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Therapeutic Effect of Rhodopseudomonas palustris-Bioconverted Extract of Lycium barbarum on Rats with Lead Exposure
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作者 YANG Hong SUN Yi +3 位作者 CHAI Shu Tong LIANG Yan Hui LIU Ya Ni YANG Guan E 《Biomedical and Environmental Sciences》 SCIE CAS CSCD 2024年第4期440-444,共5页
Lead is a ubiquitous pollutant and Pb pollution is a global public health problem.Lead has been reported to induce multiple adverse effects,including reproductive toxicity,neurotoxicity,carcinogenicity,nephrotoxicity,... Lead is a ubiquitous pollutant and Pb pollution is a global public health problem.Lead has been reported to induce multiple adverse effects,including reproductive toxicity,neurotoxicity,carcinogenicity,nephrotoxicity,immunotoxicity,and hypertension[1].The traditional medical treatment available for Pb poisoning is chelation,which can save lives in individuals with very high blood Pb levels.The commonly used chelating agents include CaNa2EDTA and meso-2,3-dimercaptosuccinic acid.However,chelation therapy has strong short-term effects on the overall long-term management of Pb exposure. 展开更多
关键词 converted CHELATION CHELATING
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Recent advancements in continuously scalable conversion-ratio switched-capacitor converter
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作者 Mo Huang Yuanfei Wang +1 位作者 Rui P.Martins Yan Lu 《Journal of Semiconductors》 EI CAS CSCD 2024年第4期8-11,共4页
Switched-capacitor(SC)DC-DC converter[1]is an impor-tant alternative to inductive DC-DC converter,in terms of removing the bulky power inductor.Hence,it is widely used in low-profile,low-power applications,such as the... Switched-capacitor(SC)DC-DC converter[1]is an impor-tant alternative to inductive DC-DC converter,in terms of removing the bulky power inductor.Hence,it is widely used in low-profile,low-power applications,such as the internet of things(IoT)sensor nodes and energy harvesting[2].Mean-while,considering that capacitor has a much higher energy density than inductor,high-power applications. 展开更多
关键词 convertER SWITCHED removing
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Energy-Efficient Implementation of BCD to Excess-3 Code Converter for Nano-Communication Using QCA Technology
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作者 Nuriddin Safoev Angshuman Khan +1 位作者 Khudoykulov Zarif Turakulovich Rajeev Arya 《China Communications》 SCIE CSCD 2024年第6期103-111,共9页
Code converters are essential in digital nano communication;therefore,a low-complexity optimal QCA layout for a BCD to Excess-3 code converter has been proposed in this paper.A QCA clockphase-based design technique wa... Code converters are essential in digital nano communication;therefore,a low-complexity optimal QCA layout for a BCD to Excess-3 code converter has been proposed in this paper.A QCA clockphase-based design technique was adopted to investigate integration with other complicated circuits.Using a unique XOR gate,the recommended circuit’s cell complexity has been decreased.The findings produced using the QCADesigner-2.0.3,a reliable simulation tool,prove the effectiveness of the current structure over earlier designs by considering the number of cells deployed,the area occupied,and the latency as design metrics.In addition,the popular tool QCAPro was used to estimate the energy dissipation of the proposed design.The proposed technique reduces the occupied space by∼40%,improves cell complexity by∼20%,and reduces energy dissipation by∼1.8 times(atγ=1.5EK)compared to the current scalable designs.This paper also studied the suggested structure’s energy dissipation and compared it to existing works for a better performance evaluation. 展开更多
关键词 BCD code converter Excess-3 nano communication QCA circuits
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Robust optical mode converter based on topological waveguide arrays
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作者 徐宇翔 唐文剑 +4 位作者 姜力炜 吴德兴 王恒 许冰聪 陈林 《Chinese Physics B》 SCIE EI CAS CSCD 2024年第6期197-203,共7页
Optical mode converters are essential for enhancing the capacity of optical communication systems. However, fabrication errors restrict the further improvement of conventional mode converters. To address this challeng... Optical mode converters are essential for enhancing the capacity of optical communication systems. However, fabrication errors restrict the further improvement of conventional mode converters. To address this challenge, we have designed an on-chip TE0–TE1mode converter based on topologically protected waveguide arrays. The simulation results demonstrate that the converter exhibits a mode coupling efficiency of 93.5% near 1550 nm and can tolerate a relative fabrication error of 30%. Our design approach can be extended to enhance the robustness for other integrated photonic devices, beneficial for future development of optical network systems. 展开更多
