Special Issue "Mathematical Analysis in Economics and Management"

A special issue of Mathematics (ISSN 2227-7390). This special issue belongs to the section "Financial Mathematics".

Deadline for manuscript submissions: 31 August 2020.

Special Issue Editor

Prof. Yi-Hsien Wang
Website
Guest Editor
Department of Banking and Finance, Chinese Cluture University, Taipei, Taiwan
Interests: financial econometrics; investment management; decision science; risk analysis

Special Issue Information

Dear Colleagues,

In recent years, mathematical analysis models of economics and management have attracted a great deal of attention and been studied by many researchers from a broad range of mathematical viewpoints, including the mathematical analysis model in economics and management, like the econometric model, quantitative model, business intelligence, big data, data mining approach, machine learning, integration of decision science analysis, and statistical model.

The purpose of this Special Issue is to establish a collection of papers that develop novel insights on mathematical analysis methods for criteria decision support frameworks and/or to apply artificial-intelligence-based approaches, the econometric method, quantitative model, etc. to improve the current state-of-the-art in the economics and management field. Of special interest are papers that deal with economics, financial technology, business intelligence, and management.

Prof. Yi-Hsien Wang
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Mathematics is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1200 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Financial technology
  • Mobile payment
  • Equity crowdfunding
  • Entrepreneur
  • Big data
  • Machine learning
  • Statistical model
  • Decision science analysis

Published Papers (12 papers)

