Chen T.Y.,Swinburne University of Technology |
Hu P.,China Merchants Bank |
Li H.,University of Hong Kong |
Tse T.H.,University of Hong Kong
Information Sciences | Year: 2012
We present a flow analysis technique for detecting unreachable states and actions in concurrent systems. It is an enhancement of the approach by Cheung and Kramer. Each process of a concurrent system is modeled as a finite state machine, whose states represent process execution states and whose transitions are labeled by actions. We construct dependency sets incrementally and eliminate spurious paths by checking the execution sequences of actions. We prove mathematically that our algorithm can detect more unreachability faults than the well-known Reif/Smolka and Cheung/Kramer algorithms. The algorithm is easy to manage and its complexity is still polynomial to the system size. Case studies on two commonly used communication protocols show that the technique is effective. © 2012 Elsevier Inc. All rights reserved.
News Article | December 9, 2016
SANYA, China, Dec. 9, 2016 /PRNewswire/ -- Zhaopin Limited (NYSE: ZPIN) ("Zhaopin" or the "Company"), a leading career platform in China focused on connecting users with relevant job opportunities throughout their career lifecycles, today announced winners of the "Top 30 Employers in China Award" for 2016, with Tencent topping the list. Winners of the 2016 awards were led by Top 10 employers that included, in order: Tencent, China Merchants Bank, BMW China, Alibaba, the People's Insurance Company (Group) of China, Vanke, Ping An Insurance (Group) Company of China, IBM, Mercedes-Benz, and Starbucks, which are all leaders in their respective industries. The full ranked list of the Top 30 Employers is set forth below. Among this year's "Top 30 Employers", 22 are local companies, indicating the rise of Chinese companies in both reputation and ability to compete for talents with prestigious global branded companies. In term of industries, seven companies are from the IT/internet sector, six are from the auto manufacturing, and four are from the finance sector. "Attracting and retaining talents is a core competency in the New Economy," said Mr. Evan Guo, Chief Executive Officer and Director of Zhaopin. "How to recruit and retain talents is an essential strategy for employers to drive growth and success. We found in our survey that respect, welfare and benefits, and equality are the most important factors when employees evaluate their employers and try to decide where to work." "The rise of workplace communities is a significant trend we have identified this year," he added. Workplace communities are formed with close relationships among employers and employees, who share the same goals and values. In such communities, all members are equal partners and enjoy a strong sense of belonging. With trust and respect in a flat structure, employees are motivated to reach their full potential and exercise their creativity. According to Mr. Guo, "Workplace communities are against centralization and hierarchy in traditional organizations. In such emerging and dynamic communities, employees share the same values, are equal partners in flat structures, and are empowered to show their creativity." This annual award is jointly issued by Zhaopin and Peking University's Institute of Social Science Survey. Now in its 11th consecutive year, the award has become a valuable reference for job seekers in China. This year, more than 9,700 companies participated in the selection, representing an increase of 80% over last year. The winners were selected based on their performance in brand strategy, reputation, organization structure, employee training, salary and welfare, and working environment. Their performance was evaluated via employee surveys, expert opinions, online voting and HR questionnaires. Besides the "Top 30 Employers in China," Zhaopin also announced the "Best Employers for Female Employees", "Best Employers for College Students", and "Socially Responsible Employers of the Year and Employers with the Most Potentials" for 2016. Winners of the "Best Employers for Female Employees" this year included Alibaba, BMW China, Bank of Communications, JD.com, Joyoung, Microsoft China, Vipshop, Starbucks, Industrial and Commercial Bank of China, and Gree Electric Appliances. Zhaopin's survey