Starting from the pressure on habitat of Jiuzhaigou Nature Reserve broughtabout by traveling activity, this paper puts forward such philosophy of community co-management ofconservation-based tourism development for Ji...Starting from the pressure on habitat of Jiuzhaigou Nature Reserve broughtabout by traveling activity, this paper puts forward such philosophy of community co-management ofconservation-based tourism development for Jiuzhaigou Nature Reserve. According to this philosophy,emphasis is laid on the analysis of the mission of habitat protection, functional division, habitatmaintenance, community construction, scientific study and management organization system. The studyshows that the close relation and significance of rights and interests shared between nature reserveand residents in community, as well as the value of community co-management philosophy ofconservation-based tourism development in sustainable management of nature reserve, have set anexemplary example for other nature reserves.展开更多
This paper deals with the continuum modeling of traffic dynamics for freeways with two lanes where the faster vehicles are allowed to travel on both lanes while the slower vehicles are allowed to travel on one lane on...This paper deals with the continuum modeling of traffic dynamics for freeways with two lanes where the faster vehicles are allowed to travel on both lanes while the slower vehicles are allowed to travel on one lane only. The speed gradient-based momentum equation is used to develop the traffic models for each lane. Using the proposed models, some nonequilibrium phenomena such as small disturbance instability and stop-and-go waves, together with results from numerical tests are investigated. The conditions for keeping the models’linear stability are presented.展开更多
Hydrogen production at room temperature from liquid methanol has been conducted using corona discharge. The content of water in methanol solution has a significant effect on this production. When water concentration...Hydrogen production at room temperature from liquid methanol has been conducted using corona discharge. The content of water in methanol solution has a significant effect on this production. When water concentration increases from 1.0% to 16.7%,the methanol conversion rate changes from 0.196 to 0.284 mol/h. An important finding in this investigation is the formation of ethylene glycol as a major by-product. The yield of ethylene glycol is ranged from 0.0045 to 0.0075 mol/h based on the water content.展开更多
On the basis of the information entropy and equilibrium degree of urban land-use spatial structure, the paper analyzes the characteristics and rules of urban land-use spatial structure changes in Wuhan in 1990s, in wh...On the basis of the information entropy and equilibrium degree of urban land-use spatial structure, the paper analyzes the characteristics and rules of urban land-use spatial structure changes in Wuhan in 1990s, in which the types of land-use are shrinking and urban land-use changes are disequilibria. With PCA and GRA employed, the driving forces have also been analyzed. The driving force of city welfare and social structure, the towing force of city industrial structure transition, and the pressing force of city construction and reconstruction are main momentum factors. Moreover, the latter forces are more significant.展开更多
One remarkable feature of wavelet decomposition is that the waveletcoefficients are localized, and any singularity in the input signals can only affect the waveletcoefficients at the point near the singularity. The lo...One remarkable feature of wavelet decomposition is that the waveletcoefficients are localized, and any singularity in the input signals can only affect the waveletcoefficients at the point near the singularity. The localized property of the wavelet coefficientsallows us to identify the singularities in the input signals by studying the wavelet coefficients atdifferent resolution levels. This paper considers wavelet-based approaches for the detection ofoutliers in time series. Outliers are high-frequency phenomena which are associated with the waveletcoefficients with large absolute values at different resolution levels. On the basis of thefirst-level wavelet coefficients, this paper presents a diagnostic to identify outliers in a timeseries. Under the null hypothesis that there is no outlier, the proposed diagnostic is distributedas a χ_1~2. Empirical examples are presented to demonstrate the application of the proposeddiagnostic.展开更多
This paper proposes a minimum contrast methodology to estimate the drift parameter for the Ornstein-Uhlenbeck process driven by fractional Brownian motion of Hurst index, which is greater than one half. Both the stron...This paper proposes a minimum contrast methodology to estimate the drift parameter for the Ornstein-Uhlenbeck process driven by fractional Brownian motion of Hurst index, which is greater than one half. Both the strong consistency and the asymptotic normality of this minimum contrast estimator are studied based on the Laplace transform. The numerical simulation results confirm the theoretical analysis and show that the minimum contrast technique is effective and efficient.展开更多
Considering our country's present situation, in this paper we provide ten evaluation indexes of the credit application management, which is used as the input vector of neural network. Then we set up a three-layer ...Considering our country's present situation, in this paper we provide ten evaluation indexes of the credit application management, which is used as the input vector of neural network. Then we set up a three-layer back propagation model for the credit application evaluation based on the artificial neural network. We also analyzed the model using the real data; the testing result indicates that the model is a good method and a good tool.展开更多
