Real estate prices and systemic banking crises

The collapse of real estate prices has historically jeopardized banking stability and triggered systemic banking crises. This paper studies risk contagion in a banking system in real estate price shock by adopting complex network theory. Modelling the real estate-related asset as a common exposure of banks to the real estate market, we propose a model that incorporates two main risk contagion channels, i.e., the financial network and asset fire sales, and reveal how the real estate price shock is transmitted and propagated across banks. We demonstrate that banking stability is highly sensitive to the real estate price shock. Moreover, due to the particularly low liquidity of the real estate market, the asset fire-sales of real estate assets overwhelms the financial network, playing the dominant role in risk contagion. Our model can be adopted by regulators to conduct stress testing and to forge effective risk management strategies.     

Virtual interlining within the European airport network: An airfare analysis

Virtual interlining, which covers the actively marketed or ‘non-hidden’ segment of all potential self-connecting flight itineraries, is often assumed to be a money-saving travel strategy. In this paper we assess the price difference between virtual interlined and ‘traditional’ flight itineraries within the intra-European airport network. We query Kiwi.com's recently developed Tequila platform, one of the few specialised online travel agencies (OTAs) offering both ‘traditional’ and virtual interlined flight itineraries, to obtain information on all available flights in the first week of August, October and December 2019. Using a series of sign tests, we investigate whether a statistically significant fare difference exists between the cheapest available (direct and/or indirect) ‘traditional’ and virtual interlined flight itineraries. Our results indicate a statistically significant fare difference between the cheapest indirect ‘traditional’ and the virtual interlined flight itineraries in favour of the latter. However, with regard to direct traditional flight itineraries the results are mixed. We explore the size and the scope of these patterns in more detail, and outline possible avenues for further research.     

基于Aptina ASX340的倒车影像系统设计与实现

为了避免倒车过程中因视觉盲区可能出现的安全隐患问题[1][2],文章采用飞思卡尔单片机做主机,Aptina图像传感器ASX340[3]做从机,利用ASX340内部的OVERLAY位图叠加系统,设计了一种能够将倒车过程中实时的车辆尾部的影像,距离障碍物的安全距离,倒车轨迹路径等信息提供驾驶员倒车影像系统[9][10]。使用HYRes3_1、Imatest软件[4]测量了影像图像质量的主要因素。测量结果表明成像质量能够满足目前车厂的要求。     

网络流行语中民众网络话语权研究

网络流行语作为网络文化的产物，映射当下现代文明的各类现状。通过挖掘网络流行语内在起因、情境和心理，以反沉默螺旋法则为理论依据，研究当代民众网络话语权的产生、表达方式和表达心态以及相关应对机制。希望通过本研究对我国社会行政管理科学化进程有所助益。     

试析计算机网络故障处理办法及维护策略

随着信息和科技时代的到来,计算机网络已经在人们生活中占据了越来越重要的位置。因此,对网络故障进行及时的处理与维护就显得更加重要。本文将对计算机网络故障的处理和维护进行分析,并提出了有关的解决策略。     

Using deep learning and visual analytics to explore hotel reviews and responses

This study aims to use computational linguistics, visual analytics, and deep learning techniques to analyze hotel reviews and responses collected on TripAdvisor and to identify response strategies. To this end, we collected and analyzed 113,685 hotel reviews and responses and their semantic and syntactic relations. We are among the first to use visual analytics and deep learning-based natural language processing to empirically identify managerial responses. The empirical results indicate that our proposed multi-feature fusion, convolutional neural network model can make different types of data complement each other, thereby outperforming the comparisons. The visualization results can also be used to improve the performance of the proposed model and provide insights into response strategies, which further shows the theoretical and technical contributions of this study.     

A new multiscale decomposition ensemble approach for forecasting exchange rates

Due to the high complexity and strong nonlinearity nature of foreign exchange rates, how to forecast foreign exchange rate accurately is regarded as a challenging research topic. Therefore, developing highly accurate forecasting method is of great significance to investors and policy makers. A new multiscale decomposition ensemble approach to forecast foreign exchange rates is proposed in this paper. In the approach, the variational mode decomposition (VMD) method is utilized to divide foreign exchange rates into a finite number of subcomponents; the support vector neural network (SVNN) technique is used to model and forecast each subcomponent respectively; another SVNN technique is utilized to integrate the forecasting results of each subcomponent to generate the final forecast results. To verify the superiority of the proposed approach, four major exchange rates were chosen for model comparison and evaluation. The experimental results indicate that our proposed VMD-SVNN-SVNN multiscale decomposition ensemble approach outperforms some other benchmarks in terms of forecasting accuracy and statistical tests. This demonstrates that our proposed VMD-SVNN-SVNN multiscale decomposition ensemble approach is promising for forecasting foreign exchange rates.     

The evolution of world trade from 1995 to 2014: A network approach

This paper employs network analysis to study world trade from 1995 to 2014. We focus on the main connective features of the world trade network (WTN) and their dynamics. Results suggest that countries’ efforts to attain the benefits of trade have resulted in an intertwined network that is increasingly dense, reciprocal, and clustered. However, these features do not correspond to a linear aggregation of the characteristics of its constituents (trade sectors). Trade linkages are distributed homogeneously among countries, but their intensity (i.e. their value) is highly concentrated in a small set of countries. The main connective features of the WTN were not affected by the 2007–2008 international financial crisis. However, we find that the crisis marks a turning point in the evolution of the WTN from a two-group (led by the US and Germany) to a three-group (led by the US, Germany, and China) hierarchical structure.     

Platform selection by software developers: Theory and evidence

This paper analyzes platform selection (affiliation) by game developers in the Japanese home video game industry. We develop an elementary model of affiliation by software developers and propose the hypothesis that wider availability of game titles for a platform positively inclines game developers to affiliate with that platform when releasing new game titles. Then, using data for Japan, we estimate a multinomial logit model that includes both the attributes of game developers and the characteristics of platforms, and find evidence supporting this hypothesis. Overall, the findings suggest that game developers expect the indirect network effect to apply, and the prospect of future growth matters to them when deciding with which platform to affiliate.     

别让IT运维成为中小企业迈向国际化的“包袱”

随着中国改革开放的不断深入,中国加入WTO,国内中小企业如雨后春笋般的发展起来,甚至已经将公司开到了国外,为新中国的经济腾飞做出了不可磨灭的贡献,期间IT系统在规范管理、提升工作效率方面起到了应用的作用。但随着企业规模的不断扩大,分公司越来越多,地域间隔越来越远,IT系统运维正变得空前困难。鉴于此,本文将着重介绍如何利用新技术降低IT运维成本,提升运维效率。