Lack of a historical sense is the hereditary defect of philosophers. … So what is needed from now on is historical philosophizing, and with it the virtue of modesty.

With the rapid development of information technology, the electricity consumption of Internet Data Centers (IDCs) increases drastically, resulting in considerable carbon emissions that need to be reduced urgently. In addition to the introduction of Renewable Energy Sources (RES), the joint use of the spatial migration capacity of IDC workload and the temporal flexibility of the demand of Electric Vehicle Charging Stations (EVCSs) provides an important means to change the carbon footprint of the IDC. In this paper, a sustainability improvement strategy (...) for the IDC carbon emission reduction was developed by coordinating the spatial-temporal dispatch flexibilities of the IDC workload and the EVCS demand. Based on the Minkowski sum algorithm, a generalized flexible load model of the EVCSs, considering traffic flow and Road Impedance (RI) was formulated. The case studies show that the proposed method can effectively increase the renewable energy consumption, reduce the overall carbon emissions of multi-IDCs, reduce the energy cost of the DCO, and utilize the EV dispatching potential. Discussions are also provided on the relationship between workload processing time delay and the renewable energy consumption rate. (shrink)

Ratio, Volume 34, Issue 4, Page 303-311, December 2021.

The article will be divided into three parts: 1. Explain the literary origins of the nesting pattern and its relationship to cinema narrative, and analyse the nesting tactics commonly used in films under Hollywood’s classical narrative. 2. Describe the variations in nested structures in films made in the 1990s, focusing on self-reflexive nesting, which emerged as a new model beyond conventional nesting during this period. 3. Distinguish the literary style of embedded narratives from the visual recognition mode and provide an (...) example of how the latter is used in films to create impossible puzzles. (shrink)

Introduction: The development of advanced sewage technologies empowers the industry to produce high-quality recycled water, which greatly influences human’s life and health. Thus, this study investigates the mechanism of individuals’ adoption of recycled water from the technology adoption perspective. -/- Methods: Employing the mixed method of structural equation modeling and artificial neural network analysis, we examined a research model developed from the extended Unified Theory of Acceptance and Use of Technology (UTAUT2) framework. To examine the research model, this study employs (...) a leading web-survey company (Sojump) to collect 308 valid samples from the residents in mainland China. -/- Results: The structural equation modeling results verified the associations between the six predictors (performance expectancy, effort expectancy, social influence, facilitating conditions, environmental motivation, and price value), individuals’ cognitive and emotional attitudes, and acceptance intention. The artificial neural network analysis validates and complements the structural equation modeling results by unveiling the importance rank of the significant determinants of the acceptance decisions. -/- Discussion: The study provides theoretical implications for recycled water research and useful insights for practitioners and policymakers to reduce the environmental hazards of water scarcity. (shrink)

Can an agent deliberating about an action A hold a meaningful credence that she will do A? 'No', say some authors, for 'Deliberation Crowds Out Prediction' (DCOP). Others disagree, but we argue here that such disagreements are often terminological. We explain why DCOP holds in a Ramseyian operationalist model of credence, but show that it is trivial to extend this model so that DCOP fails. We then discuss a model due to Joyce, and show that Joyce's rejection of DCOP rests (...) on terminological choices about terms such as 'intention', 'prediction', and 'belief'. Once these choices are in view, they reveal underlying agreement between Joyce and the DCOP-favouring tradition that descends from Ramsey. Joyce's Evidential Autonomy Thesis (EAT) is effectively DCOP, in different terminological clothing. Both principles rest on the so-called 'transparency' of first-person present-tensed reflection on one's own mental states. (shrink)

Sleep onset is associated with marked changes in behavioral, physiological, and subjective phenomena. In daily life though subjective experience is the main criterion in terms of which we identify it. But very few studies have focused on these experiences. This study seeks to identify the subjective variables that reflect sleep onset. Twenty young subjects took an afternoon nap in the laboratory while polysomnographic recordings were made. They were awakened four times in order to assess subjective experiences that correlate with the (...) (1) appearance of slow eye movement, (2) initiation of stage 1 sleep, (3) initiation of stage 2 sleep, and (4) 5 min after the start of stage 2 sleep. A logistic regression identified control over and logic of thought as the two variables that predict the perception of having fallen asleep. For sleep perception, these two variables accurately classified 91.7% of the cases; for the waking state, 84.1%. (shrink)