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Research

Open AccessArticle
A DEA Resampling Past-Present-Future Comparative Analysis of the Food and Beverage Industry: The Case Study on Thailand vs. Vietnam
Mathematics 2020, 8(7), 1140; https://doi.org/10.3390/math8071140 (registering DOI) - 13 Jul 2020
Abstract
The food and beverage industry plays a significant role in the economic development of developing and emerging countries in Asia through an immense contribution to the national income, employment, value-added inducement, and foreign exchange earnings. Among the developing countries in Asia, Thailand and [...] Read more.
The food and beverage industry plays a significant role in the economic development of developing and emerging countries in Asia through an immense contribution to the national income, employment, value-added inducement, and foreign exchange earnings. Among the developing countries in Asia, Thailand and Vietnam have recently experienced a significant growth in the industry due to their many advantages. However, the nascent stage of this industry was found to be lacking sustainable competitiveness in both countries. Therefore, this study aims to evaluate and forecast the performance efficiency of the food and beverage industry in Thailand and Vietnam to understand how efficient the food and beverage industry to these countries is and formulate suggestions to improve their productivity in accordance with the research findings. To achieve the research objectives, the resampling method in the data envelopment analysis is applied to measure and forecast the efficiency of 20 Vietnamese companies and 20 Thailand firms over the period of 2016 to 2023. The Malmquist productivity index is deployed to calculate the efficiency change over observed periods. The results reveal that Vietnam is found to have a higher efficiency than Thailand due to the outstanding performance of one company but have performed quite poorly due to low scores in technical and productivity change. The findings of this research can give useful information and practical suggestions to improve performance for inefficient companies as well as enhance competitiveness of the efficient companies trying to operate and reach global markets. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
The Influences of Asymmetric Market Information on the Dynamics of Duopoly Game
Mathematics 2020, 8(7), 1132; https://doi.org/10.3390/math8071132 - 10 Jul 2020
Abstract
We investigate the complex dynamic characteristics of a duopoly game whose players adopt a gradient-based mechanism to update their outputs and one of them possesses in some way certain information about his/her opponent. We show that knowing such asymmetric information does not give [...] Read more.
We investigate the complex dynamic characteristics of a duopoly game whose players adopt a gradient-based mechanism to update their outputs and one of them possesses in some way certain information about his/her opponent. We show that knowing such asymmetric information does not give any advantages but affects the stability of the game’s equilibrium points. Theoretically, we prove that the equilibrium points can be destabilized through Neimark-Sacker followed by flip bifurcation. Numerically, we prove that the map describing the game is noninvertible and gives rise to several stable attractors (multistability). Furthermore, the dynamics of the map give different shapes of quite complicated attraction basins of periodic cycles. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
Open AccessArticle
Information Privacy Protection under Anti-Money Laundering Legislation: An Empirical Study in Taiwan
Mathematics 2020, 8(7), 1048; https://doi.org/10.3390/math8071048 - 30 Jun 2020
Abstract
The newly added requirement in Taiwan’s Money Laundering Control Act to fully authenticate customers’ identity by regulated entities, particularly to reveal substantial beneficial owners, entails greater disclosure of customers’ private information. How to strike the balance between such disclosure and information privacy protection [...] Read more.
The newly added requirement in Taiwan’s Money Laundering Control Act to fully authenticate customers’ identity by regulated entities, particularly to reveal substantial beneficial owners, entails greater disclosure of customers’ private information. How to strike the balance between such disclosure and information privacy protection has not been mentioned yet in Taiwan. The goal of this research paper is to identify support measures, consisting of criteria, sub-criteria, and alternatives, for information privacy protection for future change. A questionnaire was developed through applying the modified Delphi method. This study also applied the analytic hierarchy process to the questionnaire to prioritize the importance of different criteria and sub-criteria and find the optimal alternative. The search results indicated that the criteria were (in order of importance) internal control in financial institutions, prior surveillance mechanisms, informed consent, and safe-harbor immunity. Further examination of the details for the sub-criteria indicated that the establishment of an external independent supervising mechanism and the adoption of a personal information impact assessment are increasingly prioritized for implementation. Moreover, Alternative 2 (“Public and private entities should implement criteria and sub-criteria simultaneously”) weighed 0.62 more in terms of importance compared with Alternative 1 (“Public entities should implement criteria and sub-criteria first”), which weighed 0.38. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
Linear Model Predictive Control for Physical Attractiveness and Risk: Application of Cosmetic Medicine Service
Mathematics 2020, 8(6), 975; https://doi.org/10.3390/math8060975 - 15 Jun 2020
Abstract
In the online world, the “eyeball economy” has become mainstream. Whether regarding Internet cosmetic medicine endorsers or physical service providers, the topic of physical attractiveness has long been discussed in the field of medical beauty e-commerce. When receiving cosmetic medical services, consumers have [...] Read more.
In the online world, the “eyeball economy” has become mainstream. Whether regarding Internet cosmetic medicine endorsers or physical service providers, the topic of physical attractiveness has long been discussed in the field of medical beauty e-commerce. When receiving cosmetic medical services, consumers have frequent contact with employees. Physical attractiveness is the most apparent and easily observed employee characteristic, and consumers base their judgement and behavior on it. In this study, the relationship between the physical attractiveness of cosmetic service employees and consumers’ perceived risk is discussed and clarified. After 366 questionnaires were collected and analyzed, the results indicated that the physical attractiveness of cosmetic service employees was negatively associated with perceived financial, performance, physical, psychological, and social risk. The study offers suggestions for employers. They should recruit more attractive employees. This will increase consumer intention to purchase a service because the consumers’ perceived risks are reduced. It may also enhance repurchase intention and consumption frequency. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
