Robust fixed-time flight controller for a dual-system convertible UAV in the cruise mode

This paper investigates the attitude tracking control problem for the cruise mode of a dual-system convertible unmanned aerial vehicle(UAV)in the presence of parameter uncertainties,unmodeled uncertainties and wind disturbances.First,a fixed-time disturbance observer(FXDO)based on the bi-limit homogeneity theory is designed to estimate the lumped disturbance of the convertible UAV model.Then,a fixed-time integral sliding mode control(FXISMC)is combined with the FXDO to achieve strong robustness and chattering reduction.Bi-limit homogeneity theory and Lyapunov theory are applied to provide detailed proof of the fixed-time stability.Finally,numerical simulation experimental results verify the robustness of the proposed algorithm to model parameter uncertainties and wind disturbances.In addition,the proposed algorithm is deployed in a open-source UAV autopilot and its effectiveness is further demonstrated by hardware-in-the-loop experimental results.

The pricing of perpetual convertible bond with credit risk

Convertible bond gives holder the right to choose a conversion strategy to maximize the bond value, and issuer also has the right to minimize the bond value in order to maximize equity value. When there is default occurring, conversion and calling strategies are invalid. In the framework of reduced form model, we reduce the price of convertible bond to variational inequalities, and the coefficients of variational inequalities are unbounded at the original point. Then the existence and uniqueness of variational inequality are proven. Finally, we prove that the conversion area, the calling area and the holding area are connected subsets of the state space.

Contingent convertible lease modeling and credit risk management

The main objective of this study is to determine a lease agreement to finance an investment project and a solution for managing credit risk.This study investigates three types of contingent leases to reduce the costs associated with bankruptcy and compensate for the lessor’s position.A leasing defaultable contract allows the lessor to obtain the rent that will be recovered if the lessee defaults.A leasing convertible contract can be automatically converted into shares when certain default conditions related to the cash flows generated by the firm are met.These conditions are triggered by the ratio of the firm’s value and leasing payments.A Defaultable-Convertible-Leasing contract with a payback option grants the lessor the right but not the obligation to convert the remaining lease payments into stocks or to break up the contract and pick up the rented equipment when the firm reaches the default threshold.These contracts are motivated by contributing to the range of risk-management strategies by adding more flexibility to standard leasing contracts and contingent rents.Closed-form securities pricing solutions are set forward in a dynamic model for firms with existing assets and a growth option financed by shares and a contingent lease.Risk-neutral pricing theory and the backward induction method are used to determine the pricing of corporate securities.Numerical analysis shows that leasing convertible contracts and defaultable-convertible contracts with payback options impact the service value of the leased asset,maturity,and inefficiencies resulting from insolvency and asset substitution.An optimal conversion rate reduces inefficiencies,thus making the leasing convertible contract and defaultable-convertible-leasing contract with payback option a reliable solution to ensure business continuity and loss coverage of the leasers upon default.

The Pricing of Convertible Bonds with a Call Provision

This paper deals with the pricing of convertible bond with call provision based on the traditional B-S formula. By applying the principle of no arbitrage, the partial differential equation for the bond is established with identified boundary conditions, which solution results in the closed form of the pricing formula.

Provably Secure Convertible Directed Partially Blind Signatures

Combining the concept of partially blind signature with the concept of directed signature, we introduce a new concept of convertible directed partially blind signature （CDPBS）, in which only the signer and the user can verify, confirm and disavow the validity of given signatures and convert given signatures into universally verifiable ones, to meet the need of signing personally or commercially sensitive messages. We give a formal definition of CDPBS and propose a concrete provably secure CDPBS scheme. The proposed scheme is efficient and secure, in which its unforgeability is the same as that of the Schnorr＇s signature scheme and its untransferability relies on the hardness of the decisional Diffie-Hellman problem. Furthermore, by letting the user＇s private key be a common constant, the proposed scheme can be used as a normal partially blind signature scheme.

Pushing Multiple Convertible Constrains into Frequent Itemsets Mining

Constraint pushing techniques have been developed for mining frequent patterns and association rules. How ever, multiple constraints cannot be handled with existing techniques in frequent pattern mining. In this paper, a new algorithm MCFMC （mining complete set of frequent itemsets with multiple constraints） is introduced. The algorithm takes advantage of the fact that a convertible constraint can be pushed into mining algorithm to reduce mining research spaces. By using a sample database, the algorithm develops techniques which select an optimal method based on a sample database to convert multiple constraints into multiple convert ible constraints, disjoined by conjunction and/or, and then partition these constraints into two parts. One part is pushed deep inside the mining process to reduce the research spaces for frequent itemsets, the other part that cannot be pushed in algorithm is used to filter the complete set of frequent itemsets and get the final result. Results from our detailed experi ment show the feasibility and effectiveness of the algorithm.

