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2023.02.16郑欢; Lyu, Guodong; Ke, Jiannan; Teo, Chung-Piaw，From Targeting to Transfer: Design of Allocation Rules in Cash Transfer Programs，M&SOM-MANUFACTURING & SERVICE OPERATIONS MANAGEMENT，APR 2022（online）
【Abstract】Problem definition: Cash transfer programs (CTPs) have spread in the last decade to help fight extreme poverty in different parts of the world. A key issue here is to ensure that the cash is distributed to the targeted beneficiaries in an appropriate manner to meet the goals of the programs. How do we design efficient and egalitarian allocation rules for these programs? Academic/practical relevance: Big data and machine learning have been used recently by several CTPs to target the right beneficiaries (those living in extreme poverty). We demonstrate how these targeting methods can be integrated into the cash allocation problem to synthesize the impact of targeting errors on the design of the allocation rules. In particular, when the targeting errors are “well calibrated,” a simple predictive allocation rule is already optimal. Finally, although we only focus on the problem of poverty reduction (efficiency), the optimality conditions ensure that these allocation rules provide a common ex ante service guarantee for each beneficiary in the allocation outcome (egalitarian). Methodology: We design allocation rules to minimize a key indicator in poverty reduction—the squared gap of the shortfall between the income/consumption and the poverty line. The rules differ in how the targeting error distribution is being utilized. Robust and online convex optimization are applied for the analysis. We also modify our allocation rules to ensure that the cash is spread more evenly across the pool of beneficiaries to reduce the (potential) negative effect on nonbeneficiary households living close to the poverty line but missing the benefits of the CTPs because of imperfect targeting. Results: Given a targeting method, we compare and contrast the performance of different allocation rules—predictive, stochastic, and robust. We derive closed-form solutions to predictive and stochastic allocation models and use robust allocation to mitigate the negative impact of imperfect targeting. Moreover, we show that the robust allocation decision can be efficiently computed using online convex optimization. Managerial implications: Using real data from a CTP in Malawi, we demonstrate how a suitable choice of allocation rule can improve both the efficiency and egalitarian objectives of the CTP. The technique can be suitably modified to ensure that the wealth distribution after allocation is “smoother,” reducing the bunching effect that may be undesirable in some circumstances.
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2023.02.16Cao, Zhiqi; 吴文锋，Ownership breadth: Investor recognition or short-sale constraints? FINANCE RESEARCH LETTERS，2022（47），102847
【Abstract】Miller (1977)'s short-sale constraints hypothesis and Merton (1987)'s investor recognition hy-pothesis infer opposite relationships between ownership breadth and future stock returns. We find the mixed empirical evidence in prior literature comes from opposite effects of positive and negative breadth changes on returns. The breadth-future return relationship is positive when breadth decreases, whereas the relationship becomes negative when breadth increases. Our re-sults suggest that the investor recognition hypothesis dominates when breadth increases, whereas the short-sale constraints hypothesis dominates when breadth decreases. This reconciles not only the conflicting evidence but also the predictions of Miller (1977) and Merton (1987).
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2023.02.16Wang, Shan; Su, Huiqiao; 万国华; Zhong, Liwei，Surgery scheduling in the presence of operating room eligibility and dedicated surgeon: an adaptive composite dispatching method，INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH,MAR 2022(online）
【Abstract】Motivated by a real problem in a big hospital in China, we study a daily surgery scheduling problem with operating room eligibility and dedicated surgeon. We model the problem as a parallel machine scheduling problem with machine and resource constraints to minimise the makespan, and innovatively propose an adaptive composite dispatching method to deal with such a strongly NP-hard problem. The dispatching rule is a combination of three popular rules LPT, LFJ and LRW, each of which can deal with some special features of the scheduling problems, and the scaling parameters are estimated through a statistical model learned from historical data. The adaptive composite dispatching method is easy-to-implement, fast, adaptable, robust and flexible. To examine the performance of the proposed solution approach, we first carry out a series of computational experiments showing that the adaptive composite dispatching method works very well compared to the optimal solution. Using a real data set, we further conduct a case study showing that our solution approach can improve the current practice by significantly shortening the makespan and reducing the overnight work.
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2023.02.16Gao, Yuan; 夏俊; D'Ariano, Andrea; Yang, Lixing，Weekly rolling stock planning in Chinese high-speed rail networks，TRANSPORTATION RESEARCH PART B-METHODOLOGICAL，2022,158（295-322）
【Abstract】In high-speed rail networks, train units are scheduled to periodically meet all maintenance requirements while at the same time continuing to serve all scheduled passenger trips. Motivated by the trip demand variances on the days of every week in China, this paper studies a weekly rolling stock planning (W-RSP) problem that aims to optimize the rotation plan for the train units on each day of a week, so as to minimize their operating cost, including any (un)coupling costs and maintenance costs. We model the W-RSP on a newly developed rotation network by adopting particular nodes and arcs to address the (un)coupling operations of train units, and then propose an integer linear programming formulation for the problem. To solve this formulation, we develop a customized branch-and-price algorithm, which relies on a reduced linear programming relaxation for computing the lower bound, embeds a diving algorithm for computing the upper bound, and integrates advanced branching rules for effective explorations of the solution space. Computational results validate the effectiveness and efficiency of the proposed solution algorithm, which is able to solve large instances with up to 5034 trips to near-optimality.
