Price discovery in tick time

This paper develops a tick time model for the quote setting dynamics on Nasdaq. The model decomposes quotes into an efficient price, asymmetric information and noise. Both the evolution of the efficient price and the information contents of quotes depend on quote durations. New measures for the contribution to price discovery are defined within this model. When aggregated to fixed calendar time intervals, they relate closely to Hasbrouck [Hasbrouck, Joel, 1995, One security, many markets: determining the contribution to price discovery, Journal of Finance 50, 1175–1199] information shares. Empirical results for 20 Nasdaq stocks indicate that ECNs, in particular Island, contribute most to price discovery for active stocks. For less active stocks, wholesale market makers contribute most.     

Food choice models and their relation with food preferences and eating frequency in the Polish population: POFPRES study

A sample of 9339 subjects aged 13–75, living in the six macro-regions of Poland rated the preferences of 140 various food products, eating frequency and factors influencing food choice. Four groups of consumers were found: “consumers susceptible to advertising and seeking novel healthy products” (33.2% of the sample), “consumers not taking care of their health” (25.4%), “consumers not susceptible to advertising and taking care of their health” (32.5%), and “consumers insensitive to sensory attributes of fruit and vegetables” (9.0%). Among factors influencing the food choice, sensory and functional factors were significant, and health and price – moderate. Advertising was generally denied as an important factor in food choice. The food choice motives were highly dependent on age and gender, and to a lower extent – on region of residence, size of place of residence, economic condition and education level. Women/girls more often showed pro-health behaviours in food choice, choice motives, preferences and food intake.     

Valuing a Change in a Fishing Site without Collecting Characteristics Data on All Fishing Sites: A Complete but Minimal Model

Resource economists are often asked to value a proposed change at one, and only one, recreational site; the model we develop and estimate is applicable for those cases. The application is valuing the elimination of fish consumption advisories on a large bay on Lake Michigan. The model is minimal but complete: complete in that the choice set is not restricted, minimal in that only two conditional indirect utility functions are estimated. It is utility-theoretic and one does not have to collect characteristic data on all of the other fishing sites in the region. Data include the number of trips each individual currently takes to Green Bay, answers to "would you prefer to fish Green Bay under conditions A or B?" and how often each angler says they would fish Green Bay under different sets of conditions.     

损失分布模型在操作风险中的应用分析

随着巴塞尔协议的公布,操作风险(Operational Risk)的量化模型已经成为银行业目前研究的主要课题。本文按照巴塞尔协议规定,利用损失分布方法(Loss Distribution Approach,LDA)来度量操作风险,这种方法的优点在于分别度量损失事件发生频度以及损失幅度,然后利用组合分布方法来研究一段时间内的累积损失分布。本文主要讨论在商业银行内部如何执行LDA以及引入操作风险在险值(Valueat Risk,VaR)的概念,并且介绍了能够反映损失分布的分布函数。同时按照巴塞尔协议公布的方法和策略,从损失事件类型、业务部门以及损失分布额度的估计方法探讨利用高级度量方法的可能性和现实性以及操作中的现实问题。     

机前工作辊道控制方案的改造

文章对河北津西钢铁集团股份有限公司轧钢厂2000KW粗轧机机前工作辊道在生产过程中出现的问题做了详细的分析,确定其改造方案,介绍具体的改造方法,经过实践证明,小改动带来大效益。     

锁相环频率合成器设计与Simulink仿真

介绍了锁相环频率合成器的的组成及工作原理,并基于Simulink平台对双环锁相4倍频频率合成器进行了模型设计,仿真结果表明了设计的正确性及可行性。     

基于成本分析的发车频率模型在广州BRT的应用

班车的发车频率对服务水平及成本控制都起着重要作用。发车频率低,可以降低成本,但是不能满足乘客需求,会引发一系列社会问题;发车频率高,虽然给乘客提供了更好的服务,但是却大大增加了运营成本。本文将在陈文进《大众运输路线服务模式构建之研究》中提出的基于成本的公交班车派发频率模型的基础上,增加环境因素的考虑对模型进行完善。再次本文将以LINGO为工具对模型进行简单求解,并将模型应用于广州快速公交对广州BRT的发车频率进行优化。     

无拍频控制技术在新一代CRH380CL型高速动车组上的应用

高速动车组技术的迅猛发展对牵引变流器的性能提出了更高的要求。在动车组传动系统中,单相脉冲整流器工作时,会在中间直流环节产生2倍于电网频率的脉动分量,该脉动分量传递到逆变器输出侧会在电机上产生拍频现象,引起转矩脉动和电机过热。     

变频器调速系统在门式起重机上的应用

随着新技术和控制系统设备的发展,变频调速技术在起重机领域得到广泛应用,为可靠调速及节能提供全新的方案。文中研究了变频调速技术在门式起重机中的应用,对变频调速系统常见故障做了归纳总结,并提出了相应的解决措施,为起重机电控系统设计及改造提供了参考。     

变频调速技术在大变幅特征水位取水泵站的应用

文章通过对广西钦州市进口资源加工区钦南片区供水工程取水泵站水泵机组选型设计进行分析,浅述变频调速技术在大变幅特征水位取水泵站的应用。