found that female employees are more stable and loyal to their employers than male employees. About 38% of female employees have never changed jobs, compared with 27% for male employees. About 20% of female employees have worked for their current employers for five years or more, compared with 10% for male employees. As for career goals over the next three years, female employees are giving more priority to improvement in skill sets, recognition of capabilities, and realization of self values, while male employees are seeking career success and realization of self values, according to the Zhaopin survey. Winners of the "Best Employers for University Students" in 2016 included IBM, Dalian Wanda, GOME, Lenovo, Nestle, Tencent, Perfect World, Sina, IKEA and China International Marine Containers (Group). When college students are looking for their ideal employers, the most important factor is "respect for employees". Other key considerations for college students included good income outlook, equal and fair treatment, welfare and benefits, and an attractive company culture. Foreign companies are still the top choices by 36.6% of college students who participated in the survey, followed by state-own enterprises which were chosen by 21.4% of college students. The top five cities most attractive to college students are Beijing, Shanghai, Chengdu, Guangzhou and Hangzhou. For college graduates, the average expected monthly salary for their first job is RMB5,792, according to the Zhaopin's survey. Zhaopin is a leading career platform in China, focusing on connecting users with relevant job opportunities throughout their career lifecycle. The Company's zhaopin.com website is the most popular career platform in China as measured by average daily unique visitors in each of the 12 months ended September 30, 2016, number of registered users as of September 30, 2016 and number of unique customers for the three months ended September 30, 2016. The Company's over 125.2 million registered users include diverse and educated job seekers who are at various stages of their careers and are in demand by employers as a result of the general shortage of skilled and educated workers in China. In the fiscal year ended June 30, 2016, approximately 36.9 million job postings were placed on Zhaopin's platform by 509,813 unique customers including multinational corporations, small and medium-sized enterprises and state-owned entities. The quality and quantity of Zhaopin's users and the resumes in the Company's database attract an increasing number of customers. This in turn leads to more users turning to Zhaopin as their primary recruitment and career- related services provider, creating strong network effects and significant entry barriers for potential competitors. For more information, please visit http://www.zhaopin.com. This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Zhaopin may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Zhaopin's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Zhaopin's goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user and customer base for its online career platform; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Zhaopin does not undertake any obligation to update such information, except as required under applicable law. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/zhaopin-unveils-2016-top-30-employers-in-china-300375907.html
Kui L.,Shenzhen Polytechnic |
Guangming W.,China Merchants Bank |
Yijun H.,Wuhan University
Acta Mathematica Scientia | Year: 2011
In this article, the authors consider the optimal portfolio on tracking the expected wealth process with liquidity constraints. The constrained optimal portfolio is first formulated as minimizing the cumulate variance between the wealth process and the expected wealth process. Then, the dynamic programming methodology is applied to reduce the whole problem to solving the Hamilton-Jacobi-Bellman equation coupled with the liquidity constraint, and the method of Lagrange multiplier is applied to handle the constraint. Finally, a numerical method is proposed to solve the constrained HJB equation and the constrained optimal strategy. Especially, the explicit solution to this optimal problem is derived when there is no liquidity constraint. © 2011 Wuhan Institute of Physics and Mathematics.
