In this study area the geological conditions are complicated and the effective sandstone is very heterogeneous.The sandstones are thin and lateral and vertical variations are large.We introduce multi-attribute fusion ...In this study area the geological conditions are complicated and the effective sandstone is very heterogeneous.The sandstones are thin and lateral and vertical variations are large.We introduce multi-attribute fusion technology based on pre-stack seismic data, pre-stack P-and S-wave inversion results,and post-stack attributes.This method not only can keep the fluid information contained in pre-stack seismic data but also make use of the high SNR characteristics of post-stack data.First,we use a one-step recursive method to get the optimal attribute combination from a number of attributes.Second,we use a probabilistic neural network method to train the nonlinear relationship between log curves and seismic attributes and then use the trained samples to find the natural gamma ray distribution in the Su-14 well block and improve the resolution of seismic data.Finally,we predict the effective reservoir distribution in the Su-14 well block.展开更多
Modern Algerian literature, unique among Arab national literary traditions, features a cultural blend of Arabic, Berber and French influences. The literature reflects their love of Algerian culture and thought, and th...Modern Algerian literature, unique among Arab national literary traditions, features a cultural blend of Arabic, Berber and French influences. The literature reflects their love of Algerian culture and thought, and their revolt against French colonialism. The Algerian-born Arab author Muhammad Dib （1920-2003） wrote in French, mainly about the Algerian struggle for independence. Expelled in 1959 for supporting the Algerian revolution, he settled in Paris. Considered a pioneer of Algerian literature, he was the first Arab Algerian to write Western-style novels. His Algerian trilogy, La Grande Maison, L ＇lncendie, and Le Mktier ~ tisser, was published between 1952 and 1957. Though autobiographical, the books trace both rural and urban life in pre-revolutionary times. Dib＇s 1959 thematically driven novel Un Otd Africaine （An African Summer）, analyzed here, rather than depicting the Algerian revolution itself, describes its effect on the characters and their lives. Nevertheless, the novel, framed around a cross-section of Algerian society, reflects colonial government abuses and the common people＇s sacrifices for their dream of independence. Dib also depicts France＇s colonialist attitudes as a betrayal of the ideals of the French Revolution and claims to humanitarian values.展开更多
The low temperature molten salt method was used to extract potassium from K-feldspar ore, and some related factors including mass ratio between NaNO_3, NaOH, H_2O and K-feldspar ore, particle size of K-feldspar ore,re...The low temperature molten salt method was used to extract potassium from K-feldspar ore, and some related factors including mass ratio between NaNO_3, NaOH, H_2O and K-feldspar ore, particle size of K-feldspar ore,reaction temperature and time were investigated, respectively. In addition, the optimum condition for this method was determined by a series of condition experiments. What was more, the K-feldspar ore and the leach residue after reaction based on the above optimum condition were analyzed by XRD, SEM and EDS,separately. The results of which indicated that the mechanism of extraction of potassium for this method was according to the ion exchange reaction between sodium ion and potassium ion, and the extraction ratio of potassium had an obvious improvement than that of traditional methods, which could reach up to 96.25%.Therefore, this method can be a feasible solution to extract potassium from K-feldspar ore for its low energy consumption and high efficiency.展开更多
The effect of temperature on the life history characteristics of amictic females (AF), unfertilized mictic females (UMF) and fertilized mictic females (FMF) in Brachionus calyciflorus was studied with replicated indiv...The effect of temperature on the life history characteristics of amictic females (AF), unfertilized mictic females (UMF) and fertilized mictic females (FMF) in Brachionus calyciflorus was studied with replicated individual cultures at 20℃,25℃ and 30℃, and with algae Scenedesmus obliquus for their food. There were highly significant effects of both temperature and female type, independently and interactively, on the duration of juvenile and post-reproduction periods, and the number of eggs produced by the rotifer per life cycle. Among all the temperature-female type combinations, all the juvenile periods of FMF, and the post-reproduction periods of UMF and FMF at 20℃, were the longest, and the number of eggs produced by an UMF at 30℃ was the highest. There were highly significant effects of both temperature and female type on the duration of the reproduction period, but no clear correlation was observed between temperature and female type. The reproduction period of AF was longer than that of UMF and FMF. Only temperature influenced significantly the mean life-span of the three types of females. The duration of juvenile, reproduction and post-reproduction periods as well as the life-span of the three types of females were all reduced very significantly with rise of temperature, but the rates of reduction varied with female type. Among the three types of females, the number of eggs produced per life cycle by an UMF was the highest, and that of a FMF was the lowest. A significant relationship between the number of eggs produced per life cycle and temperature was observed only in the UMF.展开更多
