Browsing by Author "Wang, Ye"
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Item Open Access Cost Uniqueness: An Alternative Lens for Examining Cost Behavior(2023-09-06) Wang, Ye; Mashruwala, Raj; Anderson, Mark; Zhao, Rong; Jingjing, Wang; Sherer, Peter; Weiss, DanCost information is a critical input required for profit analysis, earnings estimation, and firm valuation by capital market participants (Banker and Chen 2006; Weiss 2010; Ciftci et al. 2016). Conventional methods of understanding cost behavior seek to separate costs based on their movements relative to production volume. In a set of three essays, I investigate an alternative lens for examining cost behavior. In my approach, I seek to separate cost movements driven by firm-specific factors from movements that are common to industry or market peers. I refer to this as “cost uniqueness”. In the first of my essays, I describe this new construct of cost uniqueness, and I identify a method to empirically measure this new construct. Firm-specific cost variations are of special interest because costs reflect the inner workings of the firm that are opaque to investors. To establish the importance of measuring cost uniqueness, I investigate the effects of cost uniqueness on information uncertainty for external users by looking at the forecasting difficulty faced by financial analysts. In my second essay, I conduct an exploratory investigation into the forces that potentially drive some firms to be more unique than others. I organize my search around three distinct forces that can shape costs, namely, internal firm characteristics, external environment, and manager-specific characteristics. Within these three dimensions, I specifically examine various factors pertaining to the incentives and capabilities of firms to operate distinctively from their peers. In my third essay, I delve into some of the implications of cost uniqueness for firms. I examine the relationship between cost uniqueness and firm value to assess whether cost uniqueness is driven by managers’ value-enhancing activities or by value-destroying activities. I also investigate what measures a firm can take to mitigate the information uncertainty associated with cost uniqueness. Specifically, I examine whether firms increase their disclosure of cost items to help outsiders unpack cost uniqueness.Item Open Access In-Receiver Analysis and Estimation of GNSS Biases(2021-08-27) Wang, Ye; Gao, Yang; Zhao, Lin; EI-Sheimy, Naser M; Noureldin, Aboelmagd MAGlobal navigation satellite system (GNSS) biases significantly degrade performance when using GNSS for precise positioning, ionospheric remote sensing, and time transfer. To date, research on GNSS biases has been primarily based on measurements output from receivers. This thesis investigates the concept and method of bias analysis and estimation within receivers with a focus on the analysis and estimation of receiver-induced biases, the correlator spacing influence on single-frequency positioning, fractional cycle bias estimation, and differential code bias estimation based on a correlator spacing flexible software receiver. The in-receiver bias analysis and estimation approach will open doors for bias calibration within receivers to output measurements with biases eliminated. The calibration of GNSS in-receiver front-end local oscillator, chip, ADC, and baseband correlator spacing-induced biases has been investigated and analyzed for the same frequency. The results show that the front-end-induced biases cannot be ignored and cannot be simply included in a certain error. The correlator spacing-induced biases have significant differences between satellites based on an analysis of both simulated signals and live signals. The between-spacing real-time differential positioning method (BSRTD) and the between-spacing real-time kinematic positioning method (BSRTK) have been developed to improve the performance of single-receiver single-frequency positioning after an analysis of inter-spacing bias influence on single point positioning (SPP). The results show that the BSRTD and BSRTK methods can significantly improve the stability of single-frequency positioning with a smaller standard deviation, and the BSRTK method can offer faster ambiguity resolution. A cascaded FCB estimation method, named the multi-spacing single-receiver estimated FCB (MSFCB) method, has been developed based on different correlator spacing pseudorange and carrier phase observations. The MSFCB method can be used in the ambiguity resolution process. A software receiver-based multi-spacing DCB estimation method has been proposed to improve DCB real-time performance. By comparing the MSDCBs to the IGS DCB products, the results show that the proposed correlator spacing flexible software receiver is able to estimate satellite DCBs with increased flexibility and cost-effectiveness compared to the current hardware receiver-based DCB estimation approach.Item Open Access Optimal Reinsurance with Vajda Condition and Range-Value-at-Risk(2022-09) Wang, Ye; Jiang, Wenjun; Ambagaspitiya, Rohana; Badescu, AlexandruIn this project we study an optimal reinsurance problem where the insurer’s risk-adjusted liability gets minimized. To better reflect the spirit of reinsurance, we impose exogenous Vajda condition on indemnity functions which requires the reinsurer to pay an increasing proportion of loss. To consider both robustness and tail risk, the insurer is assumed to apply Range-Value-at-Risk (RVaR) to evaluate its risk. Under the expected value premium principle, we derive the closed-form solution to our problem, which includes the results in Chi and Weng (2013) as special cases. Some comparative studies and sensitivity analysis are also carried out through numerical examples. Results from a simulation study indicate that the policy with Vajda condition is superior to that without Vajda condition if the insurer is very aversive to the tail risk.Item Open Access Simulating Chinese calligraphy and painting in real time(2006) Wang, Ye; Rokne, Jon G.