Is There an Impact of Stock Exchange Consolidation on Volatility of Market Returns？

The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.

中华各民族共有祖先崇拜神话研究

The ancestor worship myths of various ethnic groups in China constitute the common ancestor worship mythological system of the Chinese nation after long-term interactions,exchanges and integration.By conducting diachronic and synchronic comparative studies between ancestor worship myths of the people in the Central Plains and those of other ethnic groups in the Southwest and Northeast regions,and by applying a dual perspective to the common ancestor worship theme of these myths,we find that the common ancestor worship mythology shared by various ethnic groups in China is not only the historical expression of the sense of community for the Chinese nation,but also the natural result of long-term interactions,exchanges and integration between people of the Central Plains and ethnic groups in the Southwest and Northeast.The common ancestor worship mythology shared by different ethnic groups in China can provide strong spiritual cohesion in building a shared spiritual home for the Chinese people and in forging a strong sense of community for the Chinese nation.

Magnetic transformation of Mn from anti-ferromagnetism to ferromagnetism in FeCoNiZMn_(x)(Z=Si,Al,Sn,Ge)high entropy alloys

We design high entropy alloys(HEAs) with different induction elements(Si/Al/Sn).In order to keep the crystal structure invariant and to investigate how the increment in saturation magnetization(Ms)is caused only by the change of electron spin state,each set of HEAs contains a different amount of Mn.Synergistic effects among induction elements that induce the magnetic transformation of Mn from anti-ferromagnetism to ferromagnetism are found.Ms of added Mn reduces when a particular induction element(Si_(0.4)/Al_(0.4)/Sn_(0.4)) exists,while a larger increment of Ms appears when two induction elements coexist,Si_(0.4)Al_(0.4)(25.79 emu/g) and Sn_(0.4)Al_(0.4)(15.43 emu/g).This is reflected in the microcosmic magnetic structure for the emergence of closed domains due to large demagnetization energy,which is confirmed by the Lorentz transmission electron microscope(LTEM) data.The calculated magnetic moments and the exchange integral constants from density functional theory based on the Exact Muffin-Tin Orbits fo rmalism reveal that the magnetic state and the strength of fe rromagnetic and anti-ferromagnetic coupling determine the variation of Ms in different chemical environments.The difference in energy levels of coexisting multiple induction elements also leads to a larger increment of Ms,Si_(0.4)Al_(0.4)Sn_(0.4)(29.78 emu/g),and Si_(0.4)Al_(0.4)Ge_(0.4)Sn_(0.4)(31.00 emu/g).