We demonstrate that the funding value adjustments (FVAs) of major dealers are debt-overhang costs to their shareholders. In order to maximize shareholder value, dealer quotations therefore adjust for FVAs. Contrary to current valuation practice, FVAs are not themselves components of the market...

We demonstrate that the funding value adjustments (FVAs) of major dealers are debt-overhang costs to their shareholders. In order to maximize shareholder value, dealer quotations therefore adjust for FVAs. Our case examples include interest-rate swap FVAs and violations of covered interest...

We built a labor market model in China to incorporate key features of the current Chinese Hukou system (a system of household registration). Simulation analyses showed that when the Hukou system was fully reformed or abolished, more older workers would migrate to cities, leading to a rise in...

This paper constructs a theoretical labor market model for China, and utilizes the model to examine the effects of various labor market policies on economic well-being. Two key features of the model are a segmented labor market involving three sectors - state-owned enterprises, private...

Purpose: The exactly and precisely supply of carrying spare parts has a crucial impact on support and could improve the performance of equipment. Spare parts support is the crux work which will be limited by spare parts allocation and support cost input. Reasonable support strategy can help in...

Recent evidence indicates that the proportion of manufacturing enterprises undergoing digital transformation and the digital investment made by manufacturing enterprises are increasing, suggesting that digital transformation may affect the production and operation of manufacturing enterprises....