There is a long-standing disagreement in the philosophy of probability and Bayesian decision theory about whether an agent can hold a meaningful credence about an upcoming action, while she deliberates about what to do. Can she believe that it is, say, 70% probable that she will do A, while she chooses whether to do A? No, say some philosophers, for Deliberation Crowds Out Prediction (DCOP), but others disagree. In this paper, we propose a valid core for DCOP, and identify terminological (...) causes for some of the apparent disputes. (shrink)

Equity-linked securities with a guaranteed return become popular in a volatile market environment. This paper presents a new model for valuing guaranteed equity-linked notes. We consider a security whose value depends on the performance of a basket of equities averaged over certain points in time, but that is floored by a guaranteed amount. We show that the security’s price is given by the sum of the guaranteed amount plus the price of an Asian style option on the basket above. The (...) model provides analytical formulas for the security’s price as well as for corresponding hedge ratios; these respective formulas appear to be accurate over a wide range of underlying security parameter values, based on numerical testing against a Monte Carlo benchmark, Finally, we apply our method to value a type of segregated fund with a maturity guarantee. (shrink)

The deceptive clues in the impossible puzzle film confirm the viewer’s internal expectations and allow retrospective attributing. In the film, a transcendental object negates an internal expectation, causing a retrospective blockage. Retrospectivity does not stop there; the transcendental object reinterpreting deceptive clues in the associative area leads to repeated attribution. This article consists of three parts. First, it discusses impossible puzzle films in the context of complex narrative classification. The following section introduces the Jungian concept of synchronicity and illustrates how (...) it works. The article concludes with a case study of Long Day’s Journey into Night (2018), which contains more complicated puzzles and explains how mind-game narrative techniques create deceptive clues and induce deceptive retrospective attribution. (shrink)

Both motivational internalism and externalism need to explain why sometimes moral judgments tend to motivate us. In this paper, I argue that Dreier’ second-order desire model cannot be a plausible externalist alternative to explain the connection between moral judgments and motivation. I explain that the relevant second-order desire is merely a constitutive requirement of rationality because that desire makes a set of desires more unified and coherent. As a rational agent with the relevant second-order desire is disposed towards coherence, she (...) will have some motivation to act in accordance with her moral judgments. Dreier’s second-order desire model thus collapses into a form of internalism and cannot be a plausible externalist option to explain the connection between moral judgments and motivation. (shrink)

This paper presents a new model for pricing OTC derivatives subject to collateralization. It allows for collateral posting adhering to bankruptcy laws. As such, the model can back out the market price of a collateralized contract. This framework is very useful for valuing outstanding derivatives. Using a unique dataset, we find empirical evidence that credit risk alone is not overly important in determining credit-related spreads. Only accounting for both collateral arrangement and credit risk can sufficiently explain unsecured credit costs. This (...) finding suggests that failure to properly account for collateralization may result in significant mispricing of derivatives. We also empirically gauge the impact of collateral agreements on risk measurements. Our findings indicate that there are important interactions between market and credit risk. (shrink)

This paper addresses the issue of finite versus countable additivity in Bayesian probability and decision theory -- in particular, Savage's theory of subjective expected utility and personal probability. I show that Savage's reason for not requiring countable additivity in his theory is inconclusive. The assessment leads to an analysis of various highly idealised assumptions commonly adopted in Bayesian theory, where I argue that a healthy dose of, what I call, conceptual realism is often helpful in understanding the interpretational value of (...) sophisticated mathematical structures employed in applied sciences like decision theory. In the last part, I introduce countable additivity into Savage's theory and explore some technical properties in relation to other axioms of the system. (shrink)

The notion of comparative probability defined in Bayesian subjectivist theory stems from an intuitive idea that, for a given pair of events, one event may be considered “more probable” than the other. Yet it is conceivable that there are cases where it is indeterminate as to which event is more probable, due to, e.g., lack of robust statistical information. We take that these cases involve indeterminate comparative probabilities. This paper provides a Savage-style decision-theoretic foundation for indeterminate comparative probabilities.

