摘要：
At present, as China promotes the virtuous circle of housing leasing market, Real Estate Investment Trusts (REITs) has become an important investment and financing tool. In this paper, Hurst exponent is used to examine the efficiency of Hong Kong REITs market in China, and time-varying Hurst exponent is used to explore the dynamic changes of its efficiency. The empirical results of the Hong Kong REITs market show that the Hong Kong REITs market has not yet reached weak efficiency, and it is basically in a state of inefficiency from November 25 2005 to October 10, 2018, with only three times approximate to weak-form efficiency, but the duration is very short. Furthermore, compared with the Hong Kong stock market and the real estate market, the degree of efficiency of the Hong Kong REITs market is the lowest. Finally, on this basis, some countermeasures and suggestions for the development of China's REITs market are put forward. This paper not only enriches the study of REITs market, but also provides the relevant basis for investors to make investment decisions. (C) 2019 Elsevier B.V. All rights reserved.
摘要：
In this article, we investigate a class of impulsive Hamiltonian systems with a p-Laplacian operator. By establishing a series of new sufficient conditions, the existence of homoclinic solutions to such type of systems is revealed. We show the existence of homoclinic orbit induced by impulses by introducing some conditions. To illustrate the applications of the main results in this article, we create an example.
期刊：
Abstract and Applied Analysis,2014年2014(SI18):1-8 ISSN：1085-3375
通讯作者：
Yan, Lizhao
作者机构：
[Liu, Jian] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410004, Hunan, Peoples R China.;[Yan, Lizhao] Hunan Normal Univ, Hunan Normal Univ Press, Changsha 410081, Hunan, Peoples R China.
通讯机构：
[Yan, Lizhao] H;Hunan Normal Univ, Hunan Normal Univ Press, Changsha 410081, Hunan, Peoples R China.
关键词：
We use variational methods to investigate the solutions of damped impulsive differential equations with mixed boundary conditions. The conditions for the multiplicity of solutions are established. The main results are also demonstrated with examples. Published: 2014 First available in Project Euclid: 3 October 2014 zbMATH: 07022214 MathSciNet: MR3200778 Digital Object Identifier: 10.1155/2014/356745
摘要：
We use variational methods to investigate the solutions of damped impulsive differential equations with mixed boundary conditions. The conditions for the multiplicity of solutions are established. The main results are also demonstrated with examples.
期刊：
Advances in Difference Equations,2014年2014(1):1-13 ISSN：1687-1839
通讯作者：
Yan, Lizhao
作者机构：
[Yan, Lizhao] Hunan Normal Univ, Changsha 410081, Hunan, Peoples R China.;[Luo, Zhiguo] Hunan Normal Univ, Dept Math, Changsha 410081, Hunan, Peoples R China.;[Liu, Jian] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410076, Hunan, Peoples R China.
通讯机构：
[Yan, Lizhao] H;Hunan Normal Univ, Changsha 410081, Hunan, Peoples R China.
关键词：
variational methods;impulsive differential equations;boundary value problem
摘要：
In this paper, we use variational methods to investigate the solutions of impulsive differential equations with Sturm-Liouville boundary conditions. The conditions for the existence and multiplicity of solutions are established. The main results are also demonstrated with examples.
通讯机构：
[Rao, Yulei] C;Cent S Univ, Sch Business, Changsha 410083, Hunan, Peoples R China.
关键词：
The convertible bonds usually have multiple additional provisions that make their pricing problem more difficult than straight bonds and options. This paper uses the binary tree method to model the finance market. As the underlying stock prices and the interest rates are important to the convertible bonds;we describe their dynamic processes by different binary tree. Moreover;we consider the influence of the credit risks on the convertible bonds that is described by the default rate and the recovery rate;then the two-factor binary tree model involving the credit risk is established. On the basis of the theoretical analysis;we make numerical simulation and get the pricing results when the stock prices are CRR model and the interest rates follow the constant volatility and the time-varying volatility;respectively. This model can be extended to other financial derivative instruments. Published: 2013 First available in Project Euclid: 26 February 2014 zbMATH: 1273.91437 MathSciNet: MR3045060 Digital Object Identifier: 10.1155/2013/270467
摘要：
The convertible bonds usually have multiple additional provisions that make their pricing problem more difficult than straight bonds and options. This paper uses the binary tree method to model the finance market. As the underlying stock prices and the interest rates are important to the convertible bonds, we describe their dynamic processes by different binary tree. Moreover, we consider the influence of the credit risks on the convertible bonds that is described by the default rate and the recovery rate; then the two-factor binary tree model involving the credit risk is established. On the basis of the theoretical analysis, we make numerical simulation and get the pricing results when the stock prices are CRR model and the interest rates follow the constant volatility and the time-varying volatility, respectively. This model can be extended to other financial derivative instruments.
关键词：
variational methods;impulsive differential equations;boundary value problem;half-line
摘要：
In this paper, we use variational methods to investigate the solutions of impulsive differential equations on the half-line. The conditions for the existence and multiplicity of solutions are established. The main results are also demonstrated with examples.
期刊：
Abstract and Applied Analysis,2013年2013:1-10 ISSN：1085-3375
通讯作者：
Luo, Zhiguo
作者机构：
[Yan, Lizhao] Hunan Normal Univ, Dept Math, Changsha 410081, Hunan, Peoples R China.;[Yan, Lizhao; Luo, Zhiguo] Hunan Normal Univ Press, Changsha 410081, Hunan, Peoples R China.;[Liu, Jian] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410004, Hunan, Peoples R China.
通讯机构：
[Luo, Zhiguo] H;Hunan Normal Univ Press, Changsha 410081, Hunan, Peoples R China.
摘要：
We use variational methods and iterative methods to investigate the solutions of impulsive differential equations with nonlinear derivative dependence. The conditions for the existence of solutions are established. The main results are also demonstrated with examples.
通讯机构：
[Liu, Jian] H;Hunan Univ, Sch Business & Management, Changsha 410082, Peoples R China.
会议名称：
The Second International Joint Conference on Computational Science and Optimization(CSO 2009)(2009 国际计算科学与优化会议)
会议时间：
2009-04-24
会议地点：
三亚
会议论文集名称：
The Second International Joint Conference on Computational Science and Optimization(CSO 2009)(2009 国际计算科学与优化会议)论文集
摘要：
This paper discusses an actuarial approach to the option pricing problem for a market model where the interest rates are stochastic and the stock prices are driven by generalized Exp-Ornstein-Uhlenback process. According to the definition of actuarial pricing approach, the exact solutions of the general European option and the exchange option are obtained with the help of related theory of stochastic differential equation. Then the European call-put parity relation is derived naturally. Furthermore, the new prices of European call option and the put option with continuous dividend yield are deduced from the above results. At last, a comparative analysis of numerical simulation is made between the above-mentioned results and the B-S pricing formula. All the results are applicable to complex incomplete markets.
