Applications of nonferrous metal price volatility to prediction of China's stock market

The aim of the present work is to examine whether the price volatility of nonferrous metal futures can be used to predict the aggregate stock market returns in China. During a sample period from January of 2004 to December of 2011, empirical results show that the price volatility of basic nonferrous metals is a good predictor of value-weighted stock portfolio at various horizons in both in-sample and out-of-sample regressions. The predictive power of metal copper volatility is greater than that of aluminum. The results are robust to alternative measurements of variables and econometric approaches. After controlling several well-known macro pricing variables, the predictive power of copper volatility declines but remains statistically significant. Since the predictability exists only during our sample period, we conjecture that the stock market predictability by metal price volatility is partly driven by commodity financialization.

Signal and Data Processing of Television Based on Multistatic Radar Systems

A television based multistatic radar system is described. The commercial television transmitter is used as the illuminator in the multistatic radar system. The reflected commercial television signals are measured by an array of sensors. A data processing scheme is developed that adapts to the poor signal processing ability. The innovation is focused on the construction of the observation space, which could reduce the non linearity error. The new method leads to better system stability than the traditional one. Monte Carlo simulation is utilized and compared with the traditional method.

从精致到经典火山10A电脑散热器

日前,火山10A散热器凭借Tt独有的“回流焊接”制作工艺、“Silent Boost”风扇设计和优秀的产品品质,夺得了“电脑采购2004年度6年经典产品称号奖”,为火山10A自问世以来频繁获奖的殊容增添了有力的一笔, 看似只是一个产品的获奖,但其背后则是全球领先的PC系统散热解决方案供应商Tt技术实力的真实展现,也再一次确定了Tt作为国际领先的散热器厂商的领导地位。回顾火山10A推出以来的市场反映,不难发现火山10A的成功,绝对不是偶然现象。

人体摄影师的另类选择

人体摄影一直被许多人视作“另类”职业,人体摄影师在艰难的创作过程中经历了许多常人难以想像的困难和生活压力。本文主人公姜商波是中国摄影家协会会员,也是一位著名的人体摄影师。

Storage Areas and the Development of E-commerce Sector Based on the Example of Poland

The popularity of e-commerce sector in Poland is increasing each year. Thus, it determines the need for market observation and analysis of the changes taking place. This article aims to examine if the dynamics of the development of e-commerce in Poland significantly affects the development of the offer of modem warehouse space. Based on available market sector reports the article identifies major factors which stimulate storage management on the one hand, but are certain challenges on the other hand. The article is undoubtedly a good starting point for further tests to examine the model on a sample of entities operating in the industry. E-commerce industry in Poland is growing very rapidly. Retail chains are introducing more and more multi-channel solutions, numerous start-ups are being created, there is increasing interest in internet shopping, which, undoubtedly, enhances the development of the sector. Poland online sales represents only a small percentage in total retail sales and has a lot of catching up to do compared to the mature European markets. However, the situation is clearly more dynamic and the differences are decreasing. More and more companies are operating in the industry, which translates into demand for modem warehouse space. The purpose of this article is to present the dynamic changes taking place in the Polish market, closely linked to the development of e-commerce and an attempt to define their role in shaping the offer of modem warehouse space. E-commerce plays a key role in building global supply chains, in which storage can significantly affect their efficiency and agility. The article highlights the changes in the market warehouse in their many aspects, however, it clearly emphasizes the impact of e-commerce sector. E-commerce is revolutionizing supply chains by rebuilding existing links, such as marketing, payment system, distribution, inventory management, and storage. What important, therefore, is the research problem presented in the article, because it presents current trends and market changes.

Influence of Auxiliary Equation on Wave Functions for Time-Dependent Pauli Equation in Presence of Aharonov-Bohm Effect

Invariant operator method for discrete or continuous spectrum eigenvalue and unitary transformation approach are employed to study the two-dimensional time-dependent Pauli equation in presence of the Aharonov-Bohm effect （AB） and external scalar potential. For the spin particles the problem with the magnetic field is that it introduces a singularity into wave equation at the origin. A physical motivation is to replace the zero radius flux tube by one of radius R, with the additional condition that the magnetic field be confined to the surface of the tube, and then taking the limit R → 0 at the end of the computations. We point that the invariant operator must contain the step function θ（r - R）. Consequently, the problem becomes more complicated. In order to avoid this dimculty, we replace the radius R by ρ（t）R, where ρ（t） is a positive time-dependent function. Then at the end of calculations we take the limit R →0. The qualitative properties for the invariant operator spectrum are described separately for the different values of the parameter C appearing in the nonlinear auxiliary equation satisfied by p（t）, i.e., C 〉 0, C = 0, and C 〈0. Following the C＇s values the spectrum of quantum states is discrete （C 〉 0） or continuous （C ≤ 0）.