Contemporary globalization is largely shaped by the predominant position and strength of the United States, and the concept of globalization is cast upon the polity and social aspects of P.R. China after Reform and Opening. Globalization, though substantially varied in a modern scene, is not without historical and cultural roots. The future holds anew, whereas newly arisen pieces of knowledge and information shed new light on the past, the blood and violence of the political progress on the Chinese soil. This (...) paper digs into the interactive aspect of the Chinese civilization with Western Civilization, and an empirical understanding on the evolvement of the country / nation to the recent shaping, with implication of which might change the dynamic of the Asian area after the global power politics whereof after World War II. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could be (...) positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

In this thesis, I explore motivational internalism and externalism, which concern the relationship between moral judgments and motivation. I first introduce the basic terms and different forms of internalism and externalism, including the externalist objections to internalism based on the famous counterexamples. I then argue against externalism by defending and developing Michael Smith’s fetishism argument. I not only respond to the externalist objections to the fetishism argument but also further argue against different externalist explanations of moral motivation that intend to (...) avoid the fetishism charge. Finally, I re-examine different forms of internalism in order to argue for a new form of internalism that can better preserve our internalist intuitions whilst accommodating the externalist counterexamples. My ultimate conclusion will be that the most plausible form of internalism to accept is constitutional, unconditional, relatively strong, direct internalism that is formulated in terms of dispositional desires. (shrink)

This paper offers a fine analysis of different versions of the well known sure-thing principle. We show that Savage's formal formulation of the principle, i.e., his second postulate (P2), is strictly stronger than what is intended originally.

Temporal Externalism posits the counterintuitive claim that the semantic properties of terms are influenced not only by present and past linguistic practices but also by future linguistic practices. In this paper, I primarily introduce a new challenge to Temporal Externalism, arguing that it presupposes a meta-belief about future linguistic practices but fails to explain how this belief relates to future properties. I then briefly highlight that Jussi Haukioja’s recent defense of Temporal Externalism still does not address the challenges posed by (...) this meta-belief. Therefore, I conclude that Temporal Externalism is untenable. (shrink)

Introduction: This study delves into the ethical dimensions surrounding autonomous vehicles (AVs), with a specific focus on decision-making algorithms. Termed the “Trolley problem,” an ethical quandary arises, necessitating the formulation of moral algorithms grounded in ethical principles. To address this issue, an online survey was conducted with 460 participants in China, comprising 237 females and 223 males, spanning ages 18 to 70. -/- Methods: Adapted from Joshua Greene’s trolley dilemma survey, our study employed Yes/No options to probe participants’ choices and (...) Likert scales to gauge moral acceptance. The primary objective was to assess participants’ inclinations toward four distinct algorithmic strategies—Utilitarianism, Rawlsianism, Egoism, and a Hybrid approach—in scenarios involving AVs -/- Results: Our findings revealed a significant disparity between participants’ preferences in scenarios related to AV design and those focused on purchase decisions. Notably, over half of the respondents expressed reluctance to purchase AVs equipped with an “egoism” algorithm, which prioritizes the car owner’s safety. Intriguingly, the rejection rate for “egoism” was similar to that of “utilitarianism,” which may necessitate self-sacrifice. -/- Discussion: The hybrid approach, integrating “Utilitarianism” and “Egoism,” garnered the highest endorsement. This highlights the importance of balancing self-sacrifice and harm minimization in AV moral algorithms. The study’s insights are crucial for ethically and practically advancing AV technology in the continually evolving realm of autonomous vehicles. (shrink)

