Exchange rate management in emerging markets: Intervention via an electronic limit order book

This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank's target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our sample that intervention increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We also show for intraday data that the price impact of interbank order flow is smaller on intervention days than on non-intervention days. These stabilizing effects, however, rely on the conditions of large currency reserves and the existence of capital controls; an electronic market seems to support this goal.     

板坯二次火切机控制系统应用

介绍了安钢第二炼轧厂板坯离线二次切割电气控制系统的组成及在生产中的应用情况。应用实践表明,二次切割系统的投产为安钢通过产品结构调整增效起到了积极作用。     

The number of pure Nash equilibria in a random game with nondecreasing best responses

We randomly draw a game from a distribution on the set of two-player games with a given size. We compute the distribution and the expectation of the number of pure-strategy Nash equilibria of the game conditional on the game having nondecreasing best-response functions. The conditional expected number of pure-strategy Nash equilibria becomes much larger than the unconditional expected number as the size of the game grows.     

哪种风格的招股书更容易众筹成功？——来自在线众筹平台Seedrs的经验证据

随着数字技术和创新金融服务的发展,众筹平台已迅速发展成为可以替代传统天使投资人和私募机构的创业融资渠道.本文调查了招股书风格对股权众筹成功可能性的影响.通过对2017年和2018年在英国最大的股权众筹平台Seedrs上发起的741次众筹活动的招股书进行文本分析,本文发现招股书字数和用词可以显著影响众筹结果.众筹平台聚集着大量的业余投资爱好者,与专业投资人相比,他们通常更依赖于直觉和情绪做出相对感性的投资决定.篇幅长的招股书不仅不能有效地缓解信息不对称,还会增加潜在投资者快速提取有价值信息并准确理解商业项目的难度,最终削弱了他们的投资热情、降低了众筹成功率.包括更多乐观词汇的招股书不仅可以向外界传递积极的内部信息,还可以正向影响众筹平台用户的情绪、激发其投资热情,从而提高了众筹成功率.     

论废弃物越境转移的法律规制

尽管我国已基本形成控制固体废物和危险废物进口的法律体系,但目前进口废旧物资的管理体制仍存在不少缺陷。由于废物利用、拆解等方面存在法律空白,每年有大量废物采用规避的办法进入我国。禁止危险废物进口,需要制定严格的法律文件,同时也要保证这些法律得到执行和遵守。提高人们的环保意识,发展和引进处理危险废物的科学技术,也是解决问题的有效途径。     

基于粒子滤波步行长度预测的移动ad hoc网络路由算法

针对移动ad hoc网络拓扑结构变化大、路由复杂度高、数据传输性能低等问题,提出了一种新的移动通信系统自适应路由算法。为了使得网络拓扑结构更接近移动网络间歇性连接的特点,该算法在网络结构上采用了一种改进的Levy Walk移动模型。采用一种粒子滤波步行长度预测的方法,通过蒙特卡罗抽样得到递归贝叶斯滤波器,并在粒子滤波后进行步行长度预测,确定消息的副本数量,从而减少由于节点转发过多消息副本带来的能量消耗量,提高消息的传递效率。实验仿真结果表明:与基于改进蚁群优化和利润优化模型的路由算法相比,该算法的消息传递成功率分别提高了0.08和0.04,节点平均能量效率提高了17.9%和13.4%,在提升数据传输成功率和节能上具有较好效果。     

Dominant tracking signals

The objective of this research is to find the best methods of automatically monitoring an exponentially smoothed forecast. Three conclusions are drawn. First, previously used performance measures are inadequate. As a consequence, currently available control limits can give false alarm rates that are substantially different than advertised. Second, two commonly used tracking signals can be substantially improved by choice of smoothing parameters. Finally, when measured by the new criteria proposed in this paper, the smoothed error tracking signal is substantially better than the unweighted sum of errors (CUSUM) method.