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2023.02.16杨继彬; Jia, Fansheng; Li, Shanmin; 吴文锋，Hometown-based business associations and M&As performance: Evidence from China，PACIFIC-BASIN FINANCE JOURNAL，2022（6）,101744
【Abstract】This paper examines the impact of hometown-based business associations (HBAs), formal social networks constructed based on members sharing a hometown, on the cross-province M&As performance of Chinese A-share listed private firms. We find that HBAs significantly increase firms' cross-province M&As performance. The positive association between HBAs and M&As performance is more pronounced in the target provinces with a lower level of marketization, underdeveloped intermediary organization markets, and limited access to information. The findings suggest that information is an important channel through which HBAs improve M&As performance. Moreover, HBAs are substitutes for informal social networks. Our results are robust to various endogeneity checks.
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2023.02.16Zhu, Minchen; Lv, Dayong; 吴文锋，Market stabilization fund and stock price crash risk: Evidence from the post-crash period，JOURNAL OF ECONOMIC DYNAMICS & CONTROL，JUN 2022（online）
【Abstract】As market stabilization funds (MSFs) are usually established to stabilize a short-term stock market disaster, most of them will "retreat" after crashes. However, there is an exception, i.e., the Chinese MSFs, which still purchase and hold a large number of shares even after the stock market crash. This paper concentrates on the trading behavior of the Chinese MSFs in a post-crash period by investigating the association between MSFs holding and future stock price crash risk. We show that, during the post-crash period, stocks held by MSFs experience significantly lower future crash risk than those un-held by MSFs in the short run. Moreover, this negative association cannot be explained by the "trading channel," "signaling channel," or "monitoring channel." Our findings corroborate that the Chinese MSFs, which manage massive resources from taxpayers, are capable of detecting stocks with lower future crash risk. (C) 2022 Elsevier B.V. All rights reserved.
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2023.02.16Qiu, Yumin; 陈宏权，A systematic review of the knowledge domain of institutional theory in construction project management，ENGINEERING CONSTRUCTION AND ARCHITECTURAL MANAGEMENT，APR 2022（Online）
【Abstract】Purpose The large scale of construction projects and the coexistence of multiple logics in the construction field are sparking interest in applying an institutional perspective to investigate managerial issues in construction projects. However, only a few conceptual papers have been published thus far, and a literature review is needed to identify how that knowledge domain has developed. Based on the results of bibliometric analysis and content analysis, this study proposes potential future avenues for institutional theory in construction project management (ITCPM) studies. Design/methodology/approach This paper reports a bibliographic coupling analysis and a co-citation analysis conducted to identify existing research trajectories and determine the primary features of the current ITCPM literature. In addition, this paper employed a content analysis, identified the evolutionary stages of ITCPM knowledge over time and built a framework of existing research. Findings This paper first identified that the existing ITCPM studies evolve through three stages, and that the intellectual core of ITCPM studies can be categorized into five clusters. In addition, this paper proposes that future research can be extended from two existing streams: the institutional responses of project actors and the institutional outcomes of construction projects. This paper proposes several major questions that should be addressed by project management scholars working in both streams in order to develop an understanding of construction projects from an institutional perspective. Originality/value This is the first literature review of the existing body of knowledge based on a joining of institutional theory and construction project management literature. It uncovers knowledge gaps in contemporary research, notably a lack of broader consideration of how project actors respond to institutional environments and of the institutional outcomes of project management.
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2023.02.16Cao, Zhiqi; 吴文锋，Difference of opinion among investors versus analysts，ACCOUNTING AND FINANCE，JUN 2022（online）
【Abstract】We construct an investor-based measure of differences of opinion (DO) to investigate the different implications of DO between retail investors (DOR), institutional investors (DOI), and analysts (DOA) on asset pricing. Using Chinese stock data, we find that three DO measures (DOR, DOI, and DOI) are negatively related to future returns; DOI's ability to predict returns can be partly explained by DOR and DOA, whereas DOR contains incremental information not available from DOI and DOA. DOR is more strongly associated with the severe overvaluation caused by retail investors' optimism than DOI or DOA, emphasising the specific role of retail investors in China's market. We further show that DOI and DOA are the results of the differences in their information sets, whereas DOR are the results of different interpretations of public information.
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