This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, an...This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.展开更多
The recent growth of the global petroleum refining industry and the main technologies and measures for China to process inferior crude oil were introduced. The main technologies and measures include the control over e...The recent growth of the global petroleum refining industry and the main technologies and measures for China to process inferior crude oil were introduced. The main technologies and measures include the control over equipment corrosion induced by sour and acidic crude, in particular the corrosion of atmospheric and vacuum distillation units, the development of technology for processing inferior residue, and the development of desulfurization technology and sulfur recovery technology in the course of processing of petroleum products. In order to meet the needs for national economic development, China’s refining enterprises will uninterruptedly develop and prefect technologies for processing inferior crude, enhance the process and equipment management, sum up the experience for better processing of inferior crude, so as to provide high-quality oil products and petrochemical feedstocks to public with better economic return.展开更多
Two field experiments were conducted from 2009 to 2011 on a Gray Luvisol (Typic Haplocryalf) loam at Star City, Saskatchewan, Canada, to determine the effectiveness of intercropping barley or canola with pea in improv...Two field experiments were conducted from 2009 to 2011 on a Gray Luvisol (Typic Haplocryalf) loam at Star City, Saskatchewan, Canada, to determine the effectiveness of intercropping barley or canola with pea in improving crop yield, total N uptake, seed quality, Land Equivalency Ratio (LER) and economic returns compared to barley, canola or pea grown as monocultures. Average seed yields of barley-pea or canola-pea intercrops were usually greater than those of barley, canola or pea as sole crops. In intercrops, application of N fertilizer increased seed yield of barley or canola but had only slight beneficial effect on the combined seed yield of both crops together. The LER values for intercrops were usually much greater than 1, suggesting less land requirements of intercropping systems than monoculture for the same seed yield. Net returns were lowest for barley as sole crop. Without applied N, net returns were slightly lower for barley-pea intercrop and slightly greater for canola-pea intercrop than pea as a sole crop. Generally, protein concentration in canola or barley seed was higher and oil concentration in canola seed was lower in intercrop combinations compared to sole crops. Response trends of total N uptake in seed or straw were usually similar to that of seed or straw yield. In conclusion, intercropping barley or canola with pea improved yield, N uptake and net returns, suggesting the potential of barley-pea or canola-pea intercrops and pea for organic farming systems.展开更多
文摘This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.
文摘The recent growth of the global petroleum refining industry and the main technologies and measures for China to process inferior crude oil were introduced. The main technologies and measures include the control over equipment corrosion induced by sour and acidic crude, in particular the corrosion of atmospheric and vacuum distillation units, the development of technology for processing inferior residue, and the development of desulfurization technology and sulfur recovery technology in the course of processing of petroleum products. In order to meet the needs for national economic development, China’s refining enterprises will uninterruptedly develop and prefect technologies for processing inferior crude, enhance the process and equipment management, sum up the experience for better processing of inferior crude, so as to provide high-quality oil products and petrochemical feedstocks to public with better economic return.
文摘Two field experiments were conducted from 2009 to 2011 on a Gray Luvisol (Typic Haplocryalf) loam at Star City, Saskatchewan, Canada, to determine the effectiveness of intercropping barley or canola with pea in improving crop yield, total N uptake, seed quality, Land Equivalency Ratio (LER) and economic returns compared to barley, canola or pea grown as monocultures. Average seed yields of barley-pea or canola-pea intercrops were usually greater than those of barley, canola or pea as sole crops. In intercrops, application of N fertilizer increased seed yield of barley or canola but had only slight beneficial effect on the combined seed yield of both crops together. The LER values for intercrops were usually much greater than 1, suggesting less land requirements of intercropping systems than monoculture for the same seed yield. Net returns were lowest for barley as sole crop. Without applied N, net returns were slightly lower for barley-pea intercrop and slightly greater for canola-pea intercrop than pea as a sole crop. Generally, protein concentration in canola or barley seed was higher and oil concentration in canola seed was lower in intercrop combinations compared to sole crops. Response trends of total N uptake in seed or straw were usually similar to that of seed or straw yield. In conclusion, intercropping barley or canola with pea improved yield, N uptake and net returns, suggesting the potential of barley-pea or canola-pea intercrops and pea for organic farming systems.