What is happiness? Is happiness about feeling good or about being good? Across five studies, we explored the nature and origins of our happiness concept developmentally and crosslinguistically. We found that surprisingly, children as young as age 4 viewed morally bad people as less happy than morally good people, even if the characters all have positive subjective states (Study 1). Moral character did not affect attributions of physical traits (Study 2), and was more powerfully weighted than subjective states in attributions (...) of happiness (Study 3). Moreover, moral character but not intelligence influenced children and adults’ happiness attributions (Study 4). Finally, Chinese people responded similarly when attributing happiness with two words, despite one (“Gao Xing”) being substantially more descriptive than the other (“Kuai Le”) (Study 5). Therefore, we found that moral judgment plays a relatively unique role in happiness attributions, which is surprisingly early emerging and largely independent of linguistic and cultural influences, and thus likely reflects a fundamental cognitive feature of the mind. (shrink)

The "second-generation indigenization" hypothesis of Huntington's phenomenological observations on totalitarianism in Cold War regime collapse subtly portrayed the realpolitik interest groups' political influences with autocracy disbandment processes. The research puts democratization as the premise and globalization as purpose for the analysis, with the cultural anthropological psychopathology & criminological elements of genocide and crime against humanity explained, underlying some of the Communist Party of China (CPC)’s organizational behaviors. With the regionalism purposes & approaches to multilateralism by People's Republic of China (PRC), (...) the end of democratization is leveraged against the procedural means with power politics of declared “decmocracy”. Between quantitative autocratic controls and realpolitik local-regional interest groups, the connotation of democratization in liberal international globalization has either been used for militant purposes or pushed the landscape of regime collapse into realpolitik local groups and autocratic controls in the process of globalization, with a case study on a local branch of Argricultural Bank of China on supply-side hijacking by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). With the industrial interests omposed on realpolitik local groups, autocratic regionalism becomes of the "best interest scenario" for the realpolitik local groups with psychopathological spread of the criminological behaviors, by the cyber organizational criminal operations correlated with PRC’s approaches to international relations and multilateralism through bilateral trade & finance in monetary and currency domains, developed into the digitization of economies with criminological schemes in telecommunication, information, and informatics systems. However, the diminishing autonomy & freedom of the territorial population in turn derogated the real economy that wielded the prisoners' dilemma between autocracy and totalitarianism in a negative sum game deterioration cycle, with the censorship practices by the illicit regimes for propaganda controls sustaining "ideology security". In the democratization process of the dictatorial regime, "second-generation indigenization" is thus mapped to the sectarian interests respondent to dictatorial propaganda generation, other than a natural phenomenon out of autonomy and freedom premises in decision theory. The article recaps the coup d'état between Xi Jinping and Bo Xilai before Xi took the autocratic power, and analyzes the human rights situation in the obstacle of democratization and by the coercion mechanism imposed on the mainland China civil society for the militant purposes, with its behaviral spread of censorship to the “internet platforms” in liberal democratic countries by financial interest incentives and avoidance from war threats, whereby military backends in the cyber systems already indicate otherwise. (shrink)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on (...) valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

This article presents a new methodology for pricing and hedging commodity derivatives. A generic model calibration is provided. The calibration procedure consists of an offline step where the mean reversion rates, the ratio of the long and short factor volatilities and the correlation between the long and short factors are determined via historical analysis. This offline step is performed relatively infrequently. There’s also an online step of the calibration which happens every time the model is used to price an option (...) or to simulate price paths. Empirical study shows that the model is quite accurate. (shrink)

