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 Dec...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.展开更多
Many rock avalanches were triggered by the Wenchuan earthquake on May 12, 2008 in southwest China. Protection galleries covered with a single soil layer are usually used to protect against rockfall. Since one-layer pr...Many rock avalanches were triggered by the Wenchuan earthquake on May 12, 2008 in southwest China. Protection galleries covered with a single soil layer are usually used to protect against rockfall. Since one-layer protection galleries do not have sufficient buffer capacity, a two-layered absorbing system has been designed. This study aims to find whether an expanded poly-styrol （EPS） cushion, which is used in the soil-covered protection galleries for shock absorption, could be positioned under dynamic loadings. The dynamic impacts of the two-layered absorbing system under the conditions of rock avalanches are numerically simulated through a 2D discrete dement method. By selecting reasonable parameters, a series of numerical experiments were conducted to find the best combination for the two- layered absorbing system. The values of the EPS layer area as a percentage of the total area were set as 0% （Sl）, 22~ （S2）, and 70% （$3）. 22~ of the area of the EPS layer was found to be a reasonable value, and experiments were conducted to find the best position of the EPS layer in the two-layered absorbing system. The numerical results yield useful conclusions regarding the interaction between the impacting avalanches and the two-layered absorbing system. The soil layer can absorb the shock energy effectively and S2 （0.4-m thick EPS cushion covered with soil layer） is the most efficient combination, which can reduce the impact force, compared with the other combinations.展开更多
The aerobic granular sludge was cultivated in a pilot-scale sequencing batch reactor （SBR）, and some of the granules were stored at 8 ℃ for 150 d. Extracellular polymeric substances （EPS） of sludge samples were e...The aerobic granular sludge was cultivated in a pilot-scale sequencing batch reactor （SBR）, and some of the granules were stored at 8 ℃ for 150 d. Extracellular polymeric substances （EPS） of sludge samples were extracted and analyzed during the granulation and storage process. The results show that the contents of protein and EPS increase along with the granulation process, while polysaccharides remain almost unchanged. The content of protein in EPS is almost two-fold larger than that of polysaccharides in granular sludge cultivated with municipal wastewater. Moreover, some of the granules disintegrate during storage, corresponding to the decrease of protein contents in EPS. Three peaks are identified in three-dimensional excitation emission matrix （EEM） fluorescence spectra of the EPS in the aerobic granules. Two peaks （A and B） are attributed to the protein-like fluorophores, and the third （peak C） is related to visible fulvic-like substances. Peak A gradually disappears during storage, while a new peak related to ultraviolet fulvic acid （peak D） is formed. The formation and the stability of aerobic granules are closely dependent on the quantity and composition of EPS proteins. Peak C has no obvious changes during granulation, while the fulvic-like substances present an increase in fluorescence intensities during storage, accompanied with an increase in structural complexity. The fulvie-like substances are also associated with the disintegration of the aerobic granules.展开更多
Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A...Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.展开更多
For telecommunication operators, how to improve the utilization of bandwidth resources is always a problem which worthy of study, nowadays, this issue has become more and more important, since the traffic load burstin...For telecommunication operators, how to improve the utilization of bandwidth resources is always a problem which worthy of study, nowadays, this issue has become more and more important, since the traffic load bursting in the mobile Internet. So the key to solving this problem is that we need to find a kind of traffic model to predict the traffic load that users need. According to the predicted traffic load to allocate bandwidth to each base station dynamically.But the traffic consumption behavior of a single base station is random, it is difficult to predict[ 1 ]. For this reason, we based on reality that, when the user moves, it may get traffic load from different base stations, therefore, there will have some kind of relationship between those base stations.We use this relationship to establish a kind of Spatial Collaborative Network.consequently, we make use of stability algorithm to divided those base station cluster into different communities, According to the traffic load usage rules which these communities indicated to us, we get a traffic model.At the same time, we studied bow to use this traffic model in the future networks to dynamically allocate bandwidth resources, then we propose a new kind of EPS architecture based on SDN, on this platform, we can deploy our strategy through it＇s programmable interface.Finally, we designed an experiment to test the performance of our dynamic strategy, and the result shows that our method enables bandwidth utilization has been greatly improved.展开更多
Electrical power assisted steering (EPAS) is one of the key components, especially for electrical vehicle. It has attracted much attention for their advantages with respect to improved fuel economy and has been widely...Electrical power assisted steering (EPAS) is one of the key components, especially for electrical vehicle. It has attracted much attention for their advantages with respect to improved fuel economy and has been widely adopted as automotive power-steering equipment in recent years. EPS (electrical power steering) controllers contain MCU (microprocessor control unit) to implement the complex control algorithms. EPS control strategy development is the core technology of the whole system. To achieve the better performance of driving, both mechanical structures and electrical structures are totally designed as a whole. Model-based development is recommended to software design. There are several trends about EPS’ future, such as high power EPS development, high voltage EPS development and steering-by-wire technology.展开更多
基金Project(71071166)supported by the National Natural Science Foundation of China
文摘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.
