of the liability.Comment: 12 figure

On the Dividend Strategies with Non-Exponential Discounting

In this paper, we study the dividend strategies for a shareholder with non-constant discount rate in a diffusion risk model. We assume that the dividends can only be paid at a bounded rate and restrict ourselves to the Markov strategies. This is a time inconsistent control problem. The extended HJB equation is given and the verification theorem is proved for a general discount function. Considering the pseudo-exponential discount functions (Type I and Type II), we get the equilibrium dividend strategies and the equilibrium value functions by solving the extended HJB equations.Comment: 2 figure

ON THE RUIN PROBABILITY UNDER A CLASS OF RISK PROCESSES 1

ABSTRACT In this paper a class of risk processes in which claims occur as a renewal process is studied. A clear expression for Laplace transform of the finite time ruin probability is well given when the claim amount distribution is a mixed exponential. As its consequence, a well-known result about ultimate ruin probability in the classical risk model is obtained. KEYWORDS Sparre Andersen risk model, Finite time ruin probability, Laplace transform

Ni/Ni3C Core-Shell Nanochains and Its Magnetic Properties: One-Step Synthesis at low temperature

One-dimensional Ni/Ni3C core-shell nanoball chains with an average diameter by around 30 nm were synthesized by means of a mild chemical solution method using a soft template of trioctylphosphineoxide (TOPO). It was revealed that the uniform Ni nanochains were capped with Ni3C thin shells by about 1 to 4 nm in thickness and each Ni core consists of polygrains. The coercivity of the core-shell nanochains is much enhanced (600 Oe at 5 K) and comparable with single Ni nanowires due to the one-dimensional shape anisotropy. Deriving from the distinctive structure of Ni core and Ni3C shell, this architecture may possess a possible bi-functionality. This unique architecture is also useful for the study on the magnetization reversal mechanism of one-dimensional magnetic nanostructure.Comment: 17 pages, 6 figur

Social Burden, Social Venture or Social Responsibility? A Reflection on CSR in China and CSR Strategy Suggestions for Multinational Companies in China

Thirty years into its reform and opening, the People’s Republic of China (referred to as China) has become aware of many international practices, including corporate social responsibility (CSR). Yet FOR Chinese enterprises, CSR seems similar to the heavy social burdens of THE state-owned enterprises (SOEs). The “cradle-to-grave” welfare system, notorious but standard in THE planned economy, played a role in the failure of most SOEs to compete with the new, burgeoning private sector. Although laws were promulgated to free the SOEs from their “social burdens,” the new township enterprises set a different example. Some of the latter even profited from their “social ventures.” A comparison of the approach of the state sector and that of township enterprises sheds light on how MNCs can best tailor their CSR strategies to the Chinese situation

Hydrothermal Synthesis of SBA-15 Using Sodium Silicate Derived from Coal Gangue

Well-ordered SBA-15 was prepared with a hydrothermal route by sodium silicate derived from coal gangue. The as-prepared sample was analyzed by SAXRD, BET, TEM, and SEM, respectively. The results indicate that at a low hydrothermal temperature of 100∘C the well-ordered mesoporous SBA-15 could be synthesized. The surface area, pore volume, and pore size of the sample are 552 m2/g, 0.54 cm3/g, and 7.0 nm, respectively. It is suggested that coal gangue could be used in obtaining an Si source to prepare mesoporous materials, such as SBA-15

Well-aligned Nickel Nanochains Synthesized by a Template-free Route

Highly uniform and well-aligned one-dimensional Ni nanochains with controllable diameters, including 33, 78, and 120 nm, have been synthesized by applying an external magnetic field without any surface modifying agent. The formation can be explained by the interactions of magnetic dipoles in the presence of applied magnetic field. Magnetic measurements demonstrate that the shape anisotropy dominates the magnetic anisotropy. The demagnetization factor, ∆N, is in the range of 0.23–0.36

FePt icosahedra with magnetic cores and catalytic shells

Surprisingly oxidation resistant icosahedral FePt nanoparticles showing hard-magnetic properties have been fabricated by an inert-gas condensation method with in-flight annealing. High-resolution transmission electron microscopy (HRTEM) images with sub-Angstrom resolution of the nanoparticle have been obtained with focal series reconstruction, revealing noncrystalline nature of the nanoparticle. Digital dark-field method combined with structure reconstruction as well as HRTEM simulations reveal that these nanoparticles have icosahedral structure with shell periodicity. Localized lattice relaxations have been studied by extracting the position of individual atomic columns with a precision of about (0.002 nm. The lattice spacings of (111) planes from the surface region to the center of the icosahedra are found to decrease exponentially with shell numbers. Computational studies and energy-filtered transmission electron microscopy analyses suggest that a Pt-enriched surface layer is energetically favored and that site-specific vacancies are formed at the edges of facettes, which was experimentally observed. The presence of the Pt-enriched shell around an Fe/Pt core explains the environmental stability of the magnetic icosahedra and strongly reduces the exchange coupling between neighboring particles, thereby possibly providing the highest packing density for future magnetic storage media based on FePt nanoparticles

Association between visceral obesity and 10-year risk of first atherosclerotic cardiovascular diseases events among American adults: National Health and Nutrition Examination Survey

BackgroundIn the United States, the relationship between visceral obesity and the risk of developing atherosclerosis cardiovascular disease (ASCVD) for the first time in 10 years is unclear.MethodsData for this cross-sectional study came from the National Health and Nutrition Examination Survey (NHANES) from 2011 to 2020. We collected variable information related to 10-year ASCVD risk and visceral obesity reliable indicators [Visceral obesity index (VAI) and Lipid accumulation product (LAP)]. And we used multiple logistic regression to analyze the correlation of visceral obesity indicators (VAI and LAP) with 10-year ASCVD risk. In addition, we assessed the linear relationship between VAI or LAP and 10-year ASCVD risk by smoothing curve fitting. Finally, we conducted subgroup analysis and sensitivity analysis after excluding participants with extreme VAI and LAP values to ensure that we obtained accurate and reliable results.ResultsOur study included a total of 1,547 participants (mean age: 56.5 ± 10.1, 60% of males). The results of the multiple logistic regression showed that compared with participants with the lowest VAI in the 1st Quartile (≤0.79), the adjusted OR values for VAI and elevated 10-year ASCVD risk in Q3 (1.30–2.14), and Q4 (≥2.15) were 2.58 (95% CI: 1.24–5.36, P = 0.011), 15.14 (95% CI: 6.93–33.05, P < 0.001), respectively. Compared with participants with the lowest LAP in the 1st Quartile (≤28.29), the adjusted OR values for VAI and elevated 10-year ASCVD risk in Q3 (46.52–77.00), and Q4 (≥77.01) were 4.63 (95% CI: 2.18–9.82, P < 0.001), 16.94 (95% CI: 6.74–42.57, P < 0.001), respectively. Stratified analysis showed that the association between VAI or LAP and the first ASCVD event was more pronounced in males.ConclusionHigher VAI or LAP scores are significantly associated with elevated 10-year ASCVD risk in adults aged 40 to 79 in the USA, which suggested that monitoring visceral obesity is crucial to reduce the risk of a first ASCVD event