The metal futures price fluctuation prediction model was constructed based on symbolic high-frequency time series using high-frequency data on the Shanghai Copper Futures Exchange from July 2014 to September 2018,and ...The metal futures price fluctuation prediction model was constructed based on symbolic high-frequency time series using high-frequency data on the Shanghai Copper Futures Exchange from July 2014 to September 2018,and the sample was divided into 194 histogram time series employing symbolic time series.The next cycle was then predicted using the K-NN algorithm and exponential smoothing,respectively.The results show that the trend of the histogram of the copper futures earnings prediction is gentler than that of the actual histogram,the overall situation of the prediction results is better,and the overall fluctuation of the one-week earnings of the copper futures predicted and the actual volatility are largely the same.This shows that the results predicted by the K-NN algorithm are more accurate than those predicted by the exponential smoothing method.Based on the predicted one-week price fluctuations of copper futures,regulators and investors in China’s copper futures market can timely adjust their regulatory policies and investment strategies to control risks.展开更多
This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency ...This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency data.The LHAR-CJ model is extended and the empirical research on copper and aluminum futures in Shanghai Futures Exchange suggests the dynamic dependencies and time-varying volatility of realized volatility,which are captured by long memory HAR-GARCH model.Besides,the findings also show the significant weekly leverage effects in Chinese nonferrous metals futures market volatility.Finally,in-sample and out-of-sample forecasts are investigated,and the results show that the LHAR-CJ-G model,considering time-varyingvolatility of realized volatility and leverage effects,effectively improves the explanatory power as well as out-of sample predictive performance.展开更多
Following Bessembinder and Seguins,trading volume is separated into expected and unexpected components.Meanwhile,realized volatility is divided into continuous and discontinuous jump components.We make the empirical r...Following Bessembinder and Seguins,trading volume is separated into expected and unexpected components.Meanwhile,realized volatility is divided into continuous and discontinuous jump components.We make the empirical research to investigate the relationship between trading volume components and various realized volatility using1min high frequency data of Shanghai copper and aluminum futures.Moreover,the asymmetry of volatility-volume relationship is investigated.The results show that there is strong positive correlation between volatility and trading volume when realized volatility and its continuous component are considered.The relationship between trading volume and discontinuous jump component is ambiguous.The expected and unexpected trading volumes have positive influence on volatility.Furthermore,the unexpected trading volume,which is caused by arrival of new information,has a larger influence on price volatility.The findings also show that an asymmetric volatility-volume relationship indeed exists,which can be interpreted by the fact that trading volume has more explanatory power in positive realized semi-variance than negative realized semi-variance.The influence of positive trading volume shock on volatility is larger than that of negative trading volume shock,which reflects strong arbitrage in Chinese copper and aluminum futures markets.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
Oxygen-free copper and pre-metalized graphite were brazed using CuNiSnP braze alloy by high frequency induction heating method. Interracial microstructures and reaction phases were analyzed by scanning electron micros...Oxygen-free copper and pre-metalized graphite were brazed using CuNiSnP braze alloy by high frequency induction heating method. Interracial microstructures and reaction phases were analyzed by scanning electron microscopy (SEM) and energy dispersive X-ray spectroscopy (EDS). The strength and resistance of the joints were tested. It is found that when the brazing parameters are optimized, the structures of the joints are graphite/(Cu,Ni)/Ni(s.s)+NixPy/Cu3P+Cu(s.s) (including Sn)+eutectic structures (Cu3P+Ni3P+Cu(s.s)/Cu (s.s)/Cu). When the temperature increases to 750℃ or the holding time prolongs to 300 s, the eutectie structures disappear and the amount of Cu3P increases. The maximum shear strength of the joints is 5.2 MPa, which fracture at the interface of graphite and metallization. The resistance of the joints is no more than 5 mΩ.展开更多
