传统Sharpe比率将投资收益的标准差作为风险的度量,而实证研究中更关注基金的损失风险而非全部风险,这是收益标准差所无法准确刻画的。针对传统Sharpe比率的这一缺点,本文考虑了用于度量下方风险的指标风险价值VaR(Value at Risk)和预...传统Sharpe比率将投资收益的标准差作为风险的度量,而实证研究中更关注基金的损失风险而非全部风险,这是收益标准差所无法准确刻画的。针对传统Sharpe比率的这一缺点,本文考虑了用于度量下方风险的指标风险价值VaR(Value at Risk)和预期不足ES(Expected Shortfall)来替代投资收益的标准差,从而对传统Sharpe比率进行了调整。这里对VaR和ES进行计算时,运用了经验非参数估计和非参数平滑核估计两种方法。此外,本文还考虑了基金收益随时间波动的动态性,用广义自回归异方差GARCH模型对收益波动进行模拟,考察动态的VaR和ES,在实践中以动态的VaR和ES评价风险收益更加灵活。在实证研究中,本文用传统的Sharpe比率、基于VaR和ES的Sharpe比率以及基于条件VaR和条件ES的条件Sharpe比率对国内证券市场上所有26只封闭式基金在2005-2009年间的业绩进行了实证分析,分析了基金在不同指标下所体现的风险控制能力和收益水平的差别,并基于不同指标对所有基金进行了排名。此外,本文还运用协整检验考察基金收益率与市场基准指数是否存在联动关系,检验证明两者并不存在长期的均衡关系。展开更多
This paper is concerned with the global well-posedness of the solution to the compressible Navier-Stokes/Allen-Cahn system and its sharp interface limit in one-dimensional space.For the perturbations with small energy...This paper is concerned with the global well-posedness of the solution to the compressible Navier-Stokes/Allen-Cahn system and its sharp interface limit in one-dimensional space.For the perturbations with small energy but possibly large oscillations of rarefaction wave solutions near phase separation,and where the strength of the initial phase field could be arbitrarily large,we prove that the solution of the Cauchy problem exists for all time,and converges to the centered rarefaction wave solution of the corresponding standard two-phase Euler equation as the viscosity and the thickness of the interface tend to zero.The proof is mainly based on a scaling argument and a basic energy method.展开更多
Introduction: Cranioencephalic trauma caused by bladed weapons is rare, and that caused by sharp objects is exceptional. The aim of our study was to describe the clinical, therapeutic and evolutionary aspects. Materia...Introduction: Cranioencephalic trauma caused by bladed weapons is rare, and that caused by sharp objects is exceptional. The aim of our study was to describe the clinical, therapeutic and evolutionary aspects. Materials and method: This was a descriptive and analytical study over a 48-month period at CHU la Renaissance from January 1, 2018 to December 31, 2021, concerning patients admitted for penetrating cranioencephalic trauma by pointed object. Results: Twelve cases, all male, of penetrating cranioencephalic sharp-force trauma were identified. The mean age was 34 ± 7 years, with extremes of 11 and 60 years. Farmers and herders accounted for 31% and 25% of cases respectively. The average admission time was 47 hours. Brawls were the circumstances of occurrence in 81.2% of cases. Knives (33%), arrows (25%) and iron bars (16.6%) were the objects used. Altered consciousness was present in 43.8% of cases, and focal deficit in 50%. Scannographic lesions were fracture and/or embarrhment (12 cases), intra-parenchymal haematomas (6 cases) and presence of object in place (4 cases). Surgery was performed in 11 patients. Postoperative outcome was favorable in 9 patients. After 12 months, 2 patients were declared unfit. Conclusion: Penetrating head injuries caused by sharp objects are common in Chad. Urgent surgery can prevent disabling after-effects.展开更多
This study presents a numerical analysis of three-dimensional steady laminar flow in a rectangular channel with a 180-degree sharp turn. The Navier-Stokes equations are solved by using finite difference method for Re ...This study presents a numerical analysis of three-dimensional steady laminar flow in a rectangular channel with a 180-degree sharp turn. The Navier-Stokes equations are solved by using finite difference method for Re = 900. Three-dimensional streamlines and limiting streamlines on wall surface are used to analyze the three-dimensional flow characteristics. Topological theory is applied to limiting streamlines on inner walls of the channel and two-dimensional streamlines at several cross sections. It is also shown that the flow impinges on the end wall of turn and the secondary flow is induced by the curvature in the sharp turn.展开更多
This paper derives a new method for comparing the weak-form efficiency of markets.The author derives the formula of the Sharpe ratio from the ARMA-GARCH model and finds that the Sharpe ratio just depends on the coeffi...This paper derives a new method for comparing the weak-form efficiency of markets.The author derives the formula of the Sharpe ratio from the ARMA-GARCH model and finds that the Sharpe ratio just depends on the coefficients of the AR and MA terms and is not affected by the GARCH process.For empirical purposes,the Sharpe ratio can be formulated with a monotonic increasing function of R-squared if the sample size is large enough.One can utilize the Sharpe ratio to compare weak-form efficiency among different markets.The results of stochastic simulation demonstrate the validity of the proposed method.The author also constructs empirical AR-GARCH models and computes the Sharpe ratio for S&P 500 Index and the SSE Composite Index.展开更多
