股票市盈率波动有偏性对投资者股票交易量的影响研究--基于沪深300指数

有着独特波动规律的股票市盈率,会对投资者的股票交易产生影响。从市盈率波动有偏性的角度出发,以沪深300指数的市盈率数据为研究样本,构建回归模型,实证检验市盈率波动有偏性对股票交易量的影响,结果表明:沪深300指数市盈率波动相对于正常波动水平存在明显右偏性;沪深300指数市盈率波动的持续时间较长且具有非对称性;沪深300指数市盈率波动右偏性对股票成交量具有显著的反向影响,并且这种影响受到经济增长、出口量、利率、汇率、居民消费价格指数和货币供应量的非对称约束。要稳定股市交易量,就需要综合考虑上述因素的影响,并根据市场变动灵活调整政策措施。

ESMO2023:恩扎卢胺联合雄激素剥夺治疗对比安慰剂联合雄激素剥夺治疗在中国转移性激素敏感性前列腺癌患者中的疗效和安全性(中国ARCHES)

2019年发表的全球ARCHES试验(NCT02677896)结果显示,与安慰剂(placebo,PBO)+雄激素剥夺治疗(androgen deprivation therapy,ADT)相比,恩扎卢胺+ADT延长了转移性激素敏感性前列腺癌(metastatic hormone-sensitive prostate cancer,mHSPC)患者的总生存期和放射影像学无进展生存期(radiographic progression-free survival,rPFS)^([1])。然而,该试验无中国患者入组。欧洲肿瘤内科学会(European Society for Medical Oncology,ESMO)2023年会议报道了中国ARCHES研究(NCT04076059)的初步结果,这是一项评估恩扎卢胺+ADTvs.PBO+ADT在中国m HSPC患者中的疗效和安全性的多中心、随机、双盲、PBO对照的Ⅲ期试验^([2])。

Roof collapse mechanism of weak surrounding rock for deep-buried tunnels under high geostress conditions

High geostress,a typical attribute of tunnels located at significant depths,is crucial in causing stress-induced failure and influencing the stability of the tunnel crown.This study developed an analytical method for the failure mechanism that occurs in deep-buried tunnel roofs,taking into account the influence of geostress.The limit analysis theory was utilized for deriving analytical solutions about the geometry of the collapsing surface and the limit supporting pressure.The collapsing surface obtained by the analytical solution was validated by the findings of the physical model test,which shows a high level of agreement with the actual one.An extensive investigation was done to explore the effects of the lateral pressure coefficients,the tunnel buried depth,the geological conditions of the surrounding rock,the long-short axis ratio,and the size of the tunnel profile.The findings indicate that an increase in the lateral pressure coefficient from 0.5 to 1.5 results in a reduction in the height of the collapsing zone by 2.08 m and the width of the collapsing zone by 1.15 m,while simultaneously increases the limit supporting pressure by 18.9%.The proposed upper bound method accurately determines the limit supporting pressure and the geometry of the collapsing surface,which aligns well with the results acquired through numerical modelling and on-site monitoring in actual engineering applications.The proposed analytical method can serve as a reference for similar crown failure issues of deep-buried tunnels.

Health diagnosis of ultrahigh arch dam performance using heterogeneous spatial panel vector model

Currently,more than ten ultrahigh arch dams have been constructed or are being constructed in China.Safety control is essential to long-term operation of these dams.This study employed the flexibility coefficient and plastic complementary energy norm to assess the structural safety of arch dams.A comprehensive analysis was conducted,focusing on differences among conventional methods in characterizing the structural behavior of the Xiaowan arch dam in China.Subsequently,the spatiotemporal characteristics of the measured performance of the Xiaowan dam were explored,including periodicity,convergence,and time-effect characteristics.These findings revealed the governing mechanism of main factors.Furthermore,a heterogeneous spatial panel vector model was developed,considering both common factors and specific factors affecting the safety and performance of arch dams.This model aims to comprehensively illustrate spatial heterogeneity between the entire structure and local regions,introducing a specific effect quantity to characterize local deformation differences.Ultimately,the proposed model was applied to the Xiaowan arch dam,accurately quantifying the spatiotemporal heterogeneity of dam performance.Additionally,the spatiotemporal distri-bution characteristics of environmental load effects on different parts of the dam were reasonably interpreted.Validation of the model prediction enhances its credibility,leading to the formulation of health diagnosis criteria for future long-term operation of the Xiaowan dam.The findings not only enhance the predictive ability and timely control of ultrahigh arch dams'performance but also provide a crucial basis for assessing the effectiveness of engineering treatment measures.

