Currently,the pricing of treasury bond futures in China is of great complexity. This paper argues that a full understanding of the nature and value of "quality options"is of paramount importance for the successful transaction,arbitrage and value-insurance of treasury bond futures. This study discusses the designing principles of treasury bond futures as well as concepts like standard bond,conversion factor,cheapest to deliver,implied repo rate and quality options that unique to the market of treasury bond futures. Then it generates a pricing model for treasury bond futures without taking quality options into consideration. In our literature review it is discovered that methods used in researching the pricing of quality options can be classified into the realized quality option method,the implied quality option method,the static replication method and the joint distribution method. The joint distribution method,which can theoretically be used in real-time pricing,can be further classified into the exchange option method,the dynamic term structure method and the scenario simulation method. It is suggested that real market conditions or objectives of research should be taken into account when scholars choose from among the various models.
The relationship between the social responsibility and financial performance of companies has received considerable attention from researchers whose conclusions remain far from consistent. We argue that the problem of informational asymmetry between stakeholders and companies has an impact on that relationship,and that corporate visibility can help reduce the informational asymmetry. This study uses data from A-Share Chinese listed companies from 2010 to 2012 and conducts an empirical analysis by means of both Level Model and Change Model. The results show that corporate social responsibility is positively related to corporate financial performance; that corporate visibility positively moderates that relationship,and that in consumer goods industries,corporate social responsibility has the strongest impact on financial performance.
In order to find reasons of haze pollution and to control the pollution,which is one of the most serious pollution in China,we analyze the haze pollution in Nov 2013 China by using some statistical methods including non-parametric test with multiple linear regressions and factor analysis with corresponding analysis.After comparing pros and cons of these methods,we generalize the result and give effective methods referring to the experience of western developed countries.
In the context of accelerating industrialization and urbanization,China is facing serious challenges in environmental protection. Environmental problems in China mainly result from the extensive pattern of economic development,which originates from the government's behavior owing to Chinese-style decentralization. This study uses the provincial panel data from 1994 to 2012 and the two-way fixed-effect model to look into the impact of Chinese-style decentralization on air quality in China. Our results show that China's economy still develops at the expense of environmental sustainability within the framework of Chinese-style decentralization. Decentralization raises the average income level required by the turning point of Environmental Kuznets Curve in China. Excessive decentralization regarding expenditure leads to deterioration in air quality while sufficient fiscal autonomy can slow down or curb air pollution. In addition,it is found that the impact of Chinese-style decentralization on air quality varies significantly from province to province. Therefore,it is concluded,in order to improve the quality of local environmental protection and enhance the efficiency of public services,it is necessary to assign intergovernmental responsibilities reasonably,increase local governments' fiscal autonomy,bring environmental quality into the assessment of government officials,establish an incentive mechanism to promote healthy competition among different governments,and take a scientific approach to development.
The light propagation within a metal and the refraction at the interface of metals are studied.On the basis of unit vectors denoting the planes of constant field amplitude and constant phase,respectively,the light propagation and attenuation are described by the complex refractive index of the metal and the angle between the unit vectors,with the expression for the light propagation.Subject to corresponding boundary conditions,refractive angles of the light through the metal/medium and medium/metal interface have been obtained.The numerical analysis shows that resutls for the metal/medium case agree with those the Born and Wolf using snell′s law.The angle of refraction metal/medium depend not only on the incident angle,the refractive index of medium,and the complex refractive index of metal,but also on the angle between the planes of constant amplitude and of constant phase.While the angle between the two unit vectors satisfies a certain relation,the angle of refraction increases first and then decreases with the increase of incident angle.
Since the outbreak of euro zone sovereign debt crisis,fiscal integration and fiscal transfer in a monetary union have raised academic attention. The optimal fiscal transfer rule in a monetary union should eliminate the output gap difference of two countries. Welfare analysis shows that fiscal transfer improves the welfare of monetary union,and welfare gain increases with home bias,the ratio of government spending to output,the persistence and volatility of shock,price stickiness and wage stickiness increasing. The optimal rule is better than the rules targeting difference in consumption gaps,price inflation,and wage inflation. Comparing the welfare of debt assistance and fiscal transfer shows that,when the recipient repays partial debt,the effect of debt assistance is same as that of fiscal transfer and when the interest rate of debt is higher than the risk-free interest rate,the welfare of debt assistance is less than that of fiscal transfer.
