Zhongbao Zhou

Zhongbao Zhou
Hunan University · Department of Management Sciences

PhD

About

115
Publications
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1,581
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Introduction
Zhongbao Zhou is a professor at the School of Business Administration, Hunan University. He does research in Performance Management, Energy Economics, Decision Science and Industrial Organization.

Publications

Publications (115)
Preprint
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Observation scheduling problem for agile earth observation satellites (OSPFAS) plays a critical role in management of agile earth observation satellites (AEOSs). Active imaging enriches the extension of OSPFAS, we call the novel problem as observation scheduling problem for AEOS with variable image duration (OSWVID). A cumulative image quality and...
Preprint
A novel problem called satellite downlink scheduling problem (SDSP) under breakpoint resume mode (SDSP-BRM) is studied in our paper. Compared to the traditional SDSP where an imaging data has to be completely downloaded at one time, SDSP-BRM allows the data of an imaging data be broken into a number of pieces which can be downloaded in different pl...
Preprint
The asynchronous development between the observation capability and the transition capability results in that an original image data (OID) formed by one-time observation cannot be completely transmitted in one transmit chance between the EOS and GS (named as a visible time window, VTW). It needs to segment the OID to several segmented image data (S...
Preprint
Active-imaging agile earth observation satellite (AI-AEOS) is a new generation agile earth observation satellite (AEOS). With renewed capabilities in observation and active im-aging, AI-AEOS improves upon the observation capabilities of AEOS and provide additional ways to observe ground targets. This however makes the observation scheduling problem...
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Traditional data envelopment analysis (DEA) and diversification DEA are two common data-driven evaluation approaches, which have been widely used in the estimation of portfolio efficiency. The above two DEA approaches usually use the risk and expected return indicators to build the input-output process of portfolios. However, this input-output proc...
Preprint
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The satellite image data downlink scheduling problem (SIDSP) is well studied in literature for traditional satellites. With recent developments in satellite technology, SIDSP for modern satellites became more complicated, adding new dimensions of complexities and additional opportunities for the effective use of the satellite. In this paper, we int...
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Traditional data envelopment analysis (DEA) for estimating the portfolio efficiency requires that the portfolio frontier (theoretical frontier) is concave to ensure that the DEA efficiency in probability converges to the portfolio efficiency as the portfolio sample increases. However, in practice, the DEA efficiency is likely to overestimate the po...
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A reasonable energy mix would effectively improve resource utilization and reduce environmental impact. Decision makers are concerned not only with the current energy efficiency but also with the adjustment of energy mix. However, previous studies mostly focus on energy efficiency and seldom analyse energy mix adjustment. To fill in this literature...
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An observation scheduling for Gaofen-12 (OSFGF-12), a state-of-the-art earth observation satellite installed a novel synthetic aperture radar, is investigated in this paper. Considering a novel observation capability, uninterrupted imaging mode, we build a three-objective optimization model OSFGF-12 to minimize the loss rate of ground targets, the...
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Energy conservation and carbon reduction (ECCR) is an important way to achieve carbon peak and carbon-neutral goals. The existence of energy and carbon congestion effects leads to energy resource waste and unnecessary carbon abatement costs. We construct a data envelopment analysis (DEA) model considering the materials balance principle (MBP), whic...
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With many unethical companies have been exposed safety issues, consumers may also question the products of ethical companies without credible product information. Hence, we consider a two-echelon supply chain consisting of a supplier and a retailer (or two competing retailers), in which the supplier and the retailer can adopt blockchain technology...
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This paper considers a supply chain that includes one supplier and one retailer, in which the retailer has a more accurate demand forecast. The blockchain technology can verify the authenticity of the information, then the retailer can choose to truly share the demand information with the supplier by adopting such a costly technology. We discuss th...
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In this paper, we investigate a stochastic Stackelberg differential reinsurance and investment game problem with delay for a reinsurer and an insurer in a defaultable market, which consists of a risk-free asset, a risky asset and a defaultable bond. As the leader, the reinsurer can determine reinsurance premium price and investment strategy to maxi...
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The existing literature suggests that the out-of-sample performance of traditional mean-variance portfolio strategies is not robust, and their performance is even inferior to that of the equal weight strategy. To address this problem, this paper first clarifies that a complete investment process consists of two parts, namely, stock selection and in...