Metamorphic Al0.50In0.50As/Ga0.47In0.53As high electron mobility transistors (mHEMTs) grown by Metal Organic ChemicalVapor Deposition (MOCVD) on n-type silicon substrates with introduction of a novel multi-stage buffe...Metamorphic Al0.50In0.50As/Ga0.47In0.53As high electron mobility transistors (mHEMTs) grown by Metal Organic ChemicalVapor Deposition (MOCVD) on n-type silicon substrates with introduction of a novel multi-stage buffering stack scheme havebeen fabricated for the first time. 1.0- m-gate-length depletion-mode mHEMTs with maximum transconductance up to 613mS/mm are achieved. The unity current gain cut-off frequency (fT) and the maximum oscillation frequency (fmax) are 36.9 and55.6 GHz, respectively. This device has the highest fTyet reported for 1.0- m-gate-length HEMTs grown on silicon byMOCVD. Also, this performance is comparable to that of similar GaAs-based mHEMTs. These are encouraging initial resultsleading to the manufacturing potential of integrated high-speed metamorphic devices for logic applications on silicon sub-strates by MOCVD.展开更多
It is a challenge for passive RFID tags to be mounted on the surface of metal because the parameters of tag antennas,such as the impedance matching,the radiation efficiency and the radiation pattern,are seriously affe...It is a challenge for passive RFID tags to be mounted on the surface of metal because the parameters of tag antennas,such as the impedance matching,the radiation efficiency and the radiation pattern,are seriously affected by the metallic surface.This paper presents the characteristics of the dipole-like antennas of ultra high frequency(UHF) radio frequency identification(RFID) tags that are placed close to metallic surfaces.The finite element method(FEM) and method of moment(MoM) were used to simulate the changes of the antenna parameters near the metallic surface.Two typical dipole-like antennas close to the metallic surface,a closed loop antenna and a loaded meander antenna,were modeled,and the performance was evaluated.Experiment was carried out and the results were in good agreement with the simulation,showing that a distance of 0.05λ~0.1λ(λ is the free space wavelength) from the metallic surface could make the dipole-like UHF RFID tag performance be acceptable.展开更多
基金Projects(71633006,7184207,7184210)supported by the National Natural Science Foundation of ChinaProject(2019CX016)supported by the Annual Innovation-driven Project in Central South University,China。
文摘The metal futures price fluctuation prediction model was constructed based on symbolic high-frequency time series using high-frequency data on the Shanghai Copper Futures Exchange from July 2014 to September 2018,and the sample was divided into 194 histogram time series employing symbolic time series.The next cycle was then predicted using the K-NN algorithm and exponential smoothing,respectively.The results show that the trend of the histogram of the copper futures earnings prediction is gentler than that of the actual histogram,the overall situation of the prediction results is better,and the overall fluctuation of the one-week earnings of the copper futures predicted and the actual volatility are largely the same.This shows that the results predicted by the K-NN algorithm are more accurate than those predicted by the exponential smoothing method.Based on the predicted one-week price fluctuations of copper futures,regulators and investors in China’s copper futures market can timely adjust their regulatory policies and investment strategies to control risks.
基金Project(13&ZD169)supported by the Major Program of the National Social Science Foundation of ChinaProject(2016zzts009)supported by Doctoral Students Independent Explore Innovation Project of Central South University,China+3 种基金Project(13YJAZH149)supported by the Social Science Foundation of Ministry of Education of ChinaProject(2015JJ2182)supported by the Social Science Foundation of Hunan Province,ChinaProject(71573282)supported by the National Natural Science Foundation of ChinaProject(15K133)supported by the Educational Commission of Hunan Province of China
文摘This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency data.The LHAR-CJ model is extended and the empirical research on copper and aluminum futures in Shanghai Futures Exchange suggests the dynamic dependencies and time-varying volatility of realized volatility,which are captured by long memory HAR-GARCH model.Besides,the findings also show the significant weekly leverage effects in Chinese nonferrous metals futures market volatility.Finally,in-sample and out-of-sample forecasts are investigated,and the results show that the LHAR-CJ-G model,considering time-varyingvolatility of realized volatility and leverage effects,effectively improves the explanatory power as well as out-of sample predictive performance.
