Incorporating textual and management factors into financial distress prediction: A comparative study of machine learning methods

Financial distress prediction (FDP) has been widely considered as a promising approach to reducing financial losses. While financial information comprises the traditional factors involved in FDP, nonfinancial factors have also been examined in recent studies. In light of this, the purpose of this study is to explore the integrated factors and multiple models that can improve the predictive performance of FDP models. This study proposes an FDP framework to reveal the financial distress features of listed Chinese companies, incorporating financial, management, and textual factors, and evaluating the prediction performance of multiple models in different time spans. To develop this framework, this study employs the wrapper-based feature selection method to extract valuable features, and then constructs multiple single classifiers, ensemble classifiers, and deep learning models in order to predict financial distress. The experiment results indicate that management and textual factors can supplement traditional financial factors in FDP, especially textual ones. This study also discovers that integrated factors collected 4 years prior to the predicted benchmark year enable a more accurate prediction, and the ensemble classifiers and deep learning models developed can achieve satisfactory FDP performance. This study makes a novel contribution as it expands the predictive factors of financial distress and provides new findings that can have important implications for providing early warning signals of financial risk.     

玛南斜坡下乌尔禾组砾岩储层特征及主控因素

准噶尔盆地玛湖凹陷南斜坡二叠系下乌尔禾组具有良好的勘探前景,为明确该区储层特征及主控因素,通过岩芯观察、铸体薄片、扫描电镜及储层物性等手段,对二叠系下乌尔禾组砾岩储层特征及主控因素进行了研究.结果表明,下乌尔禾组储层岩石类型主要为岩屑砂岩,胶结类型以泥质、沸石胶结为主,结构及成分成熟度较低.储层储集空间类型多样,以剩余...     

西北太平洋柔鱼资源丰度时空分布的GAM模型分析

根据1996~2001年我国在西北太平洋海域柔鱼生产统计及相关数据,利用GAM模型分析了表温、月份、经纬度等因子对柔鱼资源丰度CPUE的影响.研究认为,经纬度、月份和表温对CPUE时空分布都有较大的影响.160°E以西海域CPUE高,而165°E以东海域低,并主要集中在40°N~43°N海域.8~10月CPUE为最大.不同海域柔鱼分布的适宜表温不相同,150°E以西海域为13~18℃,150°E~165°E海域为14~18℃,165°E~180°E海域为11~14℃.     

黑龙江省两栖爬行动物物种分布与生态因子关系的分析

通过2000～2006年对黑龙江省两栖爬行动物的种类及分布情况进行实地深入调查,并结合黑龙江省两栖爬行动物研究的历史资料及现代有关成果,从经纬度、年平均温度、年平均降水量、海拔、生境、垂直分布等生态因子对黑龙江省两栖爬行动物的物种分布格局进行了探讨,结果表明黑龙江省两栖爬行动物的物种总数与海拔、纬度成负相关关系;而与年平均温度、年平均降水量成正相关关系;在经度E128°～E130°之间物种数较多,其他地区则较少;灌丛、阔叶林等为黑龙江省两栖爬行动物适栖生境.在平原、丘陵低山灌丛、山地针阔叶混交林分布着全省所有的物种.     

Functions and pathologies of BiP and its interaction partners

The endoplasmic reticulum (ER) is involved in a variety of essential and interconnected processes in human cells, including protein biogenesis, signal transduction, and calcium homeostasis. The central player in all these processes is the ER-lumenal polypeptide chain binding protein BiP that acts as a molecular chaperone. BiP belongs to the heat shock protein 70 (Hsp70) family and crucially depends on a number of interaction partners, including co-chaperones, nucleotide exchange factors, and signaling molecules. In the course of the last five years, several diseases have been linked to BiP and its interaction partners, such as a group of infectious diseases that are caused by Shigella toxin producing E. coli. Furthermore, the inherited diseases Marinesco-Sj?gren syndrome, autosomal dominant polycystic liver disease, Wolcott-Rallison syndrome, and several cancer types can be considered BiP-related diseases. This review summarizes the physiological and pathophysiological characteristics of BiP and its interaction partners. Received 20 November 2008; received after revision 09 December 2008; accepted 12 December 2008     