Did Institutional Investors’ Behavior Affect U.S.-China Equity Market Sentiment? Evidence from the U.S.-China Trade Turbulence
Mathematics 2020, 8(6), 952; https://doi.org/10.3390/math8060952 - 10 Jun 2020
Abstract
In the current situation of U.S.-China trade turbulence, this study focuses on quarterly panel data from May 2016 to September 2019 in order to verify the effectiveness of feedback trading strategy and smart money theory in stabilizing U.S.-China securities markets and to understand [...] Read more.
In the current situation of U.S.-China trade turbulence, this study focuses on quarterly panel data from May 2016 to September 2019 in order to verify the effectiveness of feedback trading strategy and smart money theory in stabilizing U.S.-China securities markets and to understand the role of institutional investors’ behavior, to come up with suggestions for improving and perfecting the market mechanism in stabilizing the U.S.-China securities markets. In this study, we adopt the generalized method of moments (GMM) to perform dynamic panel data analysis and discuss the changes in professional institutional investors’ behavior and equity market sentiment in the U.S. and China during the trade turbulence, and then analyze whether that behavior will suppress local stock market sentiment. Through empirical research, we found that institutional investors on both sides of the trade turbulence have a different impact on the stability of the local securities market. The behavior of institutional investors in the United States has played a role in stabilizing equity market sentiment in accordance with feedback trading strategy and smart money theory. However, the behavior of institutional investors in China is the opposite. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
Financial Technology: Review of Trends, Approaches and Management
Mathematics 2020, 8(6), 951; https://doi.org/10.3390/math8060951 - 10 Jun 2020
Abstract
Technological innovation and digitization have posed a challenge to the financial sector globally. Fintech is the term used to designate the application of new technologies to financial services. The aim of the study is to analyse this research subject worldwide during the period [...] Read more.
Technological innovation and digitization have posed a challenge to the financial sector globally. Fintech is the term used to designate the application of new technologies to financial services. The aim of the study is to analyse this research subject worldwide during the period 1975–2019. To this end, bibliometric techniques were applied to 2012 articles, obtaining findings of the productivity of scientific research, of the main thematic axes and their evolution. Scientific activity increased, mainly in the past decade, with 45% of publications. The main thematic areas were Business, Management and Accounting, Engineering, Social Sciences and Computer Science. Seven research lines were identified, aimed at analysing the aspects financial, economic, technology transfer, investment, innovation, partnerships and institutions and commercial. Future research lines should develop analyses on banking, financial services trade, territorial development, legal, management, research methodologies and the sustainability of financial technologies. It was verified that there is a growing and dynamic interest in scientific activity on financial technologies at an international level. The findings obtained are a complement to the knowledge of financial technologies and allow the relationship between science and technology to be established, and to inform the decision-making process. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
The Role of Gender Diversity in Downside Risk: Empirical Evidence from Vietnamese Listed Firms
Mathematics 2020, 8(6), 933; https://doi.org/10.3390/math8060933 - 08 Jun 2020
Abstract
Corporate governance has been marked as an important component of the fast-growing pace of the Vietnam economy recently. Aligning with the concern that gender plays a critical role in corporate management, this study aims to reveal the entire benefits of the appearance of [...] Read more.
Corporate governance has been marked as an important component of the fast-growing pace of the Vietnam economy recently. Aligning with the concern that gender plays a critical role in corporate management, this study aims to reveal the entire benefits of the appearance of women on board to reduce downside risk in the frontier countries. By using a unique dataset from Vietnamese listed firms and appropriate econometric methods, we present tight results that the presentation of women at firm management level is more likely to lessen the downside risk. In particular, female non-senior reduces all risk attributes, whereas the presence of women in executive board decrease firm risk only. Furthermore, the decreasing of individual and systemic risk are additionally driven by female Chief Executive Officer (CEO) and chairman. We found strong evidence that female leadership may decrease risk-taking in the low-risk firms at all managerial levels but not in the case of a female CEO. In summary, by examining data from specific frontier areas such as Vietnam, we confirm that the role of female leadership in terms of reducing the downside risk depend on their power managerial levels and the firm-risk behavior. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
Open AccessArticle
An Evaluation Model for Property-Purchasing Plans Based on a Hybrid Multi-Criteria Decision-Making Model
Mathematics 2020, 8(6), 860; https://doi.org/10.3390/math8060860 - 26 May 2020
Abstract
Purchasing a property entails making rankings, comparisons, and trade-offs among various housing characteristics. When trying to sell a house, real estate brokers take on an important role as a middle-person between the seller and buyer. Thus, this research sets up a dynamic price [...] Read more.
Purchasing a property entails making rankings, comparisons, and trade-offs among various housing characteristics. When trying to sell a house, real estate brokers take on an important role as a middle-person between the seller and buyer. Thus, this research sets up a dynamic price recommendation method for housing purchases and applies the fuzzy multiple criteria decision making (FMCDM) technique, so as to realize housing quality and evaluation. We utilize this method based on the prospect theory of the loss aversion effect, in order to aid real estate brokers’ job of coordinating between the seller and buyer. The method helps us to provide an objective view of the evaluation matrix. From the pricing strategy, the results are able to match price versus quality and improve brokers’ intermediation effects. The brokers can subsequently make recommendations regarding a suitable price, decisions on negotiation strategies to reach an agreement, and settle upon an acceptable price. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