关键词 on-chip integrated photonic devices topological photonics mode converter ROBUSTNESS
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Extracellular vesicles and angiotensin-converting enzyme 2 in COVID-19 disease
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作者 YU LIU ROBERT J.KASPER NATALIE J.S.CHOI 《BIOCELL》 SCIE 2024年第1期1-8,共8页
Extracellular vesicles(EVs)are membranous vesicular structures released from almost all eukaryotic cell types under different physiological or pathological conditions.Growing evidence demonstrates that EVs can serve a... Extracellular vesicles(EVs)are membranous vesicular structures released from almost all eukaryotic cell types under different physiological or pathological conditions.Growing evidence demonstrates that EVs can serve as mediators of intercellular communication between donor and recipient cells or microorganism-infected and noninfected cells.Coronavirus disease 2019(COVID-19)disease is caused by infection of the severe acute respiratory syndrome coronavirus 2(SARS-CoV-2)of host cells in the respiratory system and various extra-pulmonary tissue/organs,resulting in complications of multiple organ systems.As the cell surface receptor,angiotensin-converting enzyme 2(ACE2)mediates cellular entry of SARS-CoV-2 into the host cells in patients with COVID-19.Recent studies have found that ACE2 can be released with EVs,which have been shown to interfere with the entry of the virus into host cells and thus may be involved in COVID-19 pathophysiology.In addition,ACE2,neprilysin(NEP),and thimet oligopeptidase(TOP)are the key enzymes that regulate angiotensin metabolism by converting angiotensin II or angiotensin I to angiotensin 1-7,the latter of which has protective effects in counterbalancing the harmful effects of angiotensin II in COVID-19 disease.This review summarizes the recent research progress regarding EV-associated ACE2,NEP,and TOP and the perspectives of their potential involvement in the pathophysiology of COVID-19 disease. 展开更多
关键词 Extracellular vesicles COVID-19 Angiotensin converting enzyme 2 Thimet oligopeptidase
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ANovel Non-Isolated Cubic DC-DC Converter with High Voltage Gain for Renewable Energy Power Generation System
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作者 Qin Yao Yida Zeng Qingui Jia 《Energy Engineering》 EI 2024年第1期221-241,共21页
In recent years,switched inductor(SL)technology,switched capacitor(SC)technology,and switched inductor-capacitor(SL-SC)technology have been widely applied to optimize and improve DC-DC boost converters,which can effec... In recent years,switched inductor(SL)technology,switched capacitor(SC)technology,and switched inductor-capacitor(SL-SC)technology have been widely applied to optimize and improve DC-DC boost converters,which can effectively enhance voltage gain and reduce device stress.To address the issue of low output voltage in current renewable energy power generation systems,this study proposes a novel non-isolated cubic high-gain DC-DC converter based on the traditional quadratic DC-DC boost converter by incorporating a SC and a SL-SC unit.Firstly,the proposed converter’s details are elaborated,including its topology structure,operating mode,voltage gain,device stress,and power loss.Subsequently,a comparative analysis is conducted on the voltage gain and device stress between the proposed converter and other high-gain converters.Then,a closed-loop simulation system is constructed to obtain simulation waveforms of various devices and explore the dynamic performance.Finally,an experimental prototype is built,experimental waveforms are obtained,and the experimental dynamic performance and conversion efficiency are analyzed.The theoretical analysis’s correctness is verified through simulation and experimental results.The proposed converter has advantages such as high voltage gain,low device stress,high conversion efficiency,simple control,and wide input voltage range,achieving a good balance between voltage gain,device stress,and power loss.The proposed converter is well-suited for renewable energy systems and holds theoretical significance and practical value in renewable energy applications.It provides an effective solution to the issue of low output voltage in renewable energy power generation systems. 展开更多
关键词 Cubic DC-DC converter high voltage gain low device stress high efficiency renewable energy
