Quantitative extraction of the bedrock exposure rate based on unmanned aerial vehicle data and Landsat-80LI image in a karst environment

In the karst regions of southwest China, rocky desertification is one of the most serious problems in land degradation. The bedrock exposure rate is an important index to assess the degree of rocky desertification in karst regions. Because of the inherent merits of macro-scale, frequency, efficiency, and synthesis, remote sensing is a promising method to monitor and assess karst rocky desertification on a large scale. However, actual measurement of the bedrock exposure rate is difficult and existing remote-sensing methods cannot directly be exploited to extract the bedrock exposure rate owing to the high complexity and heterogeneity of karst environments. Therefore, using unmanned aerial vehicle （UAV） and Landsat-8 Operational Land Imager （OLI） data for Xingren County, Guizhou Province, quantitative extraction of the bedrock exposure rate based on multi-scale remote-sensing data was developed. Firstly, we used an object-oriented method to carry out accurate classification of UAV images. From the results of rock extraction, the bedrock exposure rate was calculated at the 30 m grid scale. Parts of the calculated samples were used as training data; other data were used for model validation. Secondly, in each grid the band reflectivity ofLandsat-80LI data was extracted and a variety of rock and vegetation indexes （e.g., NDVI and SAVI） were calculated. Finally, a network model was established to extract the bedrock exposure rate. The correlation coefficient of the network model was 0.855, that of the validation model was 0.677 and the root mean square error of the validation model was 0.073. This method is valuable for wide-scale estimation of bedrock exposure rate in karst environments. Using the quantitative inversion model, a distribution map of the bedrock exposure rate in Xingren County was obtained.

Currency exposures of the oil and natural gas stock prices in the Hushen-300 stock market： A nonlinear model approach

The paper embarks to investigate the relationship between currency risk and stock prices of the oil and natural gas exploitation industry in the value-weighted Hushen-300 stock market, by applying the standard Capital Asset Pricing Model （CAPM） and nonlinear exchange rate exposure model to the Renminbi against US dollar. The results show that the currency exposure does vary in the oil-gas stock prices throughout the bull and bear market. The study suggests that the models of the equilibrium exchange rate exposure must be extended to considering the nonlinear exchange rate exposure, the regime periods of bull and bear market, and the industry types that is sensitive to the currency exposures. The nonlinear dynamic relationship between the exchange rate changes and the Chinese energy stock prices throughout the bull and bear market add to the recent empirical evidences that foreign exchange markets and stock markets are closely correlated.

Screening and Breeding of Sweetpotato Varieties Suitable for Mechanical Harvesting

The lower degree of mechanical harvesting is a bottleneck hindering the healthy development of sweetpotato industry in China, while the mismatching be- tween agricultural machinery and agronomy is one of the main factors for poor me- chani.cal harvesting. In this study, total five sweetpotato varieties were selected, and the effects of different shapes and sizes on mechanical harvesting of sweetpotato were investigated. The results showed that the breakage rate of Xuzishu 5 was lowest, so it is more suitable for mechanical harvesting in field. At the same time, the correlations between sweetpotato shape, breakage rate and exposure rate were analyzed. It was found that there was a significant linear correlation between sweet- potato shape and breakage rate （P〈0.01）; the higher the flat rate is, the higher the breakage rate is; and sweetpotato shape had no significant effect on exposure rate. Therefore, tuberous root with lower flat rate, as well as better agronomic characters should be selected in the breeding process of new sweetpotato varieties.

MODELING JUMPS IN RETURNS OF FINANCIAL ASSETS AS M4 PROCESSES: MEASURED EXCHANGE RATE EXPOSURE OF ASIAN EQUITY PORTFOLIO

Previous work on the exposure of equity markets to exchange rate risk, surprisingly, found stock returns were not significantly affected by exchange rate fluctuations. In this paper, we examine the relation between China, Japan and USA MSCI （Morgan ＆ Stanley Capital International） daily equity index returns and SAFE （State Administration of Foreign Exchange） exchange rate returns of Chinese RMB and Japanese Yen in US dollar. We find a significant relation between Asian foreign equity stock retums and Chinese RMB and Japanese Yen exchange rate retums. This article incorporates foreign exchange values as partial determinants of Asian foreign equity market returns and suggests that currency risk is of hedging concern to investors with implications for portfolio management. We implement our result in portfolio＇s CaR determination under VaR constraints.