Optimal financing and dividend policy with Markovian switching regimes

This work investigates an optimal financing and dividend problem for an insurer whose surplus process is modulated by an observable continuous-time and finite-state Markov chain. We assume that the insurer should never go bankrupt by issuing new equity. The goal of the insurer is to maximize the expected present value of the dividends payout minus the discounted cost of equity issuance. We obtain the optimal policies and explicit expressions for the value functions when the risk reserve process is modeled by both upward jump model and its diffusion approximation. Numerical illustrations of the sensitivities of the model parameters are provided.     

深圳城市治理的三种模式研究

城市社区治理体系改革是基层党和政府与社区各类组织之间权力职能关系的一种多方位调整,居民自治、党建引领与企业参与分别代表着目前实践中的三种不同改革思路,其内在逻辑折射出改革者对于解决社区现实问题的区别性研判,以及对社区治理体制改革内容的差异化理解,并将深刻影响城市治理的发展向度.在住房商品化改革深入推进,社区形态经历复杂转型,社区利益主体日渐多元,居民的民主法治观念逐渐觉醒,基层群众自治需求增长的现实背景下,以深圳在居民自治、社区党建、社区服务等方面探索出的"盐田模式""南山模式""桃源居模式"为例,阐释三者之间的关系并分析其中的优缺点,对于研判城市社区治理体系改革的趋向和特征有启迪作用.     

重温马克思两大发现的诞生及其关系——对目前《资本论》研究中一种倾向的辩诘

在否认剩余价值理论科学性的同时承认唯物史观,是当下《资本论》研究中的一种重要倾向。要分析这种倾向就得重温马克思两大发现的诞生及其关系。马克思通过政治经济学研究得到了其第一个科学发现,即被称为唯物史观的＂人类历史的发展规律＂;在这个发现的指导下,马克思进一步研究政治经济学而作出了第二个科学发现,即以剩余价值理论为基础的＂资产阶级社会的特殊的运动规律＂;第二个发现对第一个发现又起到了证成作用。因而这两个科学发现之间是普遍性与特殊性的关系,而不是哲学与科学的关系,也不是两种哲学的关系。脱离剩余价值理论的唯物史观与脱离唯物史观的剩余价值理论一样,都是不能成立的。     

基于在线评论数据的产品需求趋势挖掘

随着经济水平的提高和物质生活的丰富，消费者的需求变化也越来越快。能否迎合市场需求的变化是企业产品成功的关键。随着社交媒体的发展，消费者为了分享购物体验发表了许多在线评论信息，其中蕴含着消费者的需求变化。本文在产品特征提取和属性情感分析的基础上，构建了垃圾评论识别模型。然后，利用时间序列分析模型预测下阶段的产品属性关注度和情感计算。最后结合历史数据的变化趋势，分析产品属性的重要性和市场满意情况。利用汽车论坛上的汽车评论数据对本文提出的研究模型进行了验证。研究结果可以为企业制定营销策略以及产品改进与创新提供决策支持。     

包容性发展理念与国有企业软实力的提升

企业软实力是相对于企业硬实力而言,支持企业发展的柔性组成要素。基于包容性发展理念研究发现,包容性发展与企业软实力构建的关系主要体现在均等的发展机会与公正的企业绩效制度、以人为本与员工合理的需求以及企业家精神与企业内部环境建设三个方面。面对在打造企业软实力过程中,国有企业出现的非均等发展机会、管理行政化倾向和淡化的企业家精神三个现实问题,提出用均等发展机会推动企业管理力的发展、用以人为本理念推动企业形象力的发展、用企业家精神推动企业文化力的发展,进一步促进国企软实力的提升。     

