High-quality and high-resolution precipitation data are the basis for mesoscale numerical weather forecasting,model verification,and hydrological monitoring,which play an important role in meteorological and hydrologi...High-quality and high-resolution precipitation data are the basis for mesoscale numerical weather forecasting,model verification,and hydrological monitoring,which play an important role in meteorological and hydrological disaster prevention and mitigation.In this study,high-density rain gauge data are used to evaluate the fusion accuracy of the China Meteorological Administration Multisource Precipitation Analysis System(CMPAS),and four CMPAS products with different spatial and temporal resolution and different data sources are compared,to derive the applicability of CMPAS.Results show that all the CMPAS products show high accuracy in the Sichuan Basin,followed by Panxi Area and the western Sichuan Plateau.The errors of the four products all rise with the increase in precipitation.CMPAS overestimates precipitation in summer and autumn and underestimates it in spring and winter.Overall,the applicability of these fused data in the Sichuan Basin is quite good.Due to the lack of observations and the influence of the terrain and meteorological conditions,the evaluation of CMPAS in the plateau area needs further analysis.展开更多
The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correl...The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.展开更多
基金supported by the Sichuan Meteorological Bureau,the Sichuan Meteorological Observation and Data Centerthe Heavy Rain and Drought-Flood Disasters in Plateau and Basin Key Laboratory of Sichuan Province[grant number SCQXKJQN202121]+1 种基金the Key Technology Development Project of Weather Forecasting[grant number YBGJXM(2020)1A-08]the Innovative Development Project of the China Meteorological Administration[grant number CXFZ2021Z007]。
文摘High-quality and high-resolution precipitation data are the basis for mesoscale numerical weather forecasting,model verification,and hydrological monitoring,which play an important role in meteorological and hydrological disaster prevention and mitigation.In this study,high-density rain gauge data are used to evaluate the fusion accuracy of the China Meteorological Administration Multisource Precipitation Analysis System(CMPAS),and four CMPAS products with different spatial and temporal resolution and different data sources are compared,to derive the applicability of CMPAS.Results show that all the CMPAS products show high accuracy in the Sichuan Basin,followed by Panxi Area and the western Sichuan Plateau.The errors of the four products all rise with the increase in precipitation.CMPAS overestimates precipitation in summer and autumn and underestimates it in spring and winter.Overall,the applicability of these fused data in the Sichuan Basin is quite good.Due to the lack of observations and the influence of the terrain and meteorological conditions,the evaluation of CMPAS in the plateau area needs further analysis.
文摘The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.