基金Projects (71874210,71633006,71573282,71403298) supported by the National Natural Science Foundation of ChinaProject (18ZWA07) supported by Think-Tank Major Project of Hunan Province,China
文摘Following Bessembinder and Seguins,trading volume is separated into expected and unexpected components.Meanwhile,realized volatility is divided into continuous and discontinuous jump components.We make the empirical research to investigate the relationship between trading volume components and various realized volatility using1min high frequency data of Shanghai copper and aluminum futures.Moreover,the asymmetry of volatility-volume relationship is investigated.The results show that there is strong positive correlation between volatility and trading volume when realized volatility and its continuous component are considered.The relationship between trading volume and discontinuous jump component is ambiguous.The expected and unexpected trading volumes have positive influence on volatility.Furthermore,the unexpected trading volume,which is caused by arrival of new information,has a larger influence on price volatility.The findings also show that an asymmetric volatility-volume relationship indeed exists,which can be interpreted by the fact that trading volume has more explanatory power in positive realized semi-variance than negative realized semi-variance.The influence of positive trading volume shock on volatility is larger than that of negative trading volume shock,which reflects strong arbitrage in Chinese copper and aluminum futures markets.
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.
基金Project(50705022) supported by the National Natural Science Foundation of ChinaProject supported by the Program for New Century Excellent Talents in University
文摘Oxygen-free copper and pre-metalized graphite were brazed using CuNiSnP braze alloy by high frequency induction heating method. Interracial microstructures and reaction phases were analyzed by scanning electron microscopy (SEM) and energy dispersive X-ray spectroscopy (EDS). The strength and resistance of the joints were tested. It is found that when the brazing parameters are optimized, the structures of the joints are graphite/(Cu,Ni)/Ni(s.s)+NixPy/Cu3P+Cu(s.s) (including Sn)+eutectic structures (Cu3P+Ni3P+Cu(s.s)/Cu (s.s)/Cu). When the temperature increases to 750℃ or the holding time prolongs to 300 s, the eutectie structures disappear and the amount of Cu3P increases. The maximum shear strength of the joints is 5.2 MPa, which fracture at the interface of graphite and metallization. The resistance of the joints is no more than 5 mΩ.
文摘Metamorphic Al0.50In0.50As/Ga0.47In0.53As high electron mobility transistors (mHEMTs) grown by Metal Organic ChemicalVapor Deposition (MOCVD) on n-type silicon substrates with introduction of a novel multi-stage buffering stack scheme havebeen fabricated for the first time. 1.0- m-gate-length depletion-mode mHEMTs with maximum transconductance up to 613mS/mm are achieved. The unity current gain cut-off frequency (fT) and the maximum oscillation frequency (fmax) are 36.9 and55.6 GHz, respectively. This device has the highest fTyet reported for 1.0- m-gate-length HEMTs grown on silicon byMOCVD. Also, this performance is comparable to that of similar GaAs-based mHEMTs. These are encouraging initial resultsleading to the manufacturing potential of integrated high-speed metamorphic devices for logic applications on silicon sub-strates by MOCVD.
基金Project (No.2006C12051) supported by the Science and Technology Plan of Zhejiang Province,China
文摘It is a challenge for passive RFID tags to be mounted on the surface of metal because the parameters of tag antennas,such as the impedance matching,the radiation efficiency and the radiation pattern,are seriously affected by the metallic surface.This paper presents the characteristics of the dipole-like antennas of ultra high frequency(UHF) radio frequency identification(RFID) tags that are placed close to metallic surfaces.The finite element method(FEM) and method of moment(MoM) were used to simulate the changes of the antenna parameters near the metallic surface.Two typical dipole-like antennas close to the metallic surface,a closed loop antenna and a loaded meander antenna,were modeled,and the performance was evaluated.Experiment was carried out and the results were in good agreement with the simulation,showing that a distance of 0.05λ~0.1λ(λ is the free space wavelength) from the metallic surface could make the dipole-like UHF RFID tag performance be acceptable.