Continuous-time mean-variance asset-liability management with endogenous liabilities

This paper investigates a continuous-time mean-variance asset-liability management problem with endogenous liabilities in a more general market where all the assets can be risky. Different from exogenous liabilities that cannot be controlled, the endogenous liabilities can be controlled by various financial instruments and investors' decisions. For example, a company can raise fund by issuing different kinds of bonds. Types and quantities of the bonds are controlled by the company itself. Investors optimize allocation not only for their assets, but also for their liabilities under our model. This makes the analysis of the problem more challenging than in the setting based on exogenous liabilities. In this paper, we first prove the existence and uniqueness of the solution to the associated Riccati-type equation by using the Khatri-Rao product technique and the relevant stochastic control theory; we then derive closed form expressions of the efficient strategy and the mean-variance efficient frontier by using the Lagrange multiplier method and the Hamilton-Jacobi-Bellman equation approach, and we next discuss two degenerated cases; finally, we present some numerical examples to illustrate the results obtained in this paper

Factors Influencing Collaborative Innovation Project Performance: The Case of China

This study conducted a comprehensive and systematic investigation of the influencing factors for collaborative innovation project (CIP) performance. First, a theoretical framework model was constructed, and then a structural equation model (SEM) was used for an empirical analysis of 199 CIPs. Furthermore, we divided the factors into tangible and intangible categories and considered the impact mechanism of nine typical factors on project performance. The results are as follows: (1) All nine factors had a significant positive impact on the performance of collaborative innovation projects, among which benefit distribution and collaborative innovation capability were the most important. (2) Benefit distribution, resource dependence, organizational climate, and collaborative innovation affected project performance, both directly and indirectly. (3) Effective communication, leadership support, knowledge sharing, and collaborative innovation ability only had a direct influence, while the incentive mechanism played only an indirect role. Finally, three suggestions were put forward on the idea of high-quality, sustainable development

The Optimal Strategy of Enterprise Key Resource Allocation and Utilization in Collaborative Innovation Project Based on Evolutionary Game

The rational allocation and utilization of key corporate resources is the key to the success of collaborative innovation projects. Finding an optimal strategy for the allocation and utilization of key resources is of great significance for promoting the smooth progress of cooperative both innovation parties and increasing project returns. Therefore, from the perspective of the repeated games of the project participants, this article studies the optimal allocation and utilization of key resources of the enterprise in collaborative innovation projects. In this study, nine scenarios and eighteen strategic combinations of resources allocation and utilization by collaborative innovation partners are explored. Explicit expressions for the components of sixteen equilibrium points in terms of parameters are derived. Among these equilibrium points, four stable solutions are determined. These stable solutions correspond to the optimal strategies for enterprises allocating key resources and A&R parties to use these resources in different scenarios, and these strategies enable partners to maximize their interests. On this basis, some suggestions are put forward to promote cooperation and improve project performance

In Vitro Imaging of Thyroid Tissues Using Two-Photon Excited Fluorescence and Second Harmonic Generation

National Natural Science Foundation of China [60778046]; Scientific Program of the Scientific Hall of Fujian Province [2008I0015]; Natural Science Foundation of Fujian Province of China [2008J0016]Objective: To evaluate the feasibility of two-photon excited fluorescence (TPEF) and second harmonic generation (SHG) imaging to discriminate the normal, nodular goiter and papillary cancerous thyroid tissue. Materials and Methods: In total, 45 fresh thyroid specimens (normal, 15; nodular goiter, 12; and papillary cancerous, 18) from 31 subjects were directly imaged by the TPEF and SHG combination method. Results: The microstructure of follicle and collagen structure in thyroid tissue were clearly identified, morphologic changes between normal, nodular goiter, and papillary cancerous thyroid tissue were well characterized by using two-photon excitation fluorescence. SHG imaging of the collagen matrix also revealed the differences between normal and abnormal. Conclusions: Our preliminary study suggests that the TPEF and SHG combination method might be a useful tool in revealing pathologic changes in thyroid tissue

Analysis of the Evolution Pattern and Driving Mechanism of Lakes in the Northern Ningxia Yellow Diversion Irrigation Area

