Investors Thinking and Stock Price Excess Volatility

Muchhasbeenstudiedonreasonsoftheobservablefeaturesofstockmarketprices,suchastheirunpredictable,fluctuatingnatureandtheirirregularitytoswitchfromgenerallybulmarketpricestobearmarketpricesorviceversa.Theconventionalargumentisthattheerraticstockpricesreflectthemore-or-lessrandomnews.But,therehasbeenconcernonthesthcalled"excessvolatility",namely,somefluctuationsofthesepricemovementsmayhaveexceededwhatwouldbeexplainedbyrationalfundamentalvalueadjustmentbasedontherandomnews.Recently,theroleofpsychol…     

NATREX AND DETERMINATION OF REAL EXCHANGE RATE OF RMB

1 IntroductionIn the past decades, a lot of 1iteratures appeared in the determination of excfiange rate, boththeoretic and empirical. One preValing paradigm is that the puxchasing power parity (PPP)holds in the long run either in weak--fOrm or in strongform. Under this hyPothesis, fluctuationsin real exchange rates are often regaJrded as temporary deviations from the long--run equllibriumexchange rate. However, these ekisting models fail to eXPlain the 1arge fluctuations in the realexchang…     

THE COMPOSABILITY PROBLEM OF THESEMANTICS OFXYZ/BE-COMMUNICATING PROCESSES

1.Introduction"Awell-knownproblemfortheverificationandtheconstructionofconcurrentprogramsisthatspecificationthatwouldbesatisfiedbyagivenprocessviewedinisolationmightbeinvalidatedbyactionsperformedbyotherprocessesexecutinginparallel"lll."Arigorousmodularspecificationmethodrequiresaproofruleassertingthatifeachcomponentbehavescorrectlyinisolation,thenitbehavescorrectlyinconcertwithothercomponents"[2].Thecomposabilityproblemwhetheraparpllelcompositionprocesscontinuestohavethepropertiesofitscompone…     

A BI-LEVEL FORMULATION AND QUASI-NEWTON ALGORITHM FOR STOCHASTIC EQUILIBRIUM NETWORK DESIGN PROBLEM WITH ELASTIC DEMAND

1 IntroductionThe network design problem (NDP) is to select link improvements or add new links to anexisting network suCh that social welfare is maximized while according for the route choicebehavior of network users and/or changes in demand. Two sets of decision-makers with differedsobjectives are involved in the NDP. The network users individually select their routes suchthat their individual travel costs are minimized, while the planners aim to make the bestnetwork improvements for reduc…     

A MULTISTEP CHARACTERISTIC FINITE DIFFERENCE METHOD FOR TWO-DIMENSIONAL NONLINEAR CONVECTION-DIFFUSION PROBLEMS

1.IntroductionItiswellknowthattheconvection-dictionproblemsareakindofveryimportalprob-lems,particularlylthenonlinearconvection-diffusionproblexns.Inthepaper[1],asinglestepcharacteristicflutedmerencemethodisgivenforsolvingtwcadimensionalnonlinearconvection-dilhaionproblemswiththeconvectivecoefficientsdominating.HereweshallgiveamultistepcharactersticamrencemethodbasedonthelinearandquadraticinterpolationsforsolvingtwcadAnensionalnonlinearconvection-~ionproblemsinordertoincreasetheaccuracyofapprot…