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Comparison and Application of Markowitz Model and Index Model in Capital Markets 马科维茨模型和指数模型在资本市场中的比较与应用
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/6bgw1q76
Qi Mu
{"title":"Comparison and Application of Markowitz Model and Index Model in Capital Markets","authors":"Qi Mu","doi":"10.61173/6bgw1q76","DOIUrl":"https://doi.org/10.61173/6bgw1q76","url":null,"abstract":"The Markowitz Model represents a portfolio’s returns for given risk levels. This research will imply the MM in Excel using the Solver tool. The model focuses on creating a portfolio that maximizes returns for a given level of risk or minimizes risks for a given level of return. Implementing the index model simplifies the calculation of expected returns and the covariance matrix of returns compared to the MM. This study aimed to compare the Markowitz Model and Index Model in constructing optimal portfolios from 10 stocks, the SPX index, and the 1-month federal funds rate, considering 20 years of monthly return data. This paper analyzes the impact of five constraints on these models’ efficient frontiers, using Excel Solver for optimization. The study aims to understand how these models perform under various practical constraints and draw insights relevant to real-life portfolio management scenarios.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"154 3‐5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141381143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research On The Impact Of “Fan Circle Culture” On The Sports Industry From The Perspective Of Fan Economy 粉丝经济视角下的 "粉丝圈文化 "对体育产业的影响研究
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/psrv4y11
Chengtai Wu
{"title":"Research On The Impact Of “Fan Circle Culture” On The Sports Industry From The Perspective Of Fan Economy","authors":"Chengtai Wu","doi":"10.61173/psrv4y11","DOIUrl":"https://doi.org/10.61173/psrv4y11","url":null,"abstract":"With the vigorous development of the global sports industry, more and more people are paying attention to the sports industry, but it is inevitable that fandom culture will be brought into the sports industry. The paper is based on the analysis of the current situation of the Chinese table tennis team and the Premier League’s fandom, this article concludes the causes and impact of the fan circle culture. The research has found that fan circle culture has both positive and negative effects on the sports industry. If fandom culture is used rationally, it will promote the development of the sports industry, and relevant measures will also be taken to avoid the adverse consequences of excessive fandom. Otherwise, it will cause some serious consequences like damage to the reputation of athletes and clubs and affect the normal progress of the game. This article also analyzes the causes of rice circle culture, which can be used to reduce adverse effects.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141381956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Inner Logic and Correlation Analysis of Game Recharging and Consumer Behavior: A Study Based on Consumer Psychology 游戏充值与消费者行为的内在逻辑及相关性分析：基于消费心理学的研究
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/ksf9jj48
Yibin Du
{"title":"The Inner Logic and Correlation Analysis of Game Recharging and Consumer Behavior: A Study Based on Consumer Psychology","authors":"Yibin Du","doi":"10.61173/ksf9jj48","DOIUrl":"https://doi.org/10.61173/ksf9jj48","url":null,"abstract":"With the constant evolution of network technology, online games, as a significant consumer industry, have seen tremendous growth in recent years. The introduction of online games has accelerated the gaming industry’s growth and provided customers with new gaming experiences. In-game recharging behavior has a tremendous influence on customer behavior. This study will investigate the link between recharge behavior and customer behavior in the online gaming industry, as well as how to improve or minimize consumer stickiness using consumer psychology methodologies such as a literature review and case analysis. It demonstrates that good and negative consequences are formed, and stickiness may be divided into active and passive forms. Thus, the author begins with the perspective of their customers and considers how to prevent being pulled away by gaming businesses for more money. The author also investigates more effective strategies to enhance customer stickiness from the standpoint of merchants.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141378997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How does the balance of securities lending affect investors’ sentiment in the securities margin trading market?——An Empirical Study Based on Impulse Response Function 证券借贷余额如何影响证券保证金交易市场的投资者情绪？
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/t683js35
Shuyan Shen
