{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,21]],"date-time":"2026-08-21T14:28:16Z","timestamp":1787322496558,"version":"build-2736575974"},"reference-count":30,"publisher":"Society for Industrial & Applied Mathematics (SIAM)","issue":"3","funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["12571508"],"award-info":[{"award-number":["12571508"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["12171405"],"award-info":[{"award-number":["12171405"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["11661074"],"award-info":[{"award-number":["11661074"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100003392","name":"Natural Science Foundation of Fujian Province","doi-asserted-by":"publisher","award":["2024J01480"],"award-info":[{"award-number":["2024J01480"]}],"id":[{"id":"10.13039\/501100003392","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Program for New Century Excellent Talents in Fujian Province University","award":["20720220044"],"award-info":[{"award-number":["20720220044"]}]},{"DOI":"10.13039\/501100001839","name":"Hong Kong RGC","doi-asserted-by":"publisher","award":["GRF 15204622"],"award-info":[{"award-number":["GRF 15204622"]}],"id":[{"id":"10.13039\/501100001839","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001839","name":"Hong Kong RGC","doi-asserted-by":"publisher","award":["15203423"],"award-info":[{"award-number":["15203423"]}],"id":[{"id":"10.13039\/501100001839","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100004377","name":"Hong Kong Polytechnic University","doi-asserted-by":"publisher","award":["1-CE03"],"award-info":[{"award-number":["1-CE03"]}],"id":[{"id":"10.13039\/501100004377","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001691","name":"KAKENHI","doi-asserted-by":"publisher","award":["24K06844"],"award-info":[{"award-number":["24K06844"]}],"id":[{"id":"10.13039\/501100001691","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001691","name":"KAKENHI","doi-asserted-by":"publisher","award":["24H00328"],"award-info":[{"award-number":["24H00328"]}],"id":[{"id":"10.13039\/501100001691","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100000038","name":"NSERC","doi-asserted-by":"publisher","award":["RGPIN-2021-04100"],"award-info":[{"award-number":["RGPIN-2021-04100"]}],"id":[{"id":"10.13039\/501100000038","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Science Foundation of China","doi-asserted-by":"publisher","award":["12471135"],"award-info":[{"award-number":["12471135"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["SIAM J. Control Optim."],"published-print":{"date-parts":[[2026,6,30]]},"abstract":"<jats:p>Abstract.<\/jats:p>\n                  <jats:p>This paper examines a modified version of de Finetti\u2019s optimal dividend problem, incorporating fixed transaction costs and altering the surplus process by introducing two-valued drift and two-valued volatility coefficients. This modification aims to capture the transitions or adjustments in the company\u2019s financial status. We identify the optimal dividend strategy, which maximizes the expected total net dividend payments (after accounting for transaction costs) until ruin, as a two-barrier impulsive dividend strategy. Notably, the optimal strategy can be explicitly determined for almost all scenarios involving different drifts and volatility coefficients. Our primary focus is on exploring how changes in drift and volatility coefficients influence the optimal dividend strategy.<\/jats:p>","DOI":"10.1137\/25m1733719","type":"journal-article","created":{"date-parts":[[2026,5,11]],"date-time":"2026-05-11T07:10:53Z","timestamp":1778483453000},"page":"1210-1234","source":"Crossref","is-referenced-by-count":0,"title":["De Finetti\u2019s Problem with Fixed Transaction Costs and Regime Switching"],"prefix":"10.1137","volume":"64","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2838-3379","authenticated-orcid":true,"given":"Wenyuan","family":"Wang","sequence":"first","affiliation":[{"name":"School of Mathematics and Statistics, Fujian Normal University, Fuzhou, Fujian, 350117 People\u2019s Republic of China; School of Mathematical Sciences, Xiamen University, Xiamen, Fujian, 361005 People\u2019s Republic of China."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6824-1634","authenticated-orcid":true,"given":"Zuo Quan","family":"Xu","sequence":"additional","affiliation":[{"name":"Department of Applied Mathematics, The Hong Kong Polytechnic University, Kowloon, Hong Kong SAR, China."