Numerical Simulation Analysis of Welded Joints in Arch Ribs of Large Span Steel Pipe Arch Bridges

In order to study the residual stress distribution law of welded joints of arch ribs of large-span steel pipe concrete arch bridges,numerical simulation of temperature,stress and strain fields based on ABAQUS for welded joints of arch-ribbed steel tubes using 7-,8-and 9-layer welds is carried out and its accuracy is demonstrated.The steel pipe welding temperature changes,residual stress distribution,different processes residual stress changes in the law,the prediction of post-weld residual stress distribution and deformation are studied in this paper.The results show that the temperature field values and test results are more consistent with the accuracy of numerical simulation of welding,the welding process is mainly in the form of heat transfer;Residual high stresses are predominantly distributed in the Fusion zone(FZ)and Heat-affected zone(HAZ),with residual stress levels tending to decrease from the center of the weld along the axial path,the maximum stress appears in the FZ and HAZ junction;The number of welding layers has an effect on the residual stress distribution,the number of welding layers increases,the residual stress tends to decrease,while the FZ and HAZ high stress area range shrinks;Increasing the number of plies will increase the amount of residual distortion.

基于政策利率时间序列分析的硅谷银行破产启示

加息超调背景下的硅谷银行破产事件引起广泛关注,研究选取美国纳斯达克100指数、标准普尔500指数、硅谷银行股价数据进行时间序列的ARCH效应分析,发现美联储低利率刺激以及2022年6月起始的加息超调使两种指数与硅谷银行股价时间序列产生了波动聚集反应,并存在异常值。采用多元时间序列VAR模型进行格兰杰因果检验以及脉冲响应分析,发现政策利率调整对硅谷银行股价造成了冲击。基于研究结果,提出顺周期效应具备客观性及前瞻性,央行相机抉择要精准;银行业需要重视市场存在的异动和相关指标检测;面对风险新形态需采用前沿管理技术;避免业务模式单一化和集中化等风险管理建议。

基于SARIMA-ARCH的电量预测模型

电量预测是供电单位购电的重要依据,是电力经济稳定运行的根本基础。提出采用SARIMA-ARCH融合模型对某地区售电量进行预测。首先,采用季节时间序列分析方法(SARIMA)对月度电量时间序列进行建模,通过ACF和PACF图筛选确定出最佳模型阶数,得到季节性时间序列模型(SARIMA)基础预测模型;提取模型残差的波动性,建立自回归条件异方差(ARCH)模型;最后,将SARIMA-ARCH模型与常规SRIAM和ARIMA的预测值进行对比分析。结果表明,SARIMAARCH混合模型的预测精度较高。

外部不确定性冲击与中国玉米价格波动

近年来,以新冠疫情为代表的外部不确定性因素等冲击造成中国玉米价格的大幅度波动。基于2018~2020年与2020~2022年中国玉米价格周度数据分别构建ARCH类模型和TVP-VAR模型,对比分析疫情发生前后玉米价格波动特征,综合考虑新冠疫情冲击、国际金融与期货市场等外部不确定性因素对玉米价格波动的影响。结果表明,中国玉米价格波动一直具有显著的集聚性和非对称性;而所选的外部因素在冲击大小、冲击方向和冲击持续时间上均存在差异,其中,疫情冲击对玉米价格波动影响最大。为稳定中国玉米价格,提出完善市场信息服务功能、加大科技投入以保障生产资料供应、实现新型贸易流通格局等政策建议。

中厄水产品进口价格波动特征研究——以冻对虾为例

近年来,中国水产品进口规模不断扩大,探究水产品进口价格波动特征,对于把握未来价格走势、规避价格波动风险具有重要意义。本文以冻对虾为例,利用2013-2021年中国自厄瓜多尔进口冻对虾的月度数据,采用ARCH类模型、季节调整模型、HP滤波法研究其进口价格波动特征。结果表明:冻对虾进口价格波动具有集聚性、高风险高回报的不确定性和信息冲击的对称性。同时,冻对虾进口价格波动呈现明显的季节性和周期性;另外,价格波动由不规则波动、季节波动、长期趋势波动和循环周期波动4种因素构成,长期趋势波动对冻对虾进口价格波动的贡献率最大。基于此,本文认为可利用价格波动对短期价格走势进行有效预测,使进口商和加工企业能主动应对价格波动带来的潜在风险。

