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The impact of Big Data on the organization of the European market
Capitalism. Democracy. Rule of Law

Abstract

The entrepreneurship has positive and significant connection with economic growth. Competition would be increased by new entrants in the market; then, social welfare would be improved. Thus, positive entrepreneurship policies are often linked to increased social welfare by authorities. In this paper, we focus on a certain case where potential entrepreneurs are employees of existing firms to test the above ideas. The purpose of our research is to assess the variation of social welfare in the context of employer-restricted separation. Therefore, the model of Cournot competition where employees constitute the only entry threat was used in this paper. The results demonstrate that social welfare would not always be improved even in a good entrepreneurial context. If the deterring strategy is present, the relationship between positive entrepreneurship policies and increased social welfare might not hold, or would depend on the different strategies adopted by the incumbent. Therefore, the sustainability of a positive entrepreneurship policy would be impaired by incumbent firms.

Abstract

The Hurst exponent is the simplest numerical summary of self-similar long-range dependent stochastic processes. We consider the estimation of Hurst exponent in long-range dependent curve time series. Our estimation method begins by constructing an estimate of the long-run covariance function, which we use, via dynamic functional principal component analysis, in estimating the orthonormal functions spanning the dominant sub-space of functional time series. Within the context of functional autoregressive fractionally integrated moving average (ARFIMA) models, we compare finite-sample bias, variance and mean square error among some time- and frequency-domain Hurst exponent estimators and make our recommendations.

Abstract

This paper mainly studies whether and how stock prices fluctuate around their intrinsic values. Based on data from 10 stock markets for the period between 2000 and 2018, we demonstrate that the relative price fluctuates around and approaches the intrinsic value in the long term. For the ten markets, the relative price crosses the intrinsic value on average once in 3 ∼ 4 years. Profitability growth is a key factor in rising stock prices, but the level of valuations in the market has a regulatory effect to the growth of price in the future: For every 1 % increase in valuation, the price tends to decline by 0.26% in the next year, 0.74% in the next 3 years.

Abstract

Material incentive is the main motivation for solvers to attend crowdsourcing tasks. So raising the bidding success rate is benefit to inspire the solvers attendance’ and increase the answering quality. This paper analyzes the effect of participation experience, task-fit capability, participation strategy and task attribute on the solvers bidding success by the solvers attending the series tasks of Tripadvisor. The results show that: 1) Participation times enrich the participation experiences and promote the bidding success, while bidding success times and last performances lower the bidding success because of the cognitive fixation; 2) The chance of bidding success will be increase when the solver own high task-fit capability; 3) The relationship between task submit sequence and bidding success is the type of reverse U shape, and the optimal submit sequence rate on the top of the reverse U shape; 4) Higher task difficulty lower bidding success, while higher task density easier bidding success.

Abstract

A parameter estimation method, called PMCMC in this paper, is proposed to estimate a continuous-time model of the term structure of interests under Markov regime switching and jumps. There is a closed form solution to term structure of interest rates under Markov regime. However, the model is extended to be a CKLS model with non-closed form solutions which is a typical nonlinear and non-Gaussian state-space model(SSM) in the case of adding jumps. Although the difficulty of parameter estimation greatly prevents from researching models, we prove that the nonlinear and non-Gaussian state-space model has better performances in studying volatility. The method proposed in this paper will be implemented in simulation and empirical study for SHIBOR. Empirical results illustrate that the PMCMC algorithm has powerful advantages in tackling the models.

Abstract

Understanding the satisfaction impact factors of China-Eurasia Expo is important to hold and improve the Expo. This paper divides the impact factors of satisfaction into local residents and exhibitors’ aspects. Firstly, this paper constructs a five-dimension conceptual model to measure the local residents’ satisfaction which consists of the degree of promoting economic development, environmental protection, cultural quality, urban convenience and urban brand image of the China-Eurasia Expo. 898 valid questionnaires were collected and structural equation model (SEM) was used to validate the constructed model and the proposed hypotheses were proved; the path coefficients of cultural quality, urban convenience and urban brand image to locals’ satisfaction are all greater than 0.90, indicating that they have high impacts on local residents’ satisfaction, while the path coefficient of the degree of promoting economic development to residents’ satisfaction is 0.695, indicating a relatively low impact. Secondly, this paper constructs a five-dimension conceptual model of exhibitors’ satisfaction which includes infrastructure, management level, service quality, organizing effect, and advancement. 708 valid questionnaires were collected and SEM was used to valid the constructed model and the proposed hypotheses. The results show that the five path coefficients to exhibitors’ satisfaction are higher than 0.7, all hypotheses were proved.