Fluid resonance within narrow gaps in multiple-box systems with sharp and round inlet configurations are investigated by using the potential flow and viscous fluid flow models in the OpenFOAM^(■)package.Evident discr...Fluid resonance within narrow gaps in multiple-box systems with sharp and round inlet configurations are investigated by using the potential flow and viscous fluid flow models in the OpenFOAM^(■)package.Evident discrepancy between two numerical models can be observed for sharp inlet configurations.In addition to the dramatical decrease of resonant amplitude in narrow gaps,some peak values at the higher resonant frequencies predicted by the potential flow model even disappear in the viscous fluid flow results.The decreased normalized resonant amplitudes with the increase of incident wave amplitude can be observed for sharp inlet configurations.However,the hydrodynamic behaviors of multiple-box system with round inlet configurations between potential flow and viscous fluid flow models are quite similar with each other.The normalized resonant amplitudes are nearly independent of incident wave amplitudes for multiple-box systems with round inlet configurations.This implies that the energy dissipation associated with fluid viscosity and flow rotation plays an important role in the gap resonance for sharp inlet configurations;while it is insignificant for round inlet configurations.展开更多
The necrotrophic fungus Rhizoctonia cerealis is the causal agent of devastating diseases of cereal crops including wheat(Triticum aestivum).We present a high-quality genome assembly of R.cerealis Rc207,a virulent stra...The necrotrophic fungus Rhizoctonia cerealis is the causal agent of devastating diseases of cereal crops including wheat(Triticum aestivum).We present a high-quality genome assembly of R.cerealis Rc207,a virulent strain causing wheat sharp eyespot.The assembly(56.36 Mb)is composed of 17.87%repeat sequences and 14,433 predicted protein-encoding genes.The Rc207 genome encodes a large and diverse set of genes involved in pathogenicity,especially rich in those encoding secreted proteins,carbohydrateactive enzymes(CAZymes),peptidases,nucleases,cytochrome P450,and secondary metabolismassociated enzymes.Most secretory protein-encoding genes,including CAZymes,peroxygenases,dehydrogenases,and cytochrome P450,were up-regulated during fungal infection of wheat.We identified 831 candidate secretory effectors and validated the functions of 10 up-regulated candidate effector proteins.Of them,nine were confirmed as necrotrophic pathogen’s effectors promoting fungal infection.Abundant potential mobile or plastic genomic regions rich in repeat sequences suggest their roles in fungal adaption and virulence-associated genomic evolution.This study provides valuable resources for further comparative and functional genomics on important fungal pathogens,and provides essential tools for development of effective disease control strategies.展开更多
文摘传统Sharpe比率将投资收益的标准差作为风险的度量,而实证研究中更关注基金的损失风险而非全部风险,这是收益标准差所无法准确刻画的。针对传统Sharpe比率的这一缺点,本文考虑了用于度量下方风险的指标风险价值VaR(Value at Risk)和预期不足ES(Expected Shortfall)来替代投资收益的标准差,从而对传统Sharpe比率进行了调整。这里对VaR和ES进行计算时,运用了经验非参数估计和非参数平滑核估计两种方法。此外,本文还考虑了基金收益随时间波动的动态性,用广义自回归异方差GARCH模型对收益波动进行模拟,考察动态的VaR和ES,在实践中以动态的VaR和ES评价风险收益更加灵活。在实证研究中,本文用传统的Sharpe比率、基于VaR和ES的Sharpe比率以及基于条件VaR和条件ES的条件Sharpe比率对国内证券市场上所有26只封闭式基金在2005-2009年间的业绩进行了实证分析,分析了基金在不同指标下所体现的风险控制能力和收益水平的差别,并基于不同指标对所有基金进行了排名。此外,本文还运用协整检验考察基金收益率与市场基准指数是否存在联动关系,检验证明两者并不存在长期的均衡关系。
基金supported by the National Natural Science Foundation of China(12361044)supported by the National Natural Science Foundation of China(12171024,11971217,11971020)supported by the Academic and Technical Leaders Training Plan of Jiangxi Province(20212BCJ23027)。
文摘This paper is concerned with the global well-posedness of the solution to the compressible Navier-Stokes/Allen-Cahn system and its sharp interface limit in one-dimensional space.For the perturbations with small energy but possibly large oscillations of rarefaction wave solutions near phase separation,and where the strength of the initial phase field could be arbitrarily large,we prove that the solution of the Cauchy problem exists for all time,and converges to the centered rarefaction wave solution of the corresponding standard two-phase Euler equation as the viscosity and the thickness of the interface tend to zero.The proof is mainly based on a scaling argument and a basic energy method.
