the optimal ordering policy in a dcf analysis for deteriorating items when trade credit depends on the order quantity abstract in this paper an inventory system for deteriorating items under the conditions of using the discounted cash flows dcf approach to the permissible to delay payment will be considered as a matter of fact the supplier usually is willing to provide the retailer a permissible delay of payments if the retailer orders a large quantity as a result we consider that the delay in payments depends on the quantity ordered that is when the order quantity is less than that at which the delay in payments is permitted the payment for the item must be made immediately otherwise the fixed trade credit period is permitted this paper incorporates all concepts of a dcf approach and the trade credit linked to ordering quantity and develops a new inventory model for deteriorating items to generalize jaggi and aggarwal int j prod econ 34 1994 151

credit lines and credit utilization while much is known about the characteristics of consumers or businesses that obtain credit lines relatively little is known empirically about credit line utilization after origination this study fills that gap by testing two interrelated hypotheses concerning borrower credit quality and credit line utilization the empirical analysis confirms that borrowers with higher expectations of future credit quality deterioration originate credit lines to preserve financial flexibility furthermore we estimate a competing risks model that confirms our predictions concerning changes in borrower credit line utilization in response to borrower credit quality shocks

the value of a government monitor for u s banking firms do federal bank examinations add value to the market s supervisory process to address this question the author investigates whether federal reserve inspections of bank holding companies affect the association between banks reported book values and the market value of their equity using data from the fourth quarters of 1988 and 1990 he finds that the market is aware of bank examinations and takes them into account when valuing bank stocks apart from the obvious value they provide to regulators examinations affect market values in several ways in some instances they provide useful certifying information which reduces risk and increases market value in other instances examinations induce additional regulatory risk which may reduce market value the net effect of these results appears to vary over time and across different types of banks

the increase in brazilian household income and its impact on co2 emissions evidence for 2003 and 2009 from input output tables abstract in recent years brazil has experienced economic growth and a recovery of income that has had a positive impact on the consumption of goods in this paper we evaluate the impact of brazilian household consumption on the co2 emissions for 2003 and 2009 using input output tables from the world input output database we used a semi closed model with eight household groups in order to apply the hypothetical extraction method in the consumption structure of each group further we use the result from the hypothetical extraction to evaluate the impacts of the structure consumption of each household group in terms of co2 emissions we find that there is a trade off between the households greater satisfaction from consumption and the increasing setback in emissions from the restructuring and modification of the consumption basket thus this study contributes to the research on emissions by mapping the recent behavior of the brazilian economy in terms of increased income changes in the consumption structure and their impacts on emissions the paper s aggregated results by income and consumption structure based on the intensity of the emissions and their systemic effects add to the discussions on less polluting production processes more conscious consumption of goods and more rational uses of energy and transportation

the optimal cycle time for epq inventory model under permissible delay in payments abstract goyal journal of the operational research society 36 1985 35 38 discusses the economic order quantity under conditions of permissible delay in payments an implicit assumption of goyal journal of the operational research society 36 1985 35 38 is that the items are obtained from an outside supplier the entire lot size is delivered at the same time if we wish to adopt all results obtained by goyal journal of the operational research society 36 1985 35 38 then we are effectively assuming that the replenishment rate is infinite the main purpose of this paper is to extend goyal journal of the operational research society 36 1985 35 38 to the case that the units are replenished at a finite rate when the replenishment rate approaches to infinite goyal journal of the operational research society 36 1985 35 38 will be a special case of this paper

mutual holding companies evidence of conflicts of interest through disparate dividends abstract the mutual holding company mhc structure establishes a dual class stock that creates a unique opportunity to transfer wealth from thrift depositor owners to new minority shareholders through the disparate payment of dividends we show that mhcs are priced higher than comparable non mhcs and dividend policy is a significant component of this valuation we also show that mhc thrifts pay significantly higher dividends than non mhc thrifts and that an office of thrift supervision ots ruling reducing the potential for disparate dividends between the two classes of shareholders resulted in lower dividends these results have policy implications of special significance given that the ots reversed its position in 2000 and because of the current controversy over the use of the mhc structure in the financial service industry

