Using VAR-DCC-GARCH model,the literature on commodity price was extended by exploring the co-movement between Chinese nonferrous metal prices and global nonferrous metal prices represented by the nonferrous metal pric...Using VAR-DCC-GARCH model,the literature on commodity price was extended by exploring the co-movement between Chinese nonferrous metal prices and global nonferrous metal prices represented by the nonferrous metal prices from London Metal Exchange(LME).The results show that LME nonferrous metals prices still have a greater impact on Chinese nonferrous metals prices.However,the impact of Chinese nonferrous metals prices on LME nonferrous metals prices is still weak except for lead price.The co-movement of nonferrous metal prices between LME and China presents hysteretic nature,and it lasts for 7-8trading days.Furthermore,the co-movement between LME nonferrous metals prices and Chinese nonferrous metals prices has the characteristics of time-varying,and the correlation of lead prices between LME and China is the more stable than all other nonferrous metals prices.展开更多
China is by far the largest producer of tobacco products in the world. As a big tax source, tobacco industry brings about 10%of China's annual income.At present tobacco industry is under the administrative monopol...China is by far the largest producer of tobacco products in the world. As a big tax source, tobacco industry brings about 10%of China's annual income.At present tobacco industry is under the administrative monopoly management in China. The nation's policy and management mechanism greatly influence the competition structure of tobbacco industry. Due to the double character of tobacco, the country generally imposes a high tax and limits total product output in order to control the tobacco market. Therefore, the price signal of tobacco market is distorted and to a large extent the competition of the industry is far from a free one. The cigarette production is in a multi element competition style within the nation's planning system. In other words, administrative monopoly and over competition exist simultaneously in China's tobacco industry. The country predetermines the output quota of each cigarette manufacturing enterprise and the actual production outputs of these enterprises could be adjusted through the quota trades among them. The competition in tobacco industry is mainly represented in 3 modes, i.e.production output competition based on quota trades, value added competition in producing and marketing, and the niche market competition based on product classification.展开更多
In recent years,scientists have been increasingly interested in the energy embodied in traded goods among countries.In this article,the direct energy intensities in various economic sectors of China were calculated wi...In recent years,scientists have been increasingly interested in the energy embodied in traded goods among countries.In this article,the direct energy intensities in various economic sectors of China were calculated with the data of energy consumption and output value of each sector,and the input-output table was used to estimate the external energy consumption.The total energy intensity of all sectors was then obtained.From the data of international trade,the energy embodied in goods trade of China was estimated for the period of 1994-2001.During this period,the average energy intensity of imported goods was always higher than that of exported ones.As a country with a surplus in international goods trade,China actually imported net embodied energy in the past few years.The net embodied energy imported was at the same magnitude of the imported energy in the form of fossil fuels.展开更多
Group multicast routing algorithms satisfying quality of service requirements of real-time applications are essential for high-speed networks. A heuristic algorithm was presented for group multicast routing with bandw...Group multicast routing algorithms satisfying quality of service requirements of real-time applications are essential for high-speed networks. A heuristic algorithm was presented for group multicast routing with bandwidth and delay constrained. A new metric was designed as a function of available bandwidth and delay of link. And source-specific routing trees for each member were generated in the algorithm by using the metric, which satisfy member′s bandwidth and end-to-end delay requirements. Simulations over random network were carried out to compare the performance of the proposed algorithm with that from literature.Experimental results show that the algorithm performs better in terms of network cost and ability in constructing feasible multicast trees for group members. Moreover,the algorithm can avoid link blocking and enhance the network behavior efficiently.展开更多
World trade growth slid to 5.5 per- cent last year from 8.5 percent in 2006 and may grow even more slowly in 2008-at about 4.5 percent-as sharp economic deceleration in key developed countries is only partly offset by...World trade growth slid to 5.5 per- cent last year from 8.5 percent in 2006 and may grow even more slowly in 2008-at about 4.5 percent-as sharp economic deceleration in key developed countries is only partly offset by continuing strong growth in emerging economies。展开更多