The structure of concrete generally serves in multi-media environments; various environments act differently on concrete. The compound action of some severe environments will threaten the duration of concrete and decr...The structure of concrete generally serves in multi-media environments; various environments act differently on concrete. The compound action of some severe environments will threaten the duration of concrete and decrease the service life of a concrete structure if improperly handled. In this paper the microstructure of concrete is observed by using Scanned Electric Microscope (SEM) through contrasting experiments in media of acid, alkali and salt with that of freezing-thawing in the same medium environment. This study is to supply a certain basis for changing traditional thinking of mechanical design and to combine construction reliability design with durability of concrete design.展开更多
Modern Agricultural Economics and Management has a nature of the fusion cross, and agricultural economic management has economics, agronomy, management and integration and it also has the particularity of disciplines,...Modern Agricultural Economics and Management has a nature of the fusion cross, and agricultural economic management has economics, agronomy, management and integration and it also has the particularity of disciplines, from the position in terms of management and economics agricultural economy belongs to the branch pipe and branch management economics. As China＇ s reform and opening up, the whole society is in a new phase of a transition, Agricultural Economics and Management disciplines would like to be explored in more areas, but we still want to keep the cross and integration features. In this paper, a modem agricultural economy management disciplines is in order to adapt to the transition period which is characterized by a series of market analyzes and reflection.展开更多
This paper deals with the approach to imposing value-added tax （VAT） on financial transactions. The VAT is a highly harmonized consumption tax within the European Union （EU）. VAT operational rules have been set do...This paper deals with the approach to imposing value-added tax （VAT） on financial transactions. The VAT is a highly harmonized consumption tax within the European Union （EU）. VAT operational rules have been set down by the relevant directive of the Council of the EU. Under the directive, it is possible to select either exemption or taxation of financial transactions. Only the first option is permitted in the Czech Republic. Pros and cons of both models are described, in particular, the problems with determining the difference between financial transactions and other similar performance that must always be subject to tax. Potential lower VAT revenue or tax base assessment, as appropriate, seems to be crucial in the case of the taxation of financial transactions.展开更多
Nitric oxide(NO)emissions from alpine ecosystems conventionally being long-term cultivated with feed crops are not well quantified.The authors attempted to address this knowledge gap by performing a year-round experim...Nitric oxide(NO)emissions from alpine ecosystems conventionally being long-term cultivated with feed crops are not well quantified.The authors attempted to address this knowledge gap by performing a year-round experimental campaign in the northeastern Tibetan Plateau.Fertilized(F)and unfertilized(UF)treatments were established within a flat calcareous-soil site for the long-term cultivation of feed oats.NO fluxes and five soil variables were simultaneously measured.A single plow tillage accounted for approximately 54%–73%of the NO releases during the cropping period(CP);and the non-cropping period(NCP)contributed to 51%–58%of the annual emissions.The direct NO emissions factor(EFd)was 0.021%±0.021%.Significantly lower Q10 values(p<0.01)occurred in the F treatment during the CP(approximately 3.6)compared to those during the other period or in the other treatment(approximately 4.9?5.1),indicating a fertilizer-induced reduction in the temperature sensitivity.The selected soil variables jointly accounted for up to 72%(p<0.01)of the variance for all the fluxes across both treatments.This finding suggests that temporally and/or spatially distributed fluxes from alpine calcareous-soil ecosystems for feed crop production may be easily predicted if data on these soil variables are available.Further studies are needed to test the hypothesis that the EFd is larger in alpine feed-oat fields than those in this study if the soil moisture content is higher during the period following the basal application of ammoniumor urea-based fertilizer.展开更多
Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ra...Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.展开更多