The Effect of Data Theft on a Firm’s Short-Term and Long-Term Market Value
Mathematics 2020, 8(5), 808; https://doi.org/10.3390/math8050808 - 15 May 2020
Abstract
The prevalence of the internet as firm’s primary channel of operations and marketing in recent decades has made information security management a critical issue for firms. Yet, previous research on the information security issue have mostly focused on the impact of information security [...] Read more.
The prevalence of the internet as firm’s primary channel of operations and marketing in recent decades has made information security management a critical issue for firms. Yet, previous research on the information security issue have mostly focused on the impact of information security events on firms’ short-term value. Their impact on firms’ long-term value is rarely analyzed. Corporate managers have also largely dismissed the negative long-term impact of information security breaches by considering them as accidental and arguing that their frequency in recent years has instigated a sense of numbness in customers to their regards. Consequently, managers have paid little attention to information security investments. To assess the importance of information security investment, this study examines short-term and long-term stock market assessment of data breaches events at publicly traded companies. The findings of this study offer new insights for firms in assessing information security investment. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
Patent Litigation, Competitive Dynamics, and Stock Market Volatility
Mathematics 2020, 8(5), 795; https://doi.org/10.3390/math8050795 - 14 May 2020
Abstract
Recently, the number of patents of enterprises has been increasing year by year, obviously improving the degree of attention paid to the added value of patents by said enterprises, but also creating patent infringement lawsuits. First, through analysis of the position of competitors, [...] Read more.
Recently, the number of patents of enterprises has been increasing year by year, obviously improving the degree of attention paid to the added value of patents by said enterprises, but also creating patent infringement lawsuits. First, through analysis of the position of competitors, it can be seen that the disclosure of patent infringement litigation information influences the abnormal returns of shareholder wealth. Second, through projecting to competitive dynamics, it could be determined whether expected or actual action are consistent or inconsistent, and whether the stock returns and volatilities are obviously changed. This work utilized event study and GJR-GARCH to discuss the information value of short-term abnormal returns and the long-term effect of stock returns and volatilities of patent infringement lawsuits, respectively. The empirical results of this article highlight the significantly negative short-term abnormal returns of plaintiffs when market commonality between the enterprises was higher. In addition, the cumulative abnormal returns of shareholders were reduced when the resource similarity was higher. Finally, in terms of the corresponding plaintiff enterprises, if the expected theory and the actual strategy were inconsistent, then the return and the risk decreased significantly; however, when the strategy was consistent, the return and the risk increased significantly. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
Research on Advertising and Quality of Paid Apps, Considering the Effects of Reference Price and Goodwill
Mathematics 2020, 8(5), 733; https://doi.org/10.3390/math8050733 - 06 May 2020
Abstract
Considering users’ perceptions can help managers develop more accurate business strategies. Utilizing optimal control theory, this paper takes the reference price and goodwill of paid App as the state variables to analyze the paid App’s optimal product quality and the platform’s optimal advertising [...] Read more.
Considering users’ perceptions can help managers develop more accurate business strategies. Utilizing optimal control theory, this paper takes the reference price and goodwill of paid App as the state variables to analyze the paid App’s optimal product quality and the platform’s optimal advertising effort with the revenue-sharing contract in the decentralized and integrated systems, respectively. Results show that: (1) The higher the users’ loyalty, the higher the reference price, while for the users who lack loyalty, the impact of reference price can be ignored. (2) When the revenue-sharing rate is equal to or more than 2/3, the paid App is unwilling to bear any advertising costs for the platform. (3) We propose a bilateral subsidy agreement to coordinate the decentralized system smoothly and implement the optimal objective of the integrated system. (4) Importantly, under some mild conditions, we prove that the platform and paid App can both benefit from the agreement. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Open AccessArticle
The Construction and Implication of Group Scale Efficiency Evaluation Model for Bulk Shipping Corporations
Mathematics 2020, 8(5), 702; https://doi.org/10.3390/math8050702 - 02 May 2020
Abstract
The shipping industry pursues high efficiency and low cost of chartering operations for bulk shipping market depression. Each type of ship’s operational efficiency in bulk shipping corporations is more important than the corporation’s overall efficiency. In order to evaluate the efficiency gap between [...] Read more.
The shipping industry pursues high efficiency and low cost of chartering operations for bulk shipping market depression. Each type of ship’s operational efficiency in bulk shipping corporations is more important than the corporation’s overall efficiency. In order to evaluate the efficiency gap between various ship types’ efficiency and overall efficiency, the research first assessed the performance by a decision making unit (DMU), and evaluated voyage charter (V/C) performance by the time charter equivalent (TCE). It also measured the distance between group scale efficiency (GSE) and average group scale efficiency (AGSE) by the data envelopment analysis (DEA). DEA is able to compare the difference between the group efficiency and overall efficiency, the AGSE value, to explore the direction and extent of the overall efficiency improvement. In the research, the V/C service of Panamax, Supramax, and Handymax is considered as the DMU, to calculate the efficiency of different ship types separately. Then, it employs TCE to measure and the DEA method to compare AGSE. The larger the AGSE value, the better the efficiency. Based on the results, in order to improve the overall operating efficiency of bulk shipping corporations, AGSE should be more emphasized than TCE and GSE. The results can provide professional managers of bulk shipping corporations with the basis for a strategic decision of chartering operations. Full article
(This article belongs to the Special Issue Mathematical Analysis in Economics and Management)
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Planned Papers

