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Toward less invasive coloproctology: The future is out there 被引量:1
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作者 Sameh Hany Emile Jonathan Ragheb 《World Journal of Gastroenterology》 SCIE CAS 2024年第3期199-203,共5页
Medical care has undergone remarkable improvements over the past few decades.One of the most important innovative breakthroughs in modern medicine is the advent of minimally and less invasive treatments.The trend towa... Medical care has undergone remarkable improvements over the past few decades.One of the most important innovative breakthroughs in modern medicine is the advent of minimally and less invasive treatments.The trend towards employing less invasive treatment has been vividly shown in the field of gastroenterology,particularly coloproctology.Parallel to foregut interventions,colorectal surgery has shifted towards a minimally invasive approach.Coloproctology,including both medical and surgical management of colorectal diseases,has undergone a remarkable paradigm shift.The treatment of both benign and malignant colorectal conditions has gradually transitioned towards more conservative and less inva-sive approaches.An interesting paradigm shift was the trend to avoid the need for radical resection of rectal cancer altogether in patients who showed complete response to neoadjuvant treatment.The trend of adopting less invasive appro-aches to treat various colorectal conditions does not seem to be stopping soon as further research on novel,more effective and safer methods is ongoing. 展开更多
关键词 TOWARD Less invasive Minimally invasive Coloproctology futurE Colorectal surgery
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Are life insurance futures a safe haven during COVID‑19?
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作者 Kuan‑Min Wang Yuan‑Ming Lee 《Financial Innovation》 2023年第1期397-423,共27页
This study aims to examine whether life insurance futures can serve as a hedge against the COVID-19 pandemic and whether they have the characteristics of a safe haven under the impact of the health shocks of the COVID... This study aims to examine whether life insurance futures can serve as a hedge against the COVID-19 pandemic and whether they have the characteristics of a safe haven under the impact of the health shocks of the COVID-19 pandemic.We chose three life insurance stock futures in India and one in Taiwan as samples,including the market index of the two countries and the number of confirmed COVID-19 cases as sample variables.We used the growth rate of COVID-19 cases as the threshold variable,esti-mated the asymmetric threshold vector autoregression model,and found that insur-ance futures in the regime with a significant growth rate of confirmed COVID-19 cases can hedge against COVID-19 risks;therefore,insurance futures are a safe haven for the market.We further estimated the time-varying parameter vector autoregression model,and the impulse response results showed that insurance futures are a safe haven for COVID-19 pandemic risks. 展开更多
关键词 Insurance futures TVAR TVP-VAR Safe haven Impulse response
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Traction power systems for electrified railways:evolution,state of the art,and future trends 被引量:1
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作者 Haitao Hu Yunjiang Liu +4 位作者 Yong Li Zhengyou He Shibin Gao Xiaojuan Zhu Haidong Tao 《Railway Engineering Science》 EI 2024年第1期1-19,共19页
Traction power systems(TPSs)play a vital role in the operation of electrified railways.The transformation of conventional railway TPSs to novel structures is not only a trend to promote the development of electrified ... Traction power systems(TPSs)play a vital role in the operation of electrified railways.The transformation of conventional railway TPSs to novel structures is not only a trend to promote the development of electrified railways toward high-efficiency and resilience but also an inevitable requirement to achieve carbon neutrality target.On the basis of sorting out the power supply structures of conventional AC and DC modes,this paper first reviews the characteristics of the existing TPSs,such as weak power supply flexibility and low-energy efficiency.Furthermore,the power supply structures of various TPSs for future electrified railways are described in detail,which satisfy longer distance,low-carbon,high-efficiency,high-reliability and high-quality power supply requirements.Meanwhile,the application prospects of different traction modes are discussed from both technical and economic aspects.Eventually,this paper introduces the research progress of mixed-system electrified railways and traction power supply technologies without catenary system,speculates on the future development trends and challenges of TPSs and predicts that TPSs will be based on the continuous power supply mode,employing power electronic equipment and intelligent information technology to construct a railway comprehensive energy system with renewable energy. 展开更多