indirect carbon emissions in household consumption evidence from the urban and rural area in china abstract resident energy consumption can be divided into direct and indirect parts and the indirect part is often considered to be much more important than direct part by some scholars in this paper on the basis of consumer lifestyle approach cla and the estimation of net primary productivity npp energy ecological footprint eef of indirect energy consumption is calculated using statistical data of chinese urban and rural areas from 1999 to 2010 and then improved stirpat stochastic impacts by regression on population affluence and technology model is used to empirically study the influences of urbanization level economic level engel coefficient energy intensity and industry structure on indirect energy consumption given the consideration of potential multicollinearity the model is estimated using partial least square pls regression the results indicate that for urban residents the eef of indirect energy use is on the rise it is positively influenced by urbanization level per capita income and the ratio of tertiary industry but negatively influenced by engel coefficient and energy intensity for rural residents the eef is declining it is positively influenced by engel coefficient energy intensity and tertiary industry proportion while negatively influenced by urbanization level and per capita income combining these empirical findings and china s specific circumstances some policy recommendations are made

asymmetric information and options in an extension of the kyle 1985 model of continuous insider trading it is shown that asymmetric information can make it impossible to price options by arbitrage even when an option would appear to be redundant its introduction into the market can cause the volatility of the underlying asset to become stochastic this eliminates the potential for dynamically replicating the option the change in the price process of the asset reflects a change in the information transmitted by volume and prices when the option is traded article published by oxford university press on behalf of the society for financial studies in its journal the review of financial studies

are younger generations higher carbon emitters than their elders inequalities generations and co2 emissions in france and in the usa abstract proper understanding of the determinants of household co2 emissions is essential for a shift to sustainable lifestyles this paper explores the impacts of date of birth and income on household co2 emissions in france and in the usa direct co2 emissions of french and american households are computed from consumer budget surveys over the 1980 2000 time period age period cohort estimators are used to isolate the generational effect on co2 emissions i e the specific effect of date of birth independent of the age the year and other control variables the paper shows that french 1935 55 cohorts have a stronger tendency to emit co2 than their predecessors and followers the generational effect is explained by the fact that over their lifespan french baby boomers are better off than other generations and live in energy and carbon inefficient dwellings in the usa the absence of a generational effect on co2 emissions can be explained by the fact that intergenerational income inequalities are weaker than in france persistence of the generational effect once income and housing type is controlled for in france can be explained by the difficulty for french 1935 55 cohorts to adapt to sober energy consumption patterns

a review of trade credit literature opportunities for research in operations abstract trade credit arises when a buyer delays payment for purchased goods or services its nature has predominantly been an area of inquiry for researchers from the disciplines of finance marketing and economics but it has received relatively little attention in other domains in our article we provide an integrative review of the existing literature and discuss conflicting study outcomes we organize the relevant literature into seven areas of inquiry and analyze four in detail trade credit motives order quantity decisions credit term decisions and settlement period decisions additionally we derive a detailed agenda for future research in these areas

optimal strategy for an integrated system with variable production rate when the freight rate and trade credit are both linked to the order quantity abstract this paper presents an integrated inventory model with variable production rate and price sensitive demand rate the buyer s purchases trade credit linked to the order quantity offered by the supplier in addition the buyer pays the freight charge according to a weight schedule this paper attempts to offer a best policy that aims at maximizing the joint total profit while the trade credit and freight rate are simultaneously linked to the order quantity the same policy also incorporates considerations on the optimal retail price order quantity and delivery decision we provide possible solutions for the buyer and the supplier to collaboratively agree on inventory control warehouse management transportation logistics delivery and billing our study demonstrates that significant profit increase for the entire supply chain can be achieved by linking both trade credit policy and freight rate policy to order quantities an algorithm is furnished to determine the optimal solution in addition numerical examples and sensitivity analysis are presented to illustrate the theoretical results

applying quantile regression and shapley decomposition to analyzing the determinants of household embedded carbon emissions evidence from urban china abstract as co2 emissions differ in households with different characteristics mitigation policies still address the contributions of these characteristics and their effects on specific households using a representative resident survey in urban china this paper compares how household characteristics differ in their associations with household embedded carbon emissions heces at different levels by quantile regression then this paper analyzes the contributions of these characteristics by shapley decomposition the findings include the following i household income is the most important contributor to the difference of heces and its positive effect increases as heces rise ii the use of wealth has different effects on heces because household housing ownership and deposits contribute little to heces but the positive effects of household car ownership contribute 25 8 iii young people and children will emit more heces than adults the employed emit more than persons who are unemployed or retired iv education increases heces overall but mainly at the low quantiles the negative effect of the marriage increases as heces rise v income car ownership marital status size and constitution of households with high heces should be addressed to reduce the inequality of heces indeed education on the low carbon concept is another way forward

