Power ARCH modelling of commodity futures data on the London Metal Exchange

A recent addition to the ARCH family of econometric models was introduced by Ding and co-workers wherein the power term by which the data is transformed was estimated within the model rather than being imposed by the researcher. This paper considers the ability of the Power GARCH class of models to capture the stylized features of volatility in a range of commodity futures prices traded on the London Metals Exchange (LME). The results of this procedure suggest that asymmetric effects are not generally present in the LME futures data. Further, unlike stock market data which is well described by the model, futures data is not as well described by the APGARCH model. Nested within the APGARCH model are several other models from the ARCH family. This paper uses the standard log likelihood procedure to conduct pairwise comparisons of the relative merits of each and the results suggest that it is the Taylor GARCH model which performs best.     

A real options reasoning approach to hybrid vehicle investments

Long term increases of petrol prices and the threat of a global climate change have created in the automotive industry a new competitive environment based on the development of more sustainable technologies. Using the real option reasoning lens we provide a theoretical framework to better account for the technological and market uncertainties and irreversibilities that impact the investment and innovation decisions of automotive firms supporting the development of more sustainable vehicle technologies. We investigate the case of hybrid vehicles in a transitional perspective by insisting on their potential to influence the dynamic shaping of investment decisions of firms in the car industry. We consider the hybridization strategy as intra-project and inter-project compound growth options to manage the flexibilities and irreversibilities of investment decisions during the transition process. We provide four different-sometimes conflicting-strategic rationales structuring the investment efforts of firms in hybrid vehicles and illustrate them with numerous examples from the automotive industry.     

Discerning trends in international metal prices in the presence of nonstationary volatility

In this paper, we develop an empirical framework that allows us to trace out a time path of metal prices. This framework shows that unpredictable shifts in demand, extraction costs and discovery of reserves, make estimation of the slope of this underlying trend an empirical question. Further, the low elasticity of demand and supply cause large volatility in the prices, which makes estimation of the trend difficult. We estimate the trend in metal prices employing econometric procedures that are robust to the underlying order of integration of the data and allow for nonstationary volatility, which we note is a characteristic feature of metal prices. We further analyse whether metal prices are characterised by stochastic trends by conducting unit root tests that allow for nonstationary volatility. Applying these procedures on metal prices for over a century, we draw conclusions that relate to policy.     

废旧锂片制备含锰锂离子电池正极材料研究

以废旧锂片为锂源,分别采用水热煅烧和高温煅烧的方法,制备出了含锰锂离子电池正极材料,利用XRD,SEM等技术对样品晶型和形貌进行表征。结果表明,所制备的样品具有较好的晶型。水热煅烧法得到的样品呈棱柱状,高温煅烧法得到的样品呈不规则颗粒状。电化学测试结果表明,水热煅烧法制备的样品具有更高的放电容量。     

钢塑复合管的施工工艺

钢塑复合管既有塑料管的耐腐蚀性、钢管的抗压强度,因而在建筑、石油、化工等领域得到广泛使用。根据资料及其在实际工程中的应用情况,着重介绍了钢塑复合管的优良性能、施工工艺及施工过程中应注意的问题。     

365kA电解槽石墨化阴极炭块生产实践

介绍了石墨化、石墨质、无烟煤基炭块的特点,并通过在同一系列不同的两个厂房对石墨质炭块与石墨化炭块技术参数,生产指标进行对比分析,发现石墨化炭块在生产使用中具有一定的优势,对今后电解生产有一定指导意义。     

我国金属商品期货价格指数与PPI关系探析

期货价格指数在国外早已成为通货膨胀的早期预警指标,为中央银行货币政策的制定和调整提供了重要的参考。本文在借鉴国外金属商品期货价格指数编制方法的基础上．提出了符合中国国情的指数编制和修正方法,编制出我国上海期货交易所的金属商品期货价格指数。实证结果表明：以2008年1月1日至2011年4月31日为样本区间,采用最优指数编制方法．可以得出国内金属商品期货指数对生产者价格指数的先行时间达5个月,能较好反映出我国工业原材料未来出厂价格走势,这在一定程度上能为我国宏观经济政策的制定提供重要的参考。这也表明,我国金属期货市场功能近年来已趋于完善。价格发现功能得以较好体现,这是从本文经验研究结果直接得出的一个重要结论。     

论350kA电解槽的优化设计和技术改造

在国内节能减排、产业调整、振兴规划大背景下,电解铝行业加速了电解槽节能技术的开发和应用,本文通过对新型阴极结构铝电解槽技术在350k A系列的研究与应用,实现了350k A电解槽低电压高电流效率的工艺控制,取得了节能降耗的效果。     

电泳漆用煅烧高岭土工艺研究

在电泳漆生产过程中,高岭土作为功能性填料发挥着重要作用。煤系高岭土经超细处理、煅烧、再超细处理,经过在高性能阴极电泳漆中作为填料应用,证明其填充性能与进口高岭土相比明显提升。     

百乐水电站金属结构的布置与设计

文章介绍了百乐水电站工程金属结构设备选型、布置、设计思路和方法，供同类小水电站工程参考。