This textbook aims to fill the gap between those that offer a theoretical treatment without many applications and those that present and apply formulas without appropriately deriving them. The balance achieved will give readers a fundamental understanding of key financial ideas and tools that form the basis for building realistic models, including those that may become proprietary. Numerous carefully chosen examples and exercises reinforce the student’s conceptual understanding and facility with applications. The exercises are divided into conceptual, application-based, and theoretical problems, which probe the material deeper. The book is aimed toward advanced undergraduates and first-year graduate students who are new to finance or want a more rigorous treatment of the mathematical models used within. While no background in finance is assumed, prerequisite math courses include multivariable calculus, probability, and linear algebra. The authors introduce additional mathematical tools as needed. The entire textbook is appropriate for a single year-long course on introductory mathematical finance. The self-contained design of the text allows for instructor flexibility in topics courses and those focusing on financial derivatives. Moreover, the text is useful for mathematicians, physicists, and engineers who want to learn finance via an approach that builds their financial intuition and is explicit about model building, as well as business school students who want a treatment of finance that is deeper but not overly theoretical.
This book picks Cisco as an example to propose a framework of ambidextrous integration of innovation and operation, which is the key to the success of global companies along their evolutions, especially for those technology companies. The authors try to find how the company combines active innovation and efficient operation for its sustainable development. On the basis of comprehensive analysis of the strategic leadership, change management, innovation system, M&As, IT-enabled value chains, collaboration, etc., in Cisco, as well as the interviews with Cisco staff, this book shows that management practices shape the balance of internal-external resources for explorative-exploitative innovations. IT strategies and implementation enable efficient operations when innovations are identified and justified in the leading company. Managerial insights for sustainable competitiveness can be gained from Cisco practices in this book. The companion of the book, Huawei: From Catching up to Lead, telling another growth path of technology company in China by similar framework.
This book assesses the global significance of China’s decade-long campaign to reduce poverty. After showing how the country’s unique approach to poverty alleviation brought about unparalleled progress toward achieving both the Millennium Development Goals (MDGs) and the Sustainable Development Goals (SDGs), the authors shed light on how China’s experience can help other countries around the globe as they try to permanently rid humanity of the scourge of poverty under ever more challenging social, economic and environmental conditions.
Even though China has created an administrative structure and regulatory programs to curb pollution, environmental quality has continued to deteriorate. Are polluters following the rules? How do regulators and polluters alike respond to ChinaOs environmental controls? This thoroughly documented study examines these central questions by analyzing compliance with programs involving wastewater discharge standards, fees, and permits. The successes and failures of these programs are tracked in comprehensive case studies and remarkably candid surveys of factory managers in six Chinese cities. The authorsO final chapter adds an international dimension by comparing Chinese water pollution control programs with their counterparts in the United States.
Surnaming: veiled patriarchy -- Floating grandparents: intergenerational exchange -- Intimacy and a third element -- Divorce: broken and unbroken bonds -- Flowering at sunset: remarriage and co-habitation among the elderly.
By drawing on extensive interviews with business founders and CEOs this book explores the complexities and dynamics of business and social relations responsible for present-day China's economic vibrancy. It makes an original contribution both through its empirical richness and theoretical innovations on trust, social networks, crisis and gender.
Through in-depth case studies, this book seeks to reveal the secret of Huawei's rapid growth. The content of this book is rich and detailed. The authors combine first-hand interview data, including Huawei managers of many functional departments such as research and development, marketing, supply chain management, and human resources, as well as Huaweis suppliers partners and competitors. This book analyzes the articles and speeches published by Huaweis leader Ren Zhengfei since 1994 both in the public and internally and reference to various materials about Huawei including employees postings in the social media, news reports, research papers, books, etc. The book systematically describes the key elements of Huawei's strategy, corporate culture, organizational capabilities, and R&D innovation system and so on. The book also compared the differences between Huawei and Cisco in many subjects as leadership, culture, organization transformation and management capabilities. For whoever tries to understand Huawei, this book is an excellent reference book. In the companion book Cisco: Integration of Innovation and Operation, the author tells another growth path of technology company in America. .
This book develops a modeling framework to analyze the problem of inventory management with alternative delivery times. The general context considered here is that a seller replenishes its inventory in fixed intervals and, between replenishments, allocates the limited inventory to satisfy customers who are both price and delivery-time sensitive. On the demand side, customers have heterogeneous delivery-time requirements and choose either spot or late delivery. This theoretical modeling captures the essence of real-world business practices such as the delivery time market segmentation strategy adopted by automobile dealerships in China and many other similar examples. The book focuses on the seller’s optimal inventory replenishment and demand fulfillment policies, and our results provide managerial insights into the merits of flexible delivery-time options. Similar applications such as the group-buying mechanism are also examined. The main mathematical tool used in theoretical analysis is dynamic programming. This book is written for students, researchers, and practitioners in the areas of operations management and industrial engineering who are interested in understanding the rationale of flexible delivery times and designing successful applications.