A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data e...A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data exhibits a power law decay as a whole characterized by 1/f^β processes with possible long range correlations. Subsequently, by using the method of detrended fluctuation analysis （DFA） of the general volatility in the stock markets, we find that the long-range correlations are occurred among the return series and the crossover phenomena exhibit in the results obviously.Further, Shanghai stock market shows long-range correlations in short time scale and shows short-range correlations in long time scale. Whereas, for Japan stock market, the data behaves oppositely absolutely. Last, we compare the varying of scale exponent in large volatility between two stock markets. All results obtained may indicate the possibility of characteristic of multifractal scaling behavior of the financial markets.展开更多
As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. Th...As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China＇ s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models＇ results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development： trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward.展开更多
The increase of competition, economic recession and financial crises has increased business failure and depending on this the researchers have attempted to develop new approaches which can yield more correct and more ...The increase of competition, economic recession and financial crises has increased business failure and depending on this the researchers have attempted to develop new approaches which can yield more correct and more reliable results. The classification and regression tree （CART） is one of the new modeling techniques which is developed for this purpose. In this study, the classification and regression trees method is explained and tested the power of the financial failure prediction. CART is applied for the data of industry companies which is trade in Istanbul Stock Exchange （ISE） between 1997-2007. As a result of this study, it has been observed that, CART has a high predicting power of financial failure one, two and three years prior to failure, and profitability ratios being the most important ratios in the prediction of failure.展开更多
Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepte...Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.展开更多
New challenges have been posed to the infornmtion exchange and interconn,u;fion in financial industry with the innovalion of financial business and the development of infarmation techtinlogy. From the perspective of f...New challenges have been posed to the infornmtion exchange and interconn,u;fion in financial industry with the innovalion of financial business and the development of infarmation techtinlogy. From the perspective of financial message standardization. ISO 20022 puts forward a set of sohaions and ideas for information exchange, which have been recognized in financiat industry all around the world. Considering the variety of financial message standards and message exchange modes, it is essential to strengthen the development and application of general message standards for financial industry and build：up the general m^sage exchange platform, which wild play a significant role in guiding lhe slandardized developmenl of industry, implementing financial s/andardizalion slralegies, and enhancing the level of inlerconneclion.展开更多
基金The National Natural Science Foundation of China and China Petroleum&Chemical Corporation Co-funded Project(Grant Nos 40839905 and 40739907)
文摘In this study area the geological conditions are complicated and the effective sandstone is very heterogeneous.The sandstones are thin and lateral and vertical variations are large.We introduce multi-attribute fusion technology based on pre-stack seismic data, pre-stack P-and S-wave inversion results,and post-stack attributes.This method not only can keep the fluid information contained in pre-stack seismic data but also make use of the high SNR characteristics of post-stack data.First,we use a one-step recursive method to get the optimal attribute combination from a number of attributes.Second,we use a probabilistic neural network method to train the nonlinear relationship between log curves and seismic attributes and then use the trained samples to find the natural gamma ray distribution in the Su-14 well block and improve the resolution of seismic data.Finally,we predict the effective reservoir distribution in the Su-14 well block.
文摘Modern Algerian literature, unique among Arab national literary traditions, features a cultural blend of Arabic, Berber and French influences. The literature reflects their love of Algerian culture and thought, and their revolt against French colonialism. The Algerian-born Arab author Muhammad Dib （1920-2003） wrote in French, mainly about the Algerian struggle for independence. Expelled in 1959 for supporting the Algerian revolution, he settled in Paris. Considered a pioneer of Algerian literature, he was the first Arab Algerian to write Western-style novels. His Algerian trilogy, La Grande Maison, L ＇lncendie, and Le Mktier ~ tisser, was published between 1952 and 1957. Though autobiographical, the books trace both rural and urban life in pre-revolutionary times. Dib＇s 1959 thematically driven novel Un Otd Africaine （An African Summer）, analyzed here, rather than depicting the Algerian revolution itself, describes its effect on the characters and their lives. Nevertheless, the novel, framed around a cross-section of Algerian society, reflects colonial government abuses and the common people＇s sacrifices for their dream of independence. Dib also depicts France＇s colonialist attitudes as a betrayal of the ideals of the French Revolution and claims to humanitarian values.