Atomic Electronic Contract ProtocolBased on Convertible Signature

A new class of atomicity, namely contract atomicity is presented. A newtechnical strategy based on convertible signature and two-phase commitment is proposed forimplementing atomicity of electronic contract protocol. A new atomic contract signing protocol isgiven out by using ElGam-al-like convertible undeniable signature and commitment of conversion key,and another new atomic contract signing protocol is brought forward by using RSA-based convertibleundeniable signature scheme and commitment ofconversion key. These two new protocols are proved tobe of atomicity, fairness, prnacy- non-repudiation.

DeepPricing:pricing convertible bonds based on financial time-series generative adversarial networks

Convertible bonds are an important segment of the corporate bond market,however,as hybrid instruments,convertible bonds are difficult to value because they depend on variables related to the underlying stock,the fixed-income part,and the interaction between these components.Besides,embedded options,such as conversion,call,and put provisions are often restricted to certain periods,may vary over time,and are subject to additional path-dependent features of the state variables.Moreover,the most challenging problem in convertible bond valuation is the underlying stock return process modeling as it retains various complex statistical properties.In this paper,we propose DeepPricing,a novel data-driven convertible bonds pricing model,which is inspired by the recent success of generative adversarial networks(GAN),to address the above challenges.The method introduces a new financial time-series generative adversarial networks(FinGAN),which is able to reproduce risk-neutral stock return process that retains the unique statistical properties such as the fat-tailed distributions,the long-range dependence,and the asymmetry structure etc.,and then transit to its risk-neutral distribution.Thus it is more flexible and accurate to capture the dynamics of the underlying stock return process and keep the rich set of real-world convertible bond specifications compared with previous model-driven models.The experiments on the Chinese convertible bond market demonstrate the effectiveness of DeepPricing model.Compared with the convertible bond market prices,our model has a better convertible bonds pricing performance than both model-driven models,i.e.Black-Scholes,the constant elasticity of variance,GARCH,and the state-of-the-art GAN-based models,i.e.FinGAN-MLP,FinGAN-LSTM.Moreover,our model has a better fitting capacity for higher-volatility convertible bonds and the overall convertible bond market implied volatility smirk,especially for equity-liked convertible bonds,convertible bonds trading in the bull market,and out-of-the-money convertible bonds.Furthermore,the Long-Short and Long-Only investment strategies based on our model earn a significant annualized return with 41.16%and 31.06%,respectively,for the equally-weighted portfolio during the sample period.

Pricing permanent convertible bonds in EVG model

By considering the failure of normal distribution and continuous assumption in financial modeling, this paper attempts to apply the Exponential Variance Gamma （EVG） model into the pricing framework of permanent convertible bonds with call clause. Following framework of Gapeev ＆ Kiihn（2005）, we obtain an explicit solution to the bond price and optimal stopping strategies, which shows that the new pricing framework is quite different from the continuous model and even the Jump Diffusion model. Compared with the numerical calculation, the closed form results price convertible bonds quickly and accurately.

Empirical Analysis of Impact of Conversion ofConvertible Bonds on Corporate Performance of Different Industries in China

We apply the methods of principle component analysis (PCA) and Wilcoxon’s signed rank test (WSRT) to study influence of conversion of convertible bonds on corporate performance of different industries in China. In this paper, 33 convertible bonds that were issued by non-financial sectors from 2002 to 2009 in China with the convertible rate more than 50% within a year were selected as a research sample. In order to provide a reference for the parties concerned, the influence of conversion of convertible bonds on corporate performance in different industries was studied from the industrial properties point of review.

Convertible Bond Pricing Based on Exponential Variance Gamma Model

Due to the‘spike and tail’ phenomenon of asset returns,the applicability of the Black-Scholes model for pricing convertible bonds has been questioned,and the variance gamma model can cope well with this phenomenon and solve the ‘volatility smile dilemma’.This paper combines the variance gamma model with the least squares Monte Carlo simulation method to empirically analyze the Everbright convertible bond based on its high activity in the Chinese market.In this paper,the predicted price and the actual price are compared,and the applicability of the variance gamma model in the Chinese convertible bond market is analyzed.Empirical results show that the fitting price predicted by the variance gamma model is consistent with the actual price trend,indicating that the method is applicable to the Chinese convertible bond market.

