GPS-RTK在拉浪水电站水下地形测量中的应用

文章结合拉浪水电站的实际情况,介绍了在复杂地形条件下布设GPS控制网及RTK配合测量水下地形的方法,并就相关难点问题进行了探讨。     

Asymmetric Volume‐Return Relation and Concentrated Trading in LIFFE Futures

This study demonstrates that intraday volume and return on LIFFE interest rate and currency futures exhibit an asymmetric volume‐return relationship characterised by significantly larger volume associated with negative returns than with non‐negative returns. This finding is unlike the stylised asymmetric relation often observed in equity markets, where the volume on price rise is larger than the volume on price decline. The asymmetric relationship in LIFFE futures is also found to be dynamic as the direction of asymmetry can reverse during the day. It has been argued in the past that a costly short sale restriction that requires a higher transaction cost on a short position than on a long position is responsible for the asymmetric effect in equity markets. Since such a restriction is absent in futures markets, they should not exhibit any asymmetric volume behaviour. Based on the results of this research, the costly short sale hypothesis is rejected. An alternative explanation of the asymmetric relation observed in futures is presented based on recent information models that take into consideration asymmetrically‐informed traders, their dispersion of beliefs, quality and quantity of the information signal, and how the traders process it. The paper also confirms a strong U‐shape trading pattern in 15‐minute volume, but no such pattern is identified in intraday returns.     

基于GSM的SF6开关压力温度在线监测

介绍了GSM模块TC35的功能，GSM提供的短消息服务；以及基于GSM的SF6开关压力密度在线监测系统结构框图、工作过程及软件设计；本监测系统为无人值守站SF6开关、断路器进行在线远程监测，对提高系统的安全运行和运行管理水平，开展预期诊断和趋势分析，减少无计划停电检修具有现实意义。     

卖空约束对股票市场的影响——兼论中国能否引入卖空机制

卖空作为一种重要的金融创新,经常被人们提及,但很多人却对卖空心存疑虑。在很多资本市场发达的国家,卖空也仍然受到限制,因此,很多人就反对目前在我国引入卖空机制。然而,卖空并没有很多人想象中的那么可怕。本文从实证和理论两个角度论证了卖空对市场效率的重要作用,考察了卖空与市场崩溃间的关系,发现二者并没有必然的联系。     

证券市场卖空交易机制套期保值功能研究

本文实证检验证券市场中卖空交易机制的套期保值功能。研究结果表明,卖空交易机制不但为投资者提供新的盈利模式,也为投资者提供套期保值工具和手段,投资者可以利用卖空交易机制进行套期保值交易。     

Stochastic chaos or ARCH effects in stock series?: A comparative study

Recent empirical studies have shown that the chaotic behaviour and excess volatility of financial series are the result of interactions between heterogeneous investors. In our article, we propose verifying this hypothesis. Thus, we use the Chen et al. [Testing for non-linear structure in an artificial financial market. Working Paper, University of Bonn (2000).] model to show that the modification of the agents' homogeneity hypothesis can drive to stochastic chaotic evolution of price series. Then, through an econometric procedure, we try to identify the underlying process of the Paris Stock Exchange returns series (CAC40). To this end, we apply several different tests: (1) dealing with long-memory components derives from the fractional integration test of Geweke and Porter-Hudak (GPH) [J. Time Ser. Anal. 4 (1983) 221.] and (2) dealing with chaotic structures comes from the work on correlation dimension of Grassberger and Procaccia [Physica 9D (1983) 189.] and the Lyapunov exponents method of Gençay and Dechert [Physica D (1992) 142.]. Finally, we forecast the CAC40 returns series using the recent methods of Principal Components Regression (PCR) and Radial Basis Functions (RBF). We conclude with the implications of the presence of chaotic structures in stock markets and future research on ARCH and chaotic models' relationships.     

制度效率的“短板”理论

制度总效率具有递减的规律,产权、国家和契约这三个要素对制度效率具有强有力的制约作用。基于这一基本假定,我们把产权、国家和契约这三个影响制度效率的要素作为变量构建了包括"短板"与制度效率相关性分析、"短板"判定、"短板"治理等内容在内的"制度效率‘短板’理论",并且对这一理论做了简要的微观与宏观拓展。目的在于针对不同的制度,人们可以更精准地找到提高制度效率的切入点,从而避免大量社会资源的无谓损失。     

Acquisitions,Overconfident Managers and Self‐attribution Bias

We examine whether acquisitions by overconfident managers generate superior abnormal returns and whether managerial overconfidence stems from self‐attribution. Self‐attribution bias suggests that overconfidence plays a greater role in higher order acquisition deals predicting lower wealth effects for higher order acquisition deals. Using two alternative measures of overconfidence (1) high order acquisition deals and (2) insider dealings we find evidence supporting the view that average stock returns are related to managerial overconfidence. Overconfident bidders realise lower announcement returns than rational bidders and exhibit poor long‐term performance. Second, we find that managerial overconfidence stems from self‐attribution bias. Specifically, we find that high‐order acquisitions (five or more deals within a three‐year period) are associated with lower wealth effects than low‐order acquisitions (first deals). That is, managers tend to credit the initial success to their own ability and therefore become overconfident and engage in more deals. In our analysis we control for endogeneity of the decision to engage in high‐order acquisitions and find evidence that does not support the self‐selection of excessive acquisitive firms. Our analysis is robust to the influence of merger waves, industry shocks, and macroeconomic conditions.     

China＇s Stock Market： Inefficiencies and Institutional Implications

The dramatic movements of China＇s stock market in the past two and a half years have renewed debate among academics over the efficiency of China＇s stock market. The present paper tests the efficiency of China＇ s stock market. The realization of efficient markets requires the effective operation of a complete set of macro and micro mechanisms. However, such mechanisms are not only incomplete in China＇ s stock market, but are also ineffective because of the prevalence of institutional deficiencies.     

信用交易监管：国际比较及借鉴

完善信用交易监管，是防范风险、维护市场稳定的重要手段。本文从信用交易监管制度基础的政策和法规、作为监管依据的信用交易余额公布、信用交易监管工具以及信用交易监管部门等四个方面，分析、比较了美国、英国、日本、韩国、台湾等国家和地区的监管经验，以为国内推出信用交易、完善做空机制提供借鉴。