In the northern part of the Ningxia Autonomous Region, there are rich lake resources, which are known as the “South of the Seas”. In recent years, the natural evolution of the water system and human activities have caused significant changes in the lake area. In order to fully understand the evolution of lakes in the northern Ningxia Yellow Irrigation Area, Landsat, Sentinel-2 images and ArcGIS were used to extract relevant information, and the cumulative distance level curve and Mann–Kendall trend analysis were used to analyze the trends of each driving factor in depth. The results showed that (1) the lake surface area in the northern Yellow Diversion Irrigation Area showed a significant increasing trend from 1986 to 2019. (2) The annual average temperature in the Ningxia Yellow River Irrigation Area has shown an increasing trend over the past 39 years, and no year has obvious cyclical changes, but in 1998, there was a sudden change in temperature and the temperature began to rise sharply; the annual average precipitation showed an increasing trend with a large variation, and the annual average precipitation from 1980 to 2018 showed a fluctuating increasing trend. (3) There is no significant linear pattern of runoff from upstream during 1986–2015, and it is characterized by fluctuating changes; the precipitation in the Yellow Irrigation Area is much lower than the average level in Ningxia, and it is classified as a typical arid area; the water consumption is all decreasing, but its linear trend is not significant; the most significant impact of the change in the substratum on the water surface is the construction of fields around the lake after 1990, followed by the Lake engineering treatment. (4) The water surface area of the mainstream is significantly and positively correlated with the incoming water from upstream, is significantly and negatively correlated with the area of grassland, and is significantly and positively correlated with the areas of arable land and construction land. The effect of land cover on the water surface area of the mainstream is lower than that on the water surface area other than the mainstream

Analysis of the Evolution Pattern and Driving Mechanism of Lakes in the Northern Ningxia Yellow Diversion Irrigation Area

In the northern part of the Ningxia Autonomous Region, there are rich lake resources, which are known as the “South of the Seas”. In recent years, the natural evolution of the water system and human activities have caused significant changes in the lake area. In order to fully understand the evolution of lakes in the northern Ningxia Yellow Irrigation Area, Landsat, Sentinel-2 images and ArcGIS were used to extract relevant information, and the cumulative distance level curve and Mann–Kendall trend analysis were used to analyze the trends of each driving factor in depth. The results showed that (1) the lake surface area in the northern Yellow Diversion Irrigation Area showed a significant increasing trend from 1986 to 2019. (2) The annual average temperature in the Ningxia Yellow River Irrigation Area has shown an increasing trend over the past 39 years, and no year has obvious cyclical changes, but in 1998, there was a sudden change in temperature and the temperature began to rise sharply; the annual average precipitation showed an increasing trend with a large variation, and the annual average precipitation from 1980 to 2018 showed a fluctuating increasing trend. (3) There is no significant linear pattern of runoff from upstream during 1986–2015, and it is characterized by fluctuating changes; the precipitation in the Yellow Irrigation Area is much lower than the average level in Ningxia, and it is classified as a typical arid area; the water consumption is all decreasing, but its linear trend is not significant; the most significant impact of the change in the substratum on the water surface is the construction of fields around the lake after 1990, followed by the Lake engineering treatment. (4) The water surface area of the mainstream is significantly and positively correlated with the incoming water from upstream, is significantly and negatively correlated with the area of grassland, and is significantly and positively correlated with the areas of arable land and construction land. The effect of land cover on the water surface area of the mainstream is lower than that on the water surface area other than the mainstream

Laboratory Studies on the Rheotaxis of Fish under Different Attraction Flow Conditions

The damming of the river changes the structure of the original river ecosystem, and although fish passage plays an important role in maintaining the connectivity of the river ecosystem, the fish have difficulty finding the fish passage entrance during the upstream process. This paper studied the rheotaxis of fish under three different water flow conditions experimentally through recirculating water tanks. To better understand the response of Crucian carp (Carassius auratus) to water flow stimulation, the representative swimming trajectory, sensing success rate, attraction success rate, reaction time, and attraction time of the fish were analyzed by using a video monitoring system. The experimental results showed that fish responded differently to single-peak and lateral bimodal outflow conditions: (1) the single-peak outflow condition had a much better attraction effect than the lateral bimodal outflow condition, both in terms of sensing success rate and attraction success rate; (2) the fish swam mainly in the middle area of the lateral bimodal outflow condition, while the fish swam more evenly in the single-peak outflow condition. Therefore, setting the attraction current at the right time and near the entrance of the fish passage may help to improve the effect of fish attraction