According to military requirement, and based on the problems of equipmentmaintenance support methods in high-tech battles, each element supporting equipment maintenance isanalyzed, and the methods for improving equipm...According to military requirement, and based on the problems of equipmentmaintenance support methods in high-tech battles, each element supporting equipment maintenance isanalyzed, and the methods for improving equipment maintenance are proposed.展开更多
The cross-fertilization between artificial intelligence and computational finance has resulted in some of the most active research areas in financial engineering. One direction is the application of machine learning t...The cross-fertilization between artificial intelligence and computational finance has resulted in some of the most active research areas in financial engineering. One direction is the application of machine learning techniques to pricing financial products, which is certainly one of the most complex issues in finance. In the literature, when the interest rate,the mean rate of return and the volatility of the underlying asset follow general stochastic processes, the exact solution is usually not available. In this paper, we shall illustrate how genetic algorithms (GAs), as a numerical approach, can be potentially helpful in dealing with pricing. In particular, we test the performance of basic genetic algorithms by using it to the determination of prices of Asian options, whose exact solutions is known from Black-Scholesoption pricing theory. The solutions found by basic genetic algorithms are compared with the exact solution, and the performance of GAs is ewluated accordingly. Based on these ewluations, some limitations of GAs in option pricing are examined and possible extensions to future works are also proposed.展开更多
The dynamic behavior of discrete-time cellular neural networks(DTCNN), which is strict with zero threshold value, is mainly studied in asynchronous mode and in synchronous mode. In general, a k-attractor of DTCNN is n...The dynamic behavior of discrete-time cellular neural networks(DTCNN), which is strict with zero threshold value, is mainly studied in asynchronous mode and in synchronous mode. In general, a k-attractor of DTCNN is not a convergent point. But in this paper, it is proved that a k-attractor is a convergent point if the strict DTCNN satisfies some conditions. The attraction basin of the strict DTCNN is studied, one example is given to illustrate the previous conclusions to be wrong, and several results are presented. The obtained results on k-attractor and attraction basin not only correct the previous results, but also provide a theoretical foundation of performance analysis and new applications of the DTCNN.展开更多
By using GARCH and EGARCH models, the authors examine the relationship between price volatility and new information flow, represented by trading volume, and past information flow, represented by the ARCH effect, in th...By using GARCH and EGARCH models, the authors examine the relationship between price volatility and new information flow, represented by trading volume, and past information flow, represented by the ARCH effect, in the Shanghai Stock Market for the three different periods from July 1998 to December 2002: the soft period, the bull period, and the bear period. The empirical results show that: (1) there exists a 'leverage effect' in the stock market; that is, negative news had a greater impact on stock price volatility than did positive news in the soft period and bear period, but in the bull period the 'leverage effect' behaves differently； (2) there is a significantly positive relationship between trading volume and stock price volatility, and such a relationship is even more significant in the bear period; (3) it turns out that in the three periods, the relationships between stock price volatility and information flow, both past and new, are not the same; that is, in both the soft and bull periods, both the ARCH effect, reflecting 'past information flow', and trading volume,reflecting 'new information flow', explain price volatility simultaneously, but in the bear period, the ARCH effect is substantially reduced. These findings provide key evidence for understanding, explaining, and tracking the characteristics of price volatility and the changing rules of the stock market in China more comprehensively.展开更多
We prove a unified convergence theorem, which presents, in four equivalentforms, the famous Antosik-Mikusinski theorems. In particular, we show that Swartz' three uniformconvergence principles are all equivalent t...We prove a unified convergence theorem, which presents, in four equivalentforms, the famous Antosik-Mikusinski theorems. In particular, we show that Swartz' three uniformconvergence principles are all equivalent to the Antosik-Mikusinski theorems.展开更多
A revised conjugate gradient projection method for nonlinear inequality constrained optimization problems is proposed in the paper, since the search direction is the combination of the conjugate projection gradient an...A revised conjugate gradient projection method for nonlinear inequality constrained optimization problems is proposed in the paper, since the search direction is the combination of the conjugate projection gradient and the quasi-Newton direction. It has two merits. The one is that the amount of computation is lower because the gradient matrix only needs to be computed one time at each iteration. The other is that the algorithm is of global convergence and locally superlinear convergence without strict complementary condition under some mild assumptions. In addition the search direction is explicit.展开更多
