We study an optimal dividend problem for insurer who simultaneously controls investment weights in a financial market, liability ratio the insurance business, and payout rate. The seeks strategy to maximize her expected utility of payments over infinite horizon. By applying perturbation approach, we obtain value function closed form log power utility. conduct economic analysis investigate impac...

This paper analyzes problems in Inner Mongolia’s industrial development investment, illustrating the importance of reasonable optimization of investment structure. According to the real conditions of investment and output in Inner Mongolia, this paper advances the direction of general industrial investment structure optimization, and points out the investment optimization measures in perspectiv...

In this paper, we investigate how the accounting measurement basis affects the capital market pricing of a firm’s shares, which, in turn, affects the efficiency of the firm’s investment decisions. We distinguish two broad bases for accounting measurements: input-based and output-based accounting. We argue that the structural difference in the two measurement bases leads to a systematic differen...

In this paper, we analyze whether the total debt ratios and bank loan ratios of Chinese listed companies had any impact on their fixed investment in 2001-2006, and whether this impact, if it existed, differed among companies with differing investment opportunities. Our results are as follows. First, our analysis reveals that the total debt ratio (bank loan ratio) did have a negative impact on f...

Investment frictions reduce, delay or protract investment expenditure that is necessary for firms to capture growth opportunities. Using an investment model with capital adjustment costs, this article estimates the gap betweenChina’s actual and frictionless aggregate output. It applies the method of simulated moments to a fully structural investment model on a panel of Chinese firms and takes i...

I set out and explain Piketty's model of the dynamics of capitalism based on two equations and the r > g inequality (his central contradiction of capitalism). I then take issue with Piketty's analysis of the rebuilding of inequality from the 1970s to the present on three grounds: First, his model is based on the (neo-classical) assumption that companies are essentially passive actors who invest...