Investor Relations （IR） in Business Communication on the Example of Poland

This paper focuses on investor relations （IR） as an element of companies＇ communication with the external environment. It shows the place and role of IR in communication with the general market, and the stock exchange market in particular. The study is illustrated with an example of IR in Poland, a relatively new European Union （EU） member state and an emerging market. As can be seen, IR goes beyond the traditionally understood maintenance of communication with the capital market. It is also shown that the main role of IR ought to be the reduction of investment risk and enhancement of the companies＇ value, which is of particular significance in light of the current globalization of capital markets. It has been found that Polish companies, especially those listed on the Warsaw Securities Exchange （WSE）, commonly rely on IR as a means of communication with the environment. And yet, as the results of the analysis show, the quality of that communication is still far from satisfactory, despite efforts undertaken by various external entities to encourage more focus on the development of IR, or understanding of the company＇s relevant staff of its important role.

Asian Trade Integration and the Decoupling Debate of Business Cycles

＂Decoupling＂ refers to the divergence of business cycles among different countries, while ＂re-coupling＂ corresponds to the convergence or the synchronization of business cycles among different countries. The decoupling debate is popular in the field of economics, especially after global financial crisis. As trade integration increased among Asian countries, business cycle synchronization among these countries was expected to increase through trade transmission. The aim of this study is to discover whether there has been decoupling or convergence of business cycles through various trade channels. However, theoretically, increased trade can lead to business cycle synchronization either rising or falling. Inter-industry trade resulting in higher specification will induce less synchronized business cycles, while intra-industry trade could lead to increased business cycle synchronization. Thus, it is important to distinguish between intra- and inter-industry trade flows. Both correlation and dynamic factor models are utilized to study the evolution of global business cycle linkages. Results indicate that the world factor has become less important in explaining macroeconomic fluctuations from sub-period 1961-1984 to sub-period 1985-2007, while regional factors do not play an important role in explaining aggregate volatility, with the expectation of consumption. Overall, the explanatory power of country factors increases. Domestic consumption and domestic investment variances are more driven by country and idiosyncratic factors than by the world factor, contrary to the output growth fluctuations. Regional factors and country factors also play a more prominent role in explaining gross import fluctuations than in explaining gross exports. Results cast doubt on the strong forms of both the decoupling and the re-coupling hypothesis.

Toxic Currency Options in Poland as a Consequence of the 2008 Financial Crisis

The paper is on toxic foreign exchange options problem which occurred in Poland just prior to and after the outbreak of the recent crisis. Especially Polish enterprises were severely stricken by transactions on fx and interest rate derivatives contracted with their banks. Poland was the only EU country which did not precipitate into recession during the financial crisis beginning in 2008. However, the toxic fx and interest rate derivatives transmitted the shockwaves from global financial markets into Poland. Huge dimensions of losses resulted in conflicts between banks and their customers, who claimed just being cheated by the financial institutions. The article deeply researches into reasons for such developments on Polish fx over-the-counter derivatives market. As a case study, an authentic strategy has been presented. The contract was concluded between the construction company and one of the biggest commercial banks in Poland. Because the case study may be representative for many other cases, the analysis includes exact pricing of option strategy and therefore reveals inequality of the contract. The consequences of non-implementing the MiFID directive in the context of derivatives offering to non-financial customers were also touched in the paper.

Further Considerations of 100Gbit/s Wavelength Division Multiplexing System Commercial Application

Along with the emergence and ma- turity of 100Gbit/s technologies, numbers of trial and commercial 100Gbit/s Wavelength Division Multiplexing （WDM） systems have been established worldwide. The research- oriented lab tests of 100Gbit/s WDM systems were done by China Unicorn in 2012. The 100Gbit/s technologies of polarization multi- plex-quadrature phase shift keying with co- herent detection from multiple vendors have been studied. There are some further issues to be specified before the commercial application of 100Gbit/s WDM system is implemented in large scale in backbone network, including optical pertbnnance parameters, optical per- lbrmance monitoring of 100Gbit/s system, protection mechanism, selection of client in- terfhce and comprehensive Operation, Ad- ministration and Maintenance （OAM）.