Some sufficient conditions for the global exponential stability and lower bounds on the rate of exponential convergence of the cellular neural networks with delay (DCNNs) are obtained by means of a method based on del...Some sufficient conditions for the global exponential stability and lower bounds on the rate of exponential convergence of the cellular neural networks with delay (DCNNs) are obtained by means of a method based on delay differential inequality. The method, which does not make use of any Lyapunov functional, is simple and valid for the stability analysis of neural networks with delay. Some previously established results in this paper are shown to be special casses of the presented result.展开更多
In this paper, we compare the performance of the optimal attainable payoffs (of a general claim) derived by the variance-optimal approach and the indifference argument under the mean-variance preference in an incomple...In this paper, we compare the performance of the optimal attainable payoffs (of a general claim) derived by the variance-optimal approach and the indifference argument under the mean-variance preference in an incomplete market. Both payoffs are expressed by the signed variance-optimal martingale measure. Our results are applied to the claim hedging under partial information.展开更多
After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two sur...After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two surveys and interviews with 57 SMEs and some commercial banks' staff, this study on the practice and implement action of SMEs' credit-guarantee revealed some problems existing in the practical process. A series of policy suggestions are given for improving the SMEs' credit-guarantee in China.展开更多
We use structural equation technique to test four hypothesis relationships between the managerial pay and firm performance. Data from 208 Chinese listed companies is used, the evidence supports Hypothesis 3. It opens ...We use structural equation technique to test four hypothesis relationships between the managerial pay and firm performance. Data from 208 Chinese listed companies is used, the evidence supports Hypothesis 3. It opens out that ownership concentration affects firm performance indirectly through managerial pay, and illustrates managerial pay is a valid mechanism in corporate governance to motivate manager to maximize firm's performance.At the same time, we find ownership concentration is negative to managerial pay, while IPO time and registration areas are positive to managerial pay obviously. It suggests that finding a correct solution to management incentive is the key to improve firm performance.展开更多
Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the d...Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the difference of the role of lease, character of business, object of the trade and condition of the market. The problem in rent calculating of the three kinds of lease that equipment lease company of coal mining often involved was analyzed. Hope to be helpful to the decision making of the equipment lease company of coal mining.展开更多
For a Stock Market,the critical problem is the maintenance of its liquidity.Market liquidity can be described in various ways,in particular, in terms of the bid/offer spread and the market depth.Model of market liquid...For a Stock Market,the critical problem is the maintenance of its liquidity.Market liquidity can be described in various ways,in particular, in terms of the bid/offer spread and the market depth.Model of market liquidity dynamics has been proposed in Schmidt,A.B.'literate.In our study,we improve his model.On one hand,we think that trading volume is determined by the total number of traders,as well as the relations between the numbers of buyers and sellers,while the model of Schmidt only considers the first item.On the other hand,Schmidt assumes that the number of “newcomers”in the market is in proportion to the current number of trades.However,we all know that the continual rise or fall of the price will also attract more buyers or sellers,that is,“newcomers”,into the market,which he has not taken for granted.We also prove it to be a chaos model through analysis of Lyapunov exponent.On the assumption that price variation can be neglected,we discuss the conditions in which chaos will emerge.Finally,we implement a computer simulation of the model in MATLAB,and get more interesting results.展开更多
文摘Starting from the pressure on habitat of Jiuzhaigou Nature Reserve broughtabout by traveling activity, this paper puts forward such philosophy of community co-management ofconservation-based tourism development for Jiuzhaigou Nature Reserve. According to this philosophy,emphasis is laid on the analysis of the mission of habitat protection, functional division, habitatmaintenance, community construction, scientific study and management organization system. The studyshows that the close relation and significance of rights and interests shared between nature reserveand residents in community, as well as the value of community co-management philosophy ofconservation-based tourism development in sustainable management of nature reserve, have set anexemplary example for other nature reserves.
文摘This paper deals with the continuum modeling of traffic dynamics for freeways with two lanes where the faster vehicles are allowed to travel on both lanes while the slower vehicles are allowed to travel on one lane only. The speed gradient-based momentum equation is used to develop the traffic models for each lane. Using the proposed models, some nonequilibrium phenomena such as small disturbance instability and stop-and-go waves, together with results from numerical tests are investigated. The conditions for keeping the models’linear stability are presented.
基金Supports from the Key Fundamental Research Project of Ministry of Science and Technology of China(973,G1999022402)and ABB Switzerland are very appreciated.