evaluating energy embodied in national products through input output analysis theoretical definition and practical application of international trades treatment methods abstract production activities of modern economies are ultimately sustained by depletion of non renewable fossil fuels in the perspective of non renewables displacement an accurate evaluation of energy embodied in goods and services is crucial in order to select among alternative products or policies economic based input output models are widely used for this purpose however due to the increasing amount of international trades of products definition of appropriate methods to account for the energy embodied in trades is nowadays crucial in this paper international trades treatment methods in input output analysis are comprehensively formalized and applied to a case study based on the world input output database wiod energy embodied in final demand and in detailed products of key national energy sectors have been evaluated for the wiod countries according to single region and multi regional models it is found that an inappropriate use of international trades treatment models may produce very inaccurate estimations of numerical values of embodied energy three country groups has been identified characterized by different ranges of fractions of imported exported primary fossil fuels single region method a returns best results for countries of group 1 with high values of fossil exports and low values of fossil imports multi regional method c is to be preferred for countries of group 2 with high values of fossil imports and low values of fossil exports finally single region method b returns lower deviations compared to other methods for countries of group 3 with low values of fossil imports and exports this paper aims at supporting researchers in the field of life cycle assessment in the application of environmentally extended input output analysis finding the best trade off between the efforts due to data collection and the accuracy of results

the impacts of china s household consumption expenditure patterns on energy demand and carbon emissions towards 2050 abstract this paper explores how china s household consumption patterns over the period 2005 2050 influence the total energy demand and carbon dioxide co2 emissions in two baseline scenarios and how it influences carbon prices as well as the economic cost in the corresponding carbon mitigation scenarios to this end we first put forward two possible household consumption expenditure patterns up to 2050 using the working leser model taking into account total expenditure increase and urbanization for comparison both expenditure patterns are then incorporated in a hybrid recursive dynamic computable general equilibrium model the results reveal that as income level increases in the coming decades the direct and indirect household energy requirements and co2 emissions would rise drastically when household expenditure shifts from material products and transport to service oriented goods around 21 000 mtce 1 of primary energy and 45 billion tons of co2 emissions would be saved over the 45 year period from 2005 to 2050 moreover carbon prices in the dematerialized mitigation scenario would fall by 13 in 2050 thus reducing the economic cost

co2 emissions from household consumption in india between 1993 94 and 2006 07 a decomposition analysis abstract co 2 emission from anthropogenic activities is one of the major causes of global warming india being an agriculture dependent country global warming would mean monsoon instability and consequent food scarcity natural disasters and economic concerns however with proper policy interventions co 2 emissions can be controlled input output analysis has been used to estimate direct and indirect co 2 emissions by households for 1993 94 1998 99 2003 04 and 2006 07 complete decomposition analysis of the changes in co 2 emissions between 1993 94 and 2006 07 has been done to identify the causes into pollution energy intensity structure activity and population effects according to broad household consumption categories results indicate that activity structure and population effects are the main causes of increase in co 2 emission from household fuel consumption to identify the causes at the sectoral level a second decomposition has been done for changes between 2003 04 and 2006 07 to identify the causes in the next stage finally alternative energy policy options have been examined for each consumption category to reduce emissions combined strategies of technology upgradation fuel switching and market management in order to reduce co 2 emissions for sectors like batteries other non electrical machinery construction and electronic equipments including television for which all the effects are positive need to be adopted

the dynamics of stock index and stock index futures returns in rational efficiently functioning markets the returns on stock index and stock index futures contracts should be perfectly contemporaneously correlated this study investigates the time series properties of 5 minute intraday returns of stock index and stock index futures contracts and finds that sp however the effect is not completely unidirectional with lagged stock index returns having a mild positive predictive impact on futures returns

supply chain networks with corporate financial risks and trade credits under economic uncertainty abstract the focus of this paper is to provide an analytical framework which can be used to investigate how financial risks affect the values of interconnected supply chain firms from a network perspective and how financial risks affect the supply chain firms profitability as well as the cash and credit transactions in particular we develop a variational inequality equilibrium model in conjunction with capital asset pricing model capm and the net present value npv to determine the optimal supply chain prices profits and implicit equity values of supply chain firms under financial risks and economic uncertainty we illustrate the analytical framework with computational studies which yield interesting managerial implications to the following questions 1 how do financial risks and economic uncertainty affect the values of interconnected supply chain firms from a network perspective 2 how do financial risks and economic uncertainty affect the supply chain firms profitability as well as the cash and credit transactions 3 how does the effect of financial risks change under different competition scenarios

