This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇...This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇s t distribution to analyze the proposed model. The empirical results show that the two stock markets are mutually affected each other, and the dynamic conditional correlation （DCC） and the bivariate asymmetric-GARCH （1, 2） model is appropriate in evaluating the relation between them. The empirical result also indicates that Italy and Germany＇s stock markets show a positive relationship. The average value of correlation coefficient equals to 0.8424, which implies that the two stock markets return volatility have a synchronized influence on each other. In addition, the empirical result also shows that there is an asymmetrical effect between Italy and the Germany＇s stock markets, and demonstrates that the good news and bad news of the stock returns＇ volatility will produce the different variation risks for Italy and the Germany＇s stock price markets.展开更多
This study aims to find the effect of financial risks, price risks and market risks on the Earning Response Coefficients （ERC） for China Commercial Banks. The research methodologies use the traditional cumulative ab...This study aims to find the effect of financial risks, price risks and market risks on the Earning Response Coefficients （ERC） for China Commercial Banks. The research methodologies use the traditional cumulative abnormal returns and the unexpected earning as the main dependent and independent variables. The evidences show that： （1） There is a strong returns-to-earnings relation for banks; （2） The liquidity risk has information content beyond earnings changes in the returns-to-earnings relation. This probably due to the reason that managers of banks find the level of liquidity that fulfilled the need of investors and at the same time earns good profits for the banks.展开更多
Radial turbine stages are often used for applications requiring off-design operation,as turbocharging for instance.The off-design ability of such stages is commonly analyzed through the traditional turbine map,plottin...Radial turbine stages are often used for applications requiring off-design operation,as turbocharging for instance.The off-design ability of such stages is commonly analyzed through the traditional turbine map,plotting the reduced mass-flow against the pressure-ratio,for reduced-speed lines.However,some alternatives are possible,such as the flow-coefficient(Ψ)to loading-coefficient(φ)diagram where the pressure-ratio lines are actually straight lines,very convenient property to perform prediction.A robust method re-creating this map from a predicted Ψ-φ diagram is needed.Recent work has shown that this back-deduction quality,without the use of any loss models,depends on the knowledge of an intermediate pressure-ratio.A modelization of this parameter is then proposed.The comparison with both experimental and CFD results is presented,with quite good agreement for mass flow rate and rotational speed,and for the intermediate pressure ratio.The last part of the paper is dedicated to the application of the intermediate pressure-ratio knowledge to the improvement of the deduction of the pressure ratio lines in the Ψ-φ diagram.Beside this improvement,the back-deduction method of the classical map is structured,applied and evaluated.展开更多
文摘This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇s t distribution to analyze the proposed model. The empirical results show that the two stock markets are mutually affected each other, and the dynamic conditional correlation （DCC） and the bivariate asymmetric-GARCH （1, 2） model is appropriate in evaluating the relation between them. The empirical result also indicates that Italy and Germany＇s stock markets show a positive relationship. The average value of correlation coefficient equals to 0.8424, which implies that the two stock markets return volatility have a synchronized influence on each other. In addition, the empirical result also shows that there is an asymmetrical effect between Italy and the Germany＇s stock markets, and demonstrates that the good news and bad news of the stock returns＇ volatility will produce the different variation risks for Italy and the Germany＇s stock price markets.
文摘This study aims to find the effect of financial risks, price risks and market risks on the Earning Response Coefficients （ERC） for China Commercial Banks. The research methodologies use the traditional cumulative abnormal returns and the unexpected earning as the main dependent and independent variables. The evidences show that： （1） There is a strong returns-to-earnings relation for banks; （2） The liquidity risk has information content beyond earnings changes in the returns-to-earnings relation. This probably due to the reason that managers of banks find the level of liquidity that fulfilled the need of investors and at the same time earns good profits for the banks.
文摘Radial turbine stages are often used for applications requiring off-design operation,as turbocharging for instance.The off-design ability of such stages is commonly analyzed through the traditional turbine map,plotting the reduced mass-flow against the pressure-ratio,for reduced-speed lines.However,some alternatives are possible,such as the flow-coefficient(Ψ)to loading-coefficient(φ)diagram where the pressure-ratio lines are actually straight lines,very convenient property to perform prediction.A robust method re-creating this map from a predicted Ψ-φ diagram is needed.Recent work has shown that this back-deduction quality,without the use of any loss models,depends on the knowledge of an intermediate pressure-ratio.A modelization of this parameter is then proposed.The comparison with both experimental and CFD results is presented,with quite good agreement for mass flow rate and rotational speed,and for the intermediate pressure ratio.The last part of the paper is dedicated to the application of the intermediate pressure-ratio knowledge to the improvement of the deduction of the pressure ratio lines in the Ψ-φ diagram.Beside this improvement,the back-deduction method of the classical map is structured,applied and evaluated.