文摘Introduction: Cranioencephalic trauma caused by bladed weapons is rare, and that caused by sharp objects is exceptional. The aim of our study was to describe the clinical, therapeutic and evolutionary aspects. Materials and method: This was a descriptive and analytical study over a 48-month period at CHU la Renaissance from January 1, 2018 to December 31, 2021, concerning patients admitted for penetrating cranioencephalic trauma by pointed object. Results: Twelve cases, all male, of penetrating cranioencephalic sharp-force trauma were identified. The mean age was 34 ± 7 years, with extremes of 11 and 60 years. Farmers and herders accounted for 31% and 25% of cases respectively. The average admission time was 47 hours. Brawls were the circumstances of occurrence in 81.2% of cases. Knives (33%), arrows (25%) and iron bars (16.6%) were the objects used. Altered consciousness was present in 43.8% of cases, and focal deficit in 50%. Scannographic lesions were fracture and/or embarrhment (12 cases), intra-parenchymal haematomas (6 cases) and presence of object in place (4 cases). Surgery was performed in 11 patients. Postoperative outcome was favorable in 9 patients. After 12 months, 2 patients were declared unfit. Conclusion: Penetrating head injuries caused by sharp objects are common in Chad. Urgent surgery can prevent disabling after-effects.
文摘This study presents a numerical analysis of three-dimensional steady laminar flow in a rectangular channel with a 180-degree sharp turn. The Navier-Stokes equations are solved by using finite difference method for Re = 900. Three-dimensional streamlines and limiting streamlines on wall surface are used to analyze the three-dimensional flow characteristics. Topological theory is applied to limiting streamlines on inner walls of the channel and two-dimensional streamlines at several cross sections. It is also shown that the flow impinges on the end wall of turn and the secondary flow is induced by the curvature in the sharp turn.
文摘This paper derives a new method for comparing the weak-form efficiency of markets.The author derives the formula of the Sharpe ratio from the ARMA-GARCH model and finds that the Sharpe ratio just depends on the coefficients of the AR and MA terms and is not affected by the GARCH process.For empirical purposes,the Sharpe ratio can be formulated with a monotonic increasing function of R-squared if the sample size is large enough.One can utilize the Sharpe ratio to compare weak-form efficiency among different markets.The results of stochastic simulation demonstrate the validity of the proposed method.The author also constructs empirical AR-GARCH models and computes the Sharpe ratio for S&P 500 Index and the SSE Composite Index.
基金financially supported by the National Natural Science Foundation of China(Grant Nos.52171250,52061135107)。
文摘Fluid resonance within narrow gaps in multiple-box systems with sharp and round inlet configurations are investigated by using the potential flow and viscous fluid flow models in the OpenFOAM^(■)package.Evident discrepancy between two numerical models can be observed for sharp inlet configurations.In addition to the dramatical decrease of resonant amplitude in narrow gaps,some peak values at the higher resonant frequencies predicted by the potential flow model even disappear in the viscous fluid flow results.The decreased normalized resonant amplitudes with the increase of incident wave amplitude can be observed for sharp inlet configurations.However,the hydrodynamic behaviors of multiple-box system with round inlet configurations between potential flow and viscous fluid flow models are quite similar with each other.The normalized resonant amplitudes are nearly independent of incident wave amplitudes for multiple-box systems with round inlet configurations.This implies that the energy dissipation associated with fluid viscosity and flow rotation plays an important role in the gap resonance for sharp inlet configurations;while it is insignificant for round inlet configurations.
基金funded by the National Key Project for Research on Transgenic Biology,China(2016ZX08002001 to Zengyan Zhang)。
文摘The necrotrophic fungus Rhizoctonia cerealis is the causal agent of devastating diseases of cereal crops including wheat(Triticum aestivum).We present a high-quality genome assembly of R.cerealis Rc207,a virulent strain causing wheat sharp eyespot.The assembly(56.36 Mb)is composed of 17.87%repeat sequences and 14,433 predicted protein-encoding genes.The Rc207 genome encodes a large and diverse set of genes involved in pathogenicity,especially rich in those encoding secreted proteins,carbohydrateactive enzymes(CAZymes),peptidases,nucleases,cytochrome P450,and secondary metabolismassociated enzymes.Most secretory protein-encoding genes,including CAZymes,peroxygenases,dehydrogenases,and cytochrome P450,were up-regulated during fungal infection of wheat.We identified 831 candidate secretory effectors and validated the functions of 10 up-regulated candidate effector proteins.Of them,nine were confirmed as necrotrophic pathogen’s effectors promoting fungal infection.Abundant potential mobile or plastic genomic regions rich in repeat sequences suggest their roles in fungal adaption and virulence-associated genomic evolution.This study provides valuable resources for further comparative and functional genomics on important fungal pathogens,and provides essential tools for development of effective disease control strategies.
