基于单元化集装器具循环共用的供应链优化创新

随着我国土地和劳动力成本的不断上升以及供应链中冗余、重复等非增值活动的大量存在,使得物流成本压缩越来越困难。本文主要探讨了单元化集装器具循环共用在生鲜和零售行业的创新运用以及带板运输的供应链优化新突破,并基于此提出了实施带板运输需要克服的问题及解决方案。     

公路工程施工机械的合理选择的原则构建和实践

笔者结合自身多年工作经验,对公路工程施工机械的合理选择与组合进行了简单分析,基于此加强施工机械管理,注重施工机械技术性能的配合,从而有效地提高施工机械组合水平,充分发挥其在公路工程施工中的应用。     

Hong Kong and Singapore exchanges confront high frequency trading

The Hong Kong (HKEx) and Singapore (SGX) exchanges remain conflicted about high frequency trading (HFT), reflecting the environment of private and public sector actors in which the HKEx and SGX operate. Neither exchange has resolved these conflicts, leaving the HFT controversy simmering and limiting the amounts of such trading occurring on their exchanges. Competitor exchanges in Asia, however, are more supportive of HFT. With the aid of technology providers which enable HFT, the HKEx and SGX significantly improved their trading infrastructures. At the same time, these providers developed data centres at other exchanges and built fibre-optic connections which permit low-latency trading across Asia. Traders in Hong Kong and Singapore access these exchanges, potentially undermining the HKEx and SGX.     

Does stock exchange consolidation improve market liquidity? A study of stock exchange acquisition in Russia

The last couple of decades have witnessed significant institutional and structural changes in financial sector within a worldwide trend toward consolidation. In the segment of organized trading stock exchanges merge and develop into large and diversified publicly traded companies. These processes are rather complicated in case of a transition economy like Russia. In December 2011 MICEX, the first largest and state-controlled stock exchange acquired RTS, the second largest and privately owned stock exchange primarily designed for foreign investors. We empirically investigate whether the acquisition resulted in improved liquidity of the Russian stock market which was one of the declared acquisition objectives. We use the Kolmogorov–Smirnov and the Wilcoxon tests to compare market-wide liquidity in several discrete periods pre and post acquisition. A deep and thorough insight into liquidity performance is ensured by assessing liquidity from limit order book data of tick frequency along three dimensions (tightness, immediacy, and elasticity).     

国外原厂拆迁设备利用管理

介绍了金属镁一体化项目国外拆迁设备项目,对拆迁设备翻新进行了技术、经济、风险分析,详细阐述了翻新管理工作的工作执行流程,翻新包工作流程,针对主要翻新设备进行了描述,最后对翻新工作做了总结。     

Time varying pass-through: Will the yen depreciation help Japan hit the inflation target?

This paper argues that the exchange rate could be a powerful transmission channel of the effects of ongoing “unconventional” monetary policies in Japan. It is shown that exchange rate pass-through to domestic prices, once considered near-extinct, has come back strong in recent years. This is especially true for those items that households purchase frequently. Evidence based on VARs as well as TVP-VARs indicates that a 25% depreciation of the yen would produce a 2% increase in the prices of those items. This could have an additional benefit of raising the public’s expectation about future inflation, as their beliefs are often said to be influenced by their daily observations about prices of those items that they buy frequently.     

基于处理器访存缺失率的节能软件设计与实现

近年来,世界的能源危机越来越严重,节能减排是当下世界关注的焦点。计算机系统作为当今社会广泛使用的技术,也针对能源危机提出了绿色计算以及效能计算的研究方向。随着处理器处理能力的逐步提高,计算机的功耗也飞速增大。这加剧了计算机系统部署的难度,增加了运行与维护成本。因此为了降低计算机系统的部署、管理以及维护成本,同时提高部署密度,对计算机进行节能调节是当前需要解决的关键问题。本文针对应用程序运行过程中内存访问的频率,提出以缓存访问缺失率为节能调节的依据的节能系统软件Cache-Ondemand,使计算机系统在任务负载100%时,仍可以进行节能调节,增大节能空间。通过在实际平台的实现与对比实验,结果表明,Cache-Ondemand系统在保证7%性能损失的前提下,达到了28%的节能效果,具有理论与实际应用价值。     

浅谈旋转变频液压推杆制动器在港口门机上的应用

随着近几年港口生产的发展，门座式起重机的应用不断增加，而且逐步向大吨位门机25t以上的方向发展。本文详细阐述了变频液压推杆制动器在门机中的应用，不仅减小了劳动强度而且节约了维修成本。     

Co-dependence of extreme events in high frequency FX returns

In this paper, we investigate extreme events in high frequency, multivariate FX returns within a purposely built framework. We generalize univariate tests and concepts to multidimensional settings and employ these novel techniques for parametric and nonparametric analysis. In particular, we investigate and quantify the co-dependence of cross-sectional and intertemporal extreme events. We find evidence of the cubic law of extreme returns, their increasing and asymmetric dependence and of the scaling property of extreme risk in joint symmetric tails.     

The one-trading-day-ahead forecast errors of intra-day realized volatility

Two volatility forecasting evaluation measures are considered; the squared one-day-ahead forecast error and its standardized version. The mean squared forecast error is the widely accepted evaluation function for the realized volatility forecasting accuracy. Additionally, we explore the forecasting accuracy based on the squared distance of the forecast error standardized with its volatility. The statistical properties of the forecast errors point the standardized version as a more appropriate metric for evaluating volatility forecasts.We highlight the importance of standardizing the forecast errors with their volatility. The predictive accuracy of the models is investigated for the FTSE100, DAX30 and CAC40 European stock indices and the exchange rates of Euro to British Pound, US Dollar and Japanese Yen. Additionally, a trading strategy defined by the standardized forecast errors provides higher returns compared to the strategy based on the simple forecast errors. The exploration of forecast errors is paving the way for rethinking the evaluation of ultra-high frequency realized volatility models.