The effective improvement of the underwater image must be based on the research regarding mechanisms and characteristics of the underwater imaging system.This paper summarizes the underwater optical image's degradation types and reasons in the acquisition process,and analyzes the impact of the water absorption and scattering and hardware on imaging and degradation characteristics.Characteristics of degradation are simulated.Finally,the result prove valuable and can be referenced to the design of optical system and the image pre-process.
Carvone and styrallyl acetate are two important chiral flavors in food additives.Their fragrance is related to their configurations and enantiomeric ratios.Therefore,the enantioseparation of these flavors is helpful to identify flavors and to develop flavor formula for food industry.In addition it is important in basic research of flavor science.In this paper,the high performance liquid chromatography enantioseparation of chiral carvone and styrallyl acetate was studied using amylose tris-(S)-α-methylbenzylcarbamate as the chiral stationary phase(Chiralpak AS-H column).The effects of alcohol content in the mobile phase and column temperature on the retention and enantioseparation were investigated.Additionally,the chiral recognition mechanism between the analytes and the chiral stationary phase(CSP)was discussed.The results show that baseline enantioseparations of carvone and styrallyl acetate are easily obtained in 10 min on that column with a mobile phase of n-hexane-isopropanol(95∶5,by vol.)at a flow rate of 1.0mL/min under 30 ℃.The(R)-isomers are first eluted and the enantioseparation is typically enthalpy-controlled.The chiral center ofα-methylbenzyl on CSP may strengthen the chiral recognition of carvone.The method established is simple,reliable and accurate,and has been successfully applied to determine enantiomeric purity of optical flavor samples.
The label propagation algorithm for community discovery enjoys high time efficiency and does not need artificial parameters,but it is prone to the resolution-limit problem.A new heuristic label propagation algorithm is studied.The central idea lies in accelerating the initial division of the community first,obtaining a significant reduction in the number of initial tag,and then correcting the initial division to achieve the final divided societies by iteration of the label propagation.Theoretical analysis and experimental results show that the method improves the accuracy and effectively eliminates the phenomenon of resolution-limit problem without increasing the time complexity.
"心理资本"近年来引起了理论界的极大关注,但声誉作为个体显性激励的替代品,与心理资本的关系却鲜有讨论.基于心理资本的结果变量与声誉的前因变量所建立的理论模型显示,团队效能领导者的心理资本与声誉之间具有中介效用,而团队伦理气氛在领导者心理资本与团队效能间则具有调节效用.这一模型为为组织培养、选拔经理人或领导者提供了新思路,且以声誉作为考评指标,亦能节约企业委托-代理成本和市场交易成本.在人力资源管理中,同样要注重员工的心理资本培养与激发,及适宜伦理气氛的营造,最终致力于员工能力提升和高绩效团队建设.
Thirty full-sib families of kuruma shrimp Marsupenaeus japonicus were constructed by group mating in door scaffolding shrimp pond.Subsequently,thirty individuals were randomly selected from each of these visible implant elastomer(VIE)tagged fullsib families after being cultured in higher-place ponds for 103 days.Body length and body weight were measured to estimate the genetic parameters for growth traits of the G1 population of M.japonicus.And then the heritability of body length and body weight,and the genetic and phenotypic correlation between body length and body weight were evaluated using an animal model and the restricted maximum likelihood method.Data showed that heritability for body length and body weight was 0.43±0.11 and 0.44±0.12,respectively.Genetic and phenotypic correlation between body length and body weight were 0.96±0.02 and 0.95±0.03,respectively.The statistical tests were significant(p0.001).To conclude,high heritability estimations for growth of M.japonicus demonstrated a potential for family based selection of growth traits in M.japonicus,and the high correlation between body length and body weight indicated each of them could be used as an index to integrate into the effectiveness traits to achieve genetic progress for agrowth breeding scheme in M.japonicus.
This paper introduces semantic texton forest(STF)and the bag of word model.The STF can be used to classify images with support vector machine(SVM)using pyramid matching kernels.First,images are sampled,extracted from Scale-invariant feature transform(SIFT)characteristics,and then generated from the codebook using STF,constructed the Bag of semantic textons through the histogram of codebook,and finally obtained from the image classification by using SVM.Experiments which optimize key parameters and train the imbalance weight are carried out based MSRC21 image database.Experimental results show that the Bag-ofWord based on STF are satisfactory for image classification and the proposed method performs better than the traditional method and the state of the art.
