At the late stage of solidification with ultrasonic treatment （UST） in Al-Si alloys, a part of semisolid overflows and climbs along the probe. The interesting phenomenon and its influence on the solidification micro...At the late stage of solidification with ultrasonic treatment （UST） in Al-Si alloys, a part of semisolid overflows and climbs along the probe. The interesting phenomenon and its influence on the solidification microstructure were investigated in order to better study the mechanism of UST. It is considered that the overflowing phenomenon occurs due to the changes of vibration and flow in the remaining semisolid. Because the overflowed portion comes from the region with intense UST effect and vibrates with the probe during solidification, great modification of primary and euteetic Si （about 10 pm in length） and refinement of primary a（Al） （about 70 μm in size） are observed in this portion.展开更多
This study reveals the time-varying spillover effects of higher moments(realized volatility,realized skewness and realized kurtosis)and jumps between China’s precious metals and industrial metals markets.Using 5-min ...This study reveals the time-varying spillover effects of higher moments(realized volatility,realized skewness and realized kurtosis)and jumps between China’s precious metals and industrial metals markets.Using 5-min high-frequency data from May 10,2012 to October 21,2021,the dynamic effects of spillovers are uncovered using the time-frequency domain spillover index framework.The results show that the system connectedness weakens as the moment order gets higher whereas the total jumps connectedness is the smallest,and the spillovers of all estimators are more evident in the short term.The overall information spillovers are time-varying and influenced by major market events.Specifically,for realized volatility,copper is the largest net transmitter and silver is always a net transmitter,while zinc is the largest net receiver.For realized skewness,copper is the largest net transmitter and silver is always a net transmitter,while lead is the largest net receiver.For realized kurtosis and jumps,copper is the largest net transmitter,while aluminum is the largest net receiver.Overall,copper and silver play dominant roles in China’s precious and industrial metals markets system.展开更多
The collective revelation of credit institutions as regards the imminence of specific risks materialising, which often follows long periods of underestimating probable losses, can trigger a broad-based financial delev...The collective revelation of credit institutions as regards the imminence of specific risks materialising, which often follows long periods of underestimating probable losses, can trigger a broad-based financial deleveraging via an overly high upsurge in banks＇ risk premiums vis-a-vis the dynamics of fundamentals underlying loan repayment capability. In this context, this paper seeks to investigate the banking sector＇s internal mechanisms that might bring about a negative spiral of credit risk by building a model for the interaction between the increase of the risk premium and that of net interest income and provisioning rate. Statistical results confirm that a higher risk premium is one of the major determinants of credit default in Romania and its excessive widening could affect financial stability in Romania.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
In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and cap...In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and capital cost ratio as two measurements of financing cost, compared financing costs of different channels, examined the relationship of risk premium, financial repression, interest rate liberalization, and resource occupation versus financing cost, and addressed the problem of high non-manufacturing cost. On such a basis, specific countermeasures have been proposed. The main conclusion of this paper is： The current high social financing costs primarily result from economic structural imbalance. The fundamental solution lies in continuing structural reform and credibility system development to eliminate barriers in the transmission of capital circulation policies such as expanding equity financing, relaxing market access formalities for small and micro financial institutions, and improving the bankruptcy system to give full play to the ＂survival of the fittest＂ mechanism of the market.展开更多
Hydrogen species in both SiO2 and Rh/SiO2catalysts pretreated in different atmospheres (H2, O2, helium or air) at different temperatures (773 or 973 K) were investigated by means of1H MAS NMR. In SiO2 and O2-pretreate...Hydrogen species in both SiO2 and Rh/SiO2catalysts pretreated in different atmospheres (H2, O2, helium or air) at different temperatures (773 or 973 K) were investigated by means of1H MAS NMR. In SiO2 and O2-pretreated catalysts, a series of downfield signals at ～7.0, 3.8–4.0, 2.0 and 1.5–1.0 were detected. The first two signals can be attributed to strongly adsorbed and physisorbed water and the others to terminal silanol (SiOH) and SiOH under the screening of oxygen vacancies in SiO2lattice, respectively. Besides the above signals, both upfield signal at ～?110 and downfield signals at 3.0 and 0.0 were also detected in H2-pretreated catalyst, respectively. The upfield signal at ～?110 originated from the dissociative adsorption of H2 over rhodium and was found to consist of both the contributions of reversible and irreversible hydrogen. There also probably existed another dissociatively adsorbed hydrogen over rhodium, which was known to be β hydrogen and in a unique form of “delocalized hydrogen”. It was presumed that the β hydrogen had an upfield shift of ca. ?20–?50, though its1H NMR signals, which, having been masked by the spinning sidebands of Si-OH, failed to be directly detected out. The downfield signal at 3.0 was assigned to spillover hydrogen weakly bound by the bridge oxygen of SiO2. Another downfield signal at 0.0 was assigned to hydrogen held in the oxygen vacancies of SiO2 (Si-H species), suffering from the screening of trapped electrons. Both the spillover hydrogen and the Si-H resulted from the migration of the reversible hydrogen and the β hydrogen from rhodium to SiO2 in the close vicinity. It was proved that the above migration of hydrogen was preferred to occur at higher temperature than at lower temperature.展开更多
supported by the National Natural Science Foundation of China under Grant Nos.71125005 70871108 and 70810107020;; Outstanding Talents Funds of Organization Department Beijing Committee of CPC
基金Project(50874022)supported by the National Natural Science Foundation of China
文摘At the late stage of solidification with ultrasonic treatment （UST） in Al-Si alloys, a part of semisolid overflows and climbs along the probe. The interesting phenomenon and its influence on the solidification microstructure were investigated in order to better study the mechanism of UST. It is considered that the overflowing phenomenon occurs due to the changes of vibration and flow in the remaining semisolid. Because the overflowed portion comes from the region with intense UST effect and vibrates with the probe during solidification, great modification of primary and euteetic Si （about 10 pm in length） and refinement of primary a（Al） （about 70 μm in size） are observed in this portion.
