Band 8, Heft 2

This paper mainly studies whether and how stock prices fluctuate around their intrinsic values. Based on data from 10 stock markets for the period between 2000 and 2018, we demonstrate that the relative price fluctuates around and approaches the intrinsic value in the long term. For the ten markets, the relative price crosses the intrinsic value on average once in 3 ∼ 4 years. Profitability growth is a key factor in rising stock prices, but the level of valuations in the market has a regulatory effect to the growth of price in the future: For every 1 % increase in valuation, the price tends to decline by 0.26% in the next year, 0.74% in the next 3 years.

Understanding the satisfaction impact factors of China-Eurasia Expo is important to hold and improve the Expo. This paper divides the impact factors of satisfaction into local residents and exhibitors’ aspects. Firstly, this paper constructs a five-dimension conceptual model to measure the local residents’ satisfaction which consists of the degree of promoting economic development, environmental protection, cultural quality, urban convenience and urban brand image of the China-Eurasia Expo. 898 valid questionnaires were collected and structural equation model (SEM) was used to validate the constructed model and the proposed hypotheses were proved; the path coefficients of cultural quality, urban convenience and urban brand image to locals’ satisfaction are all greater than 0.90, indicating that they have high impacts on local residents’ satisfaction, while the path coefficient of the degree of promoting economic development to residents’ satisfaction is 0.695, indicating a relatively low impact. Secondly, this paper constructs a five-dimension conceptual model of exhibitors’ satisfaction which includes infrastructure, management level, service quality, organizing effect, and advancement. 708 valid questionnaires were collected and SEM was used to valid the constructed model and the proposed hypotheses. The results show that the five path coefficients to exhibitors’ satisfaction are higher than 0.7, all hypotheses were proved.

The Beijing-Tianjin-Hebei region is one of the regions with the most dynamic economies, highest degrees of openness, strongest innovation capacities and largest populations, as well as an important engine driving China’s economic development. Currently, the development of the Beijing-Tianjin-Hebei region faces many difficulties, including an inefficient distribution of regional functions, imbalance in industrial structure, low sophistication, and serious overburdening of resources and the environment. Promoting the overall coordinated development of the region has become an urgent challenge. In this paper, according to the conventions of industrial structure optimization, the three core indicators of regional industrial structure rationalization, sophistication and ecologicalization are constructed. With the help of the grey dynamic correlation model, the three indicators are coupled with the economic growth rate, and the industrial structure optimization index of the Beijing-Tianjin-Hebei region is comprehensively measured. The study shows that rationalization of the industrial structure in the Beijing-Tianjin-Hebei region is increasing but that this trend is not obvious; sophistication of the industrial structure is relatively high and has also been operating at a high level; however, the overall ecological level of the industrial structure in the Beijing-Tianjin-Hebei region is not high and presents the characteristics of high in the middle and low at both ends. In terms of the relationship between industrial structure and economic growth in the Beijing-Tianjin-Hebei region, ecologicalization of the industrial structure has the greatest influence on economic growth, followed by sophistication of the industrial structure, and rationalization of the industrial structure has the weakest influence.

The entrepreneurship has positive and significant connection with economic growth. Competition would be increased by new entrants in the market; then, social welfare would be improved. Thus, positive entrepreneurship policies are often linked to increased social welfare by authorities. In this paper, we focus on a certain case where potential entrepreneurs are employees of existing firms to test the above ideas. The purpose of our research is to assess the variation of social welfare in the context of employer-restricted separation. Therefore, the model of Cournot competition where employees constitute the only entry threat was used in this paper. The results demonstrate that social welfare would not always be improved even in a good entrepreneurial context. If the deterring strategy is present, the relationship between positive entrepreneurship policies and increased social welfare might not hold, or would depend on the different strategies adopted by the incumbent. Therefore, the sustainability of a positive entrepreneurship policy would be impaired by incumbent firms.

A parameter estimation method, called PMCMC in this paper, is proposed to estimate a continuous-time model of the term structure of interests under Markov regime switching and jumps. There is a closed form solution to term structure of interest rates under Markov regime. However, the model is extended to be a CKLS model with non-closed form solutions which is a typical nonlinear and non-Gaussian state-space model(SSM) in the case of adding jumps. Although the difficulty of parameter estimation greatly prevents from researching models, we prove that the nonlinear and non-Gaussian state-space model has better performances in studying volatility. The method proposed in this paper will be implemented in simulation and empirical study for SHIBOR. Empirical results illustrate that the PMCMC algorithm has powerful advantages in tackling the models.

Material incentive is the main motivation for solvers to attend crowdsourcing tasks. So raising the bidding success rate is benefit to inspire the solvers attendance’ and increase the answering quality. This paper analyzes the effect of participation experience, task-fit capability, participation strategy and task attribute on the solvers bidding success by the solvers attending the series tasks of Tripadvisor. The results show that: 1) Participation times enrich the participation experiences and promote the bidding success, while bidding success times and last performances lower the bidding success because of the cognitive fixation; 2) The chance of bidding success will be increase when the solver own high task-fit capability; 3) The relationship between task submit sequence and bidding success is the type of reverse U shape, and the optimal submit sequence rate on the top of the reverse U shape; 4) Higher task difficulty lower bidding success, while higher task density easier bidding success.

Single image dehazing algorithm based on the dark channel prior may cause block effect and color distortion. To improve these limitations, this paper proposes a single image dehazing algorithm based on the V-transform and the dark channel prior, in which a hazy RGB image is converted into the HSI color space, and each component H, I and S is processed separately. The hue component H remains unchanged, the saturation component S is stretched after being denoised by a median filter. In the procession of intensity component, a quad-tree algorithm is presented to estimate the atmospheric light, the dark channel prior and the V-transform are used to estimate the transmission map. To reduce the computational complexity, the intensity component I is decomposed by the V-transform first, coarse transmission map is then estimated by applying the dark channel prior on the low frequency reconstruction image, and the guided filter is finally employed to refine the coarse transmission map. For images with sky regions, the haze removal effectiveness can be greatly improved by just increasing the minimum value of the transmission map. The proposed algorithm has low time complexity and performs well on a wide variety of images. The recovered images have more nature color and less color distortion compared with some state-of-the-art methods.