Enhancing momentum investment strategy using leverage

Previous studies examine investment strategies based on leverage and momentum; none investigates both variables jointly as an investment strategy. This paper is the first incorporating leverage and momentum together. We show that low past returns (losers) forecast future negative abnormal returns only among stocks with high leverage levels, but not among stocks with low leverage levels. However, high past returns (winners) forecast future positive abnormal returns independently of leverage level. As a result, the negative relation between leverage and future abnormal returns is only observed among loser stocks, and the positive relation between past returns and future abnormal returns is only shown among non‐low leverage stocks. Our results are important in achieving better investment strategies: buying winners' stocks (independently of their level of leverage) and short‐selling losers' stocks with high leverage yield higher abnormal returns than strategies based on only one of these variables. Our two‐dimensional strategy yields risk‐adjusted abnormal returns of 15.66% per annum, whereas the single leverage or momentum strategies yield 7.70% and 7.96% per annum, respectively. The difference is nearly 8% and economically significant. If leverage is considered as proxy for default risk, our results, contrary to previous evidence, show that momentum profits are not exclusive of default stocks, and that momentum returns are not only driven by negative returns yielded by distress stocks.     

一种激光驾束制导武器半实物仿真系统构建及试验方法

激光驾束制导武器半实物仿真必须借助二维平动系统,但由于二维平动系统受限于技术指标不高,无法满足弹目相对运动模拟速度和加速度要求较高的武器系统开展仿真试验的弊端,提出一种新的激光驾束制导武器半实物仿真系统构建及试验方法。采用“二轴转台+负载支架”的仿真系统构建方式,利用二轴转台的转动角运动代替二维平动系统的线运动来实现导弹在激光信息场中弹目相对运动和位置变化的模拟,很好地解决了传统方法存在的种种弊端,试验结果进一步验证了该方法具有很好的仿真效果。     

Microstructure,mechanical properties and wear resistance of an Al–Mg–Si alloy produced by equal channel angular pressing

Microstructure, mechanical properties and wear resistance in an ultrafine-grained Al–Mg–Si alloy fabricated utilizing a combination of equal channel angular pressing (ECAP) and dynamic aging were investigated in this paper. The results indicated that the grain size of the ECAP alloy was significantly refined, i.e., to ~239 nm after three ECAP passes. Meanwhile, the yield and tensile strength of the ECAPed material reached 340 MPa and 445 MPa, respectively, while maintaining a significant uniform elongation of 14%. Wear resistance results demonstrated that the wear rate, wear depth and width of the ECAPed material decreased in comparison with the solution-treated (SST) and peak-aged (T6) conditions under a load range of 5–25 N. The adhesive wear that occurs in the undeformed specimens at 10 N does not appear in the ECAPed specimen at the same load, indicating that the ECAPed specimen delay the appearance of more serious wear mechanisms under certain loads. The cooperative interaction of high density nano-scale β" precipitates and dislocations resulted in a combination of super-high strength and good work hardening ability which suppressed the extension of cracks between the friction layer and the plastic deformation zone. As a consequence, the combination of ECAP and dynamic aging brings a significant improvement for antifriction performance of the 6061 aluminum alloy.     

应用KPK力学方法研究落体的运动

利用动量流强度，分析了在阻尼介质中的物体包括高空跳伞运动员的运动规律。首先介绍了德国卡尔斯鲁厄物理教程的力学体系，该体系将动量和速度定为力学的中心物理量，根据力的定义式与电流的定义式的类比把力看成动量流强度，利用动量的连续性方程来解决力学问题。接着运用卡尔斯鲁厄物理教程的力学方法计算了物体在空气中下落时速度变化规律，继而定性地分析了具有水平运动速度的高空跳伞运动员在达到第一收尾速率之前会有一个极小速率的原因，说明卡尔斯鲁厄物理教程的力学体系解决力学问题不仅是可行的，而且是有效的，更能让人们在新的高度认识物理学。     

分子束动量分布函数的讨论

本文首先推导出分子束的动量分布函数 ,然后计算了平均动量、均方根动量和最概然动量 ,并与分子束的速率分布函数相应的特征物理量逐一比较     

采用改进模糊PID控制的串联机械手追踪误差研究

针对串联机械手运动角位移跟踪误差较大问题,提出了改进模糊PID控制方法。创建串联机械手简图模型,给出机械手动力学方程式,设计了模糊PID控制系统。引用粒子群算法并对其进行改进,采用改进粒子群算法优化模糊PID控制器,将改进模糊PID控制器用于控制串联机械手角位移变化。采用Matlab软件对串联机械手角位移跟踪误差进行仿真验证,并且与传统PID控制器和模糊PID控制器仿真结果形成对比。仿真结果显示,串联机械手采用PID控制器和模糊PID控制器,其角位移跟踪误差较大,而采用改进模糊PID控制器,角位移跟踪误差较小。串联机械手采用改进模糊PID控制器,可以提高控制系统的稳定性,削弱机械手的抖动现象。     

苯丙氨酸体系片段CDA及轨道相互作用

采用密度泛函理论中的B3LYP方法, 在3-21G基组水平上优化气相S型苯丙氨酸（S-Phe）手性对映体的几何构型, 计算Phe分子轨道波函数及片段轨道间的电荷分解分析(CDA), 并给出片段COOH,C₆H₅和NH₂形成过程中片段间的轨道相互作用图. 结果表明: 片段COOH,C₆H₅和NH₂基于CDA的ri项最大正值分别为r₁₉,r₁₇和r₁₅, 即分子轨道的形成导致占据片段轨道的电子向交叠区域转移; 片段COOH和NH₂基于CDA的ri项最大负值分别为r₄₄和r₃₅, 即分子轨道的形成导致片段间占据片段轨道的电子从交叠区域移走.     

角接触陶瓷球轴承弹流润滑状态分析

基于点接触弹流润滑理论,建立角接触陶瓷球轴承弹流润滑的数学模型,采用多重网格法分析油气润滑条件下内部接触区的润滑状态,得到角接触陶瓷球轴承的点接触弹流润滑完全数值解.分析结果表明:由于颈缩的存在,在相应的位置上将出现二次压力峰;在二次压力峰处,油膜开始收缩,形成出口区的颈缩现象;随着转速的增大,外圈油膜最大压力连续增大,内圈油膜最大压力变化不明显,内、外圈最小油膜厚度随转速增大而增大;轴承载荷影响主要表现在压力分布上,随着载荷逐渐增大,内圈接触区油膜最大压力变大.     

快度、赝快度及其相互关系的探讨

导出了在发射源静止系粒子的赝快度分布,分析了用快度变量来表示能量和纵向动量及在不同的参照系下快度变量之间的关系。最后,推导出快度变量与赝快度变量之间的相互关系。     

Progress in Linear Scaling Non-Orthogonal Localized Molecular Orbitals Method

The non-orthogonal localized molecular orbital(NOLMO)is the most localized representation of electronic degrees of freedom.As such,NOLMOs are thus potentially the most efficient for linear scaling calculations of electronic structures for large systems.However,direct ab initio calculations with NOLMO have not been fully implemented and widely used,partly because of the slow convergence issue in the optimization of NOLMO.We devel-