一个多民族文学融合互动的范本——《述善集》文学文献价值考述

“Tangwu” is an alternative name for the descendants of the Xixia dynasty. In 1227 AD, a number of these Xixia descendants moved inland after the destruction of the Xixia Dynasty by the Mongolians. One group of them migrated to the area near Puyang, Henan Province. Tangwu Chongxi ( Yang Chongxi ) of the Yuan Dynasty compiled the Shu San Ji, which is divided into three volumes: Shansu, Yucai and Xingshi, and appended with the biography of Boyan Zongdao. It reflects the historical origins, social class, living conditions and the relations with the Han people of the descendants of the Dangxiangqiang minority af-ter they moved to Puyang. This book attracted a lot of attention in academic circles, and it was there-fore reorganized and published in 1985 after being treasured by the people for more than 600 years. It has high academic value for its comprehensive his-torical records. We can not only acquaint ourselves with the history of the make-up of the Chinese na-tion, but also research this diversity from multiple perspectives, such as history, nationality and folk-lore . That is why it has drawn so much attention a-mong academic researchers. The book contains po-ems, prose and biographies, which belong to dif-ferent celebrated scholars from different ethnic mi-norities, all of whom had relationships with Tang-wu Chongxi. It is also a typical model of Qiang-Han literature, which is very rare. This paper gives a preliminary exploration on the book, and shows a small part of its comprehensive value. Shu San Ji is not a merely personal collec-tion, but is also different from general literature collections. The compilation of the book took a long time. Shu San Ji Xuxie ( Continuation of Shu San Ji) , written by Zhang Yining, was finished in the 18 th year of the Zhizheng Period in the Yuan Dynasty (1358), which indicates that the Shu San Ji had already been finished by that time . Zeng wuwei chushi yangxiangxian xu ( Presented to Chu Shi Yang Xingxian·Preface ) , written by Wei Su and finished in the 24 th year of Zhizheng ( 1364 ) , suggests that the Shu San Ji had been compiled in-to a book by that time, and that it was compiled with the compositions of social celebrities of the time. However, the Shu San Ji, as it has been handed down to us today, includes the Song Yang-gong Xiangxian gui Tanyuan xu ( Preface of Send-ing Yanggong Xiangxian Back to Tanyuan) by Tao Kai, written in March in the 5 th year of Hongwu in the Ming Dynasty ( 1372 ) . It indicates that Yang Xiangxian kept on collecting articles even after the book was finished. The Xu yangshi yiji ( Preface of Yang’s Last Collection) by Wang Chongqing, writ-ten in the 6th year of Jiajing (1527), indicates that the Shu San Ji was still being written after Yang Chongxi’s death. At the end of the Shu San Ji , Boyang Zongdao zhuan ( Biography of Boyang Zongdao) and Weiti shi (Poems) were collected in the 16 th year of Zhengde in the Ming Dynasty (1529) and in the 16th year of Shunzhi in the Qing Dynasty (1629), respectively. It suggests that the
Shu San Ji had been supplemented and continually recompiled since Yang Chongxi firstly finished his book in 1358. After 271 years, in 1629, the Shu San Ji, as we read it today, was finally comple-ted. Through the basic components of the Shu San Ji,readers can understand that the Tangwu family was a harmonious, multi-ethnic family. A number of multi-ethnic writers spent long periods compos-ing works collected in the Shu San Ji and Tangwu Chongxi was also influenced by China’s diverse culture and traditional Confucian culture. The work is strongly connected with his study in Guozixue. In the late Yuan Dynasty, the restora-tion of the imperial examinations promoted Confucianism’s influence further. Pan Di, as Tang-wu Chongxi’s teacher in Guozixue, wrote most arti-cles in the Shu San Ji, which shows their close re-lationship and his influences on Tangwu Chongxi’s literature and Confucian studies. Tangwu Chongxi and others’ works reflected their sense of admira-tion for and deep feelings for their Dangxiang an-cestors, but more so helped to propagate the con-cepts of Confucian edification, diligence, thrifti-ness and benevolence, and some of them did so in a very polemic way. For example, Boyan Zongdao wrote the Jiefu xu ( preface of “Jiefu”) and Tang-wu Chongxi wrote the Jiefu houxu ( epilogue of“Jiefu”) , which reflect the social reality and ide-ology of all scholars with different ethnic back-grounds at that time. His work, “Tangwu gong-bei” fushi ( Poem inscribed on Tangwu Tablet ) , was written in a plain and authentic way and showed that he always remembered his origins and his ethnic desire to inherit the family’s heritage. Meanwhile , it was also mixed with the popular ide-as of upholding the honor of their ancestors from the central plains and Han areas, which shows the
editorial purpose of the Shu San Ji and also dem-onstrates the value of Chinese multi-ethnic litera-ture and cultural integration.     

‘Nothing about us without us’: the emerging disability movement and advocacy in China

The disability movement and disabled persons’ self-help organizations (DPOs) are emerging in China, some of which succeeded in promoting policy and social changes with special strategies. Based on an original survey and interview, this article explains the development and survival strategies of China’s DPOs, and especially interprets some successful cases of social advocacy and policy advocacy in the emerging disability movement. It is hoped that scholars will pay more attention to the advocacy and public engagement of the disability community in non-western settings in the future.     

党的十八大与中国特色社会主义的逻辑演进

中国共产党90多年历史实现了革命、改造、建设、改革的逻辑演进;30多年改革实现了经济改革、社会改革、政治改革的逻辑演进;10年发展实现了"三位一体"、"四位一体"、"五位一体"总体布局的逻辑演进。三个方面逻辑演进的集中体现是党的十八大开启了中国特色社会主义新征程,成就了全党对中国特色社会主义的道路自信、理论自信和制度自信。中国特色社会主义的逻辑演进体现了主体认识论规律、人类社会发展规律、社会主义现代化建设规律以及中国共产党的科学执政规律。     

Confidence Corridors for Multivariate Generalized Quantile Regression

We focus on the construction of confidence corridors for multivariate nonparametric generalized quantile regression functions. This construction is based on asymptotic results for the maximal deviation between a suitable nonparametric estimator and the true function of interest, which follow after a series of approximation steps including a Bahadur representation, a new strong approximation theorem, and exponential tail inequalities for Gaussian random fields. As a byproduct we also obtain multivariate confidence corridors for the regression function in the classical mean regression. To deal with the problem of slowly decreasing error in coverage probability of the asymptotic confidence corridors, which results in meager coverage for small sample sizes, a simple bootstrap procedure is designed based on the leading term of the Bahadur representation. The finite-sample properties of both procedures are investigated by means of a simulation study and it is demonstrated that the bootstrap procedure considerably outperforms the asymptotic bands in terms of coverage accuracy. Finally, the bootstrap confidence corridors are used to study the efficacy of the National Supported Work Demonstration, which is a randomized employment enhancement program launched in the 1970s. This article has supplementary materials online.