基于遗传算法的模糊控制器参数优化

针对非线性量化因子模糊控制器的参数对系统性能影响和参数间的相互制约,提出了一种基于遗传算法的参数整定与优化方法,并进行了仿真研究。仿真结果表明通过该方法寻优的系统具有更好的响应速度和控制精度;当对象结构或参数发生变化时,非线性量化因子模糊控制器可以重新整定参数,以保持良好的控制效果,具有很强的鲁棒性。     

人因分析:需要、问题和发展趋势

论述了人因分析对人机系统的合理设计、特别是对提高系统可靠性、安全性的重要意义 ,界定了系统人因分析概念的涵义 ,提出了人因分析学科在理论与应用方面面临的九大问题 :人因分析的难度 ;对人因的再认识——个体、群体、组织 ;环境与人行为的关系 ;人员可靠性分析 ( HRA)方法 ;人误机理 ;客观性与一致性 ;数据的可用性 ;文化因素 ;组织管理层的人因分析 .最后从理论与应用两方面讨论了人因分析学科近期应发展的三个范畴 :人因分析基础研究 ;人 -机系统设计指导 ;安全评价与事故防范 .     

长江上游铜锣峡河段卵砾石推移质输沙规律研究

西部山区河段具有水面比降大、河床推移质粒径粗、糙率较大等特点,因此西部山区河段的水沙特性与平原河流差异明显,采用现有的推移质输沙公式来预测山区河段的泥沙输移情况存在较大误差。针对这一现象,基于爱因斯坦均匀沙无量纲输沙公式,考虑到推移质周围床沙对其遮蔽影响,以V/Uc=1为推移质起动临界状态建立了输沙率计算公式,最后以长江上游铜锣峡河段为研究对象,根据近二十年实测的水沙数据,将新计算式与多个经典公式进行精度比较,从计算结果来看,在预测大比降卵砾石山区河流时,新建立的计算式计算精度更高,能更好的反映其输沙规律。     

实物期权视角的CAPM有效性检验

实物期权对资产定价的非线性影响会导致本质为线性定价的CAPM模型失效.本文以沪深A股2000-2014年间1503家上市公司为样本,利用市值规模、账面市值比、资本支出和总资产回报四个企业特征变量作为实物期权的代理变量,分别对个股贝塔和预期超额收益率进行实物期权调整,给出了经实物期权调整后CAPM有效的证据;而且,较之市值规模和账面市值比,资本支出和总资产回报更加能够反映实物期权对CAPM有效性的影响.此外,实物期权调整对CAPM有效性的影响对处于生命周期早期阶段的企业、高科技行业以及对股权分置改革和次贷危机后的子样本更为明显.     

The US Dollar/Euro Exchange Rate: Structural Modeling and Forecasting During the Recent Financial Crises

The paper investigates the determinants of the US dollar/euro within the framework of the asset pricing theory of exchange rate determination, which posits that current exchange rate fluctuations are determined by the entire path of current and future revisions in expectations about fundamentals. In this perspective, we innovate by conditioning on Fama–French and Carhart risk factors, which directly measures changing market expectations about the economic outlook, on new financial condition indexes and macroeconomic variables. The macro‐finance augmented econometric model has a remarkable in‐sample and out‐of‐sample predictive ability, largely outperforming a standard autoregressive specification. We also document a stable relationship between the US dollar/euro Carhart momentum conditional correlation (CCW) and the euro area business cycle. CCW signals a progressive weakening in economic conditions since June 2014, consistent with the scattered recovery from the sovereign debt crisis and the new Greek solvency crisis exploded in late spring/early summer 2015. Copyright © 2016 John Wiley & Sons, Ltd.