evidence of bank market discipline in subordinated debenture yields 1983 1991 we examine debenture yields over the period 1983 1991 to evaluate the market s sensitivity to bank specific risks and conclude that investors have rationally reflected changes in the government s policy toward absorbing private losses in the event of a bank failure although this evidence does not establish that market discipline can effectively control banking firms it soundly rejects the hypothesis that investors cannot rationally differentiate among the risks undertaken by the major u s banking firms an increasingly important issue in the regulation of financial institutions concerns the extent to which market investors can will recognize and control the risks of banking firms although the banking act of 1933 replaced some private risk bearing with federal deposit insurance legislators were reluctant to displace market discipline very extensively flood 1992 by the early 1980s however u s regulators had come to protect virtually all bank liability holders from credit losses most visibly at large banks which were deemed too big to fail sprague 1986 o hara and shaw 1990 this extension of the government safety net largely reflects a skepticism on the part of regulators that normal market forces could adequately identify and control bank risks while u s regulators have recently shown an increased willingness to let some bank investors bear default losses an official suspicion of the efficacy of market discipline remains widespread by contrast some prominent academic economists argue that market investors in bank debentures could provide timely and effective control over banking firms risk exposures and that the social cost of supervising banks would be lower if regulators ceded greater

an optimization model for renewable energy generation and its application in china a perspective of maximum utilization in response to climate change china s power industry is undertaking the task of reducing carbon emissions renewable energy generation has become an important option for the government and state grid companies it is important to know the maximum possible capacities of renewable energy generation from its different sources in order to plan the construction of the power grid in the future in this paper several important factors affecting the development of renewable energy generation are identified through a review of the existing literature such as cost technical maturity and so on and analyzed combined with the learning curve model the technology diffusion model and expectations about future economic development in china a new model the renewable energy optimization model reom is developed to analyze the development of three renewable energy sources wind power solar power and biomass power from 2009 to 2020 results show that 1 the maximum installed capacities of wind power solar power and biomass power will reach 233321 26680 and 35506 mw in 2020 2 from 2009 to 2020 biomass power will develop rapidly at the early stage while wind power is developed massively at the final stage and solar power has relatively stable growth 3 due to the added capacity in the early periods the unit investment cost of solar power shows a large decline which is good for its following scale development 4 the investment ratio constraint has a large effect on the development of wind power while the constraint of on grid proportion of renewable energy generation has a significant effect on the development of wind power and solar power the results have important policy implications for long term energy planning in developing countries such as china and india

firm specific information and the correlation between individual stocks and bonds abstract this paper examines the correlation between the returns on individual stocks and the yield changes of individual bonds issued by the same firm and finds that they are negatively and contemporaneously correlated this suggests that individual stocks and bonds are driven by firm specific information that is predominantly related to the mean rather than the variance of the firm s underlying assets furthermore i find that lagged stock returns have explanatory power for current bond yield changes while current stock returns are unrelated to lagged bond yield changes this shows that stocks lead bonds in reflecting firm specific information

an inventory model with deteriorating items under inflation when a delay in payment is permissible abstract this study develops an inventory model for initial stock dependent consumption rate when a delay in payment is permissible in the inventory model shortages are not allowed the effect of the inflation rate deterioration rate initial stock dependent consumption rate and delay in payment are discussed in the study mathematical models are also derived under two different circumstances i e case i the credit period is less than or equal to the cycle time for settling the account and case ii the credit period is greater than the cycle time for settling the account besides expressions for an inventory system s total cost are derived for these two cases moreover a computational procedure and gino lasdon et al acm transactions mathematical software 4 1978 34 50 are proposed to obtain the optimal order size and cycle time the results can help managers determine the optimal total cost finally a numerical example demonstrates the applicability of the proposed model