葡萄酒走进“轻时代”

在这个葡萄酒走入寻常百姓家的时代,在中国已悄然取代法国,成为全球最大干红葡萄酒消费国的今天,＂红酒＂在许多人眼里仍然还是所有葡萄酒的代名词。然而,正如生活不只一面,葡萄酒也不止一种颜色。全球葡萄酒行业早已进入个性十足的＂多彩＂时代,绚烂多姿、五颜六色的葡萄酒产品正越来越受到众多时尚人士的青睐。

A new approach to the time evolution of characteristic function of the density operator obtained by virtue of thermal entangled state representation

Like the progress made by Dirac that wave function ψ(x) was reformed as x |ψ,where x| is the coordinate representation,we endow the characteristic function χλ = Tr(e λa-λaρ) of density operator ρ with the meaning of wave function of |ρ in the thermal entangled state η| representation in the doubled Fock space,χλ = η = λ|ρ,where |ρ = ρ|η = 0.We find the time evolution of χλ can then be directly and neatly obtained via this approach.The way of deriving the density operator from η = λ | ρ is also presented.

Almost all points on the real axis can be original points of shock waves

For a conservation law with convex condition and initial data in L∞(R), it had been commonly believed that the number of discontinuity lines (or shock waves) of the solution is at most countable since Theorem 1 in Oleinik's seminal paper published in 1956 asserted this fact. In 1977, the author gave an example to show that there is an initial data in C∞(R) ∩ L∞(R) such that the number of shock waves is uncountable. And in 1980, he gave an example to show that there is an initial data in C(R)∩L∞(R) such that the measure of original points of shock waves on the real axis is positive. In this paper, he proves further that the set consisting of initial data in C(R) ∩ L∞(R) with the property: almost all points on the real axis are original points of shock waves, is dense in C(R) ∩ L∞(R). All these results show that Oleinik's assertion on the countability of discontinuity lines is wrong.

Exact Periodic Wave Solution of Extended(2+1)-Dimensional Shallow Water Wave Equation with Generalized D_-operators

With the aid of binary Bell polynomial and a general Riemann theta function, we introduce how to obtain the exact periodic wave solutions by applying the generalized Dpˉ-operators in term of the Hirota direct method when the appropriate value of pˉ is determined. Furthermore, the resulting approach is applied to solve the extended(2+1)-dimensional Shallow Water Wave equation, and the periodic wave solution is obtained and reduced to soliton solution via asymptotic analysis.

Paralinearization of the Dirichlet-Neumann operator and applications to progressive gravity waves Dedicated to the NSFC-CNRS Chinese-French summer institute on fluid mechanics in 2010

This note presents a paradifferential approach to the analysis of the water waves equations.

Wind speed prediction by chaotic operator network based on Kalman Filter

A novel prediction network composed of some chaotic operators is proposed to predict the wind speed series.Training samples are constructed by the theory of phase space reconstruction.Genetic algorithm is adopted to optimize the control parameters of chaotic operators to change the dynamic characteristic of the network to approach to the predicted system.In this way,the dynamic prediction of wind speed series can be completed.The wind acceleration series can also be predicted by the same network.And the prediction results of both series can be fused by Kalman Filter to get the optimal estimation prediction result of the wind speed series,which is superior to the result obtained by each single method.Simulation results show that the prediction network has less computation cost than BP neural network,and it has better prediction performance than BP neural network and autoregressive integrated moving average model.Kalman Filter can improve the prediction performance further.

An important step towards commercialization of quantum-dot light-emitting diode displays

Colloidal quantum dots(QDs)are a unique class of emissive materials with size-tunable emission wavelengths,saturated emission colors,near-unity luminance efficiency,inherent photo-and thermal-stability,and excellent solution processability.Display based on quantum-dot light-emitting diodes(QLED)may combine the superior properties of QDs,the benefits of solution-based fabrication techniques,and the advantages of self-emission devices,which promises an unprecedented generation of cost-effective,large-area,energysaving,wide-color-gamut,ultra-thin and flexible displays.