中国股市股票交易信息与股票横截面收益研究

本文基于沪深股市1993-2008年剔除了金融类股的所有A股数据,研究了股票动量因素、反转因素和换手率等股票交易信息对股票收益横截面的影响。研究结果表明,股票的一年期的动量因素对股票的横截面收益的影响不显著,股票的三个月的短期反转因素对股票的横截面收益有显著影响,股票的三个月的累计收益越低,其在接下来一期获得的收益就可能越高。股票的换手率对股票的横截面收益的影响也显著,股票的上一期的换手率越高,在接下来的一期获得的收益就可能越低。

Quantitative analysis on influencing factors for interface propagation-based thermal conductivity measurement method during solid-liquid transition

The recently proposed interface propagation-based method has shown its advantages in obtaining the thermal conductivity of phase change materials during solid-liquid transition over conventional techniques. However, in previous investigation, the analysis on the measurement error was qualitative and only focused on the total effects on the measurement without decoupling the influencing factors. This paper discusses the effects of influencing factors on the measurement results for the interface propagation-based method. Numerical simulations were performed to explore the influencing factors, namely model simplification, subcooling and natural convection, along with their impact on the measurement process and corresponding measurement results. The numerical solutions were provided in terms of moving curves of the solid-liquid interface and the predicted values of thermal conductivity. Results indicated that the impact of simplified model was strongly dependent on Stefan number of the melting process. The degree of subcooling would lead to underestimated values for thermal conductivity prediction. The natural convection would intensify the heat transfer rate in the liquid region, thereby overestimating the obtained results of thermal conductivity. Correlations and experimental guidelines are provided. The relative errors are limited in ±1.5%,±3%and ±2% corresponding to the impact of simplified model, subcooling and natural convection, respectively.

Weigh in Motion Based on Parameters Optimization

Dynamic tire forces are the main factor affecting the measurement accuracy of the axle weight of moving vehicle.This paper presents a novel method to reduce the influence of the dynamic tire forces on the weighing accuracy.On the basis of analyzing the characteristic of the dynamic tire forces,the objective optimization equation is constructed.The optimization algorithm is presented to get the optimal estimations of the objective parameters.According to the estimations of the parameters,the dynamic tire forces are separated from the axle weigh signal.The results of simulation and field experiments prove the effectiveness of the proposed method.

On multistage flexible comprehensive evaluation of complicated system

The paper analyzed characters of complicated system and discussed the reason of comprehensive evaluation, realization of flexible comprehensive evaluation was researched from prospect of dynamic measure selection of evaluation, balance of functionality and harmony, uncertainty factor. In the end, multistage flexible comprehensive evaluation of complicated system was applied to performance evaluation of firm.

Temporal variation and its drivers in the elemental traits of four boreal plant species

Aims Intraspecific variation in plant traits has important consequences for individual fitness and herbivore foraging.For plants,trait variability across spatial dimensions is well documented.However,temporal dimensions of trait variability are less well known,and may be influenced by seasonal differences in growing degree days(GDD),temperature and precipitation.Here,we aim to quantify intraspecific temporal variation in traits and the underlying drivers for four commonly occurring boreal plant species.Methods We sampled the elemental and stoichiometric traits(%C,%N,%P,C:N,C:P,N:P)of four common browse species'foliage across 2 years.Using a two-step approach,we first fitted generalized linear models(GzLM,n=24)to the species'elemental and stoichiometric traits,and tested if they varied across years.When we observed evidence for temporal variability,we fitted a second set of GzLMs(n=8)with temperature,productivity and moisture as explanatory variables.Important Findings We found no evidence of temporal variation for most of the elemental and stoichiometric traits of our four boreal plants,with two exceptions.Year was an important predictor for percent carbon across all four species(R^(2)=0.47-0.67)and for multiple elemental and stoichiometric traits in balsam fir(5/8,R2=0.29-0.67).Thus,variation in percent carbon was related to interannual differences,more so than nitrogen and phosphorus,which are limiting nutrients in the boreal forest.These results also indicate that year may explain more variation in conifers'stoichiometry than for deciduous plants due to life history differences.GDD was the most frequently occurring variable in the second round of models(8/8 times,R^(2)=0.21-0.41),suggesting that temperature is an important driver of temporal variation in these traits.

Bistability theorem in a cancer model

In this paper, I continue the study of the mathematical models presented in [J. C. Larsen, Models of cancer growth, J. Appl. Math. Comput. 53（1-2） （2015） 613-645] and [J. C. Larsen, The bistability theorem in a model of metastatic cancer, to appear in Appl. Math.]. I shall prove the bistability theorem for the ODE model from [Larsen, 2015]. It is a mass action kinetic system in the variables C cancer, GF growth factor and GI growth inhibitor. This theorem says that for some values of the parameters, there exist two positive singular points c＊＋ = （C＊＋, GF＊., GI＊＋）, c＊2- = （C＊-, GF＊, GI＊-） of the vector field. Here C＊- 〈 C＊＋ and e. is stable and c＊＋ is unstable, see Sec. 2. There is also a discrete model in [Larsen, 2015], it is a linear map （T） on three-dimensional Euclidean vector space with variables （C, GF, GI）, where these variables have the same meaning as in the ODE model above. In [Larsen, 2015], I showed that one can sometimes find attine vector fields on three-dimensional Euclidean vector space whose time one map is T. I shall also show this in the present paper in a more general setting than in [Larsen, 2015]. This enables me to find an expression for the rate of change of cancer growth on the coordinate hyperplane C = 0 in Euclidean vector space. I also present an ODE model of cancer metastasis with variables C, CM, CF,GI, where C is primary cancer and CM is metastatic cancer and GF, GI are growth factors and growth inhibitors, respectively.