Innovation and Upgrading, High end and Advancement 2016 Convention on Exchange of Overseas Talents in China and the 18th Guangzhou Convention of Overseas Chinese Scholars in Science and Technology have made tremendous achievements and reached a record high level
News Article | December 24, 2016
GUANGZHOU, China, Dec. 25, 2016 /PRNewswire/ -- The 2016 Convention on Exchange of Overseas Talents in China and the 18th Guangzhou Convention of Overseas Chinese Scholars in Science and Technology were held from Dec. 21 to Dec. 22 at Guangzhou Baiyun International Convention Center. With "Pooling Talents, Realizing Dreams and Creating a Future" as the theme and "Orienting towards the World and Serving China" as the purpose, this year's convention is committed to attracting overseas talents and high-level projects to suit Chinese cities' needs to develop economy, strengthen efficient exchange and communication between suppliers and requisitioning parties and enhance the cooperation between talents and projects. It was learned from the press conference of the achievements of the 2016 Convention on Exchange of Overseas Talents in China that this year's convention had successfully held a series of activities in an atmosphere of innovation and pragmatism. The communication between talents and projects has reached a record-high level. Blazing new trails in a pioneering spirit, the overall scale of the 2016 convention was greater than the previous ones. In recent years, with the continued improvement of the influence of China's economy in the world, China has become an important choice destination for overseas talents to start businesses and seek opportunities for development. The promotion of Belt and Road Initiative offered new opportunities for the growth of overseas talents. Against such a backdrop, the Convention of Overseas Chinese Scholars in Science and Technology has been renamed to Convention on Exchange of Overseas Talents in China. Previously, the convention was for overseas Chinese scholars, but now it has been for overseas talents all around the world and has realized "Four Firsts": First, it is not limited to a specific country or region but it is a convention on exchange of overseas talents in China that embraces to the whole world with the highest level and largest scale. Second, the attendees of the convention are not limited to overseas Chinese scholars but include high-level foreign talents, talents from Hong Kong, Macao and Taiwan and outstanding Chinese and overseas Chinese. Three, Overseas branch fields were established to interconnect. Fourth, "Internet+CEOTC" mode set up a connected platform for customized classification to highlight serving China's strategy and adapt to the new trend of world economic integration. According to the supply scale of talent project, all participating exhibitors strength and the effect of implementing communication and exchange exceeds previous ones. This year's convention attracted over 3,300 overseas talents from the U.S., Canada, the U.K., Australia and Commonwealth of Independent States, with PhD holders accounting for 65 percent and talents with the ambitions to start businesses for 70 percent. These talents brought a total of more than 1,000 science and technology development projects to the convention which attracted over 20 well-known experts and academicians from home and abroad. The overseas scholars are mainly engaged in disciplines and fields including biomedicine, smart making, electronic information, new materials, new energy, environmental protection, management and finance. Some of the projects represented the advanced development of the world's technology and filled in some blanks for China's technology. 17,000 jobs were offered at the convention by 173 government delegations and 193 institutes of higher learning and academies of scientific research from four municipalities directly under the Central Government and 29 provinces, cities and autonomous regions, which demonstrated the whole nation's determination and ambition of attracting and introducing talents. During the two-day convention, the number of the attendees reached a record high of more than 49,000. Tailor-made recruitment for talents demanded urgently for economic and social development. To strengthen the effectiveness of brain gain, the convention integrated its online and offline resources and tailored six special recruitment events for overseas talents at different levels, from the perspectives of different groups, regions and professions. Companies joining in the recruitment covered various fields, such as energy, biology, medicine, IT, finance, automobile, etc. One could find some famous enterprises, including Alibaba Group, Walmart, Midea, Wanda Group, Toshiba, China Mobile, China Unicom, GAP Group, China Merchants Bank, HSBC, Country Garden, etc. The main venue and the six special areas for the World 500 Fortune and Pazhou Internet Innovation Cluster Area, etc. attracted over 2,200 overseas talents. The whole event involved 161 corporations, provided 1,641 jobs and received nearly 1,800 job applications. This year, the convention adopted video recruitment for the first time, with Guangzhou being the main venue and Singapore and Australia being the branch venues. The video recruitment attracted over 100 overseas talents from Singapore, Australia, UK, Hong Kong and Macao, 75% of which own doctor degrees. The person-post matching degree surpassed 85%. In addition, the convention applied an O2O individual mobile platform. The overseas talents can send job applications to their intended firms and make on-site job interview appointments through scanning the QR code of the convention by phone. 