The fascination of Vietnamese with drums and drumming reaches back into the pre-historic when bronze drums (Dong Son), from the Red River Delta region of Vietnam's north, were prized trading commodities throughout ...The fascination of Vietnamese with drums and drumming reaches back into the pre-historic when bronze drums (Dong Son), from the Red River Delta region of Vietnam's north, were prized trading commodities throughout the Asian world of that time. Now in the 21st century the Dong Son and other historically renowned drum types have become symbols for Vietnam's emergence into an international cultural and economic arena. This paper charts three Vietnamese international events that illustrate the emblematic use of traditional drumming as a nationalistic symbol of modern Vietnam: The Third Asian Indoor Games held in Hanoi in 2009 opened with a drumming spectacle using battle drums; the Jubilee celebrations of the Vietnamese Catholic Church in 2010, opened in the north in the Ha Nam province with an immense traditional drumming performance within its religious setting; the 2012 Hue International Arts Festival incorporated "Resounding the Vietnamese Spirit", a specific drums and percussion festival, with performances using Binh Dinh war drums, royal drums from Hue, Dong Son drums, and Tay Son battle drums. These displays of traditional drumming it is argued have popularised particular nationalistic styles of drumming amongst Vietnamese youth, extending from the use of drumming in lion dance performances to the emergence of small, youth drumming groups who perform in the streets of Hanoi and Ho Chi Minh City展开更多
A precise localization for mobile target in wireless sensor networks is presented in this letter,where a geometrical relationship is explored to improve the location estimation for mobile target,in-stead of a simple c...A precise localization for mobile target in wireless sensor networks is presented in this letter,where a geometrical relationship is explored to improve the location estimation for mobile target,in-stead of a simple centroid approach.The equations of location compensation algorithm for mobiletarget are derived based on linear trajectory prediction and sensor selective activation.The resultsbased on extensive simulation experiments show that the compensation algorithm gets better per-formance in metrics of quality of tracking and energy efficiency with the change of sensor sensing range,the ratio of sensing range and sensor activation range,and the data sampling rate than traditionalmethods,which means our proposing can achieve better quality-energy tradeoff for mobile target inwireless sensor networks.展开更多
This empirical study explores Can-Do structured products engineered by Johannesburg Securities Exchange (JSE) of South Africa around June 2006. However, as time evolved, different types of Can-Do structured products...This empirical study explores Can-Do structured products engineered by Johannesburg Securities Exchange (JSE) of South Africa around June 2006. However, as time evolved, different types of Can-Do structured products were developed. Can-Do structured product, called XFWQ, is used as an example in this empirical study. As previous empirical studies by Georgieva (2005) and Subandh (2007) have confirmed that there are embedded exotic options within structured products that generally make these products to be expensive, and in most cases less profitable compared with plain-vanilla assets, the empirical study confirmed that there is an embedded shout option with the Can-Do structured product. Furthermore, the empirical study shows that there is extra value to the structured product indicated by European long call option that does not accrue to the investors when time of expiration reaches maturity.展开更多
When ISPO Beijing opens its doors on January 24th,2018,it will mark the 14th meeting of the Chinese sporting goods industry.As the most important trade fair for the sporting goods industry in the Asia-Pacific region,I...When ISPO Beijing opens its doors on January 24th,2018,it will mark the 14th meeting of the Chinese sporting goods industry.As the most important trade fair for the sporting goods industry in the Asia-Pacific region,ISPO Beijing has an optimistic outlook for the new year:展开更多
The global apparel fabrics and accessories industry is gearing up for its key spring summit–one of the trade fair highlights of the year where the entire sector gathers to do business,discover the latest fashion tren...The global apparel fabrics and accessories industry is gearing up for its key spring summit–one of the trade fair highlights of the year where the entire sector gathers to do business,discover the latest fashion trends,find new innovations and discuss what’s in store for the year ahead.展开更多
Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. A...Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. Asynmaetric information makes supply chain unable to give a real reaction to the relationship between market supply and demand, and the personnel in the channels of supply chain are unable to make the optimal pricing, so that the overall profits are affected. Therefore, asymmetric information should be controlled within the normal range, for the purpose of ensuring the normal operation and healthy development of the market transactions.展开更多
Enterprises are in competition with other enterprises operating in their fields. In today's world, enterprises need to increase their efficiency and productivity, the values of which, if below market conditions, they...Enterprises are in competition with other enterprises operating in their fields. In today's world, enterprises need to increase their efficiency and productivity, the values of which, if below market conditions, they need to raise. Data Envelopment Analysis, widely utilized in efficiency and productivity measurements is a method that measures the efficiency of one unit relatively, taking more than one input determines the efficiency of units with similar inputs and outputs and output simultaneously. DEA interactively Thus, not only the efficient units are determined, but an opinion is offered as to how the inefficient units can be improved. In this study, 12 enterprises that were among the first 500 enterprises in Turkey in 2008, active in Istanbul Stock Exchange and operating in food sector through Data Envelopment Analysis. In the model, activity rates were used as input values, rantability rates were used as output values. In conclusion of simultaneous analysis of input and output values, efficient and inefficient enterprises were determined.展开更多
