A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establ...A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.展开更多
This work is to study a role of the fluctuating density gradient in the compressible flows tbr the computational fluid dynamics （CFD）. A new anisotropy tensor with the fluctuating density gradient is introduced, and...This work is to study a role of the fluctuating density gradient in the compressible flows tbr the computational fluid dynamics （CFD）. A new anisotropy tensor with the fluctuating density gradient is introduced, and is used for an invariant modeling technique to model the turbulent density gradient correlation equation derived from the continuity equation. The modeling equation is decomposed into three groups proportional to the mean velocity, proportional to the mean strain rate, and proportional to the mean density. The characteristics of the correlation in a wake are extracted from the results by the two dimensional direct simulation, and shows the strong correlation with the vortices in the wake near the body. Thus, it can be concluded that the correlation of the density gradient is a significant parameter to describe the quick generation of the turbulent property in the compressible flows.展开更多
Stresses, particularly those at geometric discontinuities, can influence structural integrity of engineering components. Motivated by the prevalence of cutouts in components, the objective of this paper is to demonstr...Stresses, particularly those at geometric discontinuities, can influence structural integrity of engineering components. Motivated by the prevalence of cutouts in components, the objective of this paper is to demonstrate ability to stress analyze finite, circularly-perforated orthotropic composites whose external loading may be unknown. Recognizing difficulties in obtaining purely theoretical or numerical solutions, the paper presents a hybrid means of stress analyzing such structures. Individual stresses, including those on the edge of the hole, are obtained in a loaded finite graphite/epoxy composite tensile plate containing a round hole by processing measured values of a single displacement field with an Airy stress function in complex variables. Displacements are recorded by digital image correlation. Traction-free conditions are satisfied analytically at the edge of the hole using conformal mapping and analytic continuation. Stresses satisfy equilibrium and strains satisfy compatibility. Significant features of the technique include its wide applicability, it smooths the measured information, does not require knowing the applied loading, and the rigorous mechanics foundation by which strains are determined from measured displacements.展开更多
Axial age theory suggests that a major transformation of thought occurred across several civilisations, including ancient Greece, in the period 800-200 BCE. This paper questions whether any such transformation can be ...Axial age theory suggests that a major transformation of thought occurred across several civilisations, including ancient Greece, in the period 800-200 BCE. This paper questions whether any such transformation can be identified in ancient Greece. It focuses on texts associated with ＂mystery religions＂ and the works of Presocratic philosophers as potential evidence for transformation. It demonstrates that there was a continuity of thought throughout the period, and that ＂rationality＂ was never seen to be in conflict with ＂traditional religious ideas＂.展开更多
文摘A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.
文摘This work is to study a role of the fluctuating density gradient in the compressible flows tbr the computational fluid dynamics （CFD）. A new anisotropy tensor with the fluctuating density gradient is introduced, and is used for an invariant modeling technique to model the turbulent density gradient correlation equation derived from the continuity equation. The modeling equation is decomposed into three groups proportional to the mean velocity, proportional to the mean strain rate, and proportional to the mean density. The characteristics of the correlation in a wake are extracted from the results by the two dimensional direct simulation, and shows the strong correlation with the vortices in the wake near the body. Thus, it can be concluded that the correlation of the density gradient is a significant parameter to describe the quick generation of the turbulent property in the compressible flows.
文摘Stresses, particularly those at geometric discontinuities, can influence structural integrity of engineering components. Motivated by the prevalence of cutouts in components, the objective of this paper is to demonstrate ability to stress analyze finite, circularly-perforated orthotropic composites whose external loading may be unknown. Recognizing difficulties in obtaining purely theoretical or numerical solutions, the paper presents a hybrid means of stress analyzing such structures. Individual stresses, including those on the edge of the hole, are obtained in a loaded finite graphite/epoxy composite tensile plate containing a round hole by processing measured values of a single displacement field with an Airy stress function in complex variables. Displacements are recorded by digital image correlation. Traction-free conditions are satisfied analytically at the edge of the hole using conformal mapping and analytic continuation. Stresses satisfy equilibrium and strains satisfy compatibility. Significant features of the technique include its wide applicability, it smooths the measured information, does not require knowing the applied loading, and the rigorous mechanics foundation by which strains are determined from measured displacements.
文摘Axial age theory suggests that a major transformation of thought occurred across several civilisations, including ancient Greece, in the period 800-200 BCE. This paper questions whether any such transformation can be identified in ancient Greece. It focuses on texts associated with ＂mystery religions＂ and the works of Presocratic philosophers as potential evidence for transformation. It demonstrates that there was a continuity of thought throughout the period, and that ＂rationality＂ was never seen to be in conflict with ＂traditional religious ideas＂.