335 recruiters released almost ten thousand pieces of job news online and the total page views at PC and mobile terminals were more than 128 thousand, receiving as many as 32 thousand times of job intentions. Major projects were successfully implemented. During the convention, Guangzhou Municipal Government and RAS signed an agreement on scientific and technological cooperation; 11 projects, including the smart platform research on the automobile market demand and competition in China, are promoted to be tentatively located in Guangzhou Economic & Technological Development District, involving numerous fields like medicine, 3D printing, platform development, credit evaluation, etc. The proposed investment amounted to about 500 million. Over 20 scholars of the "Thousand Talents Plan" are willing to be settled in Guangzhou. According to an incomplete survey, there were 13,528 times of matching, with the result of 1,306 projects intended for contract. Communications and exchanges for the districts of Guangzhou happened nearly 2,500 times, resulting in 80 projects intended for contract. The supporting facilities were further improved. In terms of venue, Haichuang Technological Park at Guangzhou Economic & Technological Development District was set as the "Pilot Park of Convention on Exchange of Overseas Talents", involving investment of 1.5 billion RMB. Regarding policy encouragement, it is promoting the Implementation Opinions on "Kapok Plan" of Guangzhou to Encourage Overseas Talents to Start Business in Guangzhou. As to financial support, it utilized market forces to provide investing and financing support of 15 million RMB in 3 years for projects contracted during the convention. Focusing on development and highlighting the professionalism of the forums, 51 forums, discussions, annual promotions, etc. took place during the convention, covering hot topics such as macro-economy, politics and current news, entrepreneurship and innovation, "internet +", social welfare, etc. The activities focused on a number of fields, including entrepreneurship and innovation, supply side structure reform, innovation driven, the strategic and advanced science and technology of the "One Belt and One Road" initiative, advanced manufacturing, emerging industry, etc. The convention was honored by the presence of several high-level overseas experts from such developed areas as Europe, America, Japan, etc. and countries along the "One Belt and One Road", including Sune Svanberg …Ante Glibota…. The participation and exchanges of these experts greatly improved professionalism of the convention. Getting close to the forefront of science and technology and demonstrating a development trend in the future. Covering an exhibition area of 23,000 square meters, the convention was involved in the new generation of information technology, new materials, high-end equipment manufacturing, biomedicine, energy saving and environmental protection and other fields. When the organizers of the convention recruited exhibitors, booths were always in short supply. The result of the exhibition of "Thousand Talents Program" demonstrated "Thousand Talents Program" experts' achievements of more than 300 cutting-edge technology projects. Dr. Pan Jianwei, the chief scientist of Chinese Academy of Sciences Quantum Science Experiment Satellite Pilot Project, debuted scene with his "Mozi" Model. Gan Zhongxue demonstrated his design of "Wang Yangming simulation robot" in displaying calligraphy and imitating the user's handwriting. "New Era · New Vision - VR / AR Experience Pavilion" demonstrated the new products and research results in the VR / AR field, which can be applied to education, medical treatment, real estate, urban planning, art and design, social contact and other fields Liwan District Guangzhou demonstrated Graphene Touching Wall which made use of the new materials technology of Graphene and was integrated with laser holographic projection technology to change a static mural into dynamic animation. Dr. Caiwei, the world-renowned expert of new energy vehicle motors, demonstrated a new energy motor system. Building "The Never Ending Convention on Exchange of Overseas Talents in China" To start the information system construction of the Convention on Exchange of Overseas Talents in China: The connection and communication between overseas talent projects and venture capital institutions, domestic enterprises, and startup parks will be achieved to collect, manage and use the information of overseas talents. To implement "Internet+CEOTC": Online recruitment, project roadshow and other functional modules shall be developed to exchange all-around demands from online platform and offline opportunities. To interact among 4 places around the world: First, 3 overseas branch fields will be established in the United States, Australia and Singapore to implement online project roadshow and overseas talent recruitment and the event will be shared at 4 places. To open up the mobile terminal system: The website of the convention will be seamlessly connected with the WeChat platform to facilitate talent registration and reduce data printing volume. "Come to Guangzhou, Do entrepreneurship and Make innovation" As the host of the convention, Guangzhou will adhere to the purpose of "Orienting towards the World and Serving China" and actively provide a service platform to participating exhibitors from nearby provinces. Meanwhile, Guangzhou will continue to build a good platform for overseas talents to create innovation and entrepreneurship. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innovation-and-upgrading-high-end-and-advancement-2016-convention-on-exchange-of-overseas-talents-in-china-and-the-18th-guangzhou-convention-of-overseas-chinese-scholars-in-science-and-technology-have-made-tremendous-achievement-300383531.html
News Article | December 8, 2016
HORSHAM, Pa., and NEW YORK, Dec. 08, 2016 (GLOBE NEWSWIRE) -- Toll Brothers, Inc., the nation’s leading builder of luxury homes (NYSE:TOL) (tollbrothers.com), and Gemdale Properties and Investments (“GPI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH), one of China’s largest and leading real estate developers, announced today their formation of a joint venture to co-develop a luxury condominium project at 121 East 22nd Street in Manhattan. The project consists of a two-tower, 133-unit luxury condominium building, designed by the Office for Metropolitan Architecture (OMA), which was founded by Pritzker Prize-winning architect Rem Koolhaas. Designed by principal Sho Shigematsu, the residential tower marks the firm’s first building in Manhattan, as well as Sho’s decade-long tenure directing OMA New York. The project is located in Manhattan’s exclusive Gramercy Park neighborhood on a site spanning East 22nd Street to East 23rd Street with corner frontage on Lexington Avenue at 23rd Street. The building will have two connected towers with a single residential entrance on East 22nd Street. The site lies one block north of the prestigious Gramercy Park, placing the project in the heart of the neighborhood which is home to a wealth of history, art, and exceptional dining. Tree-lined streets offer area residents a distinctive setting in close proximity to Midtown Manhattan, one of the most highly concentrated Class A business centers in the world, and within blocks of Silicon Alley, a tech hub benefiting from one of the most significant flows of venture capital in the United States. The site is also a short stroll to both Madison Square Park and Union Square Park. The Toll Brothers-Gemdale joint venture has secured a $237 million construction loan from a syndicate of five banks including Bank of New York Mellon as Administrative Agent and Joint Lead Arranger, Capital One as Joint Lead Arranger, China Merchants Bank New York, MUFG Union Bank, N.A., and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Douglas C. Yearley, chief executive officer of Toll Brothers, stated: “We are very pleased to team with Gemdale to develop this spectacular luxury condominium project. 121 East 22nd Street is another in a long line of dramatic, residential projects built by Toll Brothers City Living in the New York City market. Its exceptional location within the Gramercy Park neighborhood makes this one of the most appealing buildings in which to live in all of New York City.” Jason Zhu, Chairman of Gemdale USA, stated: “This distinctive 121 East 22nd Street project benefits from a world-class Pritzker Prize-winning architectural firm which has designed some of the leading buildings in the world.” Michael Krupa, President of Gemdale USA, stated: “We are delighted to work with Toll Brothers, a Fortune 600 Company, and the leading builder of luxury homes in the U.S., with a nearly 50-year history of developing exceptional projects across the country. Moreover, we are delighted and honored to be part of such an iconic project in Manhattan’s distinctive Gramercy Park neighborhood.” Frederick N. Cooper, Toll Brothers’ Senior Vice President of Finance, International Development and Investor Relations, stated: “We are excited to be partnering with Gemdale to develop this unique project. This, our first joint venture with Gemdale, is the culmination of a relationship spanning ten years and multiple interactions both in the U.S. and China. We also are very pleased that our solid banking relationships have resulted in a strong lending group to finance this landmark project.” Toll Brothers, Inc., A FORTUNE 600 Company, is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington, as well as in the District of Columbia. Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Capital and Asset Management joint venture, the Company provides builders and developers with land banking and joint venture capital. The Company acquires and develops commercial and apartment properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. In 2016, Toll Brothers ranked #6 among all 1,500 companies in Fortune magazine’s survey of the World’s Most Admired Companies in the Quality of Products/Services Offered category behind only Apple, Walt Disney, Amazon, Alphabet, and Nordstrom. The firm was also named as the Most Admired Home Building Company for 2016, the second year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine, and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com. Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (tollbrothers.com/investor-relations). Toll Brothers City Living® is the urban development division of Toll Brothers, Inc., the nation’s leading builder of luxury homes. Toll Brothers City Living® is bringing the same quality, value, and service familiar to our luxury home buyers throughout the country to some of the most dynamic urban markets including New York City; Hoboken and Jersey City, New Jersey; Philadelphia, Pennsylvania; and the Greater Washington, D.C., metro area. Toll Brothers City Living communities combine the energy of an urban lifestyle with unparalleled amenities, spectacular architecture, and energy-efficient home design. For more information, visit www.tollbrotherscityliving.com. Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial, and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world. Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors. Certain information included in this release is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, information related to: anticipated operating results; anticipated financial performance, resources and condition; selling communities; home deliveries; average home prices; consumer demand and confidence; contract pricing; business and investment opportunities; market and industry trends; and the anticipated benefits to be realized from the acquisition of Coleman Homes. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include, among others: local, regional, national and international economic conditions; fluctuating consumer demand and confidence; interest and unemployment rates; changes in sales conditions, including home prices, in the markets where we build homes; conditions in our newly entered markets and newly acquired operations; the competitive environment in which we operate; the availability and cost of land for future growth; conditions that could result in inventory write-downs or write-downs associated with investments in unconsolidated entities; the ability to recover our deferred tax assets; the availability of capital; uncertainties in the capital and securities markets; liquidity in the credit markets; changes in tax laws and their interpretation; effects of governmental legislation and regulation; the outcome of various legal proceedings; the availability of adequate insurance at reasonable cost; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our insurance coverage; the ability of customers to obtain financing for the purchase of homes; the ability of home buyers to sell their existing homes; the ability of the participants in various joint ventures to honor their commitments; the availability and cost of labor and building and construction materials; the cost of raw materials; construction delays; domestic and international political events; weather conditions; and the anticipated benefits to be realized from the acquisition of Coleman Homes. For a more detailed discussion of these factors, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Zhang Z.,CAS Institute of Software |
Chan W.K.,City University of Hong Kong |
Tse T.H.,University of Hong Kong |
Yu Y.T.,City University of Hong Kong |
Hu P.,China Merchants Bank
Journal of Systems and Software | Year: 2011
Fault localization is a major activity in program debugging. To automate this time-consuming task, many existing fault-localization techniques compare passed executions and failed executions, and suggest suspicious program elements, such as predicates or statements, to facilitate the identification of faults. To do that, these techniques propose statistical models and use hypothesis testing methods to test the similarity or dissimilarity of proposed program features between passed and failed executions. Furthermore, when applying their models, these techniques presume that the feature spectra come from populations with specific distributions. The accuracy of using a model to describe feature spectra is related to and may be affected by the underlying distribution of the feature spectra, and the use of a (sound) model on inapplicable circumstances to describe real-life feature spectra may lower the effectiveness of these fault-localization techniques. In this paper, we make use of hypothesis testing methods as the core concept in developing a predicate-based fault-localization framework. We report a controlled experiment to compare, within our framework, the efficacy, scalability, and efficiency of applying three categories of hypothesis testing methods, namely, standard non-parametric hypothesis testing methods, standard parametric hypothesis testing methods, and debugging-specific parametric testing methods. We also conduct a case study to compare the effectiveness of the winner of these three categories with the effectiveness of 33 existing statement-level fault-localization techniques. The experimental results show that the use of non-parametric hypothesis testing methods in our proposed predicate-based fault-localization model is the most promising. © 2011 Elsevier Inc. All rights reserved.