基金the financial support from the National Natural Science Foundation of China(No.72172107)。
文摘This study reveals the time-varying spillover effects of higher moments(realized volatility,realized skewness and realized kurtosis)and jumps between China’s precious metals and industrial metals markets.Using 5-min high-frequency data from May 10,2012 to October 21,2021,the dynamic effects of spillovers are uncovered using the time-frequency domain spillover index framework.The results show that the system connectedness weakens as the moment order gets higher whereas the total jumps connectedness is the smallest,and the spillovers of all estimators are more evident in the short term.The overall information spillovers are time-varying and influenced by major market events.Specifically,for realized volatility,copper is the largest net transmitter and silver is always a net transmitter,while zinc is the largest net receiver.For realized skewness,copper is the largest net transmitter and silver is always a net transmitter,while lead is the largest net receiver.For realized kurtosis and jumps,copper is the largest net transmitter,while aluminum is the largest net receiver.Overall,copper and silver play dominant roles in China’s precious and industrial metals markets system.
文摘The collective revelation of credit institutions as regards the imminence of specific risks materialising, which often follows long periods of underestimating probable losses, can trigger a broad-based financial deleveraging via an overly high upsurge in banks＇ risk premiums vis-a-vis the dynamics of fundamentals underlying loan repayment capability. In this context, this paper seeks to investigate the banking sector＇s internal mechanisms that might bring about a negative spiral of credit risk by building a model for the interaction between the increase of the risk premium and that of net interest income and provisioning rate. Statistical results confirm that a higher risk premium is one of the major determinants of credit default in Romania and its excessive widening could affect financial stability in Romania.
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In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and capital cost ratio as two measurements of financing cost, compared financing costs of different channels, examined the relationship of risk premium, financial repression, interest rate liberalization, and resource occupation versus financing cost, and addressed the problem of high non-manufacturing cost. On such a basis, specific countermeasures have been proposed. The main conclusion of this paper is： The current high social financing costs primarily result from economic structural imbalance. The fundamental solution lies in continuing structural reform and credibility system development to eliminate barriers in the transmission of capital circulation policies such as expanding equity financing, relaxing market access formalities for small and micro financial institutions, and improving the bankruptcy system to give full play to the ＂survival of the fittest＂ mechanism of the market.
基金the Ministry of Science and Technology of China (Grant No. G1999022408) and the Ministry of Education of China through Doctoral Foundation.
文摘Hydrogen species in both SiO2 and Rh/SiO2catalysts pretreated in different atmospheres (H2, O2, helium or air) at different temperatures (773 or 973 K) were investigated by means of1H MAS NMR. In SiO2 and O2-pretreated catalysts, a series of downfield signals at ～7.0, 3.8–4.0, 2.0 and 1.5–1.0 were detected. The first two signals can be attributed to strongly adsorbed and physisorbed water and the others to terminal silanol (SiOH) and SiOH under the screening of oxygen vacancies in SiO2lattice, respectively. Besides the above signals, both upfield signal at ～?110 and downfield signals at 3.0 and 0.0 were also detected in H2-pretreated catalyst, respectively. The upfield signal at ～?110 originated from the dissociative adsorption of H2 over rhodium and was found to consist of both the contributions of reversible and irreversible hydrogen. There also probably existed another dissociatively adsorbed hydrogen over rhodium, which was known to be β hydrogen and in a unique form of “delocalized hydrogen”. It was presumed that the β hydrogen had an upfield shift of ca. ?20–?50, though its1H NMR signals, which, having been masked by the spinning sidebands of Si-OH, failed to be directly detected out. The downfield signal at 3.0 was assigned to spillover hydrogen weakly bound by the bridge oxygen of SiO2. Another downfield signal at 0.0 was assigned to hydrogen held in the oxygen vacancies of SiO2 (Si-H species), suffering from the screening of trapped electrons. Both the spillover hydrogen and the Si-H resulted from the migration of the reversible hydrogen and the β hydrogen from rhodium to SiO2 in the close vicinity. It was proved that the above migration of hydrogen was preferred to occur at higher temperature than at lower temperature.
基金supported by the National Natural Science Foundation of China under Grant Nos.71001096,70933003,and 71071170
文摘supported by the National Natural Science Foundation of China under Grant Nos.71125005 70871108 and 70810107020;; Outstanding Talents Funds of Organization Department Beijing Committee of CPC