文摘Hydrogen production at room temperature from liquid methanol has been conducted using corona discharge. The content of water in methanol solution has a significant effect on this production. When water concentration increases from 1.0% to 16.7%,the methanol conversion rate changes from 0.196 to 0.284 mol/h. An important finding in this investigation is the formation of ethylene glycol as a major by-product. The yield of ethylene glycol is ranged from 0.0045 to 0.0075 mol/h based on the water content.
基金Supported by Knowledge Innovation Program of Chinese Academy of Sciences(No.KZCX2-SW-415).
文摘On the basis of the information entropy and equilibrium degree of urban land-use spatial structure, the paper analyzes the characteristics and rules of urban land-use spatial structure changes in Wuhan in 1990s, in which the types of land-use are shrinking and urban land-use changes are disequilibria. With PCA and GRA employed, the driving forces have also been analyzed. The driving force of city welfare and social structure, the towing force of city industrial structure transition, and the pressing force of city construction and reconstruction are main momentum factors. Moreover, the latter forces are more significant.
基金This research is supportea by the National Natural Science Foundation of China (79800012,70171001)
文摘One remarkable feature of wavelet decomposition is that the waveletcoefficients are localized, and any singularity in the input signals can only affect the waveletcoefficients at the point near the singularity. The localized property of the wavelet coefficientsallows us to identify the singularities in the input signals by studying the wavelet coefficients atdifferent resolution levels. This paper considers wavelet-based approaches for the detection ofoutliers in time series. Outliers are high-frequency phenomena which are associated with the waveletcoefficients with large absolute values at different resolution levels. On the basis of thefirst-level wavelet coefficients, this paper presents a diagnostic to identify outliers in a timeseries. Under the null hypothesis that there is no outlier, the proposed diagnostic is distributedas a χ_1~2. Empirical examples are presented to demonstrate the application of the proposeddiagnostic.
基金National Science Fund for Distinguished Young Scholars of China (Grant No. 70825005)National Natural Science Foundation of China (Grant No. 71171086)+2 种基金Natural Science Foundation of Guangdong Province of China (Grant No. S2011040005723)the Fundamental Research Funds for the Central Universities, SCUT (2012ZM0029)supported by GDUPS(2010)
文摘This paper proposes a minimum contrast methodology to estimate the drift parameter for the Ornstein-Uhlenbeck process driven by fractional Brownian motion of Hurst index, which is greater than one half. Both the strong consistency and the asymptotic normality of this minimum contrast estimator are studied based on the Laplace transform. The numerical simulation results confirm the theoretical analysis and show that the minimum contrast technique is effective and efficient.
文摘Considering our country's present situation, in this paper we provide ten evaluation indexes of the credit application management, which is used as the input vector of neural network. Then we set up a three-layer back propagation model for the credit application evaluation based on the artificial neural network. We also analyzed the model using the real data; the testing result indicates that the model is a good method and a good tool.
文摘According to military requirement, and based on the problems of equipmentmaintenance support methods in high-tech battles, each element supporting equipment maintenance isanalyzed, and the methods for improving equipment maintenance are proposed.
文摘The cross-fertilization between artificial intelligence and computational finance has resulted in some of the most active research areas in financial engineering. One direction is the application of machine learning techniques to pricing financial products, which is certainly one of the most complex issues in finance. In the literature, when the interest rate,the mean rate of return and the volatility of the underlying asset follow general stochastic processes, the exact solution is usually not available. In this paper, we shall illustrate how genetic algorithms (GAs), as a numerical approach, can be potentially helpful in dealing with pricing. In particular, we test the performance of basic genetic algorithms by using it to the determination of prices of Asian options, whose exact solutions is known from Black-Scholesoption pricing theory. The solutions found by basic genetic algorithms are compared with the exact solution, and the performance of GAs is ewluated accordingly. Based on these ewluations, some limitations of GAs in option pricing are examined and possible extensions to future works are also proposed.
文摘The dynamic behavior of discrete-time cellular neural networks(DTCNN), which is strict with zero threshold value, is mainly studied in asynchronous mode and in synchronous mode. In general, a k-attractor of DTCNN is not a convergent point. But in this paper, it is proved that a k-attractor is a convergent point if the strict DTCNN satisfies some conditions. The attraction basin of the strict DTCNN is studied, one example is given to illustrate the previous conclusions to be wrong, and several results are presented. The obtained results on k-attractor and attraction basin not only correct the previous results, but also provide a theoretical foundation of performance analysis and new applications of the DTCNN.