retailer s economic order quantity when the supplier offers conditionally permissible delay in payments link to order quantity abstract trade credit financing is increasingly recognized as an important strategy to increase profitability in inventory management we revisit an economic order quantity model under conditionally permissible delay in payments in which the supplier offers the retailer a fully permissible delay of m periods i e there is no interest charge until m if the retailer orders more than or equal to a predetermined quantity w however if the retailer s order quantity is less than w then the retailer must make a partial payment to the supplier and enjoy a permissible delay of m periods for the remaining balance in this paper we extend the mentioned eoq under conditionally permissible delay in payments to complement some shortcomings of the model by contrast to the differential calculus method we propose a simple arithmetic geometric method to solve the problem furthermore we establish some discrimination terms to identify the unique optimal solution among three alternatives and explain those theoretical results by simply economical interpretations finally we solve several numerical examples to illustrate the theoretical results and obtain some managerial implications

who emits most associations between socio economic factors and uk households home energy transport indirect and total co2 emissions abstract does the association between household characteristics and household co2 emissions differ for areas such as home energy transport and indirect emissions this question is policy relevant because distributional implications of mitigation policies may vary depending on the area of emissions that is targeted if specific types of households are likely to have higher emissions in some areas than in others so far this issue has not been examined in depth in the literature on household co2 emissions using a representative uk expenditure survey this paper compares how household characteristics like income household size education gender worklessness and rural or urban location differ in their association with all three areas as well as total emissions we find that these associations vary considerably across emission domains in particular whilst all types of emissions rise with income low income workless and elderly households are more likely to have high emissions from home energy than from other domains suggesting that they may be less affected by carbon taxes on transport or total emissions this demonstrates that fairness implications related to mitigation policies need to be examined for separate emission domains

integrating sustainability into city level co2 accounting social consumption pattern and income distribution abstract from a sustainability perspective city level co2 emissions require reconsiderations correspondingly the economy environment society nexus should be incorporated into city scale co2 accounting therefore in this study the semi closed io model is integrated with a hem to calculate co2 emissions arising from the social consumption pattern and income distribution and to explore economic drivers behind co2 variations this method is applied to a case study of beijing result demonstrate that beijing in 2012 witnessed something different from that in 2005 1 co2 emissions centred in the internal linkages of a broader class of consumption terms with high economic output mainly driven by interprovincial exports 2 imports increasingly helped decarbonize the mixed net forward and backward co2 linkages of consumption items and 3 income driven co2 emissions excluding demand side parts persisted which were more obvious on the supply side where households have more economy wide effects besides urban households played an essential role in household wide co2 reductions this paper ended with corresponding conclusions policy implications and directions for future work

the optimal inventory policies under permissible delay in payments depending on the ordering quantity abstract this paper deals with the problem of determining the economic order quantity under conditions of permissible delay in payments the delay in payments depends on the quantity ordered when the order quantity is less than the quantity at which the delay in payments is permitted the payment for the item must be made immediately otherwise the fixed trade credit period is permitted the minimization of the total variable cost per unit of time is taken as the objective function an algorithm to determine the economic order quantity is developed the results obtained in this paper generalize some already published results

an eoq model under retailer partial trade credit policy in supply chain abstract the main purpose of this paper is to investigate the retailer s inventory policy under two levels of trade credit to reflect the supply chain management situation in this paper we assume that the retailer has the powerful decision making right so we extend the assumption that the retailer can obtain the full trade credit offered by the supplier and the retailer just offers the partial trade credit to his her customer then we investigate the retailer s inventory system as a cost minimization problem to determine the retailer s optimal inventory policy under the supply chain management two easy to use theorems are developed to efficiently determine the optimal inventory policy for the retailer we deduce some previously published results of other researchers as special cases finally numerical examples are given to illustrate the theorems and obtain a lot of managerial phenomena

comments on the eoq model under retailer partial trade credit policy in the supply chain abstract huang and hsu 2007 an eoq model under retailer partial trade credit policy in supply chain international journal of production economics doi 10 1016 j ijpe 2007 05 014 investigate the inventory system as a cost minimization problem to determine the retailer s optimal inventory policy under the supply chain they develop two easy to use theorems to locate the optimal inventory policy for the retailer although their inventory models are correct and interesting processes of arguments to derive those theorems to find the optimal inventory policy are not complete so the main purpose of this paper is to overcome these shortcomings and present complete proofs for huang and hsu 2007

