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The paper adopts the financial physics approach to investigate influence of trading volume, market trend, as well as monetary policy on characteristics of the Chinese Stock Exchange. Utilizing 1-minute high-frequency data at various time intervals, the study examines the probability distribution density, autocorrelation and multi-fractal of the Shanghai Composite Index. Our study finds that the scale of trading volume, stock market trends, and monetary policy cycles all exert significant influences on micro characteristics of Shanghai Composite Index. More specifically, under the conditions of large trading volumes, loose monetary policies, and downward stock trends, the market possesses better fitting on Levy’s distribution, the volatility self-correlation is stronger, and multifractal trait is more salient. We hope our study could provide better guidance for investment decisions, and form the basis for policy formulation aiming for a healthy growth of the financial market.

With the increasing importance of the stock market, it is of great practical significance to accurately describe the systemic risk of the stock market and conduct more accurate early warning research on it. However, the existing research on the systemic risk of the stock market lacks multi-dimensional factors, and there is still room for improvement in the forecasting model. Therefore, to further measure the systemic risk profile of the Chinese stock market, establish a risk early warning system suitable for the Chinese stock market, and improve the risk management awareness of investors and regulators. This paper proposes a combination model of EEMD-LSTM, which can describe the complex nonlinear interaction. Firstly, 35 stock market systemic risk indicators are selected from the perspectives of macroeconomic operation, market cross-contagion and the stock market itself to build a comprehensive indicator system that conforms to the reality of China. Furthermore, based on TEI@I complex system methodology, an EEMD-LSTM model is proposed. The EEMD method is adopted to decompose the composite index sequence into intrinsic mode function components (IMF) of different scales and one trend term. Then the LSTM algorithm is used to predicted and model the decomposed sub-sequences. Finally, the forecast result of the composite index is obtained through integration. The empirical results show that the stock market systemic risk index constructed in this paper can effectively identify important risk events within the sample period. In addition, compared with the benchmark model, the EEMD-LSTM model constructed in this paper shows a stronger early warning ability for systemic financial risks in the stock market. [ABSTRACT FROM AUTHOR]

The effective identification of systemically important financial institutions (SIFIs) is key to preventing and resolving systemic financial risks; thus, it is of great research significance for emerging countries to supervise SIFIs and manage systemic financial risks. Since traditional research on identifying SIFIs does not consider emerging machine learning models, it is difficult to properly fit the characteristics of actual financial institutions' asset distribution. This paper proposes a new method for measuring SIFIs, integrating the PSO-SVM model into the Copula-CoVaR model. This new PSO-SVM-Copula-CoVaR model is meant to evaluate China's SIFIs based on the publicly traded price data of Chinese listed financial institutions. The empirical results show that, compared with the traditional parameter method (GARCH model) and the nonparametric method (kernel density estimation), the marginal distribution estimation method using the PSO-SVM method can better fit the distribution of an institution's financial asset return sequence. That is, the model proposed in this paper helps regulatory authorities improve the list of SIFIs more reasonably and implement effective regulatory measures. [ABSTRACT FROM AUTHOR]

Parking management plays an important role in the efficiency of transportation systems. We study the problem of matching shared parking slots with demanders online on a parking platform with the aim of managing parking spaces intelligently and efficiently. In our setting, the demanders submitting parking requests sequentially are assumed to be drawn from a distribution over demander types. No further assumptions about the demander arrival stream are needed. Matching decisions are triggered by arrival events instead of time points. This benefits the demanders by immediate responses to parking requests. An online matching algorithm is designed to make real‐time decisions and maximize social welfare. We demonstrated that the algorithm has a large competitive ratio, which implies a good performance of the algorithm. Numerical experiments are conducted to further examine the performance of the algorithm. The experimental results show that our proposed algorithm can achieve such a large competitive ratio in a real‐time matching way as the batch matching algorithm does in a serious delay matching way. [ABSTRACT FROM AUTHOR]

The shortage of inpatient beds causes surgery cancellations, treatment delays, and inappropriate ward arrangements. That is why studying how to make admission decisions on the wards of crowded units under premature discharge decisions is essential. In this study, we set up an infinite‐horizon total discounted cost Markov decision process model to minimize the total expected cost to the hospital. By analyzing the structural properties of the optimal value function, we find that there is an optimal admission control policy of the threshold type for low‐acuity emergency patients (type‐2). Numerical experiments are done to examine how optimal dynamic policy depends on key system parameters. Furthermore, we evaluate the performance of the optimal dynamic policy with a benchmark policy without premature discharge decisions. The results indicate that the optimal admission control policy helps hospitals in maintaining low costs and enables patients with high‐acuity diseases to enter primary wards more quickly. [ABSTRACT FROM AUTHOR]

Admission control of hospitalization considering patient gender is an interesting issue in the study of hospital bed management. This paper addresses the decision on the admission of patients who should immediately be admitted into a same‐gender room or rejected. Note that a patient is admitted depending on different conditions, such as his/her health condition, gender, the availability of beds, the length of stay, and the reward of hospitalization. Focusing on the key factor, patient gender, this paper sets up an infinite‐horizon total discounted reward Markov decision process model with the purpose to maximize the total expected reward for the hospital, which leads to an optimal dynamic policy. Then, the structural properties of the optimal policy are analyzed. Additionally, a value iteration algorithm is proposed to find the optimal policy. Finally, some numerical experiments are used to discuss how the optimal dynamic policy depends on some key parameters of the system. Furthermore, the performance of the optimal policy is discussed though comparison with the three other policies by means of simulating different scenarios. [ABSTRACT FROM AUTHOR]

An important feature of the outbreak of systemic financial risk is that the linkage and contagion of risk amongst the various sub-markets of the financial system have increased significantly. In addition, research on the prediction of systemic financial risk plays a significant role in the sustainable development of the financial market. Therefore, this paper takes China's financial market as its research object, considers the risks co-activity among major financial sub-markets, and constructs a financial composite indicator of systemic stress (CISS) for China, describing its financial systemic stress based on 12 basic indicators selected from the money market, bond market, stock market, and foreign exchange market. Furthermore, drawing on the decomposition and integration technology in the TEI@I complex system research methodology, this paper introduces advanced variational mode decomposition (VMD) technology and extreme learning machine (ELM) algorithms, constructing the VMD-DE-ELM hybrid model to predict the systemic risk of China's financial market. According to eRMSE, eMAE, and eMAPE, the prediction model's multistep-ahead forecasting effect is evaluated. The empirical results show that the China's financial CISS constructed in this paper can effectively identify all kinds of risk events in the sample range. The results of a robustness test show that the overall trend of China's financial CISS and its ability to identify risk events are not affected by parameter selection and have good robustness. In addition, compared with the benchmark model, the VMD-DE-ELM hybrid model constructed in this paper shows superior predictive ability for systemic financial risk. [ABSTRACT FROM AUTHOR]

Financial performance is one of the most important factors for the decision making in the operation of Internet finance sector. The purpose of this study is to examine the impacts of credit risk, liquidity, profitability, capital structure, and growth on the financial performance. The empirical research is carried out on the sample of 24 listed companies steadily engaged in Internet finance services from 2013 to September 2020. The originality of the paper is the industrial credit risk curve and the relationships between the variables, which are expected to provide insights for the healthy development of both entire industry and individual enterprises. [ABSTRACT FROM AUTHOR]