Sourcing under volatility: offshoring, onshoring or both?
15:30-17:00
Talk & Lecture
1
2440470
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2021-11-10
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Speaker: LU Jiaqi, Assistant Professor, School of Data Science and the School of Management and Economics, the Chinese University of Hong Kong, ShenzhenVenue: Tencent meeting, meeting ID: 604 517 397Abstract:We study a dual sourcing problem in an increasingly volatile world. We consider two types of volatilities. The first type models fluctuating economic conditions via an underlying Markov- modulated state-of-the-world which affects the two suppliers’ cost structures, capacity limits and demands. The other type of volatility affects the actual outputs resulting from random supply processes. We show how the optimal combined ordering strategy from the two suppliers, along with a salvaging policy, can be efficiently computed, and characterize the relatively simple structure of the optimal policies. We also present various comparison results of the expected total costs under different environments. We find that the firm can, by exploiting the dual sourcing options, benefit from environmental volatilities that affect the suppliers’ cost structures or capacity limits; indeed, benefits increase as volatilities increase in specific ways. Numerical studies illustrate these results and reject other reasonable conjectures.
LU Jiaqi, Assistant Professor, School of Data Science and the School of Management and Economics, the Chinese University of Hong Kong, Shenzhen
LU Jiaqi
2021-11-17 14:04:16
Online
Shareholder value effects of the Volkswagen emissions scandal on the automotive ecosystem
10:00-12:00
Talk & Lecture
2
2440464
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2021-11-10
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Speaker: Vinod Singhal, Professor, Coordinator for MS with a Major in Management, Georgia Institute of TechnologyVenue: ZOOM, ID: 935 6048 9231, code: 375983Abstract:In this talk, Professor Vinod Singhal will share his study on the empirical evidence on the effect of the September 2015 Volkswagen diesel emissions scandal on the stock prices of publicly traded firms in the global automotive ecosystem. Focus on the supply chain partners, business customers of VW, and other manufacturers not identified as VW suppliers; and wholesalers, retailers, and rental agencies not identified as VW customers. They find that tier-1 suppliers of direct material to VW suffered a negative stock price reaction, but this effect varied by region. European suppliers were the most impacted with a mean stock price reaction of ‒5.52%. Suppliers with larger revenue dependence on VW experienced greater negative stock price reactions, as did suppliers of components for engines and/or emissions systems. Non-VW parts manufacturers experienced a positive effect. We find a mean stock price reaction of ─5.28% to VW’s European customers, but no significant effects for non-VW customers. European motor vehicle manufacturers experienced a mean stock price reaction of ‒7.60%. Their work has implications for industry groups, regulators, and legal systems, entities that have the resources and capabilities to effectively monitor large firms to reduce illegal or irresponsible behavior such as the VW scandal.
Vinod Singhal, Professor, Coordinator for MS with a Major in Management, Georgia Institute of Technology
Vinod Singhal
2021-11-15 13:58:31
Online
Epidemic outbreak, uncertainty and FDI fluctuation
13:00-14:30
Talk & Lecture
3
2440457
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2021-11-10
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Speaker: ZHAO Jing, Associate professor, Department of Marketing and Tourism Management, Wuhan UniversityVenue: Tencent meeting, meeting ID: 718 895 601(Please remark your name as name-school)Abstract:This paper studies how FDI inflows fluctuate when the host country is hit by epidemic outbreak. Based on uncertainty theory, we propose S-shaped FDI fluctuations during and after the outbreak. By analyzing historical outbreak and bilateral FDI data from 2001 to 2012, we find FDI inflows during an outbreak are 20.8% below the pre-outbreak average, and FDI inflows after the end of an outbreak are 20.1% above the pre-outbreak average within three years, which highlights the compensatory FDI after the end of epidemic and thereby confirms the S-shaped fluctuation. Furthermore, by studying the industry-level heterogeneity, we first confirm the validity of the uncertainty mechanism converting the health shock into risk factors in the real economy; secondly we find the medical conditions and institutional quality may influence the effect of epidemic on FDI inflows, in the sense that countries with poor medical conditions suffer greater decreases in FDI inflows during outbreaks, and countries characterized by poorer institutional quality do not experience compensatory FDI after an outbreak ends.