基金financial support from the Project of National Science Foundation of China(Grant No.41272346)the National Outstanding Youth Funds(Grant No.41225011)+2 种基金financial support from the Science & Technology Research Plan of China Railway Eryuan Engineering Group CO.LTD (Grant No.13164196(13-15))the Project of National Science Foundation of China(Grant Nos. 41472293,91430105)"hundred talents" program of CAS
文摘Many rock avalanches were triggered by the Wenchuan earthquake on May 12, 2008 in southwest China. Protection galleries covered with a single soil layer are usually used to protect against rockfall. Since one-layer protection galleries do not have sufficient buffer capacity, a two-layered absorbing system has been designed. This study aims to find whether an expanded poly-styrol （EPS） cushion, which is used in the soil-covered protection galleries for shock absorption, could be positioned under dynamic loadings. The dynamic impacts of the two-layered absorbing system under the conditions of rock avalanches are numerically simulated through a 2D discrete dement method. By selecting reasonable parameters, a series of numerical experiments were conducted to find the best combination for the two- layered absorbing system. The values of the EPS layer area as a percentage of the total area were set as 0% （Sl）, 22~ （S2）, and 70% （$3）. 22~ of the area of the EPS layer was found to be a reasonable value, and experiments were conducted to find the best position of the EPS layer in the two-layered absorbing system. The numerical results yield useful conclusions regarding the interaction between the impacting avalanches and the two-layered absorbing system. The soil layer can absorb the shock energy effectively and S2 （0.4-m thick EPS cushion covered with soil layer） is the most efficient combination, which can reduce the impact force, compared with the other combinations.
基金Project(2006AA06Z318) supported by the National High-Tech Research and Development Program of China
文摘The aerobic granular sludge was cultivated in a pilot-scale sequencing batch reactor （SBR）, and some of the granules were stored at 8 ℃ for 150 d. Extracellular polymeric substances （EPS） of sludge samples were extracted and analyzed during the granulation and storage process. The results show that the contents of protein and EPS increase along with the granulation process, while polysaccharides remain almost unchanged. The content of protein in EPS is almost two-fold larger than that of polysaccharides in granular sludge cultivated with municipal wastewater. Moreover, some of the granules disintegrate during storage, corresponding to the decrease of protein contents in EPS. Three peaks are identified in three-dimensional excitation emission matrix （EEM） fluorescence spectra of the EPS in the aerobic granules. Two peaks （A and B） are attributed to the protein-like fluorophores, and the third （peak C） is related to visible fulvic-like substances. Peak A gradually disappears during storage, while a new peak related to ultraviolet fulvic acid （peak D） is formed. The formation and the stability of aerobic granules are closely dependent on the quantity and composition of EPS proteins. Peak C has no obvious changes during granulation, while the fulvic-like substances present an increase in fluorescence intensities during storage, accompanied with an increase in structural complexity. The fulvie-like substances are also associated with the disintegration of the aerobic granules.
文摘Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.
基金part of the National Natural Science Foundation of China(NSFC)under Grant No.61371126the Independent Research Program of Central Universities under Grant No.2042014kf0256+2 种基金the National High Technology Research and Development Program of China(863 Program)under Grant No.2014AA01A707the National Key Basic Research Program of China(973 Program)under Grant No.2011CB707106Applied Basic Research Programs of Wuhan under Grant No.2014010101010026
文摘For telecommunication operators, how to improve the utilization of bandwidth resources is always a problem which worthy of study, nowadays, this issue has become more and more important, since the traffic load bursting in the mobile Internet. So the key to solving this problem is that we need to find a kind of traffic model to predict the traffic load that users need. According to the predicted traffic load to allocate bandwidth to each base station dynamically.But the traffic consumption behavior of a single base station is random, it is difficult to predict[ 1 ]. For this reason, we based on reality that, when the user moves, it may get traffic load from different base stations, therefore, there will have some kind of relationship between those base stations.We use this relationship to establish a kind of Spatial Collaborative Network.consequently, we make use of stability algorithm to divided those base station cluster into different communities, According to the traffic load usage rules which these communities indicated to us, we get a traffic model.At the same time, we studied bow to use this traffic model in the future networks to dynamically allocate bandwidth resources, then we propose a new kind of EPS architecture based on SDN, on this platform, we can deploy our strategy through it＇s programmable interface.Finally, we designed an experiment to test the performance of our dynamic strategy, and the result shows that our method enables bandwidth utilization has been greatly improved.
基金The Innovation and Technology Fund of Hong Kong Government ( No. ITP/042 /08AP &No. ITP/003 /10AP)
文摘Electrical power assisted steering (EPAS) is one of the key components, especially for electrical vehicle. It has attracted much attention for their advantages with respect to improved fuel economy and has been widely adopted as automotive power-steering equipment in recent years. EPS (electrical power steering) controllers contain MCU (microprocessor control unit) to implement the complex control algorithms. EPS control strategy development is the core technology of the whole system. To achieve the better performance of driving, both mechanical structures and electrical structures are totally designed as a whole. Model-based development is recommended to software design. There are several trends about EPS’ future, such as high power EPS development, high voltage EPS development and steering-by-wire technology.