Modern and contemporary politics of P. R. China contain many elements similar to neo-Nazism if not anti-communist. The derivation from Communist doctrines was a less-known debate inside the CPC party leadership soon after the declaration on the founding of People’s Republic of China - notably between Mao, Zedong and the state leadership which resulted in the criminalization of the first president Liu, Shaoqi. The researcher, as a self-identified cisgender homosexual male and Christian, observed the cultural revisionist developments of the P. (...) R. C. regime from early childhood to date. The article enumerates some elements of the Chinese culture’s characteristics in taming and eliminating psychological and social identity formation that constitutes the regime stability in its dictatorial diplomatic rhetorics. It adopts the Christian theology and queer theology in a Gestalt recombination for the non-identity problem albeit with predominant militarization of religion approaches by the “United Front Working Group” for populist enslavement. The article hypothesizes a receptive psychosocial identity from such population in general, and the similar for Buddhist cultural origins. With the influences of designed propaganda media in media psychology, the political responses in mass psychological phenomena from the suppressed regime is considered to be a reflection on their inner senses of helplessness from the active and reactive failures of identity formation. The amplification of such phenomena is contributed by the nationalism propagandas and a gaslighting technique applied to International relations, which results in subjective Stockholm syndrome in some portions of the population. Relative intersubjectivity and absolute personal identity will be discussed in the conclusions, and its implications to dictatorial politics. (shrink)

The article summarizes the software tool on astrophysical analysis with multi-wavelength space telescope data. It recaps the evidence analysis conducted on the Kerr-Newman black hole (KNBH). It was written prior to the article Research on the Kerr-Newman Black Hole in M82 Confirms Black Hole and White Hole Juxtapose not soon after the experiment. The conducted analysis suggested Hawking radiation is caused by the movement of ergosurfaces of the BH and serves as the primal evidence for black hole and white hole (...) juxtapose. A later data exploration was conducted with the radiation trails in the multi-wavelength data. The evidences produced corroborates with Yale professor Priyamvada Natarajan's black hole seeds theory. It implies that the electromagnetic dynamic of fusion and fission temperature determines the pressure of surface tension on the macro particles, and the mass density of the BH is determined by the electromagnetic tension between the outer ergosurface and inner ergosurface. The ring singularity of the BH and the Penrose-Hawking singularity of the BH determine the spin and gravitational singularity of the BH. Inside the ergosurfaces, the BH singularities' backward inflow causes the vicinity's rate on feeding the BH. It makes the active galactic nuclei (AGN) a semi-closed system. The density pressure is released on threshold. During the mass exchange observed by energy momentum upon the AGN's open, the macroparticle composition of the BH changes with the galactic event. This causes the expansion rate of the galaxy and contraction rate of the BH. AGN types and their relative motions determine the expansion rate of the cosmic universe in a generalized quantitative thinking. The article concludes that BH spin is caused by the asymmetric motions of AGN in the BH system. A set of the nuclear resonance caused by BH and white hole (WH) oscillation is processed with the same set of data. (shrink)

The LIBOR Market Model has become one of the most popular models for pricing interest rate products. It is commonly believed that Monte-Carlo simulation is the only viable method available for the LIBOR Market Model. In this article, however, we propose a lattice approach to price interest rate products within the LIBOR Market Model by introducing a shifted forward measure and several novel fast drift approximation methods. This model should achieve the best performance without losing much accuracy. Moreover, the calibration (...) is almost automatic and it is simple and easy to implement. Adding this model to the valuation toolkit is actually quite useful; especially for risk management or in the case there is a need for a quick turnaround. (shrink)

The article reports on some societal observations conducted in 2019 on New York subways. With comparison to the subway management cases observed in Milan and mainland China, the article contends that the phenomenon in the New York public-funded transportation system reflects the spirit of equality in human with efficacy on the utility of the public-funded infrastructure. The message in the letter concludes that public & private fundings need to be drawn for the human development of the homeless population in the (...) New York City subways. Considering the realpolitik issues arose from revisionist powers in economy, bottom-up state-building is the secure strategy with on-going regional conflicts & post-pandemic situations. The letter argues that putting human rights in the high values of politics is a positive sum game for the status quo. (shrink)

A combinatorial analysis of intrinsicality takes intrinsic properties to be independent of accompaniment: a property is intrinsic only if it is possible for a lonely or an accompanied thing to have it or lack it (I). Cameron argues that the combinatorial analysis in Langton & Lewis (1998) faces an epistemic circularity, which makes (I) suspicious. In this paper, I examine two approaches to free the combinatorial analyses from the circularity and find them all fail. Then I provide an outline of (...) an argument for (I) by appealing to the grounding analyses of intrinsicality, which shows an advantage of the grounding analyses over the combinatorial ones. (shrink)