The full length cDNA of arginine kinase gene(HdAK)from Haliotis diversicolor was cloned for the first time by SMART-RACE method.The mRNA expression levels of HdAK in examined tissues and in gill and haemocytes under thermal stress,hypoxia exposure,thermal plus hypoxia stress and the injection of Vibrio parahaemolyticus were analyzed by real-time quantitative PCR(qRT-PCR).Results showed that the full length cDNA sequence of HdAKis 1 595 bp and encodes 354 amino acids.The qRT-PCR results showed that HdAK gene was detected in all examined tissues and with the highest expression level in hepatopancreas(p 0.05).Under different stresses,the mRNA expression levels in either gills or haemocytes of HdAK gene were signicantly up-regulated in some phases.These results indicated that HdAK is involved in response to energy metabolism and plays roles in response to thermal,hypoxia stress and the injection of V.parahaemolyticus.These results will facilitate the study of the physiological mechanisms of these stresses on H.diversicolor.
Minimum error rate training(MERT)is a standard tuning parameter procedure in statistical machine translation,playing a significant role in the process.However,the overfitting phenomenon is likely to occur in the original MERT.In other words,weights trained from development set cannot be fit for test sets.In view of this issue,we adopt ensemble learning method to the training process in this paper.To be specific,we first select different feature subsets to acquire several groups of feature weights through MERT,and then filter out unreasonable weights according to their spatial distance,and at last we compute the weighted average as the final feature weight based on their BLEU scores on development set.Experiments on NIST and IWSLT show that our method is efficient for the translation tasks using the training and testing data sets of different domains.
This paper proposes a semi-supervised fuzzy dimension reduction method by combining principal component analysis(PCA)and local Fisher discriminant analysis(FDA),for a data set with a small number of data with fuzzy membership labels and a great amount of unlabeled data.This method takes advantages of PCA and local FDA by preserving the global structure of unlabeled samples,and separating labeled samples in different classes from each other.Our tests show the usefulness of this method in dimension reduction,provided that the fuzzy membership labels are correctly given.
SiNO ceramic has very excellent comprehensive properties and is one of the best candidates for ceramic matrix composites.In this work,influences of pyrolysis and curing conditions on the SiNO ceramic prepared with pyrolysis nitridation are systematically studied.The results show that decarbonization is completed before 800 ℃ with carbon residue lower than 1%(by mass).After pyrolysis in N2,nitrogen content is as high as 35.65%(by mass).Oxidation curing before ammonolysis can improve ceramic yield.The ceramic yield is 61.84%(by mass)but the nitrogen content decreases significantly(below 20%)by mass,and the product is amorphous SiNO ceramic.Therefore,high-yield and low-carbon-content SiNO ceramic can be prepared with pyrolysis nitridation of polycarbosilane.
The western modern thought has changed the tradition since ancient Greece,and has caused great changes in field. For one thing,aesthetics has become a separate subject; for another,thinkers turned the focus from the researches on the beauty itself to the thinking on the concerning themselves or peer groups. In this context,regarding the concept of aesthetic taste,Bourdieu criticizes the basic concepts of Kant's taste judgment,especially his essentialism and universalism,so as to emphasizetaste distinctionwith the essence of classes and subjectivity's tasteunder the framework of field,with the purpose of establishingthe scientific sociology. However,Bourdieu expounds with sociological theories and equates aesthetics to ideology and general cultural product of society; hence there remains the problem of excluding perspective and transcendence.
In order to achieve on-line temperature monitoring for the 10 kV circuit breaker,this paper proposes a type of optical fiber temperature sensor systems,which are based on the changing of reflective intensity modulation.A bimetal strip is used as the temperature sensitive element.In this system,the luminous flux of the receiving optical fiber will be changed when the bimetal deforms following temperature changes.Through detecting the voltage of the infrared receiving tube,we could achieve temperature measurements.This measurement system has been demonstrated through theoretical derivation that the output voltage has a linear relationship with the temperature change.The experimental result is in conformity with the theoretical derivation.Moreover,it indicates that this system enjoys a measurement error lower than 5% and high repeatability.
