The influence of NaCl-CaCl2 on thermal decomposition of REPO4（RE： Ce, La, Nd, Th） with CaO was studied. The heat decomposing process of REPO4 was tested with TG-DTA experiments. The results showed that the decompos...The influence of NaCl-CaCl2 on thermal decomposition of REPO4（RE： Ce, La, Nd, Th） with CaO was studied. The heat decomposing process of REPO4 was tested with TG-DTA experiments. The results showed that the decomposition temperature of REPO4 with CaO was reduced because of adding NaCl-CaCl2 mixture （NaCl：CaCl2 = 1：1 ）. The influence of the addition of NaCl-CaCl2, roasting temperature and roasting time on decomposition ratio of REPO4 with CaO was studied. The results showed that the decomposition ratio of REPO4with CaO was 79% when the addition percentage of NaCl-CaCl2 was 10%, the roasting temperature was 750℃, and the roasting time was 1 h.展开更多
On the basis of fractal theory, one of the nonlinear theories, this paper studies the validity of Chinese fund market fractal time sequence through Hurst exponent, calculates the H value and proposes a new close-end f...On the basis of fractal theory, one of the nonlinear theories, this paper studies the validity of Chinese fund market fractal time sequence through Hurst exponent, calculates the H value and proposes a new close-end fund mean reversion model. Meanwhile, this paper validates the mean reversion time sequence for consecutive 54 week data of fund market. The result indicates that this model can effectively prove that Chinese close-end fund market follows the biased random walk. The research also proves that the fund discount does have mean reversion tendency and averagely the fund with high discount has a higher excess yield than that of the fund with low discount. The mean excess yield and the ratio between discount rate deviation and standard deviation demonstrate a descending relationship. The optimum investment period based on ＂mean reversion＂ is one month. Consequently this model provides a new arbitrage method through the discount of close-end fund.展开更多
The prevailing global financial system suffers from a shortage of good collateral for increased reliance on nonbank secured lending. Given that the global financial crisis was mainly triggered by the collapse of the c...The prevailing global financial system suffers from a shortage of good collateral for increased reliance on nonbank secured lending. Given that the global financial crisis was mainly triggered by the collapse of the collateral pool for dealer-based credit intermediation, this issue needs to be resolved quickly for normalized credit supply. Primarily, increased supply capacity for safe assets that can serve as valid collateral is the key agenda. This would be possible with a better use of USTs that are kept in EME silos and a broader recognition of an emerging market sovereign collateral pool. The inclusion of new collateral into the expanded and invigorated repo system that includes Asia would stabilize global capital flows and improve financial stability. In a related context, a market-driven, risk-mitigating regional repo market initiative would also bring balance to an increasingly market-driven financial ecosystem and mitigate the global shortage of safe assets.展开更多
基金Project supported by the National Natural Science Foundation of China (50574031)
文摘The influence of NaCl-CaCl2 on thermal decomposition of REPO4（RE： Ce, La, Nd, Th） with CaO was studied. The heat decomposing process of REPO4 was tested with TG-DTA experiments. The results showed that the decomposition temperature of REPO4 with CaO was reduced because of adding NaCl-CaCl2 mixture （NaCl：CaCl2 = 1：1 ）. The influence of the addition of NaCl-CaCl2, roasting temperature and roasting time on decomposition ratio of REPO4 with CaO was studied. The results showed that the decomposition ratio of REPO4with CaO was 79% when the addition percentage of NaCl-CaCl2 was 10%, the roasting temperature was 750℃, and the roasting time was 1 h.
基金Supported by Chenguang Plan Project of Science and Technology Bureau in Wuhan (20065004116-11)
文摘On the basis of fractal theory, one of the nonlinear theories, this paper studies the validity of Chinese fund market fractal time sequence through Hurst exponent, calculates the H value and proposes a new close-end fund mean reversion model. Meanwhile, this paper validates the mean reversion time sequence for consecutive 54 week data of fund market. The result indicates that this model can effectively prove that Chinese close-end fund market follows the biased random walk. The research also proves that the fund discount does have mean reversion tendency and averagely the fund with high discount has a higher excess yield than that of the fund with low discount. The mean excess yield and the ratio between discount rate deviation and standard deviation demonstrate a descending relationship. The optimum investment period based on ＂mean reversion＂ is one month. Consequently this model provides a new arbitrage method through the discount of close-end fund.
文摘The prevailing global financial system suffers from a shortage of good collateral for increased reliance on nonbank secured lending. Given that the global financial crisis was mainly triggered by the collapse of the collateral pool for dealer-based credit intermediation, this issue needs to be resolved quickly for normalized credit supply. Primarily, increased supply capacity for safe assets that can serve as valid collateral is the key agenda. This would be possible with a better use of USTs that are kept in EME silos and a broader recognition of an emerging market sovereign collateral pool. The inclusion of new collateral into the expanded and invigorated repo system that includes Asia would stabilize global capital flows and improve financial stability. In a related context, a market-driven, risk-mitigating regional repo market initiative would also bring balance to an increasingly market-driven financial ecosystem and mitigate the global shortage of safe assets.