This scientific study focuses on the economic and especially the psychosocial factors of success in negotiation processes between buyers (procurers) and suppliers (producers) in the food trade. In particular, it e...This scientific study focuses on the economic and especially the psychosocial factors of success in negotiation processes between buyers (procurers) and suppliers (producers) in the food trade. In particular, it examines the economic and mental satisfaction in the decision-making and in the negotiation processes for efficient food supply. It is examined primarily as transparency in addition to Harvard concept at annual meetings (or between the year) favoring a satisfactory result for both negotiators. In a structural equation model, the Harvard negotiating points are brought with transparency in communication and this in terms of economic success experiences and the sociomental satisfaction.展开更多
By integrating 32 bilateral free trade agreements, CEFTA-2006 became the first multilateral free trade agreement of the Western Balkan countries. Signed at the end of 2006, it was supposed to establish a free trade ar...By integrating 32 bilateral free trade agreements, CEFTA-2006 became the first multilateral free trade agreement of the Western Balkan countries. Signed at the end of 2006, it was supposed to establish a free trade area among the following member-states: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Monte Negro and Serbia.l The free trade area was supposed to be fully functional by the end of 2010 and should provide trade liberalization by elimination of all tariff and non-tariff barriers for agricultural and non-agricultural goods, as well as trade facilitation by simplification of rules of origin and transit procedures. It should also provide mutual recognition of national sanitary, phytosanitary and technical standards. The free trade area should also enable free trade of services, full protection of intellectual rights, fair rules of public procurement procedures and liberalization of capital investment. The beginning of the creation of the free trade area of the Western Balkan countries created a positive effect upon the increment of the trade exchange of goods among its member-states. However, the weak individual economic capacity of each of them immediately caused a decrement in the exports of goods towards trading partners out of CEFTA-2006. Positive effects realized in the beginning of the creation of the free-trade area were very soon annulated by the influence of the economic crises in 2008. At present, the region experiences a slight, but very slow recovery.展开更多
This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,whic...This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,which has a distinctive pattern of U-shaped.The financial market microstructure theory,traders' psychology and trading mechanism are applied to explain it.Then this paper studies the factors that influence volatility of return and the lagged orders.The results show that there is a bilateral Granger causality among any two of the absolute return,volume and open interest,and it is different from the empirical results of the stock market,in the sense that there is only a unilateral Granger causal relationship from volume to absolute return.The authors also analyze the dynamic relationship among these three factors.The empirical results tell that the influence of open interest on volatility of absolute return and volume is weak,and there is a strong correlation between absolute return and volume.Some investment suggestions are offered from the analysis mentioned above.展开更多
基金Project(71073177)supported by the National Natural Science Foundation of ChinaProject(12JJ4077)supported by the Natural Science Foundation of Hunan Province of ChinaProject(2012zzts002)supported by the Fundamental Research Funds of Central South University,China
文摘Using VAR-DCC-GARCH model,the literature on commodity price was extended by exploring the co-movement between Chinese nonferrous metal prices and global nonferrous metal prices represented by the nonferrous metal prices from London Metal Exchange(LME).The results show that LME nonferrous metals prices still have a greater impact on Chinese nonferrous metals prices.However,the impact of Chinese nonferrous metals prices on LME nonferrous metals prices is still weak except for lead price.The co-movement of nonferrous metal prices between LME and China presents hysteretic nature,and it lasts for 7-8trading days.Furthermore,the co-movement between LME nonferrous metals prices and Chinese nonferrous metals prices has the characteristics of time-varying,and the correlation of lead prices between LME and China is the more stable than all other nonferrous metals prices.
文摘China is by far the largest producer of tobacco products in the world. As a big tax source, tobacco industry brings about 10%of China's annual income.At present tobacco industry is under the administrative monopoly management in China. The nation's policy and management mechanism greatly influence the competition structure of tobbacco industry. Due to the double character of tobacco, the country generally imposes a high tax and limits total product output in order to control the tobacco market. Therefore, the price signal of tobacco market is distorted and to a large extent the competition of the industry is far from a free one. The cigarette production is in a multi element competition style within the nation's planning system. In other words, administrative monopoly and over competition exist simultaneously in China's tobacco industry. The country predetermines the output quota of each cigarette manufacturing enterprise and the actual production outputs of these enterprises could be adjusted through the quota trades among them. The competition in tobacco industry is mainly represented in 3 modes, i.e.production output competition based on quota trades, value added competition in producing and marketing, and the niche market competition based on product classification.