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An Adaptive Control Strategy for Energy Storage Interface Converter Based on Analogous Virtual Synchronous Generator
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作者 Feng Zhao Jinshuo Zhang +1 位作者 Xiaoqiang Chen Ying Wang 《Energy Engineering》 EI 2024年第2期339-358,共20页
In the DC microgrid,the lack of inertia and damping in power electronic converters results in poor stability of DC bus voltage and low inertia of the DC microgrid during fluctuations in load and photovoltaic power.To ... In the DC microgrid,the lack of inertia and damping in power electronic converters results in poor stability of DC bus voltage and low inertia of the DC microgrid during fluctuations in load and photovoltaic power.To address this issue,the application of a virtual synchronous generator(VSG)in grid-connected inverters control is referenced and proposes a control strategy called the analogous virtual synchronous generator(AVSG)control strategy for the interface DC/DC converter of the battery in the microgrid.Besides,a flexible parameter adaptive control method is introduced to further enhance the inertial behavior of the AVSG control.Firstly,a theoretical analysis is conducted on the various components of the DC microgrid,the structure of analogous virtual synchronous generator,and the control structure’s main parameters related to the DC microgrid’s inertial behavior.Secondly,the voltage change rate tracking coefficient is introduced to adjust the change of the virtual capacitance and damping coefficient flexibility,which further strengthens the inertia trend of the DC microgrid.Additionally,a small-signal modeling approach is used to analyze the approximate range of the AVSG’s main parameters ensuring system stability.Finally,conduct a simulation analysis by building the model of the DC microgrid system with photovoltaic(PV)and battery energy storage(BES)in MATLAB/Simulink.Simulation results from different scenarios have verified that the AVSG control introduces fixed inertia and damping into the droop control of the battery,resulting in a certain level of inertia enhancement.Furthermore,the additional adaptive control strategy built upon the AVSG control provides better and flexible inertial support for the DC microgrid,further enhances the stability of the DC bus voltage,and has a more positive impact on the battery performance. 展开更多
关键词 Adaptive control analogous virtual synchronous generator DC/DC converter inertia of DC microgrid DC microgrid with PV and BES BATTERY DC bus voltage
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Application of Power Electronics Converters in Renewable Energy
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作者 Tao Cheng 《Journal of Electronic Research and Application》 2024年第4期101-107,共7页
Against the backdrop of global energy shortages and increasingly severe environmental pollution,renewable energy is gradually becoming a significant direction for future energy development.Power electronics converters... Against the backdrop of global energy shortages and increasingly severe environmental pollution,renewable energy is gradually becoming a significant direction for future energy development.Power electronics converters,as the core technology for energy conversion and control,play a crucial role in enhancing the efficiency and stability of renewable energy systems.This paper explores the basic principles and functions of power electronics converters and their specific applications in photovoltaic power generation,wind power generation,and energy storage systems.Additionally,it analyzes the current innovations in high-efficiency energy conversion,multilevel conversion technology,and the application of new materials and devices.By studying these technologies,the aim is to promote the widespread application of power electronics converters in renewable energy systems and provide theoretical and technical support for achieving sustainable energy development. 展开更多
关键词 Power electronics converters Renewable energy Photovoltaic power generation Wind power generation Energy storage systems High-efficiency energy conversion Multilevel conversion New materials New devices
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The pricing of perpetual convertible bond with credit risk 被引量:1
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作者 WANG Le-le BIAN Bao-jun Department of Mathematics, Tongji University, Shanghai 200092, China 《Applied Mathematics(A Journal of Chinese Universities)》 SCIE CSCD 2010年第3期277-290,共14页
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 occ... 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. 展开更多
关键词 convertible bond default risk optimal stopping problem variational inequality free boundary.
