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
Taking a three-cable flexible photovoltaic(PV)support structure as the research subject,a finite element model was established.Utilizing a full-order flutter analysis method,the flutter critical wind speed and flutter...Taking a three-cable flexible photovoltaic(PV)support structure as the research subject,a finite element model was established.Utilizing a full-order flutter analysis method,the flutter critical wind speed and flutter frequency of the flexible PV support structure at a tilt angle of 0°were calculated.The results showed good agreement with wind tunnel test data.Further analysis examined the pretension effects in the load-bearing and stabilizing cables on the natural frequency and flutter critical wind speed of the flexible PV support structure.The research findings indicate increasing the pretension in the load-bearing cables significantly raises the natural frequencies of the first four modes.Specifically,as the pretension in the load-bearing cables increases from 22 to 102 kN,the flutter critical wind speed rises from 17.1 to 21.6 m/s.By contrast,the pretension in the stabilizing cable has a smaller effect on the natural frequency and flutter critical wind speed of the flexible PV support structure.When the pretension in the stabilizing cable increased from 22 to 102 kN,the flutter critical wind speed increased from 17.1 to 17.7 m/s.For wind-resistant design of flexible PV support structures,it is recommended to prioritize increasing the pretension in the load-bearing cables to enhance the structural flutter performance.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.
基金The National Natural Science Foundation of China(No.52338011,52208481),China Postdoctoral Science Foundation(No.2023M730581).
文摘Taking a three-cable flexible photovoltaic(PV)support structure as the research subject,a finite element model was established.Utilizing a full-order flutter analysis method,the flutter critical wind speed and flutter frequency of the flexible PV support structure at a tilt angle of 0°were calculated.The results showed good agreement with wind tunnel test data.Further analysis examined the pretension effects in the load-bearing and stabilizing cables on the natural frequency and flutter critical wind speed of the flexible PV support structure.The research findings indicate increasing the pretension in the load-bearing cables significantly raises the natural frequencies of the first four modes.Specifically,as the pretension in the load-bearing cables increases from 22 to 102 kN,the flutter critical wind speed rises from 17.1 to 21.6 m/s.By contrast,the pretension in the stabilizing cable has a smaller effect on the natural frequency and flutter critical wind speed of the flexible PV support structure.When the pretension in the stabilizing cable increased from 22 to 102 kN,the flutter critical wind speed increased from 17.1 to 17.7 m/s.For wind-resistant design of flexible PV support structures,it is recommended to prioritize increasing the pretension in the load-bearing cables to enhance the structural flutter performance.