This book considers the nature and possibilities of conceptual change and transformation under conditions of globalization, especially with regard to Chinese social and cultural concepts. It argues that the influence of globalization promotes the spread of West European and American social science concepts and methods at the expense of local concepts and approaches, and at the same time (paradoxically) provides opportunities for the incorporation of local concepts, including Chinese concepts, into Western or mainstream social science.
This book presents for the first time a detailed and comprehensive interpretation of Zhongguancun, China’s first national self-dependent innovation demonstration zone. Explored in the book are examples of world-class, leading enterprises in fields, such as the Internet, big data, artificial intelligence, green and low-carbon, modern supply chain and high-end service. According to some data, the rate of contribution to the economic increase of Beijing made by Zhongguancun rose to 36.8% in 2015 from 17.9% in 2010. More specifically, in 2015, nearly 40% of the economic increase in Beijing was contributed by Zhongguancun Science Park. By 2017, Zhongguancun fostered 650 gazelle enterprises and 70 unicorn companies. The book also uniquely provides readers with a panoramic interpretation of the environment for innovation and entrepreneurship in Zhongguancun. It is mainly divided into three parts: History of Zhongguancun, Data of Zhongguancun, Cases of Zhongguancun and Policies of Zhongguancun. Through the depiction of history, data, cases and policy, this book clarifies that in most cases, enterprises in Zhongguancun become successes by following such a road characterized by starting from scratch and by relying on science and technology innovation and expanding from small to big by virtue of the capital market. ““Zhongguancun Model: Driving the Dual Engines of Science & Technology and Capital” deepens the reader’s understanding of the new economy development in China and is essential reading for business/management researchers and practitioners, economists, IT specialists, and IT policy makers around the world.
This book provides an overview of the growth of the private higher education sector in China and in addition provides an analysis of some of the key drivers of this growth and impediments to it. What is new about the book is that it combines the results of a series of interviews with work that is more quantitative in nature. The book is of use to not only those engaged in academic research but also those who more generally wish to know more about an educational sector that is growing in importance. The most obvious factors promoting expansion of this sector have been the growth in per capita incomes, higher levels of participation in secondary school education, the strong growth in demand for graduates and the inability of the public sector to keep pace with demand. All of these factors intermingled with the involvement of government regulation. This regulation, however, is not uniform across all of China given the different provincial government departments of education that are also involved in dealing with private higher education institutions. In particular, this book looks at the way in which the Chinese government’s regulatory framework (both national and provincial) influenced the development of the sector and the way in which it operates, especially the private higher education component of that sector. The analysis undertaken finds that there is a link between regulation and the private higher education sector growth and a link between the funding of the government sector. The more intense regulation was, and the more funds provided to the state sector, the less scope there was for the private sector to expand. Growth of the private sector, therefore, did not just depend upon rising demand for higher education overall, but also to a fair degree of tolerance on the part of government. Much of this work, in subsequent years, has been supported by the further changes that have been undertaken in the Chinese higher education sector. Over the years, the growth of the Chinese higher education sector has stabilised, as has the private segment of this sector.
This book provides a comprehensive account of the electricity industry in China, the world's largest power producer and carbon emitter. The authors describe the historical development of China’s energy sector and study the structure and economics of the industry. Furthermore, the book studies the impact of China’s substantial demand for coal, oil and natural gas on world energy markets and discusses future trends and reforms, such as the introduction of renewable energy sources. This book will appeal to anyone interested to broaden their knowledge on the past, present and future of Chinese electricity industry.
This book offers an introduction to the theory of non-autonomous and stochastic dynamical systems, with a focus on the importance of the theory in the Applied Sciences. It starts by discussing the basic concepts from the theory of autonomous dynamical systems, which are easier to understand and can be used as the motivation for the non-autonomous and stochastic situations. The book subsequently establishes a framework for non-autonomous dynamical systems, and in particular describes the various approaches currently available for analysing the long-term behaviour of non-autonomous problems. Here, the major focus is on the novel theory of pullback attractors, which is still under development. In turn, the third part represents the main body of the book, introducing the theory of random dynamical systems and random attractors and revealing how it may be a suitable candidate for handling realistic models with stochasticity. A discussion of future research directions serves to round out the coverage.
There is an extensive literature in the form of papers (but no books) on lattice dynamical systems. The book focuses on dissipative lattice dynamical systems and their attractors of various forms such as autonomous, nonautonomous and random. The existence of such attractors is established by showing that the corresponding dynamical system has an appropriate kind of absorbing set and is asymptotically compact in some way.There is now a very large literature on lattice dynamical systems, especially on attractors of all kinds in such systems. We cannot hope to do justice to all of them here. Instead, we have focused on key areas of representative types of lattice systems and various types of attractors. Our selection is biased by our own interests, in particular to those dealing with biological applications. One of the important results is the approximation of Heaviside switching functions in LDS by sigmoidal functions.Nevertheless, we believe that this book will provide the reader with a solid introduction to the field, its main results and the methods that are used to obtain them.
