In recent years,the tendency of the number of financial institutions to include crypto-currencies in their portfolios has accelerated.Cryptocurrencies are the first pure digital assets to be included by asset managers...In recent years,the tendency of the number of financial institutions to include crypto-currencies in their portfolios has accelerated.Cryptocurrencies are the first pure digital assets to be included by asset managers.Although they have some commonalities with more traditional assets,they have their own separate nature and their behaviour as an asset is still in the process of being understood.It is therefore important to summarise existing research papers and results on cryptocurrency trading,including available trading platforms,trading signals,trading strategy research and risk management.This paper provides a comprehensive survey of cryptocurrency trading research,by covering 146 research papers on various aspects of cryptocurrency trading(e.g.,cryptocurrency trading systems,bubble and extreme condition,prediction of volatility and return,crypto-assets portfolio construction and crypto-assets,technical trading and others).This paper also analyses datasets,research trends and distribution among research objects(contents/properties)and technologies,concluding with some promising opportunities that remain open in cryptocurrency trading.展开更多
Bamboo forest is an important land use in the traditional village of Penglipuran, Bali Indonesia. Bamboo growing in the rural areas can be a good choice for capturing CO2. I harvested selected culms to determine bioma...Bamboo forest is an important land use in the traditional village of Penglipuran, Bali Indonesia. Bamboo growing in the rural areas can be a good choice for capturing CO2. I harvested selected culms to determine biomass content, and 50 % of dry weight biomass was calculated as carbon content. The Penglipuran bamboo forest supported six bamboo species in a one hectare sampling plot, all of the genus Gigantochloa. The clump and culm densities were 339 and 7190 ha-1, respectively.Total above- plus below-ground biomass was87.35 Mg ha-1, and carbon storage was 43.67 Mg ha-1.Carbon storage estimated in the bamboo forest at Penglipuran offers insight into the opportunity for PES（payment for ecosystem services） through emission trading mechanisms.展开更多
This study examines the predictability of three major cryptocurrencies—bitcoin,ethereum,and litecoin—and the profitability of trading strategies devised upon machine learning techniques(e.g.,linear models,random for...This study examines the predictability of three major cryptocurrencies—bitcoin,ethereum,and litecoin—and the profitability of trading strategies devised upon machine learning techniques(e.g.,linear models,random forests,and support vector machines).The models are validated in a period characterized by unprecedented turmoil and tested in a period of bear markets,allowing the assessment of whether the predictions are good even when the market direction changes between the validation and test periods.The classification and regression methods use attributes from trading and network activity for the period from August 15,2015 to March 03,2019,with the test sample beginning on April 13,2018.For the test period,five out of 18 individual models have success rates of less than 50%.The trading strategies are built on model assembling.The ensemble assuming that five models produce identical signals(Ensemble 5)achieves the best performance for ethereum and litecoin,with annualized Sharpe ratios of 80.17%and 91.35%and annualized returns(after proportional round-trip trading costs of 0.5%)of 9.62%and 5.73%,respectively.These positive results support the claim that machine learning provides robust techniques for exploring the predictability of cryptocurrencies and for devising profitable trading strategies in these markets,even under adverse market conditions.展开更多
Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-speci...Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find,first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second,trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies.Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.展开更多
Virtual power plant(VPP)aggregates large amounts of distributed energy and controllable loads.The comprehensive consideration of carbon emissions and electricity transactions has great significance in improving the VP...Virtual power plant(VPP)aggregates large amounts of distributed energy and controllable loads.The comprehensive consideration of carbon emissions and electricity transactions has great significance in improving the VPP operation’s economic efficiency.In this paper,the bidding strategy of the VPP by considering the carbon-electricity integration trading in an auxiliary service(AS)market is studied.First of all,the basic structure and operating features of the VPP are briefly introduced.Then,the bidding strategy model of carbon-electricity integration trading in an auxiliary service market is proposed and the corresponding objective function and the constraint conditions are also analyzed.Furthermore,the GAMS solver is utilized to give the optimal solution of the bidding strategy model.Finally,the effectiveness of the bidding strategy of a VPP based on the consideration of carbon-electricity integration trading is verified through simulation cases.展开更多