关键词 Railway traction power system future electrified railway Flexible continuous power supply Renewable energy Integrated energy system
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Advancements in Humanoid Robots: A Comprehensive Review and Future Prospects
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作者 Yuchuang Tong Haotian Liu Zhengtao Zhang 《IEEE/CAA Journal of Automatica Sinica》 SCIE EI CSCD 2024年第2期301-328,共28页
This paper provides a comprehensive review of the current status, advancements, and future prospects of humanoid robots, highlighting their significance in driving the evolution of next-generation industries. By analy... This paper provides a comprehensive review of the current status, advancements, and future prospects of humanoid robots, highlighting their significance in driving the evolution of next-generation industries. By analyzing various research endeavors and key technologies, encompassing ontology structure,control and decision-making, and perception and interaction, a holistic overview of the current state of humanoid robot research is presented. Furthermore, emerging challenges in the field are identified, emphasizing the necessity for a deeper understanding of biological motion mechanisms, improved structural design,enhanced material applications, advanced drive and control methods, and efficient energy utilization. The integration of bionics, brain-inspired intelligence, mechanics, and control is underscored as a promising direction for the development of advanced humanoid robotic systems. This paper serves as an invaluable resource, offering insightful guidance to researchers in the field,while contributing to the ongoing evolution and potential of humanoid robots across diverse domains. 展开更多
关键词 future trends and challenges humanoid robots human-robot interaction key technologies potential applications
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Spatiotemporal Evaluation and Future Projection of Diurnal Temperature Range over the Tibetan Plateau in CMIP6 Models
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作者 Suguo ZHANG Qin HU +2 位作者 Xianhong MENG Yaqiong LÜ Xianyu YANG 《Advances in Atmospheric Sciences》 SCIE CAS CSCD 2024年第11期2245-2258,共14页
The diurnal temperature range(DTR) serves as a vital indicator reflecting both natural climate variability and anthropogenic climate change. This study investigates the historical and projected multitemporal DTR varia... The diurnal temperature range(DTR) serves as a vital indicator reflecting both natural climate variability and anthropogenic climate change. This study investigates the historical and projected multitemporal DTR variations over the Tibetan Plateau. It assesses 23 climate models from phase 6 of the Coupled Model Intercomparison Project(CMIP6) using CN05.1 observational data as validation, evaluating their ability to simulate DTR over the Tibetan Plateau. Then, the evolution of DTR over the Tibetan Plateau under different shared socioeconomic pathway(SSP) scenarios for the near,middle, and long term of future projection are analyzed using 11 selected robustly performing models. Key findings reveal:(1) Among the models examined, BCC-CSM2-MR, EC-Earth3, EC-Earth3-CC, EC-Earth3-Veg, EC-Earth3-Veg-LR,FGOALS-g3, FIO-ESM-2-0, GFDL-ESM4, MPI-ESM1-2-HR, MPI-ESM1-2-LR, and INM-CM5-0 exhibit superior integrated simulation capability for capturing the spatiotemporal variability of DTR over the Tibetan Plateau.(2) Projection indicates a slightly increasing trend in DTR on the Tibetan Plateau in the SSP1-2.6 scenario, and decreasing trends in the SSP2-4.5, SSP3-7.0, and SPP5-8.5 scenarios. In certain areas, such as the southeastern edge of the Tibetan Plateau, western hinterland of the Tibetan Plateau, southern Kunlun, and the Qaidam basins, the changes in DTR are relatively large.(3) Notably, the warming rate of maximum temperature under SSP2-4.5, SSP3-7.0, and SPP5-8.5 is slower compared to that of minimum temperature, and it emerges as the primary contributor to the projected decrease in DTR over the Tibetan Plateau in the future. 展开更多
关键词 Tibetan Plateau CMIP6 models diurnal temperature range model assessment historical period future projection
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Thornthwaite moisture index and depth of suction change under current and future climate‒An Australian study
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作者 Md Rajibul Karim Bikash Devkota +1 位作者 Md Mizanur Rahman Hoang Bao Khoi Nguyen 《Journal of Rock Mechanics and Geotechnical Engineering》 SCIE CSCD 2024年第5期1761-1775,共15页
