无风险利率影响担保市场交易结构的效应研究

担保市场交易结构是参与主体行为的分布格局,取决于担保人、债权人和债务人三方签署担保契约协议的执行结果.无风险利率是调控金融市场的政策工具,但对担保市场交易结构的影响机理和效应的研究被忽视.基于担保人资本结构本文构建担保市场均衡理论模型,推理给出无风险利率变化影响担保市场交易结构的机理假设是:随着无风险利率增高,偿付率高的优质担保人会提高其定价,压缩债务人购买担保获得的收益,但对偿付率低的劣质担保人不会产生影响,造成偿付率高的优质担保人从市场中退出,整体担保市场中优质担保人构成减少,增加担保市场的风险.同时利用我国2007-2016年上市公司提供担保实际数据进行实证检验,结果支持了假设的有效性,为我国有效防范担保市场风险的形成和演化提供了理论和实际依据.     

大入射余角CFAR检测器

雷达在大入射余角高分辨率海杂波背景下检测时,等效后向散射面积增大,大部分海杂波能量投射到少数距离单元,能量分布不均,出现功率突然增大的杂波“异常单元”,导致检测器参考窗口所处的背景环境复杂多变,传统检测器检测概率降低,虚警率及误检率增加。为解决此问题,通过参考滑窗单元的协方差矩阵构造正定矩阵,求解其矩阵范数用以估计杂波功率水平,并采用支持向量机改进传统恒虚警率(constant false alarm rate,CFAR)检测器,得到基于正定矩阵杂波功率估计训练支持向量机的改进CFAR检测器。实验结果表明,新检测器在均匀杂波、多目标环境下检测性能稳定,在杂波边缘的虚警控制能力良好。     

基于中心差异度迭代调整机制的 网络社区搜寻算法研究

为解决当前网络社区搜寻算法存在的节点聚类形成困难,搜寻迭代过于复杂,难以实现社区归属的二次更新等不足,提出了一种基于中心差异度迭代调整机制的网络社区搜寻算法。首先,通过领袖节点重叠度来实现初次社区搜寻裁决,有效降低了重复搜寻的概率,且根据加入节点与领袖节点差异度进行聚类匹配;随后,通过待加入节点与领袖节点之间的交互热度方式进行基于热度机制的聚类递归,实现对搜寻误差的二次校正。仿真实验表明,与当前网络社区搜寻算法中常用的差分迭代阈值裁决机制,混沌度一体化成型迭代机制相比,本文算法具有更高的首次成功率,以及更小的搜寻次数与迭代周期,具有很强的实际部署价值。     

Google Trends and the forecasting performance of exchange rate models

In this paper, we use Google Trends data for exchange rate forecasting in the context of a broad literature review that ties the exchange rate movements with macroeconomic fundamentals. The sample covers 11 OECD countries’ exchange rates for the period from January 2004 to June 2014. In out‐of‐sample forecasting of monthly returns on exchange rates, our findings indicate that the Google Trends search query data do a better job than the structural models in predicting the true direction of changes in nominal exchange rates. We also observed that Google Trends‐based forecasts are better at picking up the direction of the changes in the monthly nominal exchange rates after the Great Recession era (2008–2009). Based on the Clark and West inference procedure of equal predictive accuracy testing, we found that the relative performance of Google Trends‐based exchange rate predictions against the null of a random walk model is no worse than the purchasing power parity model. On the other hand, although the monetary model fundamentals could beat the random walk null only in one out of 11 currency pairs, with Google Trends predictors we found evidence of better performance for five currency pairs. We believe that these findings necessitate further research in this area to investigate the extravalue one can get from Google search query data.     

Exchange rate forecasting and the performance of currency portfolios

We examine the potential gains of using exchange rate forecast models and forecast combination methods in the management of currency portfolios for three exchange rates: the euro versus the US dollar, the British pound, and the Japanese yen. We use a battery of econometric specifications to evaluate whether optimal currency portfolios implied by trading strategies based on exchange rate forecasts outperform single currencies and the equally weighted portfolio. We assess the differences in profitability of optimal currency portfolios for different types of investor preferences, two trading strategies, mean squared error‐based composite forecasts, and different forecast horizons. Our results indicate that there are clear benefits of integrating exchange rate forecasts from state‐of‐the‐art econometric models in currency portfolios. These benefits vary across investor preferences and prediction horizons but are rather similar across trading strategies.     