基金supported by NSFC (Grant no.70703008)Key Projects of Philosophy and Social Sciences Research of Chinese Ministry of Education (Grant no.07JZD0008)
文摘In recent years,scientists have been increasingly interested in the energy embodied in traded goods among countries.In this article,the direct energy intensities in various economic sectors of China were calculated with the data of energy consumption and output value of each sector,and the input-output table was used to estimate the external energy consumption.The total energy intensity of all sectors was then obtained.From the data of international trade,the energy embodied in goods trade of China was estimated for the period of 1994-2001.During this period,the average energy intensity of imported goods was always higher than that of exported ones.As a country with a surplus in international goods trade,China actually imported net embodied energy in the past few years.The net embodied energy imported was at the same magnitude of the imported energy in the form of fossil fuels.
基金Supported by China Postdoctoral Science Foundation (No.20030056007).
文摘Group multicast routing algorithms satisfying quality of service requirements of real-time applications are essential for high-speed networks. A heuristic algorithm was presented for group multicast routing with bandwidth and delay constrained. A new metric was designed as a function of available bandwidth and delay of link. And source-specific routing trees for each member were generated in the algorithm by using the metric, which satisfy member′s bandwidth and end-to-end delay requirements. Simulations over random network were carried out to compare the performance of the proposed algorithm with that from literature.Experimental results show that the algorithm performs better in terms of network cost and ability in constructing feasible multicast trees for group members. Moreover,the algorithm can avoid link blocking and enhance the network behavior efficiently.
文摘World trade growth slid to 5.5 per- cent last year from 8.5 percent in 2006 and may grow even more slowly in 2008-at about 4.5 percent-as sharp economic deceleration in key developed countries is only partly offset by continuing strong growth in emerging economies。
文摘The fascination of Vietnamese with drums and drumming reaches back into the pre-historic when bronze drums (Dong Son), from the Red River Delta region of Vietnam's north, were prized trading commodities throughout the Asian world of that time. Now in the 21st century the Dong Son and other historically renowned drum types have become symbols for Vietnam's emergence into an international cultural and economic arena. This paper charts three Vietnamese international events that illustrate the emblematic use of traditional drumming as a nationalistic symbol of modern Vietnam: The Third Asian Indoor Games held in Hanoi in 2009 opened with a drumming spectacle using battle drums; the Jubilee celebrations of the Vietnamese Catholic Church in 2010, opened in the north in the Ha Nam province with an immense traditional drumming performance within its religious setting; the 2012 Hue International Arts Festival incorporated "Resounding the Vietnamese Spirit", a specific drums and percussion festival, with performances using Binh Dinh war drums, royal drums from Hue, Dong Son drums, and Tay Son battle drums. These displays of traditional drumming it is argued have popularised particular nationalistic styles of drumming amongst Vietnamese youth, extending from the use of drumming in lion dance performances to the emergence of small, youth drumming groups who perform in the streets of Hanoi and Ho Chi Minh City
基金the Joint Funds of Guangdong-NSFC(U0735003)the National Natural Science Foundation of China(No.60604029,60702081)+2 种基金the Natural ScienceFoundation of Zhejiang Province(No.Y106384)the Sci-ence and Technology Project of Zhejiang Province(No.2007C31038)and the Scientific Research Fund of Zhejiang Provincial Education(No.20061345).
文摘A precise localization for mobile target in wireless sensor networks is presented in this letter,where a geometrical relationship is explored to improve the location estimation for mobile target,in-stead of a simple centroid approach.The equations of location compensation algorithm for mobiletarget are derived based on linear trajectory prediction and sensor selective activation.The resultsbased on extensive simulation experiments show that the compensation algorithm gets better per-formance in metrics of quality of tracking and energy efficiency with the change of sensor sensing range,the ratio of sensing range and sensor activation range,and the data sampling rate than traditionalmethods,which means our proposing can achieve better quality-energy tradeoff for mobile target inwireless sensor networks.
文摘This empirical study explores Can-Do structured products engineered by Johannesburg Securities Exchange (JSE) of South Africa around June 2006. However, as time evolved, different types of Can-Do structured products were developed. Can-Do structured product, called XFWQ, is used as an example in this empirical study. As previous empirical studies by Georgieva (2005) and Subandh (2007) have confirmed that there are embedded exotic options within structured products that generally make these products to be expensive, and in most cases less profitable compared with plain-vanilla assets, the empirical study confirmed that there is an embedded shout option with the Can-Do structured product. Furthermore, the empirical study shows that there is extra value to the structured product indicated by European long call option that does not accrue to the investors when time of expiration reaches maturity.