The parallel corporate average fuel consumption(CAFC)and new energy vehicle(NEV)credit schemes that have been introduced by the Ministry of Industry and Information Technology of China is an innovative attempt to simu...The parallel corporate average fuel consumption(CAFC)and new energy vehicle(NEV)credit schemes that have been introduced by the Ministry of Industry and Information Technology of China is an innovative attempt to simultaneously regulate conventional gasoline vehicles(CGVs)and NEVs in the passenger vehicle sector that is expected to function as a long-term management mechanism for CGVs to be more energy-efficient and NEVs to be well-promoted.This will have a significant impact on trends in China’s automotive industry and automakers’business decisions.Taking the cases of four typical automakers with different levels of average fuel economy in their CGVs and advanced NEV production,scenario analysis has been applied to generate these automakers’alternatives in relation to compliance with the dual-credit regulations in force from 2017 to 2020 based on the Interim Measures on the Joint Management of CAFC and NEV Credits(Draft).These automakers’alternative approaches to compliance are compared.Further,in view of the financial losses as a result of halted production if they fail to comply,the values of CAFC and NEV credits and corresponding influencing factors are analyzed from the automakers’perspective.Finally,the most cost-effective compliance strategies for these automakers are summarized and suggested improvements in the regulations are proposed for the government.展开更多
As a promising solution to address the“energy trilemma”confronting human society,peer-to-peer(P2P)energy trading has emerged and rapidly developed in recent years.When carrying out P2P energy trading,customers with ...As a promising solution to address the“energy trilemma”confronting human society,peer-to-peer(P2P)energy trading has emerged and rapidly developed in recent years.When carrying out P2P energy trading,customers with distributed energy resources(DERs)are able to directly trade and share energy with each other.This paper summarizes and analyzes the global development of P2P energy trading based on a comprehensive review of related academic papers,research projects,and industrial practice.Key aspects in P2P energy trading are identified and discussed,including market design,trading platforms,physical infrastructure and information and communication technology(ICT)infrastructure,social science perspectives,and policy.For each key aspect,existing research and practice are critically reviewed and insights for future development are presented.Comprehensive concluding remarks are provided at the end,summarizing the major findings and perspectives of this paper.P2P energy trading is a growing field with great potential and opportunities for both academia and industry across the world.展开更多
文摘In recent years,the tendency of the number of financial institutions to include crypto-currencies in their portfolios has accelerated.Cryptocurrencies are the first pure digital assets to be included by asset managers.Although they have some commonalities with more traditional assets,they have their own separate nature and their behaviour as an asset is still in the process of being understood.It is therefore important to summarise existing research papers and results on cryptocurrency trading,including available trading platforms,trading signals,trading strategy research and risk management.This paper provides a comprehensive survey of cryptocurrency trading research,by covering 146 research papers on various aspects of cryptocurrency trading(e.g.,cryptocurrency trading systems,bubble and extreme condition,prediction of volatility and return,crypto-assets portfolio construction and crypto-assets,technical trading and others).This paper also analyses datasets,research trends and distribution among research objects(contents/properties)and technologies,concluding with some promising opportunities that remain open in cryptocurrency trading.
基金supported by the Indonesian Ministry of Research and Technology through the Research Incentive for Researchers and Engineers
文摘Bamboo forest is an important land use in the traditional village of Penglipuran, Bali Indonesia. Bamboo growing in the rural areas can be a good choice for capturing CO2. I harvested selected culms to determine biomass content, and 50 % of dry weight biomass was calculated as carbon content. The Penglipuran bamboo forest supported six bamboo species in a one hectare sampling plot, all of the genus Gigantochloa. The clump and culm densities were 339 and 7190 ha-1, respectively.Total above- plus below-ground biomass was87.35 Mg ha-1, and carbon storage was 43.67 Mg ha-1.Carbon storage estimated in the bamboo forest at Penglipuran offers insight into the opportunity for PES（payment for ecosystem services） through emission trading mechanisms.
基金This work has been funded by national funds through FCT-Fundaçao para a Ciência e a Tecnologia,I.P.,Project UIDB/05037/2020.