Climate change is one of the major global challenges and it can have a significant influence on the behaviour and resilience of geotechnical structures.The changes in moisture content in soil lead to effective stress ... Climate change is one of the major global challenges and it can have a significant influence on the behaviour and resilience of geotechnical structures.The changes in moisture content in soil lead to effective stress changes and can be accompanied by significant volume changes in reactive/expansive soils.The volume change leads to ground movement and can exert additional stresses on structures founded on or within a shallow depth of such soils.Climate change is likely to amplify the ground movement potential and the associated problems are likely to worsen.The effect of atmospheric boundary interaction on soil behaviour has often been correlated to Thornthwaite moisture index(TMI).In this study,the long-term weather data and anticipated future projections for various emission scenarios were used to generate a series of TMI maps for Australia.The changes in TMI were then correlated to the depth of suction change(H s),an important input in ground movement calculation.Under all climate scenarios considered,reductions in TMI and increases in H s values were observed.A hypothetical design scenario of a footing on expansive soil under current and future climate is discussed.It is observed that a design that might be considered adequate under the current climate scenario,may fail under future scenarios and accommodations should be made in the design for such events. 展开更多
关键词 Climate change future prediction Thornthwaite moisture index(TMI) Characteristic surface movement Infrastructure resilience
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China’s Change through Future Leaders’Eyes
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作者 ZHOU LIN 《China Today》 2024年第3期41-41,共1页
Together for a Shared Future Compiled by Global Young Leaders Dialogue Price:RMB 118 Paperback,250 pages Published by Foreign Languages Press Together for a Shared Future is co-authored by 35 young people from 26 coun... Together for a Shared Future Compiled by Global Young Leaders Dialogue Price:RMB 118 Paperback,250 pages Published by Foreign Languages Press Together for a Shared Future is co-authored by 35 young people from 26 countries who participated in the project China Tour of the Global Young Leaders Dialogue(GYLD),an institutional platform for idea-sharing among young people from different countries. 展开更多
关键词 TOGETHER LEADER futurE
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Emerging molecules,tools,technology,and future of surgical knife in gastroenterology
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作者 Ashok Kumar Anirudh Goyal 《World Journal of Gastrointestinal Surgery》 SCIE 2024年第4期988-998,共11页
The 21^(st) century has started with several innovations in the medical sciences,with wide applications in health care management.This development has taken in the field of medicines(newer drugs/molecules),various too... The 21^(st) century has started with several innovations in the medical sciences,with wide applications in health care management.This development has taken in the field of medicines(newer drugs/molecules),various tools and technology which has completely changed the patient management including abdominal surgery.Surgery for abdominal diseases has moved from maximally invasive to minimally invasive(laparoscopic and robotic)surgery.Some of the newer medicines have its impact on need for surgical intervention.This article focuses on the development of these emerging molecules,tools,and technology and their impact on present surgical form and its future effects on the surgical intervention in gastroenterological diseases. 展开更多
关键词 Newer molecules Tools and technology Gastroenterology future of surgical knife
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An Exploration of the Three Dimensions and Epochal Strengths of Building a Human Community With a Shared Future
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作者 Jiang Ruibing Liu Zongling 《Contemporary Social Sciences》 2024年第3期120-138,共19页
The idea of a human community with a shared future was proposed by the Communist Party of China(CPC)Central Committee with Comrade Xi Jinping at its core for the future development of human beings to face up to the mo... The idea of a human community with a shared future was proposed by the Communist Party of China(CPC)Central Committee with Comrade Xi Jinping at its core for the future development of human beings to face up to the most important question in today's world:“What is happening to the world and what should we do?”It profoundly answers the question of the world,history,and the times.The theory of a human community with a shared future is an innovative theory with a multidimensional formation logic that guides humanity toward continually seeking common interests and values.This paper dives into the profound motivations behind building a human community with a shared future from historical,cultural,and practical dimensions and analyzes its epochal value from both domestic and international perspectives.This not only helps exert China's role in the international community,contributing Chinese strength to the construction of a peaceful,stable,and prosperous human society,but also enhances the influence of the idea of a human community with a shared future in the international community,accelerating the building of a human community with a shared future that considers the legitimate concerns of all countries,and aiding in solving the crises facing the world. 展开更多
