针对铁通广西分公司市场经营分析的需要,研发了市场综合经营分析系统。该系统构筑在HP-UX,Red Hat Linux操作系统和INFORMIX数据库之上,使用JAVA开发工具,并引入OLAP、数据挖掘和数据仓库技术,实现了对经营数据自动分析处理,并形成统计...针对铁通广西分公司市场经营分析的需要,研发了市场综合经营分析系统。该系统构筑在HP-UX,Red Hat Linux操作系统和INFORMIX数据库之上,使用JAVA开发工具,并引入OLAP、数据挖掘和数据仓库技术,实现了对经营数据自动分析处理,并形成统计报表,提高了工作效率和质量。展开更多
Price limits in product market have been discarded in classic microeconomics. However, price limits affect the trade behavior of the same agent, since agents in the stock market change their trade status frequently. D...Price limits in product market have been discarded in classic microeconomics. However, price limits affect the trade behavior of the same agent, since agents in the stock market change their trade status frequently. Due to the controversy on the institution effectiveness of the price limits in stock market, this paper design an experimental market with two stocks with continuous bid, in which we investigate the impact of the price limits on the stock market. The results show that the price limits moderate the price volatility within and between the trades periods, thus can stabilize stock price. In addition, price limits, when measured by traditional approach, restrain the fluidity of the market, reduce the volatility of transaction shares and maintain durative of fluidity. While volatility-based fluidity measurements show that the fluidity is enhanced significantly in stock market with price limits.展开更多
The main objective of this paper is to show an overview analysis of market power issues.Market power reflects the scarcity of power supply.It is the ability of a particular seller or group of sellers to maintain price...The main objective of this paper is to show an overview analysis of market power issues.Market power reflects the scarcity of power supply.It is the ability of a particular seller or group of sellers to maintain prices profitably above competitive levels for a significant period of time.Because the electric power system has its own characteristics that are different to other economic systems,both physical factors and economic factors of power system are key elements on this definition.We study some cases here,including different line limit levels,load levels and bid strategy through a market model based on OPF (optimal power flow) with a decommitment algorithm.展开更多
We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value o...We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent展开更多
The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions b...The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions between the parent SOEs and their subsidiaries. This paper examines the three channels, including accounts receivables, direct loan and loan guarantee. Empirical findings suggest that high frequency of these transactions after rights offering, and the amount of transactions increase as ownership concentration increases, which support the argument of tunneling.展开更多
This paper presents the technical survey and the trend analysis of the driver support technologies such as a pre-crush braking system in Japan. In the first part, Vehicle Intelligence to assist drivers is defined by t...This paper presents the technical survey and the trend analysis of the driver support technologies such as a pre-crush braking system in Japan. In the first part, Vehicle Intelligence to assist drivers is defined by two objective functions which are both TGA (Target Generation Agent) and TAA (Target Accomplishment Agent). TAA is mainly based on the conventional technologies that are braking smoothly, or driving with lower fuel consumption. On the other hand, TGA has the intelligent function instead of human drivers. The actual TGA are explained using some concrete driver support systems. After that, Japanese market introduction date and evolution of driver support systems are discussed with clarifying cognitive aspects which are the perception support, the judgment support and the execution support. And Key technologies underlying evolution of driver support systems are explained. Finally the author concludes that the knowledge and insights needed for intelligent driver support systems will be much more complex than in the case of autonomous vehicles that drive themselves.展开更多
This paper investigates the statistical behaviors of fluctuations of price changes in a stock market.The Sierpinski carpet lattice fractal and the percolation system are applied to develop a new random stock price for...This paper investigates the statistical behaviors of fluctuations of price changes in a stock market.The Sierpinski carpet lattice fractal and the percolation system are applied to develop a new random stock price for the financial market.The Sierpinski carpet is an infinitely ramified fractal and the percolation theory is usually used to describe the behavior of connected clusters in a random graph.The authors investigate and analyze the statistical behaviors of returns of the price model by some analysis methods,including multifractal analysis,autocorrelation analysis,scaled return interval analysis.Moreover,the authors consider the daily returns of Shanghai Stock Exchange Composite Index,and the comparisons of return behaviors between the actual data and the simulation data are exhibited.展开更多
基金Acknowledgements: This research is supported in part by National Nature Science Foundation of China (No. 70672029 and 70532001), project of key base for studies of social science of Ministry of Education of China (No. 05JJD630023), Social Science Foundation of Tianjin (No. TJ05-GL004), base for innovation of Philosophy and Social Science 985 Project-"Management and institution innovation of Corporate in China" item.
文摘Price limits in product market have been discarded in classic microeconomics. However, price limits affect the trade behavior of the same agent, since agents in the stock market change their trade status frequently. Due to the controversy on the institution effectiveness of the price limits in stock market, this paper design an experimental market with two stocks with continuous bid, in which we investigate the impact of the price limits on the stock market. The results show that the price limits moderate the price volatility within and between the trades periods, thus can stabilize stock price. In addition, price limits, when measured by traditional approach, restrain the fluidity of the market, reduce the volatility of transaction shares and maintain durative of fluidity. While volatility-based fluidity measurements show that the fluidity is enhanced significantly in stock market with price limits.
基金This paper supported by National Natural Science Foundation of China (50079006).
文摘The main objective of this paper is to show an overview analysis of market power issues.Market power reflects the scarcity of power supply.It is the ability of a particular seller or group of sellers to maintain prices profitably above competitive levels for a significant period of time.Because the electric power system has its own characteristics that are different to other economic systems,both physical factors and economic factors of power system are key elements on this definition.We study some cases here,including different line limit levels,load levels and bid strategy through a market model based on OPF (optimal power flow) with a decommitment algorithm.
文摘We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent
文摘The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions between the parent SOEs and their subsidiaries. This paper examines the three channels, including accounts receivables, direct loan and loan guarantee. Empirical findings suggest that high frequency of these transactions after rights offering, and the amount of transactions increase as ownership concentration increases, which support the argument of tunneling.
文摘This paper presents the technical survey and the trend analysis of the driver support technologies such as a pre-crush braking system in Japan. In the first part, Vehicle Intelligence to assist drivers is defined by two objective functions which are both TGA (Target Generation Agent) and TAA (Target Accomplishment Agent). TAA is mainly based on the conventional technologies that are braking smoothly, or driving with lower fuel consumption. On the other hand, TGA has the intelligent function instead of human drivers. The actual TGA are explained using some concrete driver support systems. After that, Japanese market introduction date and evolution of driver support systems are discussed with clarifying cognitive aspects which are the perception support, the judgment support and the execution support. And Key technologies underlying evolution of driver support systems are explained. Finally the author concludes that the knowledge and insights needed for intelligent driver support systems will be much more complex than in the case of autonomous vehicles that drive themselves.
基金supported by the National Natural Science Foundation of China Grant Nos.71271026 and 10971010
文摘This paper investigates the statistical behaviors of fluctuations of price changes in a stock market.The Sierpinski carpet lattice fractal and the percolation system are applied to develop a new random stock price for the financial market.The Sierpinski carpet is an infinitely ramified fractal and the percolation theory is usually used to describe the behavior of connected clusters in a random graph.The authors investigate and analyze the statistical behaviors of returns of the price model by some analysis methods,including multifractal analysis,autocorrelation analysis,scaled return interval analysis.Moreover,the authors consider the daily returns of Shanghai Stock Exchange Composite Index,and the comparisons of return behaviors between the actual data and the simulation data are exhibited.