{"title":"How does the balance of securities lending affect investors’ sentiment in the securities margin trading market?——An Empirical Study Based on Impulse Response Function","authors":"Shuyan Shen","doi":"10.61173/t683js35","DOIUrl":"https://doi.org/10.61173/t683js35","url":null,"abstract":"In 2010, China launched the “margin trading and securities lending” pilot program for the first time as an initial exploration of the short selling mechanism. Subsequently, it has been expanded multiple times. With the increase in the number of underlying stocks and the relaxation of short selling constraints, there has been a noticeable shortage of securities lending sources. To address this issue, China introduced the “securities lending” policy after margin trading, and selected 90 stocks as the first batch of pilot stocks. Although the short selling mechanism has been developed in China for 14 years, compared with other mature capital markets, relevant regulations and the scale of short selling transactions in China are still in the development stage. Following a wave of market downturns in the second half of 2023, rumors about securities lending and shorting the market continued to ferment, and investor sentiment hit rock bottom. In response to market conditions, the China Securities Regulatory Commission (CSRC) has taken a series of measures to strengthen supervision of securities lending businesses, maintain fair market trading order, and ensure the smooth operation of the capital market. Therefore, continuous monitoring of the impact of the short selling mechanism on China’s capital market is necessary.This study selects all A-shares disclosed by the exchanges as research objects. The research period is from March 2021 to February 2024. On the premise of referencing existing academic achievements at home and abroad, PCA (Principal Component Analysis) is used to construct investor sentiment proxy variables, subjective risk premium variables are set, and VAR models and impulse response functions are used to explore the relationship and transmission mechanism between securities lending balance, subjective risk premium, and investor sentiment, and suggestions for policy formulation are made.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"17 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141378992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Review of research on consumer behavior by hedonic and utility goods 享乐型和实用型商品消费者行为研究综述
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/3ftegy72
Hanwen Qian
{"title":"Review of research on consumer behavior by hedonic and utility goods","authors":"Hanwen Qian","doi":"10.61173/3ftegy72","DOIUrl":"https://doi.org/10.61173/3ftegy72","url":null,"abstract":"This article provides a literature review on the impact of hedonic and utility goods on consumer behavior. Focusing on hedonic and utility goods, we investigate their different impacts on consumer behavior, specifically discussing four aspects: price perception, subsequent purchases, purchase intention, and self-control. Our objective is to synthesize how hedonic and utility goods lead to differences in consumer behavior. Regarding price perception, most studies have focused on consumers’ varying price sensitivity to different types of goods, resulting in behavioral differences. When it comes to subsequent purchases, researches generally suggest that purchasing hedonic goods may lead to regret and guilt, thereby influencing consumers’ subsequent buying behavior. In terms of self-control, studies commonly agree that there is a bidirectional relationship between the type of goods and consumers’ self-control behavior. With regard to purchase intention, existing research mainly examines hedonic and utility goods as influencing factors. Overall, this article systematically reviews the different impacts of hedonic and utility goods on consumer behavior, providing valuable insights for marketing strategies.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"107 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141377857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Effect of Airport Hub Dominance on AverageAirfares: A Systematic Review 机场枢纽主导地位对平均票价的影响：系统回顾
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/6r39xp18
Shijun Hong
{"title":"The Effect of Airport Hub Dominance on AverageAirfares: A Systematic Review","authors":"Shijun Hong","doi":"10.61173/6r39xp18","DOIUrl":"https://doi.org/10.61173/6r39xp18","url":null,"abstract":"The effect of airport hub dominance on the average airfares, a central topic in airline pricing analysis, has evoked much research on it. The effect is also called hub premiums. This paper examines this effect by conducting systematic review and analysis on the existing literature on hub premiums. The procedures of the systematic review include setting up the inclusion criteria, searching for relevant literature, and extracting information from literature. The results establish the presence of hub premiums in the US airline market. Even in other overseas airline markets, such as the Chinese and European airline markets, there is evidence for positive hub premiums. In addition, this paper finds that the presence of low-cost carriers has negative effect on airfares, thus lowering the existing hub premiums. This paper contributes to the limited number of systematic reviews regarding hub premiums in the existing literature. It provides important evidence in understanding the structure and competition of the US airline industry.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"88 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141378392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research on the Mechanisms and Pathways for Digital Economy Empowerment in Human Resource Management 人力资源管理中的数字经济赋权机制与路径研究
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/dcnvez36
Yuli Ma