Empirical Study on Premiums of Chinese Convertible Bonds

Through analyzing the components of convertible bond＇s value, this paper studied the determinants of premiums of Chinese CBs. According to this research, the premiums in fixed period are significantly higher than that in conversion period due to legal constraints. The premiums in conversion period are negatively related to conversion value, risk-free interest rate, whether the issuing firm has right to advance repayment, whether in selling back period, and additional selling back price, and are positively related to exercise price, risk, and redemption price.

Research on the Pricing of Convertible bonds in China Migration risk based on credit rating

At present,further research and exploration on credit risks are being carried out in the global field,and increasingly profound modem credit risks are exposed to the bond market.This requires that we cannot ignore the impact of credit rating migration risk on bond pricing,so as to adapt to the sustainable and healthy development of the bond market under the new normal of China's economy.The innovation point of this paper is to try to analyze the pricing of Convertible bonds in China from the perspective of credit rating migration risk.Tsiveriotis and Femandes(1998)model is selected,and the credit risk in the model is assumed to be caused by the credit rating migration risk,and the credit spread is used to measure the credit rating migration risk.The research conclusion of this paper is as follows:First,it is valid to consider the risk of credit rating migration in the TF(1998)model.The market price of convertible bonds is on average 1.22% higher 1han the theoretical value of the model.In general,the theoretical value obtained from the model has little deviation from the market price,and has a good fitting degree.Second,from the Angle of credit rating,the selection of 32 samples of convertible bonds only empirical research shows that the credit rating of AA-convertible bonds average deviation rate is negative,suggest that the credit rating of AA-the phenomenon of convertible bonds value is underestimated,and AAA credit rating to AA,AA+,the average deviation rate of convertible bonds is positive,that credit rating AA(containing AA)more convertible bond value is overrated phenomenon,and the higher the credit rating of the average deviation rate of convertible bond,the greater the overvalued levels.It has certain guiding significance for participants in the convertible bond market.

萨博9-3 CONVERTIBLE：如梦方醒

宝马在2004年率先成立柴油软篷俱乐部。1年后,奥迪成为其中一员。现在．萨博终于姗姗来迟——远非时下流行的故意晚到。

Effect of Issuing Convertible Bonds from the Perspective of Ownership Structure:Evidence from Listed Companies in Shanghai and Shenzhen

Due to the rapid expansion of enterprise scale,traditional financing methods can no longer meet the needs of enterprises.As a financing method with both equity and debt,convertible bonds,with its flexibility,is favored by enterprises.Especially in 2017,China’s supervision on the financing method of private placement of shares has become stricter,and some companies have chosen convertible bonds for financing.This paper takes the ownership structure as the starting point and the listed companies in Shanghai and Shenzhen as the research subjects,as well as uses regression analysis to determine the relationship between convertible bonds,ownership structure,and enterprise performance.It is found that convertible bonds reduce the performance of enterprises,while ownership concentration strengthens the negative relationship.

GE LightSpeed Pro^(16)CT故障维修1例

1故障现象在GE LightSpeed Pro^(16)CT连续扫描患者过程中,突然无法曝光,系统重启后仍无法扫描。系统日志提示DAS模块温度超过65℃,同时提示第31号和第76号Converter板信息接收错误。2故障分析与排除LightSpeed Pro^(16)CT是美国GE公司生产的16排CT,球管热容量大,结构紧凑,设备散热量较大。DAS模块中的96块Converter板和DCB板极易受机架内部温度过高影响而报错。

Carbon emission reduction:Contribution of photovoltaic power and practice in China

As a clean and renewable form of energy,photovoltaic(PV)power generation converts solar energy into electrical energy,reducing the consumption of fossil fuels and significantly lowering greenhouse gas emissions.Amidst the global transition towards cleaner forms of energy,countries all around the world are vigorously developing PV technology.

A 128×128 SPAD LiDAR sensor with column-parallel 25 ps resolution TA-ADCs

This paper presents a design of single photon avalanche diode(SPAD)light detection and ranging(LiDAR)sensor with 128×128 pixels and 128 column-parallel time-to-analog-merged-analog-to-digital converts(TA-ADCs).Unlike the conventional TAC-based SPAD LiDAR sensor,in which the TAC and ADC are separately implemented,we propose to merge the TAC and ADC by sharing their capacitors,thus avoiding the analog readout noise of TAC’s output buffer,improving the conversion rate,and reducing chip area.The reverse start-stop logic is employed to reduce the power of the TA-ADC.Fabricated in a 180 nm CMOS process,our prototype sensor exhibits a timing resolution of 25 ps,a DNL of+0.30/−0.77 LSB,an INL of+1.41/−2.20 LSB,and a total power consumption of 190 mW.A flash LiDAR system based on this sensor demonstrates the function of 2D/3D imaging with 128×128 resolution,25 kHz inter-frame rate,and sub-centimeter ranging precision.