A Continuum Percolation Model for Stock Price Fluctuation as a Lévy Process

This paper concerns with two reasons for stock price fluctuation,the instinctive stochastic fluctuation and the fluctuation caused by the spread of information.They are constructed by compound Poisson process and continuum percolation model separately.Combining the two models,the authors get a Levy process for the price fluctuation that can explain the fat-tail phenomenon in stock market.The fat-tails are also presented in numerical simulations.     

The Analyses of Risk Premium and the Model Revisions About Capital Asset Pricing Models

The pricing theories of capital assets are the principal part in the modern financial theories. Presently, the capital asset pricing model and the arbitrage pricing theory, including their evolutional forms, all don＇t embody the premium of non-system risks and non-factor risks. This paper analyses the risk reward of traditional capital assets pricing models, revises the traditional capital assets pricing models, and advances the revised models of capital assets pricing theories basing on full-risk reward.     

A Decision Support System for Economic Development and Price Reform

In this paper, we present a real decision support system applied to China's macroeconomic management. The structure, design and functions of the system are discussed, and the problems occurring in designing and making the system are also studied. A case study for China's petroleum price reform is given at the end of the paper.     

Study on Lead Time and Price Discount in Supply Chain Management

The mathematical model of the demander versus supplier has been presented by adopting optimization theories, the economical order quantity （EOQ） and economic production quantity （EPQ） has further been studied. Then under the consideration of Pareto optimization, a joint decision model of price and lead time discount and lot size has been presented. Further more the sensitive analysis of price and lead time discount are analyzed with an empirical example.     

Implemented Scheme and Value of Beijing Urban Public Transportation Ticket Price System

The main effect factor of Beijing urban public transportation ticket price system foundation is analyzed by applying system analysis method. Feasible scheme of public transportation ticket price syscem is proposed. 3 implemented scheme of public transportation ticket price system is valued by applying fuzzy method.     

Formation Principles of Similar Systems

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Risk Analysis of the Bond Portfolio Price Sensitivity

The paper described three methods of scaling the bond portfolio price. They were duration, convexity and time value. From the principle of No-arbitrage, there was one and only one relationship of duration, convexity and time value. It chose three corporation bonds of China and analyzed the risk of two investment strategies.     

Macroeconomic System Analysis on the Problem of Stagflation——The General Theory of Employment and Price (Ⅱ)

A system approach to building a theoretical model of macroeconomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model—IS-LM-AS model. The aggregate production function is afresh deduced from a set of axioms. A comparative static analysis is carried out for evidence of the stagflation and the macroeconomic policy dilemma.     

Macroeconomic System Analysis On The Problem of Stagflation——The General Theory of Employment and Price (Ⅰ)

A system approach to building a theoretical model of macoecnomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model—IS-LM-AS model. The aggparative production function is a fresh deduced from a set of axioms. A comparative static analysis is carried out for evidence of the stagflation and the macroeconomic policy dilemma.     

How Does Debt Structure Influence Stock Price Crash Risk?

This paper uses the financial data of Chinese listed firms to explore the relationship between the debt structure, which is measured as the ratio of trade credit to bank loan, and future stock price crash risk. The empirical results show that the ratio of trade credit to bank loan is positively associated with the firm-specific crash risk while a good institutional environment reduces this positive relationship. In addition, considering the firm’s ownership type, the authors find that the positive relationship between the debt structure and crash risk is more significant in the SOEs.     

How to Construct a Lower Risk FOF Based on Correlation Network? The Method of Principal Component Risk Parity Asset Allocation

In order to build a low-risk Fund of Funds(FOF), from the perspective of correlation, the principal component factor is used to improve the traditional risk parity model. Principal component analysis is used to decompose the underlying assets and generate unrelated principal component factors,and then the authors can construct a principal component risk parity portfolio. The proposed empirical results based on China’s mutual fund market show that the performance of principal component risk parit...     

What Drives Up Land Price in China? Evidence from Bidding Processes of Land Auctions in Beijing

The land price in big cities draws much attention and discussion for its skyrocketing appreciation. Most researches are from the macro perspective due to data restriction. This paper aims to investigate the critical factors in the price formation process of a land auction, using the listing auction micro bidding-level data in Beijing from 2013 to 2018. We construct a model for the relationship between quitting price and land, bidder’s characteristics, housing market conditions and competitive in...     

Multiple-Attribute and Multilevel Synthetic Evaluation Model and Its Application

On the basis of analyzing the flaws of present multiple-attribute and multilevel evaluation methods, concerning the problem of characteristics of the multiple-attribute and multilevel system s appraisal and the particular emphasis on the respective attributes in the evaluation process, as well as its relevance to the environment, an optimal attribute system is proposed, and the multiplicative analytic hierarchy process (MAHP) is used to obtain subjective weight coefficients and the objective weight coefficient evaluating method is given. The deviation between the index value of each level and the values of the same index of other levels are formulated, and an optimal model is gained, thus establishing the weight coefficients of the whole optimal attribute system. Furthermore, the detailed implementation procedure of this method is introduced. Besides, favorable results have been gained by applying the model to the practical problems of economic evaluation.     

Aims and Scope

Journal of Systems Science ＆ Complexity （JSSC） is a quarterly journal to publish highquality original and innovative papers on theories, methodologies and applications of systems science and complexity science, as well as insightful survey papers.     

Aims and Scope

Journal of Systems Science ＆ Complexity （JSSC） is a quarterly journal to publish highquality, original and innovative papers on theories, methodologies and applications of systems science and complexity science, as well as insightful survey papers.     

Information Technology and Paradigm Shifting in Organizational Structure and Strategy

This paper examines the impacts of information technology (IT) on LDCs' competitive condi     

Optimal Production Functions and Their Homogeneity Superadditive，and Concavity

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