中国市场化指数 : 各地区市场化相对进程报告 = NERI Index of Marketization of China's Provinces

Connections: An Introduction to the Economics of Networks by Sanjeev Goyal .

This paper presents evidence that firms choose conservative financial policies partly to mitigate workers' exposure to unemployment risk. We exploit changes in state unemployment insurance laws as a source of variation in the costs borne by workers during layoff spells. We find that higher unemployment benefits lead to increased corporate leverage, particularly for labor-intensive and financially constrained firms. We estimate the ex ante, indirect costs of financial distress due to unemployment risk to be about 60 basis points of firm value for a typical BBB-rated firm. The findings suggest that labor market frictions have a significant impact on corporate financing decisions.

Labor unemployment risk and corporate financing decisions

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Supermodularity And Complementarity

/pdf/how-stable-are-corporate-capital-structures-23motjhn6m.pdf

How Stable Are Corporate Capital Structures

In the manufacture of circuit boards, panels are immersed sequentially in a series of tanks, with upper and lower bounds on the processing time within each tank. The panels are mounted on carriers that are lowered into and raised from the tanks, and transported from tank to tank by programmable hoists. The sequence of hoist moves does not have to follow the sequence of processing stages for the circuit boards. By optimising the sequence of hoist moves, we can maximise the production throughput.We consider simple cyclic schedules, where the hoist move sequence repeats every cycle and one panel is completed per cycle. Phillips and Unger (1976) developed the first mixed integer programming model for finding the hoist move schedule to minimise the cycle time for lines with only one hoist. We discuss how their formulation can be tightened, and introduce new valid inequalities. We present the first mixed integer programming formulation for finding the minimum-time cycle for lines with multiple hoists and present valid inequalities for this problem. Some preliminary computational results are also presented.

Optimal Cyclic Multi-Hoist Scheduling: A Mixed Integer Programming Approach

A network perspective of comovement and structural change: Evidence from the Chinese stock market

This paper discusses the inverse center location problem restricted on a tree with different costs and bound constraints. The authors first show that the problem can be formulated as a series of combinatorial linear programs, then an O(∣V∣2 log ∣V∣) time algorithm to solve the problem is presented. For the equal cost case, the authors further give an O(∣V∣) time algorithm.

Xiaoguang Yang

Papers

Optimal Cyclic Multi-Hoist Scheduling: A Mixed Integer Programming Approach

A network perspective of comovement and structural change: Evidence from the Chinese stock market

Inverse Center Location Problem on a Tree

Jump volatility spillover network based measurement of systemic importance of Chinese financial institutions

Study on the transformation from NaCl-type Na2TiO3 to layered titanate