Chen X.,China Merchants Bank
Ruan Jian Xue Bao/Journal of Software | Year: 2013
Due to the defects caused by design principle and mechanism, Trusted Computing Platform can't effectively protect the system security from physical attacks. A novel design method based on signal integrity analysis was introduced to solve this problem. Based on the work stated above, this paper proposes a revised logical hierarchical design of TPM-APM (TPM-analog parameter measurement) sub-module. Furthermore, engineering implementation method of TPM-APM sub-module is provided by measuring the analog parameters of delay. Through comparing eye patterns, the practicability of implementing the TPM-APM sub-module is verified. Detailed analysis and experiment reveal that the revised TPM-APM sub-module can effectively enhance the ability of protecting Trusted Computing Platform against physical attacks. © Institute of Software Chinese Academy of Sciences.
Zhong D.,China Merchants Bank
Proceedings of the International Conference on E-Business and E-Government, ICEE 2010 | Year: 2010
The global financial crisis reveals the inherent shortcomings and instability of the current international monetary system. In the long-run, it has been a tendency to reform the failing system and make it lend order and stability to foreign exchange markets, encourage the elimination of balance-of-payments problems, and provide access to international credits in the event of disruptive shocks. For the emerging markets, the main question is how to play their own role in the next international monetary system reform? © 2010 IEEE.
Wang G.-J.,Hunan University |
Xie C.,Hunan University |
Chen S.,Hunan University |
Han F.,China Merchants Bank
Mathematical Problems in Engineering | Year: 2014
We supply a new perspective to describe and understand the behavior of cross-correlations between energy and emissions markets. Namely, we investigate cross-correlations between oil and gas (Oil-Gas), oil and CO2 (Oil-CO2), and gas and CO2 (Gas-CO2) based on fractal and multifractal analysis. We focus our study on returns of the oil, gas, and CO2 during the period of April 22, 2005-April 30, 2013. In the empirical analysis, by using the detrended cross-correlation analysis (DCCA) method, we find that cross-correlations for Oil-Gas, Oil-CO2, and Gas-CO2 obey a power-law and are weakly persistent. Then, we adopt the method of DCCA cross-correlation coefficient to quantify cross-correlations between energy and emissions markets. The results show that their cross-correlations are diverse at different time scales. Next, based on the multifractal DCCA method, we find that cross-correlated markets have the nonlinear and multifractal nature and that the multifractality strength for three cross-correlated markets is arranged in the order of Gas-CO2 > Oil-Gas > Oil-CO2. Finally, by employing the rolling windows method, which can be used to investigate time-varying cross-correlation scaling exponents, we analyze short-term and long-term market dynamics and find that the recent global financial crisis has a notable influence on short-term and long-term market dynamics. © 2014 Gang-Jin Wang et al.
News Article | March 29, 2016
After spending a month in beta, Samsung Pay officially launched in China today, reports Engadget. Samsung Pay is the company’s mobile payment solution that allows owners of some of its smartphone to use those devices to make purchases in apps and also at brick-and-mortar retailers. The service is typically compared to Apple Pay, which rolled out in America in 2014 and in China this past February. In addition to the similar name and features, the rollout of Samsung Pay in China mirrors Apple in that its initial credit and debit card partner in the country is also UnionPay. As Engadget notes, the banks supporting Samsung Pay at launch will be ICBC, China’s largest, as well as China Construction Bank and China Merchants Bank. More banks are expected to sign up this year. Phones that will support Samsung Pay in China include the Galaxy S7, Galaxy S7 Edge, Galaxy S6 Edge+, and Galaxy Note 5. Besides having one of the largest economies on the planet, both Samsung and Apple are so interested in China from a mobile payments perspective because the country embraced mobile wallets with a fervor not seen in other countries. In the third quarter of 2015, Chinese citizens made 4.54 billion mobile payment transactions totaling 18.17 trillion yuan (about $2.8 trillion), according to the latest Chinese government figures. As Engadget notes, that’s a staggering 253% year-on-year growth.