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中国基金业绩中的运气——来自FDR方法的证据 被引量:5
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作者 唐涯 刘玉珍 杨逸 《金融学季刊》 CSSCI 2014年第1期149-170,共22页
基于传统的定价模型计算超额收益的方法,并不能排除那些仅仅因为运气因素而显得创造了超额收益的基金。本文应用“False Discovery Rate”(FDR)的统计方法研究中国基金在调整运气成分后的真实业绩。实证发现:过去十年中,我国开放... 基于传统的定价模型计算超额收益的方法,并不能排除那些仅仅因为运气因素而显得创造了超额收益的基金。本文应用“False Discovery Rate”(FDR)的统计方法研究中国基金在调整运气成分后的真实业绩。实证发现:过去十年中,我国开放式基金的业绩更像“运气成分”的镜像。在调整运气因素后,仅有7.9%的基金真正能够为投资者创造价值。在业绩出色的基金中,有65.8%都是由于运气而非自己的能力,然而在业绩较差的基金中,有37.6%是由于运气不佳所致。本文还发现,基金家族是影响基金业绩的一个重要因素。根据基金家族规模和其他基金特征,我们可以比较有效地选择出那些在剔除了“好运”后,仍真正有能力为投资者创造价值的基金。 展开更多
关键词 基金业绩 FDR 运气因素
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Sensitivity analysis on parameter changes in underground mine ventilation systems 被引量:4
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作者 LI Gary KOCSIS Charles HARDCASTLE Steve 《Journal of Coal Science & Engineering(China)》 2011年第3期251-255,共5页
A more efficient mine ventilation system, the ventilation-on-demand (VOD) system, has been proposed and tested in Canadian mines recently. In order to supply the required air volumes to the production areas of a min... A more efficient mine ventilation system, the ventilation-on-demand (VOD) system, has been proposed and tested in Canadian mines recently. In order to supply the required air volumes to the production areas of a mine, operators need to know the cause and effect of any changes requested from the VOD system. The sensitivity analysis is developed through generating a cause and effect matrix of sensitivity factors on given parameter changes in a ventilation system. This new utility, which was incorporated in the 3D-CANVENT mine ventilation simulator, is able to predict the airflow distributions in a ventilation network when underground conditions and ventilation controls are changed. For a primary ventilation system, the software can determine the optimal operating speed of the main fans to satisfy the airflow requirements in underground workings without necessarily using booster fans and regulators locally. An optimized fan operating speed time-table would assure variable demand-based fresh air delivery to the production areas effectively, while generating significant savings in energy consumption and operating cost. 展开更多
关键词 sensitivity factors ventilation system AIRFLOW branch resistance fixed quantity fan speed
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Research on characteristics of water motion and influencing factors for the flexible air chamber jig body 被引量:1
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作者 Chen Yinghua Kuang Yali Li Haisheng 《International Journal of Mining Science and Technology》 SCIE EI CSCD 2015年第3期389-394,共6页
The air bag deformation data were obtained by high-speed dynamic videos experiments. Based on gas–liquid flow VOF model, dynamic mesh technique and deformation data, numerical simulations for different structure mode... The air bag deformation data were obtained by high-speed dynamic videos experiments. Based on gas–liquid flow VOF model, dynamic mesh technique and deformation data, numerical simulations for different structure models were achieved, and the law of water motion and influencing factors were analyzed.The results show that the flow in the length direction of the jig is smooth, and second pulsation appears in the separation time and forms the secondary separation. The installation position of screen and the number of air bags have a great influence on the uniformity of flow and velocity. The screen height cannot be too low to avoid forming the unstable flow. At the same time, the screen height cannot be too high, otherwise water velocity will be too small and was unable to provide enough power. At the height of 1.4m,velocity unevenness is minimum and the best uniform flow can be obtained. Compared with double air bags, there are the following features of single air bag: water flow is not smooth, the time achieving the maximum velocity is too long, maximum velocity is smaller, and overall effect is worse than double air bags. 展开更多
关键词 Flexible air chamber jig Water motion Numerical simulation Screen location Number of air bags
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