This paper proposes the way of setting the dynamic impawn rate by dividing the impawn periods into different risk windows. In an efficient financial market, the return is hypothetically independent, while in a pledged inventory market where spot transactions predominate, the return is...

This paper presents a framework of setting the impawn rate dynamically by dividing the impawn period into different risk windows. Besides, it proposes that compared with pledging loan of bonds and stocks, the essence of inventory financing is to forecast the long-term risk from short-term data,...

Purpose: The purpose of this study is to present a holistic review of journal articles on value cocreation in the tourism and hospitality field. By distinguishing similarities and differences in the contexts of China and other regions, the authors identify targeted research directions....

PhD Doctorate