基金Supported by the National Natural Science Foundation of China(21373252)Fundamental Research Project of Qing Hai Science&Technology Department(2016-ZJ-749)Qinghai Innovation Fund for Technology Based Firms(2014-GX-Q19)
文摘The low temperature molten salt method was used to extract potassium from K-feldspar ore, and some related factors including mass ratio between NaNO_3, NaOH, H_2O and K-feldspar ore, particle size of K-feldspar ore,reaction temperature and time were investigated, respectively. In addition, the optimum condition for this method was determined by a series of condition experiments. What was more, the K-feldspar ore and the leach residue after reaction based on the above optimum condition were analyzed by XRD, SEM and EDS,separately. The results of which indicated that the mechanism of extraction of potassium for this method was according to the ion exchange reaction between sodium ion and potassium ion, and the extraction ratio of potassium had an obvious improvement than that of traditional methods, which could reach up to 96.25%.Therefore, this method can be a feasible solution to extract potassium from K-feldspar ore for its low energy consumption and high efficiency.
基金NSFC (No .3 9870 15 8) ,NaturalScienceFoundationofAnhuiProvince (No .10 0 3 3 0 No .0 42 416)andtheExcellentYouthFoundation (No .0 40 43 0 5 0 )
文摘The effect of temperature on the life history characteristics of amictic females (AF), unfertilized mictic females (UMF) and fertilized mictic females (FMF) in Brachionus calyciflorus was studied with replicated individual cultures at 20℃,25℃ and 30℃, and with algae Scenedesmus obliquus for their food. There were highly significant effects of both temperature and female type, independently and interactively, on the duration of juvenile and post-reproduction periods, and the number of eggs produced by the rotifer per life cycle. Among all the temperature-female type combinations, all the juvenile periods of FMF, and the post-reproduction periods of UMF and FMF at 20℃, were the longest, and the number of eggs produced by an UMF at 30℃ was the highest. There were highly significant effects of both temperature and female type on the duration of the reproduction period, but no clear correlation was observed between temperature and female type. The reproduction period of AF was longer than that of UMF and FMF. Only temperature influenced significantly the mean life-span of the three types of females. The duration of juvenile, reproduction and post-reproduction periods as well as the life-span of the three types of females were all reduced very significantly with rise of temperature, but the rates of reduction varied with female type. Among the three types of females, the number of eggs produced per life cycle by an UMF was the highest, and that of a FMF was the lowest. A significant relationship between the number of eggs produced per life cycle and temperature was observed only in the UMF.
文摘The structure of concrete generally serves in multi-media environments; various environments act differently on concrete. The compound action of some severe environments will threaten the duration of concrete and decrease the service life of a concrete structure if improperly handled. In this paper the microstructure of concrete is observed by using Scanned Electric Microscope (SEM) through contrasting experiments in media of acid, alkali and salt with that of freezing-thawing in the same medium environment. This study is to supply a certain basis for changing traditional thinking of mechanical design and to combine construction reliability design with durability of concrete design.
文摘Modern Agricultural Economics and Management has a nature of the fusion cross, and agricultural economic management has economics, agronomy, management and integration and it also has the particularity of disciplines, from the position in terms of management and economics agricultural economy belongs to the branch pipe and branch management economics. As China＇ s reform and opening up, the whole society is in a new phase of a transition, Agricultural Economics and Management disciplines would like to be explored in more areas, but we still want to keep the cross and integration features. In this paper, a modem agricultural economy management disciplines is in order to adapt to the transition period which is characterized by a series of market analyzes and reflection.