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Efficiency analysis is an important step in the environmental performance evaluation research, especially in the context of the implementation of the Environmental Protection Tax Law in China. In this paper, we first consider regional heterogeneity and divide regions into high, medium, and low-cost groups based on pollution tax levels. Then, we con...
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Traditional data envelopment analysis (DEA) and diversification-consistent DEA, as the data-driven relative performance evaluation approaches, are widely used in the estimation of portfolio efficiency. To some extent, diversification-consistent DEA is more favored by researchers compared with traditional DEA for it deals fully with portfolio divers...
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Most data envelopment analysis (DEA) studies on scale elasticity (SE) and returns to scale (RTS) of efficient units arise from the traditional definitions of them in economics, which is based on measuring radial changes in outputs caused by the simultaneous change in all inputs. In actual multiple inputs/outputs activities, the goals of expanding i...
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With the number of on-orbit earth observation satellites (EOSs) increases, satellite image data downlink scheduling problem is becoming the bottleneck for restricting EOSs to capture more image data. Therefore, Integrated scheduling problem for earth observation satellites is imperative, which optimizes data acquisition and data transmission simult...
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This paper investigates a hybrid stochastic differential reinsurance and investment game between one reinsurer and two insurers, including a stochastic Stackelberg differential subgame and a non-zero-sum stochastic differential subgame. The reinsurer, as the leader of the Stackelberg game, can price reinsurance premium and invest her wealth in a fi...
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With the introduction of the concept of social responsibility investment/green investment, more and more investors have realized the importance of such investment, which has prompted portfolio managers to more comprehensively consider both financial and non-financial performance of portfolios in different time horizons. DEA (Data Envelopment Analys...
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We investigate a three-echelon supply chain in which a distributor at the middle echelon negotiates two wholesale price contracts with his upstream manufacturer and downstream retailer. In the first stage, the distributor decides on whether to first negotiate with the manufacturer or with the retailer; in the second (combined, noncooperative-cooper...
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Data envelopment analysis (DEA) is a non-parametric approach for measuring the relative efficiencies of peer decision making units (DMUs). In recent years, it has been widely used to evaluate two-stage systems under different organization mechanisms. This study modifies the conventional leader–follower DEA models for two-stage systems by considerin...
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Social responsibility investment (SRI) has attracted worldwide attention for its potential in promoting investment sustainability and stability. We developed a three-step framework by incorporating environmental, social, and governance (ESG) performance into portfolio optimization. In comparison to studies using weighted ESG rating scores, we const...
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In recent years, the rapid development of blockchain technologies have attracted worldwide attention. Its application has been extended to many fields, such as digital finance, supply chain management, and digital asset transactions. For some enterprises and users, how to choose the most effective platform from many blockchains to control costs and...
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The video optical satellite with the capability of active imaging is a new generation of earth observation satellite (EOS). The image duration of each observation task can be variable. By the way, EOS can image ground targets continuously during a time period, which is very suitable in the application of monitoring for important ground targets. How...
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Low-carbon pilot (LCP) policy aims to not only achieve economic development but also address climate change problems in China. With a difference-in-difference (DID) approach, this study provides empirical evidence to support the policy’s implementation by analysing its impacts on green total factor productivity (GTFP). We find that the implementati...
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We consider strategic pricing problems in which each firm chooses between a non-cooperative (individual pricing) strategy and a cooperative (price negotiation) strategy. We first analyze a monopoly supply chain involving a supplier and a retailer, and then investigate two competing supply chains each consisting of a supplier and a retailer. We find...
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The construction industry plays an important role in China's industrialization and urbanization process, which has become a major contributor to carbon emission in China. We innovatively use carbon footprint as an indicator of undesirable output in evaluating the construction industry since it captures both direct and indirect carbon emission. Then...
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This paper considers a supply chain with one supplier and two retailers. The supplier has limited normal capacity. When the orders of two retailers exceed the capacity, the supplier can satisfy the retailers with the limited normal capacity, or he can start an emergent production to increase his capacity in a short time with a high unit production...
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Purpose With the development of global food markets, the structural properties of supply chain networks have become key factors affecting the ability to evaluate and control infectious diseases and food contamination. The purpose of this paper is to describe and characterize the nationwide pork supply chain networks (PSCNs) in China and to demonstr...