The letter analyzes the country-specific structural stigma in the modern media development of People’s Republic of China. It raises the issues on unconventional cybersecurity risks in mental & psychological health with a lens of justice in gender & marriage, and critical discourses in the media environment with the Chinese revisionist nationalism. It studied media coercion in relation to the breaches of humanitarian law in the constitutionalism context of PRC, and adopted a critical theory approach to religion with the background of (...) the militarization of religion by the Chinese “United Front”. With the non-identity problem in the totalitarian regime, structural stigma is analyzed with coercion theory and religion in queer gender. Ménage à trois is justified by case specificity in human development and global economy. (shrink)

This short paper has two parts. First,we prove a generalisation of Aumann’s surprising impossibility result in the context of rational decision making. We then move, in the second part, to discuss the interpretational meaning of some formal setups of epistemic models, and we do so by means of presenting an interesting puzzle in epistemic logic. The aim is to highlight certain problematic aspects of these epistemic systems concerning first/third-person asymmetry which underlies both parts of the story. This asymmetry, we argue, (...) reveals certain limits of what epistemic models can be. (shrink)

During the lifetime of a structured product, payment events and cancellation events mainly affect the value of the option. This article presents a model for pricing generic cancellable option. The model is used to build most common kinds of cancellation schedules and compute the cancellation probability.

It is widely taken that the first-order part of Frege's Begriffsschrift is complete. However, there does not seem to have been a formal verification of this received claim. The general concern is that Frege's system is one axiom short in the first-order predicate calculus comparing to, by now, the standard first-order theory. Yet Frege has one extra inference rule in his system. Then the question is whether Frege's first-order calculus is still deductively sufficient as far as the first-order completeness is (...) concerned. In this short note we confirm that the missing axiom is derivable from his stated axioms and inference rules, and hence the logic system in the Begriffsschrift is indeed first-order complete. (shrink)

In the film “Kaili Blues” by Bi Gan, intricate clues create complex connections between the plots steered by various characters. This relationship manifests in splitting time and alternating between dream and reality. This article analyzes Bi Gan’s approach to temporality and dreams by focusing on how he employs various film metaphors to deal with poetic narratives in his films. The article consists of three sections: First, it introduces the (puzzle) storytelling form of “Kaili Blues” as a promising area in many (...) Chinese films. Second, it examines how puzzle films contribute to the ambiguity (plots) between characters from the perspective of infinite games. Moreover, third, the article discusses the two levels of metaphors in “Kaili Blues” that result from the condensation and displacement of metaphors, including the mutual projection of roles caused by the time-forking effect and the audience’s associations caused by the significance of dreams in Chinese tradition (or local) culture. (shrink)

The article reviews on the technical attributes on current technologies deployed in outer space and those that are being developed and mass produced. The article refutes the Chinese state-controlled Xinhua News’ propaganda several years ago on objecting America’s deployment of nuclear technologies in outer space with rigorous scientific evidence. Furthermore, the article warns on the dangers of physical signals applied in outer space technologies that can threaten the solar system, especially the Mozi quantum satellite with photon beams. The article concludes (...) with the illicit practices by the Chinese state party with militant ambitions in the supposedly scientific institutions. It violates the spirit on the peaceful use of outer space, and goes against the 2222 (XXI) resolution adopted by the general assembly, including the 1967 Outer Space Treaty banning the stationing of weapons of mass destruction in outer space. (shrink)

The article presents the empirical confirmation to the black hole and white hole juxtapose theory. The author based the experiment on the multi- mission multi-spectral space telescope data conducted remotely with the NASA Data Challenge and Harvard- Smithsonian Micro-Observatory. Since the loss of the original manuscript, the author reformulated the mathematics during the research. The observation developed a resonance observation technique that observed the white hole to the moon’s direction with the sun. The data reduction of the white hole and (...) other observations provides an explanation for the undetected gravitons and some empirical physical features of the white hole. (shrink)

