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有限信息分享网络下的投资策略、信息获取与资产定价
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作者 刘霞 刘善存 张强 《管理科学学报》 北大核心 2025年第4期80-95,共16页
理性预期均衡框架中,假设知情交易者之间组成无限(宽广)网络并根据网络联结进行有限信息分享,探究信息分享对理性交易者的信息获取、投资策略及资产定价质量的影响.结果发现,当信息获取外生时:信息分享不影响知情交易者对私人信息的投... 理性预期均衡框架中,假设知情交易者之间组成无限(宽广)网络并根据网络联结进行有限信息分享,探究信息分享对理性交易者的信息获取、投资策略及资产定价质量的影响.结果发现,当信息获取外生时:信息分享不影响知情交易者对私人信息的投机交易强度,但负向影响所有理性交易者的做市交易强度;信息分享扩大了知情交易者团体的私人信息优势,使得更多信息通过交易融入价格,提高了价格发现效率;虽然信息分享加剧市场信息不对称程度,但随之增加的价格信息含量降低了非知情交易者的信息劣势进而缓解信息不对称程度,且该作用总是占优,最终导致市场流动性提高.信息获取内生时,信息市场均衡中,信息分享对私人信息获取产生策略替代或策略互补作用,并通过投资者交易行为影响证券市场均衡中的定价质量:价格发现效率随信息分享广度的增加而提高;与信息获取外生情况下相反,流动性与信息分享呈现单增或U型关系.结论说明:风险交易资产风险较大、噪声交易较多的市场情况不明朗时,信息分享促进市场流动性并提高价格发现效率;相反,在风险资产风险较小、噪声交易较少的较明朗市场情况中,小范围的信息分享虽然提高价格发现效率但会损害市场流动性,而大范围的信息分享则改善市场流动性.本研究延伸了信息分享网络理论在市场微观结构层面的研究触角,帮助全面客观认识信息的网络分享传播对证券市场的影响,为如何规范引导投资者在社交媒体和网络上的信息交流,以维护市场流动性和更好发挥证券市场价格发现作用提供了理论参考. 展开更多
关键词 理性预期 信息分享 网络结构 信息获取 定价质量
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消费者有关商品质量选择的最优行为分析 被引量:6
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作者 尹敬东 《预测》 CSSCI 1999年第1期66-67,69,共3页
本文介绍了商品质量选择的经典思想,指出质量直接引入效用函数的合理性,讨论了连续条件下商品质量的最优选择问题。
关键词 质量 商品 最优选择 质量定价 价格 消费者
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New methods of safety evaluation for rock/soil mass surrounding tunnel under earthquake 被引量:1
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作者 程选生 DOWDING Charles H 田瑞瑞 《Journal of Central South University》 SCIE EI CAS 2014年第7期2935-2943,共9页
The objective of this work is to obtain the seismic safety coefficient and fracture surface and proceed with the seismic safety evaluation for the rock mass or soil mass surrounding a tunnel,and the limitation of eval... The objective of this work is to obtain the seismic safety coefficient and fracture surface and proceed with the seismic safety evaluation for the rock mass or soil mass surrounding a tunnel,and the limitation of evaluating seismic stability is considered using the pseudo-static strength reduction.By using the finite element software ANSYS and the strength reduction method,new methods of seismic safety evaluation for the rock mass or soil mass surrounding a tunnel are put forward,such as the dynamic finite element static shear strength reduction method and dynamic finite element shear strength reduction method.In order to prove the feasibility of the proposed methods,the results of numerical examples are compared with that of the pseudo-static strength reduction method.The results show that 1) the two methods are both feasible,and the plastic zone first appears near the bottom corners; 2) the safety factor of new method Ⅱ is smaller than that of new method I but generally,and the difference is very small.Therefore,in order to ensure the safety of the structure,two new methods are proposed to evaluate the seismic stability of the rock mass or soil mass surrounding a tunnel.A theoretical basis is provided for the seismic stability of the rock mass or soil mass and the lining surrounding a tunnel and also provided for the engineering application. 展开更多
关键词 TUNNEL rock or soil mass surrounding tunnel earthquake stability safety evaluation
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Short-term deformation behavior model of endangered earthen heritage slope after conservation in Jiaohe Ruins
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作者 张景科 谌文武 和法国 《Journal of Central South University》 SCIE EI CAS 2012年第7期2029-2036,共8页
Cliff deformation behavior after conservation is of great significance for evaluating the conservation effect and discovering the dynamical law of soil. Modeling on deformation behavior is beneficial to the quantitati... Cliff deformation behavior after conservation is of great significance for evaluating the conservation effect and discovering the dynamical law of soil. Modeling on deformation behavior is beneficial to the quantitative evaluation of interactions between soil mass and structures as well as the forecast. Based on cliff conservation engineering of Jiaohe Ruins (the largest raw soil heritage site in the world), data of horizontal deformation of the upper cliff were obtained by using Nanrui-made NDW-50 displacement device (precision: 0.01 mm, frequency: 15 min^-l). Regression analysis indicates that deformation behavior models include exponential growth, linear growth and parabolic growth types, while daily deformation presents more intense periodicity (24 h). The deformation is less than 1.5 mm during monitoring period, which has no impact on the stability of cliff. Deformation behavior provides the mutual duress and interaction between soil and engineering intervention. In addition, deformation mode attaches tensely to the damage pattern of the cliff. The conclusions are of importance to the stability evaluation of the carrier along Silk Road. 展开更多
关键词 endangered cliff CONSERVATION deformation behavior regression analysis modelling
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