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7401-2157","authenticated-orcid":true,"given":"Kazutoshi","family":"Yamazaki","sequence":"additional","affiliation":[{"name":"School of Mathematics and Physics, University of Queensland, St. Lucia, Brisbane, 4072 QLD, Australia."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8441-3202","authenticated-orcid":true,"given":"Kaixin","family":"Yan","sequence":"additional","affiliation":[{"name":"School of Mathematical Sciences, Xiamen University, Xiamen, Fujian, 361005 People\u2019s Republic of China."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8205-0217","authenticated-orcid":true,"given":"Xiaowen","family":"Zhou","sequence":"additional","affiliation":[{"name":"Department of Mathematics and Statistics, Concordia University, Montreal H3G 1M8, QC, Canada."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"351","published-online":{"date-parts":[[2026,5,11]]},"reference":[{"key":"ref1","doi-asserted-by":"publisher","DOI":"10.1007\/BF03191909"},{"key":"ref2","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/15.4.1137"},{"key":"ref3","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-financial-110311-101808"},{"key":"ref4","doi-asserted-by":"publisher","DOI":"10.1137\/130921726"},{"key":"ref5","doi-asserted-by":"publisher","DOI":"10.1080\/03461230802591098"},{"key":"ref6","doi-asserted-by":"publisher","DOI":"10.1137\/090773210"},{"key":"ref7","doi-asserted-by":"publisher","DOI":"10.1016\/j.insmatheco.2013.11.007"},{"key":"ref8","doi-asserted-by":"publisher","DOI":"10.1080\/17442508008833156"},{"key":"ref9","unstructured":"A. Borodin and P. Salminen, Handbook of Brownian Motion\u2014Facts and Formulae, Springer, Cham, 2015, pp. 251\u2013330."},{"key":"ref10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9965.2006.00267.x"},{"key":"ref11","doi-asserted-by":"publisher","DOI":"10.1016\/j.spa.2022.07.003"},{"key":"ref12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2023.105645"},{"key":"ref13","doi-asserted-by":"publisher","DOI":"10.1109\/TAC.2025.3610151"},{"key":"ref14","first-page":"433","volume-title":"Transactions of the 15th International Congress of Actuaries","volume":"2","author":"de Finetti B.","year":"1957"},{"key":"ref15","doi-asserted-by":"publisher","DOI":"10.1111\/mafi.12120"},{"key":"ref16","doi-asserted-by":"publisher","DOI":"10.1016\/j.cam.2005.03.062"},{"key":"ref17","doi-asserted-by":"publisher","DOI":"10.1007\/s00780-012-0186-z"},{"key":"ref18","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-05265-5"},{"key":"ref19","doi-asserted-by":"publisher","DOI":"10.1007\/s00780-012-0174-3"},{"key":"ref20","first-page":"819","volume":"12","author":"Karatzas I.","year":"1984","journal-title":"Ann. Appl. Probab."},{"key":"ref21","doi-asserted-by":"publisher","DOI":"10.2307\/3213403"},{"key":"ref22","doi-asserted-by":"publisher","DOI":"10.1007\/BFb0099122"},{"key":"ref23","doi-asserted-by":"publisher","DOI":"10.1137\/0322007"},{"key":"ref24","doi-asserted-by":"publisher","DOI":"10.1137\/070691632"},{"key":"ref25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2005.01.013"},{"key":"ref26","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-10061-5"},{"key":"ref27","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.1998.10524758"},{"key":"ref28","unstructured":"W. Wang, ZQ. Xu, K. Yamazaki, K. Yan, and X. Zhou, De Finetti\u2019s Problem with Fixed Transaction Costs and Regime Switching, preprint, https:\/\/arxiv.org\/abs\/2502.05839, 2025."},{"key":"ref29","doi-asserted-by":"publisher","DOI":"10.1007\/s00245-023-10079-1"},{"key":"ref30","doi-asserted-by":"publisher","DOI":"10.1239\/aap\/1346955269"}],"container-title":["SIAM Journal on Control and Optimization"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/epubs.siam.org\/doi\/pdf\/10.1137\/25M1733719","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,8,21]],"date-time":"2026-08-21T13:22:31Z","timestamp":1787318551000},"score":1,"resource":{"primary":{"URL":"https:\/\/epubs.siam.org\/doi\/10.1137\/25M1733719"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,5,11]]},"references-count":30,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2026,6,30]]}},"alternative-id":["10.1137\/25M1733719"],"URL":"https:\/\/doi.org\/10.1137\/25m1733719","relation":{},"ISSN":["0363-0129","1095-7138"],"issn-type":[{"value":"0363-0129","type":"print"},{"value":"1095-7138","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,5,11]]}}}