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Appropriate measurement of environmental efficiency in actual production process is of great significance for promoting sustainable development. However, traditional methods of measurement based on joint production function have deviation when the approach is applied to non-joint production activities or any production activity that violates the ma...
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This paper investigates a Stackelberg stochastic differential reinsurance–investment game problem, in which the reinsurer is the leader and the insurer is the follower. The unequal status of the reinsurer and the insurer in the financial market is characterized by the asymmetric information model. We consider their wealth processes with delay to ch...
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This paper proposes a novel hybrid forecast model to forecast crude oil price on considering the long memory, asymmetric, heavy-tail distribution, nonlinear and non-stationary characteristics of crude oil price. First, we use a signal de-noising method to reduce excessive noise significantly in the crude oil price. Then we employ empirical mode dec...
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This paper focuses on how explicit structural shocks that characterize the endogenous character of international oil price change affect the output volatility of the U.S. crude oil and natural gas mining industries. To this end, we employ a modified structural vector autoregressive model (SVAR) to decompose real oil-price changes into four componen...
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This paper investigates the generalized multi-period mean-variance investment-reinsurance optimization model in a discrete-time framework for a general insurance company that contains a reinsurer and an insurer. The intertemporal restrictions and the common interests of the reinsurer and the insurer are considered. The common goal of the reinsurer...
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In this paper, we present a multi-objective genetic algorithm DEA-MOEA/D by integrating decomposition method and DEA (Data Envelopment Analysis) approach. The initial solutions are generated by the DEA approach. Difference operators are adopted as the crossover operator of the parent. We adopt the test functions and portfolio optimization problems...
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Economic development is generally accompanied by the consumption of ecosystems, so it is particularly essential to evaluate the operation of the economy-ecosystem quantitatively. In this paper, we explore the emergy evaluation indicators system with 23 indicators and measure the change of eco-efficiency in China from 2009 to 2015 by employing a new...
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We employ multiple heterogeneous data sources, including historical transaction data, technical indicators, stock posts, news and Baidu index, to predict the directions of stock price movements. We focus on the distinctive predicting patterns of active and inactive stocks, and we examine the predictive power of support vector machine (SVM) in diffe...
Preprint
This paper investigates a hybrid stochastic differential reinsurance and investment game between one reinsurer and two insurers, including a stochastic Stackelberg differential subgame and a non-zero-sum stochastic differential subgame. The reinsurer, as the leader of the Stackelberg game, can price reinsurance premium and invest its wealth in a fi...
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Full-text available
Most of the existing literature on optimal investment-reinsurance only studies from the perspective of insurers and also treats the investment-reinsurance decision as a continuous process. However, in practice, the benefits of reinsurers cannot be ignored, nor can decision-makers engage in continuous trading. Under the discrete-time framework, we f...
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The super-efficiency data envelopment analysis model is innovative in evaluating the performance of crude oil prices’ volatility forecasting models. This multidimensional ranking, which takes account of multiple criteria, gives rise to a unified decision as to which model performs best. However, the rankings are unreliable because some efficiency s...
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In this paper, we focus on a class of singular fractional differential equation, which arises from many complex processes such as the phenomenon and diffusion interaction of the ecological-economic-social complex system. By means of the iterative technique, the uniqueness and nonexistence results of positive solutions are established under the cond...
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Data envelopment analysis (DEA) is a data-driven tool for performance evaluation, benchmarking and multiple-criteria decision-making. This article investigates efficiency decomposition in a two-stage network DEA model. Three major methods for efficiency decomposition have been proposed: uniform efficiency decomposition, Nash bargaining game decompo...
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In this paper, we propose a generalized multiperiod mean-variance portfolio optimization based on consideration of benchmark orientation and intertemporal restrictions, in which the investors not only focus on their own performance but also tend to compare the performance gap between themselves and the benchmark. We aim to find the time-consistent...
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Economic policy uncertainty (EPU) will affect the external business environment of economic entities, which in turn affects the decision-making of economic entities. Meanwhile, carbon emissions are closely related to the production decisions of microeconomic entities. Thus, studying the relationship between EPU and carbon emissions helps to clarify...
