The impacts of export competition on international technology flows

Knowledge flow is a key to building technological capabilities. This article investigates how competition in international trade affects knowledge flow between countries using patent data and trade data for analysis. The main finding is that export competition in the third market (in our study, the US market) seems to have a positive impact on the flow of knowledge. The findings from this study contribute to the debate on ‘learning-by-exporting’.     

基于MSP430单片机的流量显示表硬件CPU设计

随着计算机的发展,工业自动化水平的提高,在工程中流量显示表已得到了广泛的使用。显示仪表精确度的高低,直接影响着企业的经济效益。在我国现有经济水平下,使用单片机开发的流量显示表,在工程中是非常适用的。该表是用MSP430F135为主芯片,并辅以其他的外围模块构成的具有串行通讯功能,满足流量检测显示的嵌入式最小系统。     

社会稳定风险分析和评估工作操作简析

文章从社会稳定风险分析和评估的基本概念、评估时机、所依据的法律法规、审批权限、工作流程以及在评估工作中应注意的问题等6个方面项目详细介绍了社会稳定风险分析和评估工作。     

煤气流量测量过程中的公式导出和仪表实现

文章通过设备的调试、单体、连接和安装,对流量量程的差压、温度压力补偿、不同状态间的转换和参数的计算求出最佳的最适合煤气运用的方案。     

金融业综合统计的国际经验与启示--以日本为例

近年来，我国金融业综合统计工作发展较快，但较发达国家仍存在一定差距。日本是开展金融业综合统计较早的国家，数据涵盖范围非常广泛，并形成了一套系统、有效的数据质量提升框架。研究和参考日本相关经验对推进我国的金融业综合统计工作有重要的现实意义。     

Foreign exchange customers and dealers: Who’s driving whom?

This paper tests the theoretical assumption of the foreign exchange market microstructure that dealers and non-dealer customers interact over discrete trading rounds. An exhaustive frequency-domain analysis reveals that the interaction is limited and mainly due to the instability of financial markets. The principal finding is that the trading activity of dealers is able to predict the customer order flow at low frequencies with wavelengths longer than roughly a week. In all, the evidence shows that non-financial customers are not as passive as some other research has suggested.     

Overnight information flow and realized volatility forecasting

This study compares various approaches for incorporating the overnight information flow for forecasting realized volatility of the Australian index ASX 200 and seven very liquid Australian shares from March 2007 to January 2014. The analysis shows that considering overnight information separately rather than adding it to the daily realized volatility estimates leads consistently to better out-of-sample results despite the higher number of involved parameters. A novel, very promising approach is to combine the assets’ own overnight returns with realized volatility estimates of related assets from other markets for which intraday data is available while the Australian exchange is closed.     

基于CFD的羧化釜搅拌改造设计

通过改变搅拌桨形状,对8立方液固两相体系的羧化釜进行了搅拌流场、固含率进行模拟,从流体力学角度对羧化釜进行了优化。将模拟优化结果用于实际工业生产中,结果表明:计算流体力学(CFD)模拟优化后的羧化釜能够改善釜内流体流动情况,从而对反应产生影响,使原料转化率提高了5.6个百分点。     

Optimal order display in limit order markets with liquidity competition

Order display is associated with benefits and costs. Benefits arise from increased execution-priority, while costs are due to adverse market impact. We analyze a structural model of optimal order placement that captures trade-off between the costs and benefits of order display. For a benchmark model of pure liquidity competition, we give a closed-form solution for optimal display sizes. We show that competition in liquidity supply incentivizes the use of hidden orders to prevent losses due to over-bidding. Thus, because aggressive liquidity competition is more prevalent in liquid stocks, our model predicts that the proportion of hidden liquidity is higher in liquid markets. Our theoretical considerations ares supported by an empirical analysis using high-frequency order-message data from NASDAQ. We find that there are no benefits in hiding orders in il-liquid stocks, whereas the performance gains can be significant in liquid stocks.     

Online Customer Experience and Its Relationship to Repurchase Intention: An Empirical Case of Online Travel Agencies in China

The study reported here examines the relationship between flow experience and repurchase intention by focusing on the joint mediating effects of loyalty. Data were taken from a survey of shopping experiences, at online travel websites, of 325 customers in China. The results show that flow experience has a significant effect on repurchase attention. Moreover, interactive speed, skill, challenge, perceived control, telepresence, perceived usefulness, and perceived ease of use are positively related to flow experience. Lastly, the findings show that loyalty, to some extent, acts as a mediator between flow experience and repurchase attention.