optimal price discounting and lot sizing policies for perishable items in a supply chain under advance payment scheme and two echelon trade credits abstract many researchers have assumed that a retailer announces price discount to motivate market sales when he has competition in markets unanticipated surplus in inventory or change in the production run of a product but in real life situations there are retailers who announce price discount offer under advance payment ap scheme prior to the selling period due to the advancement of internet and on line money transactions the ap scheme is common and useful to decrease the estimation error in demand and to increase the market sales when the items are arrived to the inventory the priority will be given to the customers who use ap scheme this paper considers a supply chain where the supplier provides the retailer a full trade credit period for payments whereas the retailer offers the partial trade credit to his customers i intend to develop an economic order quantity eoq based model with perishable items in order to investigate the retailer s inventory system as a cost minimization problem under ap scheme and two echelon trade credit option mathematical theorems are developed to determine optimal price discounting and lot sizing policies and a lot of managerial phenomena are obtained through numerical examples

the information value of the stress test we investigate whether the stress test the extraordinary examination of the 19 largest u s bank holding companies conducted by federal bank supervisors in 2009 produced useful information for the market using standard event study techniques we find that the market had largely deciphered on its own which banks would have capital gaps before the stress test results were revealed but that the market was informed by the size of the gap given our proxy for the expected gap banks with larger capital gaps experienced more negative abnormal returns our findings are consistent with the view that the stress tests produced valuable information about banks

a century of evolution from harris s basic lot size model survey and research agenda abstract determining the economic lot size has always represented one of the most important issues in production planning this problem has long attracted the attention of researchers and several models have been developed to meet requirements at minimum cost in this paper we explore and discuss the evolution of these models during one hundred years of history starting from the basic model developed by harris in 1913 up to today following harris s work a number of researchers have devised extensions that incorporate additional considerations the evolution of eoq theory strongly reflects the development of industrial systems over the past century here we outline all the research areas faced in the past by conducting a holistic analysis of 219 selected journal papers and trying to give a comprehensive view of past work on the eoq problem finally a new research agenda is proposed and discussed

impacts of household income change on co2 emissions an empirical analysis of china abstract sustained increase in chinese household income has exerted positive impact on the consumption of goods and services this paper aims to analyze the unequal impacts of household consumption across different income households on the whole co2 emissions by utilizing a semi closed input output model and hypothetical extraction method the semi closed input output model moves household consumption activities into the intermediate use along with dividing urban and rural households to several groups by their income levels and the hypothetical extraction method hem is used to estimate the reductions of co2 emissions relative to total emissions after extracting the consumption of each household group the results show that 1 the impact on co2 emissions generated by urban households consumption are 1 8 times as much as that of rural ones 2 excluding consumption of higher income households from the economy would cause greater co2 emission reductions than lower ones specifically urban highest income households have the most relative reductions of co2 emissions which are 12 2 in 2007 and 13 8 in 2012 while for rural highest income households are 5 1 in 2007 and 5 1 in 2012 and urban and rural highest income households are respectively 3 8 and 1 8 times on the relative reductions of the lowest income ones 3 the relative reductions of household co2 emissions from food sectors is the most while from residence sectors is the least based on the above conclusions this paper puts forward consumption based policy implications

the impact of household consumption patterns on emissions in spain abstract the aim of this paper is to analyse the relationship between household consumption patterns and pollution in the spanish economy the analysis was carried using a social accounting matrix sam for the spanish economy prepared for 1999 taking the final demand of households as the exogenous account in the sam framework and combining this with the information provided by the household budget continuous survey on income and consumption ine 1999 we analyse the pollution produced by both the economy and households in order to satisfy consumption requirements we also consider the effects of income inequality on expenditure levels establishing a link between income level consumption patterns propensity to consume and co2 emissions

economic order quantity under conditionally permissible delay in payments abstract within the economic order quantity eoq framework the main purpose of this paper is to investigate the retailer s optimal replenishment policy under permissible delay in payments all previously published articles dealing with optimal order quantity with permissible delay in payments assumed that the supplier only offers the retailer fully permissible delay in payments if the retailer ordered a sufficient quantity otherwise permissible delay in payments would not be permitted however in this paper we want to extend this extreme case by assuming that the supplier would offer the retailer partially permissible delay in payments when the order quantity is smaller than a predetermined quantity under this condition we model the retailer s inventory system as a cost minimization problem to determine the retailer s optimal inventory cycle time and optimal order quantity three theorems are established to describe the optimal replenishment policy for the retailer some previously published results of other researchers can be deduced as special cases finally numerical examples are given to illustrate all these theorems and to draw managerial insights