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This paper investigates the impact of relative economic policy uncertainty between China and the United States (the Sino-US EPU ratio) on the Chinese exchange rate volatility by employing a GARCH-MIDAS model. Moreover, we compare the out-of-sample volatility forecasting performance of the GARCH-MIDAS model with that of traditional GARCH-type models...
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The existing literature on DEA (Data Envelopment Analysis) for evaluating fuzzy portfolios usually takes risk as an input and return as an output. This assumption is actually not congruent with the real investment process, where the input is the initial wealth and the output is the corresponding terminal wealth. As for the risk and return, which ar...
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In this paper, we discuss several different styles of multi-period mean-variance portfolio optimization problems under the serially correlated returns. We derive the time-consistent strategies for the classical multi-period mean-variance optimization with and without risk-free asset using a backward induction approach. We also propose an alternativ...
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In real applications, data envelopment analysis (DEA) models with Russell measures are widely used although their theoretical studies are scattered over the literature. They often have seemingly similar structures but play very different roles in performance evaluation. In this work, we systematically examine some of the models from the viewpoint o...
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The existing literature on investment and reinsurance is limited to the study of continuous-time problems, while discrete-time problems are always ignored by researchers. In this study, we first discuss a multi-period investment and reinsurance optimization problem under the classical mean-variance framework. When the asset returns with a serially...
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This paper addresses the multi-period facility location problem during the market expansion stage, where the decision maker plans to add a certain number of new facilities in each period to gradually increase the accessibility of the infrastructural collection network. In order to consider the trade-off between cost efficiency and service coverage,...
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Although the Chinese government emphasizes the significance of public transportation development and encourages green travel, no empirical study has examined whether the expansion of public transportation facilitates the mitigation of carbon emissions. To this end, we employ a panel quantile regression to test the endogenous relationship between pu...
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While numerous studies have investigated the relationship between oil volatility and stock returns, it is surprising that little research has examined the quantile dependence and directional predictability from oil volatility to stock returns in BRICS (Brazil, Russia, India, China, and South Africa) countries. We address this issue by using the cro...
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The pre-commitment and time-consistent strategies are the two most representative investment strategies for the classic multi-period mean-variance portfolio selection problem. In this paper, we revisit the case in which there exists one risk-free asset in the market and prove that the time-consistent solution is equivalent to the optimal open-loop...
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Data envelopment Analysis (DEA) has been a widely used methodology for evaluating the relative performance of portfolios. Extensive work has appeared for realizing the role of DEA in the aspect of assessing portfolio performance and deriving the relative rankings. However, the role of providing realizable benchmarks is not fully explored in the exi...
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This paper investigates the risk transmission and hedging strategies between natural gas market and stock markets. We propose a multivariate GARCH framework which combines regime switching with multivariate long memory and asymmetry GARCH. Results show that there exists granger causality from natural gas market to the Chinese stock markets in crisi...
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The cardinality constrained portfolio selection problem arises due to the empirical findings that investors tend to hold limited number of assets. Yet the lack of fast computational methods for frontier of cardinality constrained portfolio investments makes the performance evaluation of this problem a long-standing challenge. Classic Data Envelopme...
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Behavioral theories posit that investor sentiment exhibits predictive power for stock returns, whereas there is little study have investigated the relationship between the time horizon of the predictive effect of investor sentiment and the firm characteristics. To this end, by using a Granger causality analysis in the frequency domain proposed by L...
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This paper investigates the contagion effect among stock markets (Asia, European and America) under time varying frequencies by use of a CEEMDAN wavelet (complete ensemble empirical mode decomposition with adaptive noise) model. Firstly, we decompose stock index return into different independent intrinsic mode functions and wavelet decomposition fu...
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In satellite anti-radiation reinforcement designs, it is necessary to specify the anti-radiation reinforcement index of the selected electronic components to ensure that the satellite has enough anti-radiation adaptability. Traditional probability distribution models or 0-1 models use only the radiation dose at the moment of unit failure, and so, i...
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This paper presents a DEA approach with multiple abatement factors to evaluate CO2 emission performance and allocate CO2 emission quotas in Chinese cities. We first consider the difference of marginal abatement costs among cities, and construct the non-radial directional distance function with multiple abatement factors. The total-factor CO2 emissi...