We study the manipulation of stock market prices by fund managers in the presence of potential future fund flows. As investors will make further investment as long as the asset price is not fully revealing, the informed manager has incentives to prevent the asset value to be revealed too early,...

We propose an equilibrium asset pricing model in which agents with heterogeneous beliefs care about relative performance. We find that the concern with relative performance leads agents to trade more similarly, a development that has two effects. First, similar trading directly decreases...

This paper shows that when Value-at-Risk constrained institutional investors care about their relative standings among the peer group, more risk averse investors would take more risk, which improves the risk sharing and lowers the volatility.

type="main" <p>We study the behavior of a mutual fund manager in a discrete-time model, in which new investors may choose to invest in the fund after the fund manager has made trading decisions. We show that under certain conditions the fund manager may choose to buy overvalued assets at the...</p>

Although counteracting environmental programmes and policies have been strengthened, large oil spills still occur at irregular intervals. The total oil spill costs and their compensations have attracted much interest from various parties, such as local stakeholders, and state and federal...

This paper considers the optimal design problem for multiresponse regression models. The <InlineEquation ID="IEq4"> <EquationSource Format="TEX">$$R$$</EquationSource> </InlineEquation>-optimality introduced by Dette (J R Stat Soc B 59:97–110, <CitationRef CitationID="CR5">1997</CitationRef>) for single response experiments is extended to the case of multiresponse parameter estimation. A general equivalence theorem for the <InlineEquation ID="IEq5">...</inlineequation></citationref></equationsource></inlineequation>

In Penna's single-species asexual bit-string model of biological ageing, the Verhulst factor has too strong a restraining effect on the development of the population. Danuta Makowiec gave an improved model based on the lattice, where the restraining factor of the four neighbours take the place...

Since the construction of new socialist countryside, "agriculture, rural areas and farmers" have been in the pivotal development period. As the all-around transition and progress of our society, water conservancy construction and other rural public facilities and services seriously lag behind,...

From the point of view of agricultural civilization, the history of human civilization is the history of the development of the agricultural civilization. Accompanied by social progress and development of the times, the function of agriculture also experiences the expansion and deepening. In...

Current situations of water conservancy development in China include: water shortage and serious water pollution; total water reservoir capacity is large but most are dangerous reservoirs; wide distribution and directly serving the broad masses; business is comprehensive and many fields are...