driving forces of residential co2 emissions in urban and rural china an index decomposition analysis abstract there exist many differences between urban and rural china among which residential co 2 emissions arising from energy consumption is a major one in this paper we estimate and compare the energy related co 2 emissions from urban and rural residential energy consumption from 1991 to 2004 the logarithmic mean divisia index decomposition analysis is then applied to investigate the factors that may affect the changes of the co 2 emissions it is found that energy intensity and the income effects respectively contributed most to the decline and the increase of residential co 2 emissions for both urban and rural china in urban china the population effect was found to contribute to the increase of residential co 2 emissions with a rising tendency however in rural china the population effect for residential co 2 emissions kept decreasing since 1998

optimal trade credit and lot size policies in economic production quantity models with learning curve production costs abstract in reality a seller e g a supplier or a manufacturer frequently offers his her buyers trade credit e g permissible delay in payment trade credit reduces the buyer s holding cost of inventory and hence attracts new buyers who consider it to be a type of price reduction on the other hand granting trade credit also increases the seller s opportunity cost i e the loss of capital opportunity during the credit period and default risk i e the event in which the buyer will be unable to make the required payments on his her debt obligation in addition it is a well known fact of learning by doing that production cost of a new product declines by a factor of from 10 to 50 percent each time the accumulated production volume doubles therefore we propose an economic production quantity model from the seller s prospective to determine his her optimal trade credit period and production lot size simultaneously in which i trade credit increases not only sales but also opportunity cost and default risk and ii production cost declines and obeys a learning curve phenomenon then the necessary and sufficient conditions to obtain the seller s optimal trade credit and order quantity are derived finally we use some numerical examples to illustrate the theoretical results and to provide some managerial insights

china s carbon emissions from urban and rural households during 1992 2007 in china rapid economic growth has stimulated fast urban expansion and rural household income and consumption expenditure in current paper an input output method is used to determine the impact of china s increased urban and rural household consumption on carbon emissions the results shows that the direct and indirect co 2 emission from household consumption accounted for more than 40 of total carbon emissions from primary energy utilization in china in 1992 2007 the population increase expansion of urbanization and the increase of household consumption per capita all contribute to an increase of indirect carbon emissions while carbon intensity decline mitigates the growth of carbon emissions therefore at the domestic level household consumption is of great significance for co 2 emission which could be mitigated through changing the composition of goods and services consumed by households and switching to consumption pattern of less carbon intensive products the government must consider the substantial contribution of household consumption to carbon emissions when china is encouraging consumption in order to address the current global financial crisis c 2011 elsevier ltd all rights reserved

income inequality and carbon dioxide emissions the case of chinese urban households abstract this paper draws on chinese survey data to investigate variations in carbon dioxide emissions across households with different income levels rich households generate more emissions per capita than poor households via both their direct energy consumption and their higher expenditure on goods and services that use energy as an intermediate input an econometric analysis confirms a positive relationship between emissions and income and establishes a slightly increasing marginal propensity to emit mpe over the relevant income range the redistribution of income from rich to poor households is therefore shown to reduce aggregate household emissions suggesting that the twin pursuits of reducing inequality and emissions can be achieved in tandem

an eoq model with deteriorating items under inflation when supplier credits linked to order quantity abstract this study proposes an inventory model under a situation in which the supplier provides the purchaser a permissible delay of payments if the purchaser orders a large quantity shortages are not allowed and the effect of the inflation rate deterioration rate and delay in payment are discussed as well as a result in this paper we establish an eoq model for deteriorating items under inflation when the supplier offers a permissible delay to the purchaser if the order quantity is greater than or equal to a predetermined quantity we then characterize the optimal solution and provide an easy to use algorithm to find the optimal order quantity and replenishment time finally some numerical examples are given to illustrate the theoretical results and made the sensitivity analysis of parameters on the optimal solutions

stackelberg solution in a vendor buyer supply chain model with permissible delay in payments abstract in practice vendors or sellers often offer their buyers a fixed credit period to settle the account the benefits of trade credit are not only to attract new buyers but also to avoid lasting price competition on the other hand the policy of granting a permissible delay adds not only an additional cost but also an additional dimension of default risk to vendors in this paper we will incorporate the fact that granting a permissible delay has a positive impact on demand but negative impacts on both costs and default risks to establish vendor buyer supply chain models then we will derive the necessary and sufficient conditions to obtain the optimal solution for both the vendor and the buyer under non cooperative stackelberg equilibrium finally we will use two numerical examples to show that 1 granting a permissible delay may significantly improve profits for both the vendor and the buyer 2 the sensitivity analysis on the optimal solution with respect to each parameter and 3 the comparisons between nash and stackelberg solutions