The below list represents only planned manuscripts. Some of these manuscripts have not been received by the Editorial Office yet. Papers submitted to MDPI journals are subject to peer-review.

Title: Commodities Markets to Oil Funds – A Garch-Midas Model
Authors: Arthur Jin Lin 1 and Hai-Yen Chang 2,*
Affiliation: 1.Graduate Institute of International Business, National Taipei University, New Taipei City 237, Taiwan; [email protected] 2.Department of Banking and Finance, Chinese Culture University, Taipei City 111, Taiwan; [email protected]
Abstract: The oil funds have experienced high volatility over the last decade. This study applied the GARCH-MIDAS model on the data from January 2008 to April 2020 to investigates volatility transmission from the equity (Standard and Poor’s 500 Index), spot freight (Baltic Dry Index), commodities (Standard and Poor’s Goldman Sachs Commodity Index), currency (U.S. Dollar Index), and crude oil (West Texas Intermediate) markets to United States Oil Fund (USO) and BlackRock World Energy Fund A2 (BGF). By dividing the sample into two (before and after the 2018 U.S.-China trade war), we find the volatility transmission increasing after the turbulent period. The empirical evidence indicates a significant volatility transmission only from the equity market to oil funds before the U.S.-China trade war. Volatility transmission increased in directions from the equity, spot freight, commodities, and crude oil markets to oil funds after the U.S.-China trade war, extending to the COVID-19 pandemic. The results suggest that investors can use the equity market to predict oil fund movement during the tranquil and turmoil periods. Investors can use the equity, spot freight, commodities, and crude oil markets to forecast the volatility of oil funds during the turmoil periods, protecting themselves against high volatility of oil funds.

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