关键词 a human community with a shared future historical dimension cultural dimension practical dimension epochal strength
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Anthropogenic influence on the extreme drought in eastern China in 2022 and its future risk
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作者 Yinjun Zhang Lin Chen +1 位作者 Yuqing Li Zi-An Ge 《Atmospheric and Oceanic Science Letters》 CSCD 2024年第1期21-27,共7页
2022年夏季中国东部地区遭遇了一次持续性极端高温干旱事件.本文利用CMIP6检测归因比较计划(DAMIP)数据,量化了人为强迫对类2022年极端干旱事件发生概率的影响,并基于未来不同增暖情景试验给出了此类极端干旱事件的未来变化预估.通过分... 2022年夏季中国东部地区遭遇了一次持续性极端高温干旱事件.本文利用CMIP6检测归因比较计划(DAMIP)数据,量化了人为强迫对类2022年极端干旱事件发生概率的影响,并基于未来不同增暖情景试验给出了此类极端干旱事件的未来变化预估.通过分析不同外强迫因子作用下此类极端干旱事件的发生概率变化,发现人为强迫使此类极端干旱事件的发生概率提高约56%,这主要与人为强迫下中国东部平均水汽减少和平均上升运动减弱有关.进一步通过分析此类极端干旱事件对不同温室气体排放情景(SSP1-2.6,SSP2-4.5,SSP5-8.5)的响应,发现在低排放情景下类2022年极端干旱事件的发生概率较当今气候显著下降,这主要与中国东部平均水汽的增加和平均环流的变化有关,而在高排放情景(SSP5-8.5)下,此类极端干旱事件的发生概率较当今气候增加约79%,这主要与高排放情景下平均下沉运动增强有关.该研究表明,人为强迫通过调制气候平均背景场从而引起极端事件发生频次的变化是人类活动影响极端气候事件的重要途径之一,极端干旱事件对温室气体排放量的响应可能是非线性的. 展开更多
关键词 极端干旱 中国东部 归因分析 人为强迫 未来预估
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Long memory of price-volume correlation in metal futures market based on fractal features 被引量:3
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作者 程慧 黄健柏 +1 位作者 郭尧琦 朱学红 《Transactions of Nonferrous Metals Society of China》 SCIE EI CAS CSCD 2013年第10期3145-3152,共8页
An empirical test on long memory between price and trading volume of China metals futures market was given with MF-DCCA method. The empirical results show that long memory feature with a certain period exists in price... An empirical test on long memory between price and trading volume of China metals futures market was given with MF-DCCA method. The empirical results show that long memory feature with a certain period exists in price-volume correlation and a fittther proof was given by analyzing the source of multifractal feature. The empirical results suggest that it is of important practical significance to bring the fractal market theory and other nonlinear theory into the analysis and explanation of the behavior in metal futures market. 展开更多
关键词 metal futures price-volume correlation long memory MF-DCCA method MULTIFRACTAL fractal features multifractalspectrum
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电子学习与远程教育的实践、创新、未来——第6届“Learning Futures Festival”在线国际会议综述
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作者 谭明杰 《现代远程教育研究》 CSSCI 2011年第4期56-60,共5页
2011年4月第6届"Learning Futures Festival"在线国际会议召开。会议采用英国、美国、澳大利亚三个时区国家接力的方式完成。与会专家学者特别关注开放教育资源及Web2.0背景下的教育创新。未来10年全球高等教育面临巨大的增... 2011年4月第6届"Learning Futures Festival"在线国际会议召开。会议采用英国、美国、澳大利亚三个时区国家接力的方式完成。与会专家学者特别关注开放教育资源及Web2.0背景下的教育创新。未来10年全球高等教育面临巨大的增长需求,开放教育资源运动的推进,将可能出现开放教育资源大学。开放共享理念逐步深入人心,Web2.0在教育和企业领域的广泛应用将改变人们的学习和工作环境,学习者和企业员工应当提升自我的数字素养技能以激发自身的创新潜能。我国远程教育面临资源可重用性较低和开放性不足等问题,在今后的发展中应借鉴发展中国家远程教育院校和企业学习的成功经验,加强教育资源开放共享的程度,整合电子学习技术在远程教育中的创新应用,以满足学习者个性化的学习需求。 展开更多
关键词 电子学习 远程教育 未来趋势 国际会议综述 LEARNING futures FESTIVAL
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An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market 被引量:4
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作者 Wang Zhen Liu Zhenhai Chen Chao 《Petroleum Science》 SCIE CAS CSCD 2007年第3期97-102,共6页
This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response fimct... This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response fimction and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function. 展开更多
关键词 Price discovery fuel oil futures CAUSALITY Shanghai futures Exchange
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Study on spillover effect of copper futures between LME and SHFE using wavelet multiresolution analysis 被引量:2
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作者 WANG Su-nan PAN Yun-he YANG Jian-gang 《Journal of Zhejiang University-Science A(Applied Physics & Engineering)》 SCIE EI CAS CSCD 2007年第8期1290-1295,共6页
Research on information spillover effects between financial markets remains active in the economic community. A Granger-type model has recently been used to investigate the spillover between London Metal Exchange(LME)... Research on information spillover effects between financial markets remains active in the economic community. A Granger-type model has recently been used to investigate the spillover between London Metal Exchange(LME) and Shanghai Futures Exchange(SHFE) ,however,possible correlation between the future price and return on different time scales have been ignored. In this paper,wavelet multiresolution decomposition is used to investigate the spillover effects of copper future returns between the two markets. The daily return time series are decomposed on 2n(n=1,…,6) frequency bands through wavelet mul-tiresolution analysis. The correlation between the two markets is studied with decomposed data. It is shown that high frequency detail components represent much more energy than low-frequency smooth components. The relation between copper future daily returns in LME and that in SHFE are different on different time scales. The fluctuations of the copper future daily returns in LME have large effect on that in SHFE in 32-day scale,but small effect in high frequency scales. It also has evidence that strong effects exist between LME and SHFE for monthly responses of the copper futures but not for daily responses. 展开更多