文摘By using GARCH and EGARCH models, the authors examine the relationship between price volatility and new information flow, represented by trading volume, and past information flow, represented by the ARCH effect, in the Shanghai Stock Market for the three different periods from July 1998 to December 2002: the soft period, the bull period, and the bear period. The empirical results show that: (1) there exists a 'leverage effect' in the stock market; that is, negative news had a greater impact on stock price volatility than did positive news in the soft period and bear period, but in the bull period the 'leverage effect' behaves differently； (2) there is a significantly positive relationship between trading volume and stock price volatility, and such a relationship is even more significant in the bear period; (3) it turns out that in the three periods, the relationships between stock price volatility and information flow, both past and new, are not the same; that is, in both the soft and bull periods, both the ARCH effect, reflecting 'past information flow', and trading volume,reflecting 'new information flow', explain price volatility simultaneously, but in the bear period, the ARCH effect is substantially reduced. These findings provide key evidence for understanding, explaining, and tracking the characteristics of price volatility and the changing rules of the stock market in China more comprehensively.
基金This project is supported by NSFC(10471124)is supported by Zhejiang Provineial Natural Science Foundation of China(M103057)sponsored by SRF for ROCS,SEM
文摘We prove a unified convergence theorem, which presents, in four equivalentforms, the famous Antosik-Mikusinski theorems. In particular, we show that Swartz' three uniformconvergence principles are all equivalent to the Antosik-Mikusinski theorems.
文摘A revised conjugate gradient projection method for nonlinear inequality constrained optimization problems is proposed in the paper, since the search direction is the combination of the conjugate projection gradient and the quasi-Newton direction. It has two merits. The one is that the amount of computation is lower because the gradient matrix only needs to be computed one time at each iteration. The other is that the algorithm is of global convergence and locally superlinear convergence without strict complementary condition under some mild assumptions. In addition the search direction is explicit.
文摘Some sufficient conditions for the global exponential stability and lower bounds on the rate of exponential convergence of the cellular neural networks with delay (DCNNs) are obtained by means of a method based on delay differential inequality. The method, which does not make use of any Lyapunov functional, is simple and valid for the stability analysis of neural networks with delay. Some previously established results in this paper are shown to be special casses of the presented result.
基金This work is supported in part by National Science Fund for Distinguished Young Scholar No. 70225002.
文摘In this paper, we compare the performance of the optimal attainable payoffs (of a general claim) derived by the variance-optimal approach and the indifference argument under the mean-variance preference in an incomplete market. Both payoffs are expressed by the signed variance-optimal martingale measure. Our results are applied to the claim hedging under partial information.
文摘After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two surveys and interviews with 57 SMEs and some commercial banks' staff, this study on the practice and implement action of SMEs' credit-guarantee revealed some problems existing in the practical process. A series of policy suggestions are given for improving the SMEs' credit-guarantee in China.
文摘We use structural equation technique to test four hypothesis relationships between the managerial pay and firm performance. Data from 208 Chinese listed companies is used, the evidence supports Hypothesis 3. It opens out that ownership concentration affects firm performance indirectly through managerial pay, and illustrates managerial pay is a valid mechanism in corporate governance to motivate manager to maximize firm's performance.At the same time, we find ownership concentration is negative to managerial pay, while IPO time and registration areas are positive to managerial pay obviously. It suggests that finding a correct solution to management incentive is the key to improve firm performance.
文摘Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the difference of the role of lease, character of business, object of the trade and condition of the market. The problem in rent calculating of the three kinds of lease that equipment lease company of coal mining often involved was analyzed. Hope to be helpful to the decision making of the equipment lease company of coal mining.
基金This research is supported by the National Natural Science Foundation of China(79970115).
文摘For a Stock Market,the critical problem is the maintenance of its liquidity.Market liquidity can be described in various ways,in particular, in terms of the bid/offer spread and the market depth.Model of market liquidity dynamics has been proposed in Schmidt,A.B.'literate.In our study,we improve his model.On one hand,we think that trading volume is determined by the total number of traders,as well as the relations between the numbers of buyers and sellers,while the model of Schmidt only considers the first item.On the other hand,Schmidt assumes that the number of “newcomers”in the market is in proportion to the current number of trades.However,we all know that the continual rise or fall of the price will also attract more buyers or sellers,that is,“newcomers”,into the market,which he has not taken for granted.We also prove it to be a chaos model through analysis of Lyapunov exponent.On the assumption that price variation can be neglected,we discuss the conditions in which chaos will emerge.Finally,we implement a computer simulation of the model in MATLAB,and get more interesting results.