青光眼生物力学研究进展

 青光眼是全球第一位不可逆性致盲眼病，高眼压是视功能损伤的主要危险因素，降眼压是目前青光眼治疗的主要手段。生物力学问题是青光眼致病机制、预防和治疗研究的重要内容。小梁网房水外流阻力增大是眼压升高的主要因素，眼压升高将导致虹膜变形、瞳孔阻滞、眼前房房水流场改变、视神经纤维层及筛板厚度变薄、视功能损伤等。本文从眼压测量、房水流场测量、视功能损伤等方面综述了近年来青光眼生物力学的研究进展。     

基于GPC的环肋耐压圆柱壳结构失稳概率分析

为评估具有小失效概率特性的深潜环肋耐压圆柱壳结构的失稳概率，提出了一种新的基于高斯过程分类和重要抽样的自适应分析方法.该方法通过引入马尔科夫链蒙特卡洛法和欧式距离，开发了一种新的考虑预测不确定性和取样均匀性的自适应试验设计策略，以便更高效地构造高斯过程分类器；采用核密度估计构造准最优重要抽样密度函数；基于失效概率估计的稳定性，提出了一种更精确的迭代停止准则.通过某一分段函数验证了所提分析方法的准确性及高效性.应用所提方法得到某深潜环肋耐压圆柱壳结构的失稳概率约为8.242×10^-5.     

Activity and reproduction in Megalobulimus paranaguensis (Gastropoda,Eupulmonata): implications for conservation in captivity for a South American land snail

ABSTRACT

In South America, Megalobulimus includes a number of threatened species, as well the largest land snails on the continent. The activity patterns and reproductive aspects of this group have not been documented. This work describes the daily and seasonal activity patterns and reproduction of M. paranaguensis. We maintained specimens in the laboratory for one year, and we quantified their behaviour for one hour at four different times of the day (0 h, 6 h, 12 h and 18 h) during three days in four months (August, September, April and May). The number of postures, hatching rate, time of hatching since oviposition and mortality rate among juveniles for each month were also quantified. Megalobulimus paranaguensis was more active in August, and had a egg laying peak one month after. Fifty-one eggs were laid by 12 captive individuals throughout the year, with a mean value of 4.25 eggs per individual. The hatching rate was 80.39%, and the time of hatching since oviposition was 56.7 ± 4.3 days. In two eggs, we observed the presence of twins. The mortality rate among juveniles was low (9.30%) indicating that rearing land snails in captivity has the potential to be an important and viable tool for the management and conservation of these organisms.     

峨嵋双蝴蝶植物提取物的抗五步蛇毒作用

研究峨嵋双蝴蝶植物水提物的抗五步蛇毒作用.建立小鼠五步蛇毒中毒模型,观察小鼠的中毒表现,并统计小鼠的死亡率,比较小鼠组织出血、组织坏死及组织溃疡状况.结果发现,峨嵋双蝴蝶植物水提物给药组动物的死亡率较模型组的明显下降,局部和全身症状较轻,而且随着剂量的增加症状显著减轻,尤其是对于组织的保护作用比较明显.峨嵋双蝴蝶植物水提物具有抗五步蛇毒作用,能降低蛇毒毒性.     

现阶段我国工业产能过剩及去产能的形势分析

本文考察了现阶段我国工业产能过剩以及去产能的形势,指出产能利用率持续偏低、生产者价格指数持续为负和行业盈利持续下降是现阶段产能过剩的主要表现,然而当前通过减产量、去产能来化解产能过剩的政策效果并不明显,这主要是因为受地方政府干预过多、企业陷入"囚徒困境"和威胁经济社会稳定等因素的制约。政府应深化和落实地方官员政绩考核体制、生产要素定价机制等的改革,减少地方政府对经济的不当干预,发挥市场在资源配置中的决定性作用,实现企业优胜劣汰,同时应建立产能退出补偿机制,避免引发社会动荡。