Mechanical properties and influence mechanism of confined concrete arches in high-stress tunnels

Deep underground projects(e.g., coal mines), are often faced with complex conditions such as high stress and extremely soft rock. The strength and rigidity of the traditional support system are often insufficient,which makes it difficult to meet the requirements of ground control under complex conditions. As a new support form with high strength and rigidity, the confined concrete arch plays an important role in controlling the rock deformation under complex conditions. The section shape of the tunnel has an important impact on the mechanical properties and design of the support system. However, studies on the mechanical properties and influence mechanism of the new confined concrete arch are rarely reported. To this end, the mechanical properties of traditional U-shaped steel and new confined concrete arches are compared and comparative tests on arches of circular and straight-leg semicircular shapes in deep tunnels are conducted. A large mechanical testing system for underground engineering support structure is developed. The mechanical properties and influence mechanism of confined concrete arches with different section shapes under different loading modes and cross-section parameters are systematically studied. Test results show that the bearing capacity of the confined concrete arch is 2.10 times that of the U-shaped steel arch, and the bearing capacity of the circular confined concrete arch is 2.27 times that of the straight-leg semicircular arch. Among the various influencing factors and their engineering parameters,the lateral stress coefficient has the greatest impact on the bearing capacity of the confined concrete arch,followed by the steel pipe wall thickness, steel strength, and core concrete strength. Subsequently, the economic index of bearing capacity and cost is established, and the optimization design method for the confined concrete arch is proposed. Finally, this design method is applied to a high-stress tunnel under complex conditions, and the deformation of the surrounding rock is effectively controlled.

Deformation critical threshold estimation of Xiaowan ultrahigh arch dam with time-varying grey model

The structural behavior of the Xiaowan ultrahigh arch dam is primarily influenced by external loads and time-varying characteristics of dam concrete and foundation rock mass during long-term operation. According to overload testing with a geological model and the measured time series of installed perpendicular lines, the space and time evolution characteristics of the arch dam structure were analyzed, and its mechanical performance was evaluated. Subsequently, the deformation centroid of the deflective curve was suggested to indicate the magnitude and unique distribution rules for a typical dam section using the measured deformation values at multi-monitoring points. The ellipse equations of the critical ellipsoid for the centroid were derived from the historical measured time series. Hydrostatic and seasonal components were extracted from the measured deformation values with a traditional statistical model, and residuals were adopted as a grey component. A time-varying grey model was developed to accurately predict the evolution of the deformation behavior of the ultrahigh arch dam during future operation. In the developed model, constant coefficients were modified so as to be time-dependent functions, and the prediction accuracy was significantly improved through introduction of a forgetting factor. Finally, the critical threshold was estimated, and predicted ellipsoids were derived for the Xiaowan arch dam. The findings of this study can provide technical support for safety evaluation of the actual operation of ultrahigh arch dams and help to provide early warning of abnormal changes.

Structural Damage Identification System Suitable for Old Arch Bridge in Rural Regions: Random Forest Approach

A huge number of old arch bridges located in rural regions are at the peak of maintenance.The health monitoring technology of the long-span bridge is hardly applicable to the small-span bridge,owing to the absence of technical resources and sufficient funds in rural regions.There is an urgent need for an economical,fast,and accurate damage identification solution.The authors proposed a damage identification system of an old arch bridge implemented with amachine learning algorithm,which took the vehicle-induced response as the excitation.A damage index was defined based on wavelet packet theory,and a machine learning sample database collecting the denoised response was constructed.Through comparing three machine learning algorithms:Back-Propagation Neural Network(BPNN),Support Vector Machine(SVM),and Random Forest(R.F.),the R.F.damage identification model were found to have a better recognition ability.Finally,the Particle Swarm Optimization(PSO)algorithm was used to optimize the number of subtrees and split features of the R.F.model.The PSO optimized R.F.model was capable of the identification of different damage levels of old arch bridges with sensitive damage index.The proposed framework is practical and promising for the old bridge’s structural damage identification in rural regions.