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The Pricing of Convertible Bonds with a Call Provision 被引量:3
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作者 Bin Zhang Dianli Zhao 《Journal of Applied Mathematics and Physics》 2016年第6期1124-1130,共7页
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 ... 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. 展开更多
关键词 convertible Bonds Call Provision B-S Formula
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Contingent convertible lease modeling and credit risk management 被引量:1
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作者 Ons Triki Fathi Abid 《Financial Innovation》 2022年第1期2382-2410,共29页
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 ... 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. 展开更多
关键词 Contingent convertible lease Growth option Risk of default Asset pricing Stochastic process
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Atomic Electronic Contract ProtocolBased on Convertible Signature
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作者 LIUYi-chun WANGLi-na ZHANGHuan-guo 《Wuhan University Journal of Natural Sciences》 EI CAS 2005年第1期227-230,共4页
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 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. 展开更多
关键词 electronic contract ATOMICITY convertible signature
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Empirical Analysis of Impact of Conversion ofConvertible Bonds on Corporate Performance of Different Industries in China
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作者 Hua Ding Xuewen Lu 《Open Journal of Statistics》 2011年第2期110-114,共5页
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 th... 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. 展开更多
关键词 Behavior of convertING convertible BONDS CORPORATE Performance PCA WSRT
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Provably Secure Convertible Directed Partially Blind Signatures
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作者 HUANG Zhenjie CHEN Kefei WANG Yumin 《Wuhan University Journal of Natural Sciences》 CAS 2007年第1期55-58,共4页
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 ... 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. 展开更多
关键词 CRYPTOGRAPHY digital signature partially blind signature directed signature convertible
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Pushing Multiple Convertible Constrains into Frequent Itemsets Mining
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作者 SONG Baoli QIN Zheng 《Wuhan University Journal of Natural Sciences》 CAS 2006年第5期1120-1125,共6页
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... 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. 展开更多
关键词 convertible constraints data mining multiple constraints sample database
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Pricing permanent convertible bonds in EVG model
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作者 YANG Xiao-feng YU Jin-ping +1 位作者 HUANG Wen-li LI Sheng-hong 《Applied Mathematics(A Journal of Chinese Universities)》 SCIE CSCD 2012年第3期268-280,共13页
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 conv... 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. 展开更多
关键词 convertible bond call clause variance gamma process.
