Band 4, Heft 6

The rise of Big Data brings the financial innovation opportunities as well as challenges. This paper reviews different fields of big-data-based financial innovations as well as the scientific discoveries and theoretical breakthroughs of risk analysis with respect to these financial innovations. Based on the current research status, several key problems are put forward and their relative solutions are discussed. The three mean aspects are listed as the pricing and risk measuring for data-driven financial innovation products or services; the changes that data-driven financial innovation would bring to finance industry, which involve operation, resources allocation and ecosystem; and questions and solutions of systemic risk management based on Big Data analytics. Finally, predictions towards the hotspots frontier and developing trends for further data-driven financial innovation are proposed.

This paper chooses the monthly real growth rate of industrial added values, which have been released by the China National Bureau of Statistics, as the benchmark indicator. By using the large quantity of collected data, the actual value of indicators is obtained through deflating them by price index. Based on this result, 26 indicators from various areas of the economy are regarded as China’s macro economic prosperity indicators via methods such as K-L approach, time difference correlation analysis as well as grading system, which correspond well with the fluctuation of benchmark indicator. Furthermore, this paper analyzes and forecasts the economic growth rate cycle of China by composite index and early warning signal system.

Investors prefer to invest the stocks with high history returns, which results in that the return of the stock with high history maximum return is often lower than that with low history maximum return, i.e., the MAX effect. We show that the MAX effect is also significant in China stock market, that is, there is a significant negative relationship between maximum return and expected return. We then conduct portfolio analysis and Fama-Macbeth cross-sectional regression and find that range of price and turnover rate can explain the MAX effect in a certain extent, idiosyncratic volatility and idiosyncratic skewness cannot explain the negative relationship between maximum return and expected return. Moreover, maximum return explains the idiosyncratic volatility puzzle partially.

The problem of pollution arises along with the rapid development of economic, and it spread from a regional problem to a nationwide one. It has caught the eyes of Chinese government and people that how to develop Chinese economy without harming environment. In this paper, to obtain a win-win solution between economy and environment, optimal results of unit emission penalty mechanism under different industrial GDP growth rates and the growth rates of industrial technical input is given, which applies multi-objective optimization methods based on an economic-ecological model. The results provide factories a way to maximize the benefits, as well as a scientific basis for government to determine the punishment standard and the technical input growth rate.

This paper studies a single-sever queue with disasters and repairs, in which after each service completion the server may take a vacation with probability q (0 ≤ q ≤ 1), or begin to serve the next customer, if any, with probability p (= 1 − q ). The disaster only affects the system when the server is in operation, and once it occurs, all customers present are eliminated from the system. We obtain the stationary probability generating functions (PGFs) of the number of customers in the system by solving the balance equations of the system. Some performance measures such as the mean system length, the probability that the server is in different states, the rate at which disasters occur and the rate of initiations of busy period are determined. We also derive the sojourn time distribution and the mean sojourn time. In addition, some numerical examples are presented to show the effect of the parameters on the mean system length.

The first-order fuzzy differential equations with intuitionistic fuzzy initial valued problem is studied. Firstly, with the help of ( α, β )-cut set, the distance metric and the Hukuhara difference between intuitionistic fuzzy numbers are defined, and on this basis the concept of differentiability for the intuitionistic fuzzy number-valued functions is defined and a corresponding theorem is derived. Then, according to the selection of derivative the first order intuitionistic fuzzy differential equations is interpreted. Finally, an example of first-order linear intuitionistic fuzzy differential equations is solved, and the results show that there are four different solutions.

In this paper, some new operational laws for intuitionistic linguistic numbers are defined via Archimedean t-norm and s-norm. The prominent feature of these operations is that these operations are closed. Some main properties of these operations, like commutativity, associativity and distribution law, are investigated. Based on these operational laws, intuitionistic linguistic weighted arithmetic averaging operator is given to aggregate intuitionistic linguistic information. Furthermore, in order to reduce uncertain information of intuitionistic linguistic number, hesitancy degree is divided into degrees of membership and non-membership in proportions, and new expected function and score function are built and used to rank intuitionistic linguistic numbers. Finally, an approach is proposed to solve multiattribute decision making problems in which attribute weights are real numbers and attribute values are intuitionistic linguistic numbers, and a real example is provided to show the effectiveness and applicability of the new method.