Earth Pressure of the Trapdoor Problem Using Three-Dimensional Discrete Element Method

Load transformation from the yielding part of the soil to the adjacent part is known as the soil arching effect,which plays an important role in the design of various geotechnical infrastructures.Terzaghi’s trapdoor test was an importantmilestone in the development of theories on soil arching.The research on earth pressure of the trapdoor problem is presented in this paper using the three-dimensional(3D)discrete element method(DEM).Five 3D trapdoor models with different heights are established by 3DDEMsoftware PFC 3D.The variation of earth pressure on the trapdoor with the downward movement of the trapdoor,the distribution of vertical earth pressure along the horizontal direction,the distribution of vertical earth pressure along the vertical direction,the distribution of lateral earth pressure coefficient along the depth direction,the magnitude and direction of contact force chain are studied,respectively.Related research results show that the earth pressure on the trapdoor decreases rapidly after the downward movement of the trapdoor,and then reaches the minimum earth pressure.After that,the earth’s pressure will rise slightly,and whether this phenomenon occurs depends on the depth ratio.For the bottom soil,due to the stress transfer caused by the soil arching effect,the ratio of earth pressure in the loose area decreases,while the ratio of earth pressure in the stable area increases.With the trapdoor moving down,the vertical earth pressure along the depth in the stable zone is basically consistent with the initial state,which shows an approximate linear distribution.After the trapdoor moves down,the distribution of earth pressure along with the depth in the loose area changes,which is far less than the theoretical value of vertical earth pressure of its self-weight.Because of the compression of the soil on both sides,the lateral earth pressure coefficient of most areas on the central axis of the loose zone is close to the passive earth pressure coefficient Kp.The existence of a‘soil arch’can be observed intuitively from the distribution diagram of the contact force chain in the loose zone.

Improved super-elastic Ti–Ni alloy wire intrusion arch for skeletal class Ⅱ malocclusion combined with deep overbite:A case report

BACKGROUND Treatment for deep overbite cases can be difficult. This case report presents some techniques with improved super-elastic Ti–Ni alloy wire(ISW) for deep overbite correction.CASE SUMMARY A 21-year-old woman had a chief complaint of flaring maxillary teeth. Orthodontic evaluation revealed a skeletal class Ⅱ malocclusion and a convex profile appearance. A deep overbite with palatal impingement and large overjet were also noted. Bilateral maxillary first premolars were extracted, and spaces were closed using a closed-coil spring and elastic chain. The deep overbite was corrected by applying the ISW curve and ISW intrusion arch. Intermaxillary elastics was used to adjust the intermaxillary relationship. Active treatment took approximately 3 years, and the appearance and dentition alignment noticeably improved.CONCLUSION The use of the ISW technique in a case of skeletal class Ⅱ malocclusion with deep overbite achieved a desirable result, and the patient was satisfied with the treatment outcome.

基于ARCH族模型的石油价格波动性分析

随着中国成为世界第二大经济实体,能源在经济发展方面的重要地位也与日俱增,石油价格的波动牵动着全球经济的“神经”,会对经济发展产生极大的影响,因此降低石油价格波动所产生风险非常必要。本文以1987~2021年WTI原油价格为原始数据,利用ARCH族模型对油价波动进行实证分析,研究表明石油价格波动具有肥尾分布和波动率聚类的特征且具有均值回归的倾向,当面对“黑天鹅事件”时能够以较快的速度减小危机带来的冲击,从而得出石油价格波动在突发情形下具有较大弹性的一般结论,并基于此提出完善市场机制作为主要政策实施方向和发展石油期货期权等衍生产品的政策建议,从而减小经济发展的不确定性风险。

基于ARCH类模型的农产品价格波动特征研究

基于2011年1月至2022年8月的月度价格指数,运用自回归条件异方差ARCH类模型对猪肉、牛肉、棉花、大豆、稻谷、羊肉六种农产品进行价格波动特征分析研究。结果表明:具有较为显著的ARCH效应是牛肉、大豆、猪肉、棉花这四种农产品;其中农产品价格具有波动集聚性特征的是牛肉、大豆、猪肉、棉花;牛肉、大豆、猪肉、棉花价格不具备高风险和高报酬的特征;农产品价格均具有非对称性是棉花、大豆、猪肉。基于研究分析结果,本文提出相关政策建议,为农产品市场价格调控提供参考。