Co-written by a world-renowned petroleum engineer, this breakthrough new volume teaches engineers how to configure, place and produce horizontal and multilateral wells in geologically complicated reservoirs, select optimal well spacings and fracture separations, and how to manage factors influencing well productivity using proven cost-effective and user-friendly simulation methods. Charged in the 1990s with solving some of petroleum engineering's biggest problems that the industry deemed "unsolvable," the authors of this innovative new volume solved those problems, not just using a well-published math model, but one optimized to run rapidly, the first time, every time. This not only provides numerical output, but production curves and color pressure plots automatically. And each in a single hour of desk time. Using their Multisim software that is featured in this volume, secondary school students at the Aldine Independent School District delivered professional quality simulations in a training program funded by some of the largest energy companies in the world. Think what you, as a professional engineer, could do in your daily work. Valuable with or without the software, this volume is the cutting-edge of reservoir engineering today, prefacing each chapter with a "trade journal summary" followed by hands-on details, allowing readers to replicate and extend results for their own applications. This volume covers parent-child, multilateral well, and fracture flow interactions, reservoir flow analysis, many other issues involving fluid flow, fracturing, and many other common "unsolvable" problems that engineers encounter every day. It is a must-have for every engineer's bookshelf.
This book is intended to make recent results on the derivation of higher order numerical schemes for random ordinary differential equations (RODEs) available to a broader readership, and to familiarize readers with RODEs themselves as well as the closely associated theory of random dynamical systems. In addition, it demonstrates how RODEs are being used in the biological sciences, where non-Gaussian and bounded noise are often more realistic than the Gaussian white noise in stochastic differential equations (SODEs). RODEs are used in many important applications and play a fundamental role in the theory of random dynamical systems. They can be analyzed pathwise with deterministic calculus, but require further treatment beyond that of classical ODE theory due to the lack of smoothness in their time variable. Although classical numerical schemes for ODEs can be used pathwise for RODEs, they rarely attain their traditional order since the solutions of RODEs do not have sufficient smoothness to have Taylor expansions in the usual sense. However, Taylor-like expansions can be derived for RODEs using an iterated application of the appropriate chain rule in integral form, and represent the starting point for the systematic derivation of consistent higher order numerical schemes for RODEs. The book is directed at a wide range of readers in applied and computational mathematics and related areas as well as readers who are interested in the applications of mathematical models involving random effects, in particular in the biological sciences.The level of this book is suitable for graduate students in applied mathematics and related areas, computational sciences and systems biology. A basic knowledge of ordinary differential equations and numerical analysis is required.
This book develops a modeling framework to analyze the problem of inventory management with alternative delivery times. The general context considered here is that a seller replenishes its inventory in fixed intervals and, between replenishments, allocates the limited inventory to satisfy customers who are both price and delivery-time sensitive. On the demand side, customers have heterogeneous delivery-time requirements and choose either spot or late delivery. This theoretical modeling captures the essence of real-world business practices such as the delivery time market segmentation strategy adopted by automobile dealerships in China and many other similar examples. The book focuses on the seller’s optimal inventory replenishment and demand fulfillment policies, and our results provide managerial insights into the merits of flexible delivery-time options. Similar applications such as the group-buying mechanism are also examined. The main mathematical tool used in theoretical analysis is dynamic programming. This book is written for students, researchers, and practitioners in the areas of operations management and industrial engineering who are interested in understanding the rationale of flexible delivery times and designing successful applications.
This book offers an introduction to the theory of non-autonomous and stochastic dynamical systems, with a focus on the importance of the theory in the Applied Sciences. It starts by discussing the basic concepts from the theory of autonomous dynamical systems, which are easier to understand and can be used as the motivation for the non-autonomous and stochastic situations. The book subsequently establishes a framework for non-autonomous dynamical systems, and in particular describes the various approaches currently available for analysing the long-term behaviour of non-autonomous problems. Here, the major focus is on the novel theory of pullback attractors, which is still under development. In turn, the third part represents the main body of the book, introducing the theory of random dynamical systems and random attractors and revealing how it may be a suitable candidate for handling realistic models with stochasticity. A discussion of future research directions serves to round out the coverage.
In this contemporary Chinese novel, a family opera performers struggles to remain true to each other and their art as they are buffeted by political turmoil and personal drama. The eventful lives of three generations of outstanding Chinese opera performers form the framework of Behind the Singing Masks, a story of turmoil and resolution, both personal and political. Xie Yingge, a celebrated dan actor of Yue Ju (also known as Shaoxing Opera), grew up and thrived in an environment alive with music. But just as she and her art form were at their zenith in the 1960s, the Cultural Revolution arrived to tear them down. After the decade-long turmoil, as Xie Yingge was poised to revive her career, a stroke forced her to leave the stage for good. To perpetuate the stage persona she had devoted her life to creating, she directed, with the complicity of her younger sister and her stage partner, a play of masks that lasted sixteen years. Was it life imitating art or art imitating life? This engaging story of human frailties, magnified by political movements, is marked by betrayal but also dedication, both to loved ones and to art.
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