ZHAO Jing, Associate professor, Department of Marketing and Tourism Management, Wuhan University
ZHAO Jing
2021-11-12 13:45:27
Online
Sample-wise Combined Missing Effect Models with Penalization
14:00
Talk & Lecture
4
2439093
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2021-11-05
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Speaker: Prof. LI Qizhai, University of Chinese Academy of ScienceVenue: Tencent meeting, meeting ID: 559 530 381Abstract:Modern high-dimensional statistical inference often faces the problem of missing data. In recent decades, many studies have focused on this topic and provided strategies including complete-sample analysis and imputation procedures. However, complete-sample analysis discards information of incomplete samples, while imputation procedures have accumulative errors from each single imputation. In this paper, we propose a new method, Sample-wise COmbined missing effect Models with penalization (SCOM), to deal with missing data occurring in predictors. Instead of imputing the predictors, SCOM estimates the combined effect caused by all missing data for each incomplete sample. SCOM makes full use of all available data and is robust with respect to various missing mechanisms. Theoretical studies show the oracle inequality for the proposed estimator, and the consistency of variable selection and combined missing effect selection. Simulation studies and an application to the Residential Building Data also illustrate its effectiveness.
Prof. LI Qizhai, University of Chinese Academy of Science
LI Qizhai
2021-11-15 14:36:37
Online
Credit Risk Propagation in Structural-Form Models
10:00-11:00
Talk & Lecture
5
2439031
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2021-11-05
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Speaker: FU Chengde, professor of Fanhai International School of Finance, Fudan UniversityVenue: Room 200-9, Run Run Shaw Business Administration Building, Yuquan CampusAbstract:Existing empirical studies on correlated defaults have shown that the default of a firm impacts other firms; however, this impact has yet to be theoretically validated and quantified, especially under a structural-form model with more than two firms, and with multiple firms that are all likely to default with almost equal weight. To fill the gap, we study how the firm value processes interact with each other in the presence of correlated defaults as well as a large number of firms. To this end, a new renewal theory is developed. The results show that even under a simple one-factor model, the idiosyncratic moments of the defaulted firm transfer to other firms at the time of default, causing a propagation in credit risk. Furthermore, we can quantify this propagation via asymptotic theory, which provides a multiname distanceto-default type risk measure for a system of firms. The results potentially constitute a new method in studying contagion and other correlated default effects and therefore provide new measurements in credit risk management. Numerical and empirical studies are presented to illustrate our claim.
FU Chengde, professor of Fanhai International School of Finance, Fudan University
FU Chengde
2021-11-11 14:26:32
Yuquan Campus
Constructing dilations of frame decompositions and (non-commutative) operator-valued measures on Banach spaces
14:00-16:00
Talk & Lecture
6
2436249
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2021-10-28
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Speaker: LIU Rui, professor, department of pure mathematics, Nankai UniversityVenue: Tencent meeting, meeting ID: 213 232 241Constructing dilations of frame decompositions and (non-commutative) operator-valued measures on Banach spaces.pdf
LIU Rui, professor, department of pure mathematics, Nankai University
LIU Rui
2021-11-04 19:05:45
Oline
The Architectural, Engineering, and Construction Industry and the Fourth Industrial Revolution
21:00
Talk & Lecture
7
2436250
/english/2021/1027/c19936a2436250/page.htm
2021-10-28
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Speaker: Lucio Soibelman, chair man of Massachusetts Institute of Technology, Thouthern California University
Lucio Soibelman, chair man of Massachusetts Institute of Technology, Thouthern California University
Lucio Soibelman
2021-11-03 19:28:31
Oline
The K-theory of Roe algebras and the coarse Baum-Connes conjecture
9:00-11:00
Talk & Lecture
8
2436245
/english/2021/1027/c19936a2436245/page.htm
2021-10-28
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Speaker: DENG Jintao, Postdoctoral Fellow, Department of Mathematics, University of Waterloo, CanadaVenue: Tencent meeting, meeting ID: 978 479 233The K-theory of Roe algebras and the coarse Baum-Connes conjecture.pdf
DENG Jintao, Postdoctoral Fellow, Department of Mathematics, University of Waterloo, Canada
DENG Jintao
2021-11-01 18:57:39
Oline
Network reconstruction problems with permutational structure
10:30
Talk & Lecture
9
2436209
/english/2021/1027/c19936a2436209/page.htm
2021-10-28
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Speaker: DING Jian, professor, University of PennsylvaniaVenue: Room 1417, Administration Building, Zjingang Campus, Zhejiang University
DING Jian, professor, University of Pennsylvania
DING Jian
2021-10-29 17:26:32
Zijingang Campus & Online