Discrete Dividend Payments in Continuous Time

Optimal Dividend-payout in Random Discrete Time

Assume that the surplus process of an insurance company is described by a general Lévy process and that possible dividend pay-outs to shareholders are restricted to random discrete times which are determined by an independent renewal process. Under this setting we show that the optimal dividend pay-out policy is a band-policy. If the renewal process is a Poisson process, it is further shown tha...

Non-negotiable Shares, Controlling Shareholders, and Dividend Payments in China

China has some unique institutional features. For example, the shares of listed firms are segmented into negotiable and nonnegotiable. The controlling shareholders, usually connected to the government, hold nonnegotiable shares. We examine how these institutional features affected cash dividend payments in China during the period 1994-2006. We find that, despite China’s unique institutional set...

Discrete Event, Continuous Time RNNs

We investigate recurrent neural network architectures for event-sequence processing. Event sequences, characterized by discrete observations stamped with continuous-valued times of occurrence, are challenging due to the potentially wide dynamic range of relevant time scales as well as interactions between time scales. We describe four forms of inductive bias that should benefit architectures fo...

Discrete-time Equivalents to Continuous-time Systems

Continuous-time consensus with discrete-time communications

This paper addresses the problem of reaching consensus among a group of agents that evolve in continuous-time and exchange information at discretetime instants, referred to as update times. Each agent has its own sequence of update times and therefore the agents are not required to keep synchronized clocks among them. At each update time, an agent receives from a subset of the other agents thei...