文摘This study examines the predictability of three major cryptocurrencies—bitcoin,ethereum,and litecoin—and the profitability of trading strategies devised upon machine learning techniques(e.g.,linear models,random forests,and support vector machines).The models are validated in a period characterized by unprecedented turmoil and tested in a period of bear markets,allowing the assessment of whether the predictions are good even when the market direction changes between the validation and test periods.The classification and regression methods use attributes from trading and network activity for the period from August 15,2015 to March 03,2019,with the test sample beginning on April 13,2018.For the test period,five out of 18 individual models have success rates of less than 50%.The trading strategies are built on model assembling.The ensemble assuming that five models produce identical signals(Ensemble 5)achieves the best performance for ethereum and litecoin,with annualized Sharpe ratios of 80.17%and 91.35%and annualized returns(after proportional round-trip trading costs of 0.5%)of 9.62%and 5.73%,respectively.These positive results support the claim that machine learning provides robust techniques for exploring the predictability of cryptocurrencies and for devising profitable trading strategies in these markets,even under adverse market conditions.
文摘Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find,first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second,trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies.Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.
文摘Virtual power plant(VPP)aggregates large amounts of distributed energy and controllable loads.The comprehensive consideration of carbon emissions and electricity transactions has great significance in improving the VPP operation’s economic efficiency.In this paper,the bidding strategy of the VPP by considering the carbon-electricity integration trading in an auxiliary service(AS)market is studied.First of all,the basic structure and operating features of the VPP are briefly introduced.Then,the bidding strategy model of carbon-electricity integration trading in an auxiliary service market is proposed and the corresponding objective function and the constraint conditions are also analyzed.Furthermore,the GAMS solver is utilized to give the optimal solution of the bidding strategy model.Finally,the effectiveness of the bidding strategy of a VPP based on the consideration of carbon-electricity integration trading is verified through simulation cases.
基金This study is sponsored by the Natural Science Foundation of Beijing(9162008)Ministry of Science and Technol-ogy of China(ZLY2015017).
文摘The parallel corporate average fuel consumption(CAFC)and new energy vehicle(NEV)credit schemes that have been introduced by the Ministry of Industry and Information Technology of China is an innovative attempt to simultaneously regulate conventional gasoline vehicles(CGVs)and NEVs in the passenger vehicle sector that is expected to function as a long-term management mechanism for CGVs to be more energy-efficient and NEVs to be well-promoted.This will have a significant impact on trends in China’s automotive industry and automakers’business decisions.Taking the cases of four typical automakers with different levels of average fuel economy in their CGVs and advanced NEV production,scenario analysis has been applied to generate these automakers’alternatives in relation to compliance with the dual-credit regulations in force from 2017 to 2020 based on the Interim Measures on the Joint Management of CAFC and NEV Credits(Draft).These automakers’alternative approaches to compliance are compared.Further,in view of the financial losses as a result of halted production if they fail to comply,the values of CAFC and NEV credits and corresponding influencing factors are analyzed from the automakers’perspective.Finally,the most cost-effective compliance strategies for these automakers are summarized and suggested improvements in the regulations are proposed for the government.
基金the Horizon 2020 project P2P-SmarTest,EPSRC Supergen Hub on Energy Networks(EP/S00078X/1)and MISTRAL(EP/N017064/1).
文摘As a promising solution to address the“energy trilemma”confronting human society,peer-to-peer(P2P)energy trading has emerged and rapidly developed in recent years.When carrying out P2P energy trading,customers with distributed energy resources(DERs)are able to directly trade and share energy with each other.This paper summarizes and analyzes the global development of P2P energy trading based on a comprehensive review of related academic papers,research projects,and industrial practice.Key aspects in P2P energy trading are identified and discussed,including market design,trading platforms,physical infrastructure and information and communication technology(ICT)infrastructure,social science perspectives,and policy.For each key aspect,existing research and practice are critically reviewed and insights for future development are presented.Comprehensive concluding remarks are provided at the end,summarizing the major findings and perspectives of this paper.P2P energy trading is a growing field with great potential and opportunities for both academia and industry across the world.