关键词 Spillover effect Copper future future market Wavelet multiresolution analysis
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The Empirical Analysis of the Dynamic Prices Relationship between Cotton Spot Market and Futures Market in Xinjiang 被引量:2
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作者 SUN Liang-bin College of Economics and Management Tarim University Alar 843300,China 《Asian Agricultural Research》 2011年第2期101-104,共4页
The thesis analyzes the causal relationship between the cotton spot,and the tendency and impact of prices of futures markets in Xinjiang by using ADF test,co-integration analysis,Granger causality test and other econo... The thesis analyzes the causal relationship between the cotton spot,and the tendency and impact of prices of futures markets in Xinjiang by using ADF test,co-integration analysis,Granger causality test and other econometric methods in order to discuss the interacted relationship between futures market prices of cotton and spot market prices since the futures of cotton in Xinjiang go public.The results of empirical analysis show that the spot market prices of cotton and the futures market prices in Xinjiang fluctuate prominently in the short run and tend to counterpoise in the long run;the futures market of cotton plays the role of leading the spot market prices of cotton in Xinjiang,while the spot market prices of cotton in Xinjiang impacts little on the futures market prices.The corresponding countermeasures are put forward.The government should continuously perfect the construction of the futures market of cotton in Xinjiang,so as to exert the function of price discovery and the function of hedging,and promote the development of cotton industry in Xinjiang. 展开更多
关键词 COTTON Price Spot MARKET futures MARKET GRANGER ca
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Analysis of Financial Derivatives by Mechanical Method (Ⅰ)——Basic Equation of Price of Index Futures 被引量:15
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作者 云天铨 《应用数学和力学》 CSCD 北大核心 2001年第1期104-110,共7页
Similar to the method of continuum mechanics, the variation of the price of index futures is viewed to be continuous and regular. According to the characteristic of index futures, a basic equation of price of index fu... Similar to the method of continuum mechanics, the variation of the price of index futures is viewed to be continuous and regular. According to the characteristic of index futures, a basic equation of price of index futures was established. It is a differential equation, its solution shows that the relation between time and price forms a logarithmic circle. If the time is thought of as the probability of its corresponding price, then such a relation is perfectly coincided with the main assumption of the famous formula of option pricing, based on statistical theory, established by Black and Scholes, winner of 1997 Nobel’ prize on economy. In that formula, the probability of price of basic assets (they stand for index futures here) is assummed to be a logarithmic normal distribution. This agreement shows that the same result may be obtained by two analytic methods with different bases. However, the result, given by assumption by Black_Scholes, is derived from the solution of the differential equation. 展开更多
关键词 金融衍生产品 期货 股票指数期货(期指) Black-Sholes模型 微分方程
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The Spillover Effect between Futures and Spot Price of Agricultural Products:A Case Study of Soybean Products of China 被引量:2
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作者 Kai ZHAO 《Asian Agricultural Research》 2017年第3期24-28,33,共6页
Taking soybean products as an example and using the daily price data of 2007-2015,this paper established the error correction model and BEKK-GARCH model,and made an empirical study on the spillover effect of futures a... Taking soybean products as an example and using the daily price data of 2007-2015,this paper established the error correction model and BEKK-GARCH model,and made an empirical study on the spillover effect of futures and spot price of agricultural products of China. According to this study,there were mean spillover effect and two-way volatility spillover effect in futures and spot price of soybean,soybean oil,and soybean meal; soybean futures prices significantly guided the spot price; in the price linkage between the types,the price relationship between the soybean meal and soybean was closer than between the soybean oil and soybean. 展开更多
关键词 futures price Spot price Soybean products Volatility spillover Price linkage
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Influence factors of international gold futures price volatility 被引量:9