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Overview of Precious Metal Content Analysis Methods in Automotive Catalytic Converter 被引量:1
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作者 Xianpeng Yang Chengbao Xie +4 位作者 Ning Liu Xin Du Suqing Wang Huasheng Jiang Zhengang Zhang 《Journal of Materials Science and Chemical Engineering》 2023年第11期7-14,共8页
With the increasing awareness of environmental protection, people’s concern of pollution issues arising. Vehicles, as the most important means of transportation, its exhaust emission has received considerable attenti... With the increasing awareness of environmental protection, people’s concern of pollution issues arising. Vehicles, as the most important means of transportation, its exhaust emission has received considerable attention. The catalytic converter is able to purify harmful substances in exhaust gas. The absolute content of precious metals in the catalytic converter dominates the exhaust gas purification effect. Accurate detection of precious metal content is of great significance for controlling the cost of catalysts, ensuring catalytic performance and recovering precious metals from spent catalysts. We herein summarized several instruments for precious metals content exploration, such as X-ray fluorescence spectrometer (XRF), atomic absorption spectrometer (AAS), inductively coupled plasma emission spectrometer (ICP) and spectrophotometer. In this thesis, the feasibility of using various devices for characterizing precious metal content in catalytic converters is analyzed and their strengths or weaknesses are elaborated. 展开更多
关键词 Catalytic converter Precious Metal Content Analysis Methods
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Multifunctional polarization converter based on multilayer reconfigurable metasurface 被引量:1
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作者 Ping Wang Yong Zhang +2 位作者 Yu Wang Hong-cheng Zhou Zhong-ming Yan 《Defence Technology(防务技术)》 SCIE EI CAS CSCD 2023年第10期136-145,共10页
In the modern wireless communication system,the manipulation for polarization of electromagnetic wave plays a important role in improving the capacity and reliability of communication.In this paper,a multifunctional p... In the modern wireless communication system,the manipulation for polarization of electromagnetic wave plays a important role in improving the capacity and reliability of communication.In this paper,a multifunctional polarization converter(MFPC)based on the multilayer reconfigurable metasurface is proposed,which can assist the source antenna to transmit and receive multiple polarization signals.The MFPC consists of a grating which can filter out the undesired polarization and four layers of metasurfaces incorporated with PIN diodes.The functions of the MFPC include LTC and LTL polarization conversions,co-polarization transmission and reflection for arbitrary polarization.By changing the states of PIN diodes,the functions of MFPC can be dynamically switched.Loaded on the aperture of source antenna,the proposed MFPC can serve as a transmissive array with multiple polarization channels,and can also provide EM protection for source antenna by reflecting the incoming interference waves.Cascading of the metasurfaces produces Fabry-Perot resonance in the MFPC,and it contributes to the realization of LTC and LTL polarization conversions.To verify the performance of the proposed MFPC,the prototype is fabricated and tested.The measured results show that the fractional bandwidths of four functions are all higher than 31.9% with transmission or reflection coefficients higher than-2 d B.The frequency band of each function is mainly concentrated in S-band.The measured data are in agreement with the simulated results. 展开更多
关键词 Multifunctional polarization converter Multilayer metasurface Electrical reconfigurable metasurface Wide operational band
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Large-areaβ-Ga_(2)O_(3) Schottky barrier diode and its application in DC-DC converters 被引量:1
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作者 Wei Guo Zhao Han +2 位作者 Xiaolong Zhao Guangwei Xu Shibing Long 《Journal of Semiconductors》 EI CAS CSCD 2023年第7期41-44,共4页
We demonstrate superb large-area verticalβ-Ga_(2)O_(3)SBDs with a Schottky contact area of 1×1 mm^(2)and obtain a high-efficiency DC-DC converter based on the device.Theβ-Ga_(2)O_(3)SBD can obtain a forward cur... We demonstrate superb large-area verticalβ-Ga_(2)O_(3)SBDs with a Schottky contact area of 1×1 mm^(2)and obtain a high-efficiency DC-DC converter based on the device.Theβ-Ga_(2)O_(3)SBD can obtain a forward current of 8 A with a forward volt-age of 5 V,and has a reverse breakdown voltage of 612 V.The forward turn-on voltage(VF)and the on-resistance(Ron)are 1.17 V and 0.46Ω,respectively.The conversion efficiency of theβ-Ga_(2)O_(3)SBD-based DC-DC converter is 95.81%.This work indicates the great potential of Ga_(2)O_(3)SBDs and relevant circuits in power electronic applications. 展开更多
关键词 β-Ga_(2)O_(3) SBD DC-DC converter
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DeepPricing:pricing convertible bonds based on financial time-series generative adversarial networks
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作者 Xiaoyu Tan Zili Zhang +1 位作者 Xuejun Zhao Shuyi Wang 《Financial Innovation》 2022年第1期1678-1715,共38页
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... 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. 展开更多
关键词 convertible bonds Generative adversarial network Time-series simulation PRICING Investment strategy Artificial intelligence
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