文摘This paper deals with the approach to imposing value-added tax （VAT） on financial transactions. The VAT is a highly harmonized consumption tax within the European Union （EU）. VAT operational rules have been set down by the relevant directive of the Council of the EU. Under the directive, it is possible to select either exemption or taxation of financial transactions. Only the first option is permitted in the Czech Republic. Pros and cons of both models are described, in particular, the problems with determining the difference between financial transactions and other similar performance that must always be subject to tax. Potential lower VAT revenue or tax base assessment, as appropriate, seems to be crucial in the case of the taxation of financial transactions.
基金jointly financed by the Ministry of Science and Technology of China(Grant No.2016YFA0602303)the National Natural Science Foundation of China(Grant Nos.41775141,41375152,and 41603075)
文摘Nitric oxide(NO)emissions from alpine ecosystems conventionally being long-term cultivated with feed crops are not well quantified.The authors attempted to address this knowledge gap by performing a year-round experimental campaign in the northeastern Tibetan Plateau.Fertilized(F)and unfertilized(UF)treatments were established within a flat calcareous-soil site for the long-term cultivation of feed oats.NO fluxes and five soil variables were simultaneously measured.A single plow tillage accounted for approximately 54%–73%of the NO releases during the cropping period(CP);and the non-cropping period(NCP)contributed to 51%–58%of the annual emissions.The direct NO emissions factor(EFd)was 0.021%±0.021%.Significantly lower Q10 values(p<0.01)occurred in the F treatment during the CP(approximately 3.6)compared to those during the other period or in the other treatment(approximately 4.9?5.1),indicating a fertilizer-induced reduction in the temperature sensitivity.The selected soil variables jointly accounted for up to 72%(p<0.01)of the variance for all the fluxes across both treatments.This finding suggests that temporally and/or spatially distributed fluxes from alpine calcareous-soil ecosystems for feed crop production may be easily predicted if data on these soil variables are available.Further studies are needed to test the hypothesis that the EFd is larger in alpine feed-oat fields than those in this study if the soil moisture content is higher during the period following the basal application of ammoniumor urea-based fertilizer.
文摘Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.
基金supported in part by National Natural Science Foundations of China under Grant Nos.70571027,70401020,10647125,and 10635020by the Ministry of Education of China under Grant No.306022
文摘A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data exhibits a power law decay as a whole characterized by 1/f^β processes with possible long range correlations. Subsequently, by using the method of detrended fluctuation analysis （DFA） of the general volatility in the stock markets, we find that the long-range correlations are occurred among the return series and the crossover phenomena exhibit in the results obviously.Further, Shanghai stock market shows long-range correlations in short time scale and shows short-range correlations in long time scale. Whereas, for Japan stock market, the data behaves oppositely absolutely. Last, we compare the varying of scale exponent in large volatility between two stock markets. All results obtained may indicate the possibility of characteristic of multifractal scaling behavior of the financial markets.
文摘As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China＇ s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models＇ results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development： trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward.
文摘The increase of competition, economic recession and financial crises has increased business failure and depending on this the researchers have attempted to develop new approaches which can yield more correct and more reliable results. The classification and regression tree （CART） is one of the new modeling techniques which is developed for this purpose. In this study, the classification and regression trees method is explained and tested the power of the financial failure prediction. CART is applied for the data of industry companies which is trade in Istanbul Stock Exchange （ISE） between 1997-2007. As a result of this study, it has been observed that, CART has a high predicting power of financial failure one, two and three years prior to failure, and profitability ratios being the most important ratios in the prediction of failure.
文摘Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.
文摘New challenges have been posed to the infornmtion exchange and interconn,u;fion in financial industry with the innovalion of financial business and the development of infarmation techtinlogy. From the perspective of financial message standardization. ISO 20022 puts forward a set of sohaions and ideas for information exchange, which have been recognized in financiat industry all around the world. Considering the variety of financial message standards and message exchange modes, it is essential to strengthen the development and application of general message standards for financial industry and build：up the general m^sage exchange platform, which wild play a significant role in guiding lhe slandardized developmenl of industry, implementing financial s/andardizalion slralegies, and enhancing the level of inlerconneclion.