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作者 Hao WANG Hu SHENG Hong-wei ZHANG 《Transactions of Nonferrous Metals Society of China》 SCIE EI CAS CSCD 2019年第11期2447-2454,共8页
Based on the commodity property and finance property of gold in the international gold futures market,the influence factors of international gold futures price volatility are analyzed from the perspectives of supply a... Based on the commodity property and finance property of gold in the international gold futures market,the influence factors of international gold futures price volatility are analyzed from the perspectives of supply and demand factors,financial factors and speculation factors.The structural vector autoregression(SVAR)model is applied to investigating the direction and strength of the effects of influence factors on the international gold futures prices and the variance decomposition approach(VDA)is used to compare the contributions of these factors.The results show that the supply and demand factors still play a fundamental role in the international gold futures price volatility and the role of“China’s gold demand”is exaggerated.The financial factors and speculation factors have significant impacts on the international gold futures price volatility,which reflects that the financial property of gold becomes increasingly important.Governments and investors should pay close attention to the financial property of gold futures. 展开更多
关键词 gold futures supply and demand factors financial factors SPECULATION structural vector autoregression(SVAR)model
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Assessing the Sustainability of Underground Space Usage——A Toolkit for Testing Possible Urban Futures 被引量:2
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作者 D.V.L.HUNT I.JEFFERSON C.D.F.ROGERS 《Journal of Mountain Science》 SCIE CSCD 2011年第2期211-222,共12页
A description of the future as it might be without forecasts, predictions and trend analysis can be referred to as a 'future scenario'. An abundance of scenarios literature exists in which numerous pictures ha... A description of the future as it might be without forecasts, predictions and trend analysis can be referred to as a 'future scenario'. An abundance of scenarios literature exists in which numerous pictures have been painted of changed future worlds. However, upon closer inspection it becomes apparent that virtually all of this literature refers to changes occurring above ground, ignoring the inevitable consequences (or opportunities) for sustainable use of underground space, not least in densely populated urban areas, some of which may be underlain by complex geological conditions. This paper reports on the development (to date) of an 'Urban Futures' (UF) toolkit for sub-surface environments (including infrastructure and utilities) which, through use of 'key' questions 'sustainable' indicators and a 'contextual' narrative, allows for better definition and measured performance of underground space in the UK, both today and in the future. The toolkit explores possible uses for underground space within 4 plausible and well-cited future scenarios (i.e. New Sustainability Paradigm, Fortress World, Market Forces and Policy Reform). This forms part of a much larger generic toolkit which the UF research team are developing for exploring possible future scenarios over a range of UK urban regeneration case study areas. 展开更多
关键词 urban futures TOOLKIT underground space SUSTAINABILITY
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Relationship of Margin Rule and Volatility in Chinese Copper Futures Markets 被引量:1
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作者 王冬 黄伟 +1 位作者 Neil Kellard Yuval Millo 《Journal of Southwest Jiaotong University(English Edition)》 2009年第2期153-157,共5页
Different from western markets, the margin rates in Chinese futures markets are raised when contract approaches maturity. This paper concentrates on the effect of this time dependent margin rule on volatility. Open in... Different from western markets, the margin rates in Chinese futures markets are raised when contract approaches maturity. This paper concentrates on the effect of this time dependent margin rule on volatility. Open interest, another candidate in the margin rule, is also included in our model to investigate its necessity as one of the factors of the rise of margin rates. With the popular copper contract in Shanghai Futures Exchange ( SHFE), our test results suggest that margin levels have a significant positive effect on volatility, yet open interest has little to do with volatility. The implication is that the rise of margin rate approaching maturity virtually deteriorates the degree of market risks, and open interest is not a necessary factor for the margin rule. It indicates that the policy tool, represented by margin rates, has significantly greater influence on volatility than the market element, represented by open interest. 展开更多
关键词 MARGIN VOLATILITY Open interest Chinese copper futures markets
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