The research identified the key element on P. R. China’s incentives in modern history on techtransfer practices. With reviewing on the state funding surrogacy in the natural sciences, the author identified the key militant coercive contracting clauses in the document of the National Natural Science Foundation of China. With its combined workings with the statutory & martial laws, the analysis takes a com- parative culture approach that partially counteracts the work of the “United Front Working Group of the CPC”, which (...) constitutes as the major cyber espionage organization that manifests upon the communication & information technologies. The “United Front”’s work has substabtially undermined the premices of market economy and eroded the markets’ self-organizing & self-regulating functionalities. With heterogenous semantic networks taken into consideration, the psychosociological elements were taken into consideration even with the psychological data codings in the semantic networks of P. R. China. (shrink)

Chinese international students who studied in the United States received “double stigmatization” from American and Chinese authorities because of the “political othering” tactic during COVID-19. The research used a phenomenological approach to examine why and how specifically the transnational identity of Chinese international students in the United States shifted during the double stigmatization. The researcher conducted a total of three rounds of interviews with 15 Chinese international students who studied in the United States and returned to China between 2018 and (...) 2020, which culminated in 45 interviews through a longitudinal study to probe the transnational identities of this population before and during the double stigmatization; the study also examined how the mindsponge mechanism worked during the identity shifts and the interplay among stigmatization, transnational identity shifts, and the mindsponge mechanism. The study concluded that before COVID-19, Chinese international students had been stigmatized in both China and the United States. (shrink)

This paper argues that the reduced-form jump diffusion model may not be appropriate for credit risk modeling. To correctly value hybrid defaultable financial instruments, e.g., convertible bonds, we present a new framework that relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due (...) to convertible underpricing. Empirically, however, we do not find evidence supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

Gilles Deleuze demonstrated the key role of flashback in dealing with the relationship between actual image and recollection-image when interpreting the temporality of images. He established two criteria for judging whether a flashback implies a recollection-image by stating that: (1) it serves as some kind of prompt in the narrative to make the viewer perceive that the scene has entered a flashback; (2) it relies on fate or forking time. But Deleuze also mentioned that, if the context or condition disappears, (...) the recollection-image represented by the flashback will lose its support, at which point, the pure recollection will also disappear. In this case, the actual image no longer forms a connection with the sensor-motor, but is suspended, which produces a fantasmatic effect. Bi Gan extends this suspension in his film “Long Day’s Journey into Night” by removing the character being referred to in the flashback, stripping it from figure and confining it in the voice-over. The film features an extreme use of several effects in the sensory-motor situations and the flashbacks, as described in Deleuze’s “Cinema 2: Time-Image,” namely recollection, dream, and falsification. Thus, the boundary between flashback and reality is completely broken. In addition, Bi Gan uses doppelgangers in the second part of the film to reconstruct the ambiguity of actual images and recollection-images in the first part, turning them into pure fantasies. This essay will analyze issues relating to the images and characters in “Long Day’s Journey into Night” and show how this film constitutes a typical case of recollection-images transformed into fantasies through the power of falsification. (shrink)

This paper presents a new model for valuing hybrid defaultable financial instruments, such as, convertible bonds. In contrast to previous studies, the model relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due to convertible underpricing. Empirically, however, we do not find evidence (...) supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit value adjustment (CVA) is also (...) elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level. (shrink)

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in (...) the CDS market. (shrink)

The one-side defaultable financial derivatives valuation problems have been studied extensively, but the valuation of bilateral derivatives with asymmetric credit qualities is still lacking convincing mechanism. This paper presents an analytical model for valuing derivatives subject to default by both counterparties. The default-free interest rates are modeled by the Market Models, while the default time is modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a (...) better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread. (shrink)

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean (...) decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization and credit risk can sufficiently explain unsecured credit costs. This finding suggests that failure to properly account for collateralization may result in significant mispricing of financial contracts. We also analyze the difference between cleared and OTC markets. (shrink)