The use of open source internet to analysis and predict stock market trading volume

The objective of this paper is to evaluate the impact of information demand and supply on stock market trading volume. Few studies have demonstrated the role of Google search data in analyzing trading volume activity. In this study, we employ a proxy for information demand which is derived from weekly internet search volume. The latest is from Google Trends database, for 25 of the largest stocks traded on CAC40 index, between April 2007 and March 2014. We use news headlines as a proxy for information supply. We use Garch model to analyze and predict trading volume.The empirical results present new evidences. First, information supply has an impact on trading volume but information demand's impact is much more important. Secondly, by applying MCA to results found, it could be concluded that the impact of public information on transaction volume is conditioned by two elements: the firm and market news disclosure and the second element relates to the characteristics of the market participants, more precisely their news interpretations and their risk aversion. Thirdly, we used Chow structural break test to verify the stability of our model. We found that for securities with structural changes, information demand is the responsible variable of the change in our model. Finally, we found that information variables have a predictive power on transaction volume.This paper contributes to existing literature by incorporating open source internet-based data into the analysis and prediction of transaction volume. Using internet information about the stock market, which has appeared recently as an interesting research for financial empiricists, computer scientists and practitioners, will have a very important utility because quantifying demand and supply of information becomes possible.     

The Coordination Role of Stress Tests in Bank Risk‐Taking

We examine whether stress tests distort banks' risk‐taking decisions. We study a model in which a regulator may choose to rescue banks in the event of concurrent bank failures. Our analysis reveals a novel coordination role of stress tests. Disclosure of stress‐test results informs banks of the failure likelihood of other banks, which can reduce welfare by facilitating banks' coordination in risk‐taking. However, conducting stress tests also enables the regulator to more effectively intervene banks, coordinating them preemptively into taking lower risks. We find that, if the regulator has a strong incentive to bail out, stress tests improve welfare, whereas if the regulator's incentive to bail out is weak, stress tests impair welfare.     

GB/T2542-2012《砌墙砖试验方法》合理性分析及建议

本文是在GB/T2542-2012《砌墙砖试验方法》实施后,在操作实践中发现配套设备、试验过程和标准的落实中存在一些问题。通过对这些问题进行分析,提出合理化的建议。     

地方高校大型分析测试仪器的管理和使用——以榆林学院为例

本文以榆林学院为例,从地方高校大型分析测试仪器设备发展中呈现出的特点以及存在的问题出发,在提高大型仪器设备的利用率和使用效益等方面进行了分析探讨。     

Collaborative delay management towards demand-capacity balancing within User Driven Prioritisation Process

The concept of User Driven Prioritisation Process (UDPP) was introduced to give Airspace Users (AUs) more flexibility under demand-capacity imbalance. This paper presents two UDPP-DCB models, built on the UDPP principle, using the Selective Flight Protection (SFP) approach to minimize the total delay cost. AUs are enabled to adapt their operations in a more cost-efficient way in the presence of capacity constraints in airspace, optimizing their flights to keep the priorities track. Then, ATFM integrates the AUs’ decision to reassign the time slots and the preferred rerouting trajectories. Results suggest that the delay cost for AUs can be largely reduced through applying the UDPP-DCB models proposed in this paper, while allowing rerouting proves effective in reducing the system delay cost.     

铁路客专现浇连续梁碗扣满堂支架的设计及检算

本文详细介绍成渝客运专线梁滩河特大桥预应力混凝土连续梁现浇施工中碗扣满堂支架的设计及检算,为类似工程施工提供参考。     

IMMEDIATE SETTLEMENT OR ENDURING A STRIKE: THE CHOICE OF SIGNALS

Some labour contract negotiations involve strikes while most conclude with immediate settlement. This article offers a model of union‐firm negotiation with private information to show that either strikes or immediate settlement will take place in the equilibrium. Different from most signalling literature where the signals are exogenously given, this article endogenizes the choice of signals. We compare two signals, the employment level and the strategic delay. We show that the low‐revenue firm will choose the signal which gives it higher payoff while separating itself from the high‐revenue firm.     

上海市交通拥堵成本测算及对策研究

依据美国德克萨斯运输学院交通拥挤外部成本的经典测算模型，将交通运输拥挤成本分为时间延误成本、额外燃油消耗成本、环境污染物排放成本和噪音成本三个方面，对于2015年上海市工作日高峰期交通拥挤的外部成本进行了详细的测算。结果表明，交通拥堵的外部成本约占当年上海市GDP的0.63%。最后，对于交通拥堵成本较高的现状提出了包括对上海市部分高度拥堵路段或区域收取拥堵费、大力发展上海市公共交通和发展交通快慢型出行方式共存在内的相关政策和建议。     

Can the Islamic bank be an emerging leader? A panel data causality analysis

This short note investigates the ability of Islamic banks (IBs) to play a leading role in revamping and driving conventional banking. To this end, we used a panel of 10 major conventional banks (CBs) and 10 IBs over the period 2006–2013. We applied panel regression tests and carried out a panel causality analysis. Our findings identified no significant causality effect from IBs to CBs and indicated that IBs are not able to play a role of leader.