the october 1987 s p 500 stock futures basis five minute changes in the s p 500 index and futures contract are examined over a ten day period surrounding the october 1987 stock market crash since nonsynchronous trading problems are severe in these data new index estimators are derived and used the estimators use the complete transaction history of all 500 stocks nonsynchronous trading explains part of the large absolute futures cash basis observed during the crash the remainder may be due to disintegration of the two markets even after adjustment for nonsynchronous trading the index displays more autocorrelation than does the futures and the futures leads the index

intraday price change and trading volume relations in the stock and stock option markets this study investigates intraday relations between price changes and trading volume of options and stocks for a sample of firms whose options traded on the cboe during the first quarter of 1986 after purging the price change series of the effects of bid ask spreads multivariate time series analysis is used to estimate the lead lag relation between the price changes in the option and stock markets the results indicate that price changes in the stock market lead the option market by as much as fifteen minutes the analysis of trading volume indicates that the stock market lead may be even longer the intense trading activity in and in fact the very existence of organized stock option markets attest to the economic benefits that these financial contracts provide reduced transaction costs and increased financial leverage are two reasons why trading in the stock option market may be more attractive than trading in the market for the underlying stock in addition these cheaper and more flexible trading opportunities attract new and differently informed investors to the marketplace the resulting increase in trading activity together with the inextricable arbitrage linkage between stock and option prices imply an increase in market efficiency this study investigates empirically the intraday price change and trading volume relations between stocks and options for a sample of firms whose options were actively traded on the chicago board options exchange during the first quarter of 1986 in particular intraday call option price changes are translated into implied stock price changes using the american call option pricing model these intraday implied stock price changes are then compared with the actual stock price changes to identify which if either market leads the other in perfectly functioning capital markets there should be complete simultaneity between the series that is new information disseminating into the marketplace should be reflected in the prices and the trading activity of both securities simultaneously institutional factors however may make the stock option market more attractive to information traders this may cause price changes and trading activity due to new information to be observed in the option market first followed by price

effects of customized consumption feedback on energy efficient behaviour in low income households abstract smart metering and various consumption feedback systems can be used as applicable technology to encourage end use energy efficiency in the residential sector many studies have demonstrated the positive influence of socially contextualized feedback on the energy consumption of households but not many such studies dealt with the specifics of low income households this paper evaluates the effect of customized consumption feedback and other information interactions on energy behaviour patterns and energy savings in low income households the experimentation process was accompanied by an interactive awareness campaign with the emphasis being on a proper understanding of the consumption feedback and other complementary energy services provided to low income households the feedback actions were customized to tackle the recognised needs of each specific target household considering both the social aspects and the typology of the dwelling the results clearly confirmed the importance of customized information and efficiency indicators for specific household groups with a potential to increase knowledge and develop awareness with respect to established habits and their relevance to energy behaviour

do stress tests matter a study on the impact of the disclosure of stress test results on european financial stocks and cds markets during the recent sovereign debt crisis the european banking authority conducted two stress tests on european banks in order to gauge their capital needs core tier 1 ratios and ratios of resilience to adverse shocks we assess the informational content of the disclosure of the stress test outcomes we conclude that the stress tests conveyed new information and that the outcomes were not anticipated by the stock market but were partially anticipated by the credit default swap cds market however while the stock market reacted to the disclosure of the stress test outcomes in the cds market there is some evidence of a reverse reaction moreover the publication of the outcomes of the stress tests had a stronger impact on the stock prices of riskier financial institutions a similar pattern is evident in the cds market albeit narrowed to one of the stress tests and amid the financial institutions with higher perceived credit risk

continuous review inventory model with delay in payments abstract in this paper we examine the continuous review inventory model under permissible delays in payments that is a retailer has the option of either paying for the goods immediately upon the receipt of the order or delay the payment till the next replenishment order where interest will be charged over the delay period expected demand will be assumed constant over time and the order lead time is considered random the objective is to find the optimal ordering quantity and reorder level that will maximize the vendor s total expected profit per unit time when payments are delayed