文摘When ISPO Beijing opens its doors on January 24th,2018,it will mark the 14th meeting of the Chinese sporting goods industry.As the most important trade fair for the sporting goods industry in the Asia-Pacific region,ISPO Beijing has an optimistic outlook for the new year:
文摘The global apparel fabrics and accessories industry is gearing up for its key spring summit–one of the trade fair highlights of the year where the entire sector gathers to do business,discover the latest fashion trends,find new innovations and discuss what’s in store for the year ahead.
文摘Along with the vigorous development of the markel economy, the transactions in the market are also increasingly frequent. In all kinds of market transactions, there are more or less inIbrmation asynunetry phenomena. Asynmaetric information makes supply chain unable to give a real reaction to the relationship between market supply and demand, and the personnel in the channels of supply chain are unable to make the optimal pricing, so that the overall profits are affected. Therefore, asymmetric information should be controlled within the normal range, for the purpose of ensuring the normal operation and healthy development of the market transactions.
文摘Enterprises are in competition with other enterprises operating in their fields. In today's world, enterprises need to increase their efficiency and productivity, the values of which, if below market conditions, they need to raise. Data Envelopment Analysis, widely utilized in efficiency and productivity measurements is a method that measures the efficiency of one unit relatively, taking more than one input determines the efficiency of units with similar inputs and outputs and output simultaneously. DEA interactively Thus, not only the efficient units are determined, but an opinion is offered as to how the inefficient units can be improved. In this study, 12 enterprises that were among the first 500 enterprises in Turkey in 2008, active in Istanbul Stock Exchange and operating in food sector through Data Envelopment Analysis. In the model, activity rates were used as input values, rantability rates were used as output values. In conclusion of simultaneous analysis of input and output values, efficient and inefficient enterprises were determined.
文摘This scientific study focuses on the economic and especially the psychosocial factors of success in negotiation processes between buyers (procurers) and suppliers (producers) in the food trade. In particular, it examines the economic and mental satisfaction in the decision-making and in the negotiation processes for efficient food supply. It is examined primarily as transparency in addition to Harvard concept at annual meetings (or between the year) favoring a satisfactory result for both negotiators. In a structural equation model, the Harvard negotiating points are brought with transparency in communication and this in terms of economic success experiences and the sociomental satisfaction.
文摘By integrating 32 bilateral free trade agreements, CEFTA-2006 became the first multilateral free trade agreement of the Western Balkan countries. Signed at the end of 2006, it was supposed to establish a free trade area among the following member-states: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Monte Negro and Serbia.l The free trade area was supposed to be fully functional by the end of 2010 and should provide trade liberalization by elimination of all tariff and non-tariff barriers for agricultural and non-agricultural goods, as well as trade facilitation by simplification of rules of origin and transit procedures. It should also provide mutual recognition of national sanitary, phytosanitary and technical standards. The free trade area should also enable free trade of services, full protection of intellectual rights, fair rules of public procurement procedures and liberalization of capital investment. The beginning of the creation of the free trade area of the Western Balkan countries created a positive effect upon the increment of the trade exchange of goods among its member-states. However, the weak individual economic capacity of each of them immediately caused a decrement in the exports of goods towards trading partners out of CEFTA-2006. Positive effects realized in the beginning of the creation of the free-trade area were very soon annulated by the influence of the economic crises in 2008. At present, the region experiences a slight, but very slow recovery.
基金supported by the National Science Fund of China under Grant Nos.71471182 and 71071170Program for New Century Excellent Talents in University under Grant No.NCET-11-0750Program for Innovation Research in Central University of Finance and Economics
文摘This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,which has a distinctive pattern of U-shaped.The financial market microstructure theory,traders' psychology and trading mechanism are applied to explain it.Then this paper studies the factors that influence volatility of return and the lagged orders.The results show that there is a bilateral Granger causality among any two of the absolute return,volume and open interest,and it is different from the empirical results of the stock market,in the sense that there is only a unilateral Granger causal relationship from volume to absolute return.The authors also analyze the dynamic relationship among these three factors.The empirical results tell that the influence of open interest on volatility of absolute return and volume is weak,and there is a strong correlation between absolute return and volume.Some investment suggestions are offered from the analysis mentioned above.