State Administration of Foreign Exchange

Learning and memorizing behavioral decision in the process of environmental cognition to guide future decision is an important aspect of research and application in mobile robotics. Traditional rule-based behavioral decision approaches have difficulty in adapting to complex and changing environments. The offline decision-making approaches lead to poor adaptability to dynamic environments, while behavioral decision-making based on reinforcement learning relies on data acquisition, and the learned knowledge cannot guide mobile robots to quickly adapt to new environments. To address this issue, this article proposes a brain-inspired behavioral decision model that can perform incremental learning by simulating the logical structure of memory classification in the brain, as well as the memory conversion mechanisms of hippocampus, prefrontal cortex, and anterior cingulate cortex. The model interacts with the environment through semisupervised learning and learns the current decision online, simulating the memory function of humans to enable mobile robots to adapt to changing environments. In addition, an internal reward mechanism driven by curiosity is designed, simulating the reinforcement mechanism of curiosity in human memory, encoding the memory of unfamiliar behavioral decisions for mobile robots, and consolidating the memory of frequently made behavioral decisions, improving the learning and memory capacity of mobile robots in environmental cognition. The feasibility of the proposed model is verified by physical experiments in different environments.

This study examines how e-haj management systems in Bangladesh affect user satisfaction. Therefore, the authors presented the hypothesis using webQual 4.0 Model. Data was collected using a 5-point-lickert questionnaire. 347 valid data were collected from Dhaka city. SPSS 27 displayed descriptive statistics, and Smart PLS 3.3.3 was analysed for measurement and structural model. The study found the positive impact of the usability, information quality, and service information quality of e-hajj on users' satisfaction. Thus, e-government implementers can get benefits from the findings of the paper as they come to know what factors motivates individuals to use the government's e-haj management portal. This finding also suggested that government should focus on website’s easy to navigate option, updated information and 24/7 customer service. As a result, this tendency of the citizens towards e-government services will be increased day by day and motivated to accept these e-hajj system. This research will increase trust and improve the democratic process for all citizens including businesses, or different government agencies by enhancing service quality provided to them. Small sample size, data collection period, and location are the limitations of this study. Future researchers may combine more model’s items and reduce these limitations to improve practical application studies.

This paper analyzes the overconfident and underconfident trading behavior simultaneously in the context extended from Gervais and Odean ( 2001 ) [Learning to be overconfident. Review of Financial Studies, 14(1), 1–27]. We find that the overconfidence level will be first decreasing, then increasing and finally decreasing as the number of the successful predictions increases when the underconfident behavior is sufficiently prominent and the expected trading volume in the future will first decrease then increase and finally decrease as the number of successes increases. Furthermore, the insider’s expected profits in the future are a monotonically increasing function of the number of successes when the number of successes is sufficiently small or large but monotonically decreasing function of this number when it is in the intermediate range. This completes the analysis of the investors’ biased behavior.

The banking system could be mapped by the network model to generate the structural properties of evolution dynamics. In this study, we empirically investigate the evolution properties of the China bank network from 2008 to 2019 where the banks and lending relationships are set as the nodes and links. By introducing the middle layer into the core–periphery (CP) model, we present the core–middle–periphery (CMP) model where the nodes belonging to the core layer are fully connected and the ones belonging to the middle layer connect the core and periphery layer. Compared with the traditional CP model, the reconstruction error of the CMP model is decreased by 64% compared with the one obtained by the CP model, and the transition stability probability is enhanced greatly. This work is helpful for deeply understanding the evolution properties of the banking system.

ABSTRACT This paper develops two time-varying parameter uncovered interest parity (TVP-UIP) models and studies their validity in both developed and emerging countries. Compared to the traditional models, TVP-UIP models can successfully capture dynamic relationships and help to explain the UIP puzzle. Empirical results show that the coefficients vary substantially over time and the UIP relationship can be regarded as a dynamic equilibrium process especially in emerging economies. The UIP hypothesis holds in several periods and can be significantly affected by specific major events, such as the financial crises and the recovery policies in response to it, or the US monetary policy changes. The time-varying risk premium attracts great concern in the literature but only plays a limited role in this case. Moreover, the failure of UIP in some periods can be attributable to the persistence inherent in the data, which leads to a long-lasting re-establishment of the UIP relationship after a shock.

<p>In recent years, global patent applications of agricultural UAV technology have continued to grow at a high speed every year. In the global ranking of applicants, the top 10 are all Chinese applicants, with Chinese companies and universities far ahead. The patents applied are mainly for operation management, which is closely connected with the application scenarios of agricultural UAVs. In order to study the development trend of agricultural UAV technology, patent applications after 2009 in the field of agricultural UAV technology were analyzed. Characteristics of patent activities of agricultural UAV technology were revealed from perspectives of overall trend, geographical distribution, main competitors, and technical composition, and the development trend of agricultural UAV technology was revealed from a patent perspective. The results showed that agricultural UAV technology was in a stage of technological development, and prospects were promising. In the next few years, the number of patent applications related to agricultural UAV technology and the number of applicants will still maintain a high growth trend. Overseas deployment and raising awareness of patent protection have become the focus. The study results could provide references for the development of the agricultural UAV industry.</p>

In contrast to US companies, Chinese firms have concentrated ownership with the effect that the central agency problem emanates from controlling shareholders expropriating minority shareholders, a phenomenon referred to as ‘tunneling’. This study examines the monitoring effect of mutual funds on the tunneling behavior of controlling shareholders. Due to the distinctive institutional settings in China, including a high level of ownership concentration, underdeveloped legal system in the stock markets and weak governance mechanisms in the mutual fund industry, we find that an increase in mutual fund ownership effectively mitigates the tunneling behavior of controlling shareholders thus improving firm performance. Nonetheless, after the mutual fund ownership reaches a certain threshold, an increase in concentrated mutual fund ownership is associated with heavier tunneling and lower firm performance. This may suggest that concentrated mutual funds collude with controlling shareholders in order to preserve their private interests. Moreover, the above effects are found to be more pronounced for firms with heavier tunneling activities. Our finding of the non-monotonic monitoring role of mutual funds brings attention to the private interest theory for mutual funds, an aspect that has been largely ignored in previous studies on mutual funds.

We consider a newsvendor modeled product system, where the firm provides products to the market. The supply capacity of the product is random, so the firm receives either the amount of order quantity or the realized capacity, whichever is smaller. The market price is capacity dependent. We consider two types of production cost structures: the procurement case and the in-house production case. The firm pays for the received quantity in the former case and for the ordered quantity in the latter case. We obtain the optimal order quantities for both cases. Comparing with the traditional newsvendor model, we find that the optimal order quantity in both the procurement case and the in-house production case are no greater than that in the traditional newsvendor model with a fixed selling price. We also find that the optimal order quantity for the procurement case is greater than that for the in-house production case. Numerical study is conducted to investigate the sensitivity of the optimal solution versus the distribution of the random capacity/demand.

With the deepening of reform and opening up, more and more domestic enterprises going global. In order to avoid various risks and to ensure sustainable development of Chinese Educational Institutions going global, this study gives several suggestions for them to follow.