This paper analyzed the reliability and put forward the reliability index of overload protection for moulded case circuit breaker. The success rate was adopted as its reliability index of overload protection. Based on...This paper analyzed the reliability and put forward the reliability index of overload protection for moulded case circuit breaker. The success rate was adopted as its reliability index of overload protection. Based on the reliability index and the reli- ability level, the reliability examination plan was analyzed and a test device for the overload protection of moulded case cir- cuit-breaker was developed. In the reliability test of overload protection, two power sources were used, which reduced the time of conversion and regulation between two different test currents in the overload protection test, which made the characteristic test more accurate. The test device was designed on the base of a Windows system, which made its operation simple and friendly.展开更多
In October 1996, The Dhaka Stock Exchange （DSE） adopted trading halts for individual stocks, collectively known as ＂circuit breakers＂, to reduce the stock market volatility. This paper reviews the existing circuit...In October 1996, The Dhaka Stock Exchange （DSE） adopted trading halts for individual stocks, collectively known as ＂circuit breakers＂, to reduce the stock market volatility. This paper reviews the existing circuit breakers literature and developed five hypothesis--＂Magnet Effect＂, ＂Cool off-Heating （C-H） Effect＂, ＂Information Hypothesis＂, ＂Volatility Spillover Hypothesis＂ and ＂Trading Interferences Hypothesis＂--which could be tested empirically not only in the Dhaka Stock Exchange but any stock exchanges around the world. This paper also suggests most appropriate econometric models for empirical testing. GARCH for inter day data and Event Study methodology for intra day data. Moreover, to test the robustness non-parametric tests need to use along with parametric one. Considering the stock market bubbles in 1996, it has been found that it was optimal for the regulators to adopt this trading halt, but not for the market. It failed to protect the market. However, this might be the consequences of misconceptions about the purpose and effectiveness of circuit breakers. Despite many arguments contrary to this mechanism and absence of any conclusive empirical evidence for a fragile stock exchange like DSE, it may be useful sometimes to replace the ＂invisible hand of the marketplace＂ with the ＂visible hand of the market regulators＂.展开更多
基金Project (No. E2005000039) supported by the Natural Science Foun-dation of Hebei Province, China
文摘This paper analyzed the reliability and put forward the reliability index of overload protection for moulded case circuit breaker. The success rate was adopted as its reliability index of overload protection. Based on the reliability index and the reli- ability level, the reliability examination plan was analyzed and a test device for the overload protection of moulded case cir- cuit-breaker was developed. In the reliability test of overload protection, two power sources were used, which reduced the time of conversion and regulation between two different test currents in the overload protection test, which made the characteristic test more accurate. The test device was designed on the base of a Windows system, which made its operation simple and friendly.
文摘In October 1996, The Dhaka Stock Exchange （DSE） adopted trading halts for individual stocks, collectively known as ＂circuit breakers＂, to reduce the stock market volatility. This paper reviews the existing circuit breakers literature and developed five hypothesis--＂Magnet Effect＂, ＂Cool off-Heating （C-H） Effect＂, ＂Information Hypothesis＂, ＂Volatility Spillover Hypothesis＂ and ＂Trading Interferences Hypothesis＂--which could be tested empirically not only in the Dhaka Stock Exchange but any stock exchanges around the world. This paper also suggests most appropriate econometric models for empirical testing. GARCH for inter day data and Event Study methodology for intra day data. Moreover, to test the robustness non-parametric tests need to use along with parametric one. Considering the stock market bubbles in 1996, it has been found that it was optimal for the regulators to adopt this trading halt, but not for the market. It failed to protect the market. However, this might be the consequences of misconceptions about the purpose and effectiveness of circuit breakers. Despite many arguments contrary to this mechanism and absence of any conclusive empirical evidence for a fragile stock exchange like DSE, it may be useful sometimes to replace the ＂invisible hand of the marketplace＂ with the ＂visible hand of the market regulators＂.
