Based on the text of posing on the network forum, the authors establish a set of keyword dictionary to measure the long and short investors＇ sentiment effectively, then they investigate the mutual relations between i...Based on the text of posing on the network forum, the authors establish a set of keyword dictionary to measure the long and short investors＇ sentiment effectively, then they investigate the mutual relations between investor sentiment and the trading market through a Multivariable BEKK-GARCH model of abnormal long and short investor sentiment, returns, and abnormal trading volume. The results show that abnormal sentiment of long investor has a negative impact on the returns and a positive impact on the abnormal trading volume; while abnormal sentiment of short investor has no impact on the return and a negative impact on the abnormal trading volume. Otherwise, there is the negative volatility effect from abnormal sentiment of long investor to returns and abnormal trading volume, the positive volatility effects from abnormal sentiment of short investor to returns, and no volatility effects from abnormal sentiment of short investor to abnormal trading volume. In addition, network forum investor sentiment is a factor affecting the trading market. The analysis of forum information plays a certain role in presenting market risk and improving efficiency in making investment decision.展开更多
Commercial aircraft family design can reduce development costs, shorten development cycles, and expand the market coverage of aircraft. Commercial aircraft family development has become one of the most important featu...Commercial aircraft family design can reduce development costs, shorten development cycles, and expand the market coverage of aircraft. Commercial aircraft family development has become one of the most important features of modern aircraft design. This paper explores the effects of commonality on different aircraft models in a commercial aircraft family. The existing product commonality indexes are summarized and their limitations in the application to aircraft design are discussed. Then a new component commonality index is proposed based on the component decomposition structure. A model for calculating the aircraft program value is established,which considers development costs, manufacturing costs, sale price, operation costs and residual costs. The effects of aircraft commonality on time and economic costs of both development and manufacturing, and on sale price, are analyzed and quantified. The commonality evaluation strategy is obtained, which features comprehensive consideration of the aircraft program value and time costs. The break-even analysis of aircraft is proceeded on the basis of costs and price data. By using a real option method, the strategy considers the uncertainty of the aircraft program and the flexibility of the manufacturer. This strategy proves to be rational and applicable to aircraft design based on the calculation of three examples and the analysis of parameter sensitivity.展开更多
文摘Based on the text of posing on the network forum, the authors establish a set of keyword dictionary to measure the long and short investors＇ sentiment effectively, then they investigate the mutual relations between investor sentiment and the trading market through a Multivariable BEKK-GARCH model of abnormal long and short investor sentiment, returns, and abnormal trading volume. The results show that abnormal sentiment of long investor has a negative impact on the returns and a positive impact on the abnormal trading volume; while abnormal sentiment of short investor has no impact on the return and a negative impact on the abnormal trading volume. Otherwise, there is the negative volatility effect from abnormal sentiment of long investor to returns and abnormal trading volume, the positive volatility effects from abnormal sentiment of short investor to returns, and no volatility effects from abnormal sentiment of short investor to abnormal trading volume. In addition, network forum investor sentiment is a factor affecting the trading market. The analysis of forum information plays a certain role in presenting market risk and improving efficiency in making investment decision.
文摘Commercial aircraft family design can reduce development costs, shorten development cycles, and expand the market coverage of aircraft. Commercial aircraft family development has become one of the most important features of modern aircraft design. This paper explores the effects of commonality on different aircraft models in a commercial aircraft family. The existing product commonality indexes are summarized and their limitations in the application to aircraft design are discussed. Then a new component commonality index is proposed based on the component decomposition structure. A model for calculating the aircraft program value is established,which considers development costs, manufacturing costs, sale price, operation costs and residual costs. The effects of aircraft commonality on time and economic costs of both development and manufacturing, and on sale price, are analyzed and quantified. The commonality evaluation strategy is obtained, which features comprehensive consideration of the aircraft program value and time costs. The break-even analysis of aircraft is proceeded on the basis of costs and price data. By using a real option method, the strategy considers the uncertainty of the aircraft program and the flexibility of the manufacturer. This strategy proves to be rational and applicable to aircraft design based on the calculation of three examples and the analysis of parameter sensitivity.