{"title":"Research on the Mechanisms and Pathways for Digital Economy Empowerment in Human Resource Management","authors":"Yuli Ma","doi":"10.61173/dcnvez36","DOIUrl":"https://doi.org/10.61173/dcnvez36","url":null,"abstract":"The development of the digital economy is a strategic choice for grasping new opportunities presented by the latest technological revolution and industrial transformation. A robust digital economy is instrumental in driving the formation of new development patterns, fostering the construction of a modern economic system, and building new competitive advantages for the nation. In the era of the digital economy, corporate human resource management faces new opportunities and challenges. The evolution of information technology and digitalization compels continuous transformation and environmental adaptation in human resources. Thus, innovating and exploring effective mechanisms and pathways for digital empowerment in human resource management is not only aligned with the trends of our times but also crucial for enhancing corporate efficiency and keeping pace with modern developments. This paper discusses the characteristics of the digital economy era and analyzes the mechanisms and pathways faced by enterprises under digital empowerment in human resource management, providing insights and reference for further analysis and study.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"15 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141379238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Review of ultra-processed food’s price change effect on consumer demand 超加工食品价格变化对消费需求影响的审查
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/cyfqat41
Zhang Qi
{"title":"Review of ultra-processed food’s price change effect on consumer demand","authors":"Zhang Qi","doi":"10.61173/cyfqat41","DOIUrl":"https://doi.org/10.61173/cyfqat41","url":null,"abstract":"In recent years, ultra-processed food has gradually become the main way of consuming food in many households or individuals, particularly for those who do not have enough time and money to buy fresh ingredients. However, eating too much dairy could trigger some negative effects owing to its making process and adding many additives. Consequently, obesity and other diseases may result. Therefore, the introduction firstly points out the wide distribution and its shortcomings, then this article the link between obesity and the price of ultra-processed foods. Secondly, two models, the Linear demand curve model, and the non-Linear demand model will be used to analyze the relationship between the price of ultra-processed food and consumer demand. Finally, introduce the concept of “elasticity” to determine the extent to which price causes a change in demand. Then it is pointed out which factors will affect the price of ultra-processed food, and thus indirectly cause the change in demand.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"61 S2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141376737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of ESG Information Disclosure on Audit Quality (Review) 环境、社会和治理信息披露对审计质量的影响（回顾）
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/y8vn9y49
Zhonglin Liu
{"title":"The Impact of ESG Information Disclosure on Audit Quality (Review)","authors":"Zhonglin Liu","doi":"10.61173/y8vn9y49","DOIUrl":"https://doi.org/10.61173/y8vn9y49","url":null,"abstract":"The proposal of the new development concept has further deepened the high-quality development of China’s economy, and at the same time, the ESG concept has become an important criterion for judging the development ability of enterprises, affecting the investment efficiency of investors. However, due to the imperfect regulatory environment in our country, external supervision is needed to improve the quality of ESG information disclosure, and external supervision is the best way.This article summarizes the relationship between ESG, external audit, and investment efficiency by collecting and analyzing numerous literature, and puts forward useful suggestions at three levels, hoping to provide more theoretical basis for this field and help China’s economic development enter a new stage.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"63 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141377367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analysis of the Reasons of Obstacles to the Development of Prepared Dishes in Chinese Market 预制菜肴在中国市场发展的障碍原因分析
Finance & Economics Pub Date : 2024-06-06 DOI: 10.61173/rd5vye63
Shuyu Fang, Yueer Li, Jinyu Zhou
{"title":"Analysis of the Reasons of Obstacles to the Development of Prepared Dishes in Chinese Market","authors":"Shuyu Fang, Yueer Li, Jinyu Zhou","doi":"10.61173/rd5vye63","DOIUrl":"https://doi.org/10.61173/rd5vye63","url":null,"abstract":"Since January 8, 2024, China has implemented the policy to treat COVID-19 as “Category B infectious diseases and subject to class B control measures”, a measure that marks China officially entering into the post-pandemic era. With the change of life pace and consumption concepts, a new economic phenomenon has been derived and strengthened, which is called the “The lazy Economy”. This paper explores the reasons why the development of prepared dishes is hindered in China against the background of the post epidemic era and the lazy economy in the country. This paper sorts out and summarizes the category classification of prepared dishes and finds that the categories of prepared dishes are mainly classified according to the degree of processing depth in Chinese market. By analyzing the advantages of prepared dishes, this paper further finds that prepared dishes have great potential for market development in the future; on the other hand, this paper summarizes in depth the factors that hinder the development of prepared dishes in the Chinese market, which is conducive to helping the industry to develop healthily and helping prepared dish enterprises to find the bottleneck to break through.","PeriodicalId":387692,"journal":{"name":"Finance & Economics","volume":"153 4‐7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141381147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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