Surplus Consumption, Habit Utility and Moody Investors

The thesis examines a blend of Asset Pricing topics: joint stock-bond pricing, consumption-based asset pricing puzzles, time variation in risk preference, among others. In chapter one, I first review the literature on respective topics in search of a consolidated framework of resolution. I then propose one, a consumption-based affine model that jointly prices bond and stock in closed form. The tractable feature of the price solutions remains standard as in affine termstructure of interest rates, but presents novelty for the stock prices. In chapter two, I discuss the GMM based procedures for model estimation. In chapter three, I interpret the empirical results. I find the model broadly matching most first and second moments of stock, bond and macro variables, the time-series behavior and long-horizon predictability of returns. I contrast my model with prior frameworks to reveal some of their imprecise predictions and my model’s more plausible accountability in risk aversion. Specifically, a revisit to Campbell-Cochrane habit model using current data exposes the increasingly widening gap in post-1990s price-dividend ratio predictions. Meanwhile, an out-of-sample test indicates improved predictive power in my model for stock price dynamics particularly during more recent decades

The upper bound of the spectral radius for the hypergraphs without Berge-graphs

The spectral analogue of the Tur\'{a}n type problem for hypergraphs is to determine the maximum spectral radius for the hypergraphs of order $n$ that do not contain a given hypergraph. For the hypergraphs among the set of the connected linear $3$-uniform hypergraphs on $n$ vertices without the Berge-$C_l$, we present two upper bounds for their spectral radius and $\alpha$-spectral radius, which are related to $n$,$l$ and $\alpha$, where $C_l$ is a cycle of length $l$ with $l\geqslant 5$, $n\geqslant 3$ and $0 \leqslant \alpha<1$. Let $B_s$ be an $s$-book with $s\geqslant2$ and $K_{s,t}$ be a complete bipartite graph with two parts of size $s$ and $t$, respectively, where $s,t \geqslant 1$. For the hypergraphs among the set of the connected linear $k$-uniform hypergraphs on $n$ vertices without the Berge-$\{B_s, K_{2,t}\}$, we derive two upper bounds for their spectral radius and $\alpha$-spectral radius, which depend on $n$, $k$, $s$, and $\alpha$, where $n$,$k\geqslant 3$,$s\geqslant 2$,$1\leqslant t\leqslant \frac{1}{2}(6k^2-15k+10)(s-1)+1$, and $0\leqslant \alpha <1$.Comment: 16 page

A cohesive law for interfaces in graphene/hexagonal boron nitride heterostructure

Graphene/hexagonal boron nitride (h-BN) heterostructure has showed great potential to improve the performance of graphene device. We have established the cohesive law for interfaces between graphene and monolayer or multi-layer h-BN based on the van der Waals force. The cohesive energy and cohesive strength are given in terms of area density of atoms on corresponding layers, number of layers, and parameters in the van der Waals force. It is found that the cohesive law in the graphene/multi-layer h-BN is dominated by the three h-BN layers which are closest to the graphene. The approximate solution is also obtained to simplify the expression of cohesive law. These results are very useful to study the deformation of graphene/h-BN heterostructure, which may have significant impacts on the performance and reliability of the graphene devices especially in the areas of emerging applications such as stretchable electronics