The successive changes of asset prices are the most visible manifestation of financial markets dynamics. There exist different views about factors generating these changes, but many researchers and practitioners agree...The successive changes of asset prices are the most visible manifestation of financial markets dynamics. There exist different views about factors generating these changes, but many researchers and practitioners agree that the most important among them is the impact of information flow. According to the market microstructure theories, it depends mainly on the behavior of informed and uniformed traders. In the paper, we investigate dependencies between the possible proxies of information process： price duration and corresponding to it volume change and return. Our main objective is to answer the question about the most important factor in the process of discovering information by uniformed traders. We apply a set of models for volatility, volume and duration data. Our analysis is performed for selected equities listed on the Warsaw Stock Exchange and uses tick-by-tick data. The obtained results show that the stock liquidity on this leading stock market in Central and Eastern Europe is the most important factor influencing the process of discovering information by uninformed traders.展开更多
A four-degree-of-freedom mathematical model was established to investigate the course stability of an air cushion vehicle (ACV). The forces of aerodynamic,propeller and rudder were obtained by wind tunnel experiments....A four-degree-of-freedom mathematical model was established to investigate the course stability of an air cushion vehicle (ACV). The forces of aerodynamic,propeller and rudder were obtained by wind tunnel experiments. A series of constrained model experiments with horizontal-planar-motion-mechanism (HPMM) were conducted to determine the hydrodynamics. The ACV's course stability was analyzed by using Hurwitz deter-mination method with differential equation of perturbation,and the four-degree-of-freedom course stability was then checked by simulated calculation. The analysis and simulation results show that the course stability of fourdegree-of-freedom is applicable to ACV and is stricter than that of two-degree-of-freedom.展开更多
文摘The successive changes of asset prices are the most visible manifestation of financial markets dynamics. There exist different views about factors generating these changes, but many researchers and practitioners agree that the most important among them is the impact of information flow. According to the market microstructure theories, it depends mainly on the behavior of informed and uniformed traders. In the paper, we investigate dependencies between the possible proxies of information process： price duration and corresponding to it volume change and return. Our main objective is to answer the question about the most important factor in the process of discovering information by uniformed traders. We apply a set of models for volatility, volume and duration data. Our analysis is performed for selected equities listed on the Warsaw Stock Exchange and uses tick-by-tick data. The obtained results show that the stock liquidity on this leading stock market in Central and Eastern Europe is the most important factor influencing the process of discovering information by uninformed traders.
文摘A four-degree-of-freedom mathematical model was established to investigate the course stability of an air cushion vehicle (ACV). The forces of aerodynamic,propeller and rudder were obtained by wind tunnel experiments. A series of constrained model experiments with horizontal-planar-motion-mechanism (HPMM) were conducted to determine the hydrodynamics. The ACV's course stability was analyzed by using Hurwitz deter-mination method with differential equation of perturbation,and the four-degree-of-freedom course stability was then checked by simulated calculation. The analysis and simulation results show that the course stability of fourdegree-of-freedom is applicable to ACV and is stricter than that of two-degree-of-freedom.