基于马尔科夫转换ARCH模型的房地产市场波动研究——以房地产市场景气指数为例

近年来,我国房价波动较大,房地产投机现象时有发生。因此,研究房地产市场的运行规律,对于预测房价、防范房地产泡沫具有重要意义。本文研究了中国住房市场的波动状态。使用ARCH和GARCH模型来寻找房地产市场景气指数随时间变化的证据。然后利用马尔科夫转移模型(MS模型)连续分析2000年~2021年中国住房市场波动状态的动态。结果表明,中国住房市场存在低波动性、中波动性和高波动性三种状态。实证分析发现,2002年之前,房地产市场一直处于低波动状态,2002年以后,房地产市场在中波动状态和高波动状态来回转换,针对每一个波动拐点,也可以找到当年政府发布的与房地产市场相关的政策,这在一定程度也说明政府行为对房地产市场常起导向作用。本文以房地产市场景气指数为数据,运用EViews和MATLAB进行实践操作,对研究问题进行求解,目的是了解中国房地产市场的波动情况,判断房地产市场的稳定性,为相关房地产企业经营决策和政府部门的规范管理提供参考。

Dynamic soil arching in piled embankment under train load of high-speed railways

Piled embankments have many advantages that have been applied in high-speed railway construction engineering.However,the load transfer mechanism of piled embankments,such as soil arching and tension membranes,is still unclear,especially under dynamic loads.To investigate the soil arching and tension membrane under dynamic train loads on high-speed railways,a large-scale piled embankment model test with X-shaped piles as vertical reinforcement was performed,in which twenty-eight earth pressure cells were installed in the piled embankment and an M-shaped wave was adopted to simulate the high-speed railway train load.The results show that dynamic soil arching only occurs when two bogies of a carriage pass by and disappears at other times.The dynamic soil arching and membrane effect are the most significant under the concrete base.The arching height,stress concentration ratio and pile-soil load sharing ratio have a minimal value at 25 Hz.The dynamic soil arching degrades severely at 25 Hz,whose height at 25 Hz is only 0.35 times that at 5 Hz.The arching height fluctuates over a narrow range with increasing loading amplitude.The stress concentration ratio and the pile-soil load sharing ratio increase monotonically as the loading amplitude increases.

Centrifuge and numerical modeling of h-type anti-slide pile reinforced soil-rock mixture slope

Due to the loose structure,high porosity and high permeability of soil-rock mixture slope,the slope is unstable and may cause huge economic losses and casualties.The h-type anti-slide pile is regarded as an effective means to prevent the instability of soilrock mixture slope.In this paper,a centrifuge model test was conducted to investigate the stress distribution of the h-type anti-slide pile and the evolution process of soil arching during the loading.A numerical simulation model was built based on the similar relationship between the centrifuge model and the prototype to investigate the influence factors of the pile spacing,anchored depth,and crossbeam stiffness,and some recommendations were proposed for its application.The results show that the bending moment distribution of the rear pile exhibits Wshaped,while for the front pile,its distribution resembles V-shaped.The soil arching evolution process during loading is gradually dissipated from bottom to top and from far to near.During the loading,the change of bending moment can be divided into three stages,namely,the stabilization stage,the slow growth stage,and the rapid growth stage.In engineering projects,the recommended values of the pile spacing,anchored depth,and crossbeam stiffness are 4.0d,2.0d,and 2.0EI,where d and EI are the diameter and bending stiffness of the h-type anti-slide pile respectively.

Comparison of seismic fragility analysis methods for arch dams

This study focuses on the seismic fragility analysis of arch dams.The multiple stripe analysis(MSA),cloud analysis(CLA),and incremental dynamic analysis(IDA)methods are compared.A comprehensive dam-reservoir-foundation rock system,which considers the opening of contraction joints,the nonlinearity of dam concrete and foundation rock,the radiation damping effect of semi-unbounded foundation,and the compressibility of reservoir water,is used as a numerical example.225,80,and 15 earthquake records are selected for MSA,CLA,and IDA,respectively.The results show that MSA provides satisfactory fragility analysis,while both CLA and IDA have assumptions that may lead to deviations.Therefore,MSA is the most reliable method among the three methods and is recommended for the fragility analysis of arch dams.It is also shown that the choice of demand level affects the reliability of fragility curves and the effect of the material uncertainty on the fragility of the dam is not significant.