Liquidity dynamics around intraday price jumps in Chinese stock market

Using 4128 single jumps detected from high frequency data of 220 individual stocks in SZ300P index, this paper investigates the liquidity dynamics around price jumps in Chinese market. Some interesting empirical results are obtained and the corresponding explanations are given. The frequency of positive jumps is quite higher than that of negative jumps. The trading volumes and average trade sizes are all in a high level around positive jumps. The relatively low liquidities around negative jumps show that negative jumps may be generated and enlarged by poor liquidity provision. The price reversal after price jumps is significant, and price reversal lasts longer after positive jumps. Moreover, the size and direction of jumps are significantly correlated with the returns and trades in the post-jump trading time. These findings are believed to be associated with the high proportion of retail investors and their herding behavior for price trend chasing.     

ATP-induced Ca<Superscript>2+</Superscript>-signalling mechanisms in the regulation of mesenchymal stem cell migration

The ability of cells to migrate to the destined tissues or lesions is crucial for physiological processes from tissue morphogenesis, homeostasis and immune responses, and also for stem cell-based regenerative medicines. Cytosolic Ca²⁺ is a primary second messenger in the control and regulation of a wide range of cell functions including cell migration. Extracellular ATP, together with the cognate receptors on the cell surface, ligand-gated ion channel P2X receptors and a subset of G-protein-coupled P2Y receptors, represents common autocrine and/or paracrine Ca²⁺ signalling mechanisms. The P2X receptor ion channels mediate extracellular Ca²⁺ influx, whereas stimulation of the P2Y receptors triggers intracellular Ca²⁺ release from the endoplasmic reticulum (ER), and activation of both type of receptors thus can elevate the cytosolic Ca²⁺ concentration ([Ca²⁺]_c), albeit with different kinetics and capacity. Reduction in the ER Ca²⁺ level following the P2Y receptor activation can further induce store-operated Ca²⁺ entry as a distinct Ca²⁺ influx pathway that contributes in ATP-induced increase in the [Ca²⁺]_c. Mesenchymal stem cells (MSC) are a group of multipotent stem cells that grow from adult tissues and hold promising applications in tissue engineering and cell-based therapies treating a great and diverse number of diseases. There is increasing evidence to show constitutive or evoked ATP release from stem cells themselves or mature cells in the close vicinity. In this review, we discuss the mechanisms for ATP release and clearance, the receptors and ion channels participating in ATP-induced Ca²⁺ signalling and the roles of such signalling mechanisms in mediating ATP-induced regulation of MSC migration.     

基于均匀圆阵时频干涉仪的LFM信号二维测向算法

提出了一种基于均匀圆阵时频干涉仪的线性调频(linear frequency modulation, LFM)信号二维波达方向估计算法。首先利用LFM信号时频聚集性非常好的特点,对阵元的输出进行互维格纳〖CD*2〗威尔分布(Wigner-Ville distribution, WVD)计算,然后提取互WVD时频冲激点的相位,从而得到包含信号到达角的方程组,解算出信号的到达角。通过选取不同的阵元对组,采用模糊数搜索的算法进行解模糊运算,最终完成信号到达角的估计,仿真实验验证了算法的有效性。     

Intracellular localization of DR5 and related regulatory pathways as a mechanism of resistance to TRAIL in cancer

TNF-related apoptosis-inducing ligand (TRAIL) is a prominent cytokine capable of inducing apoptosis. It can bind to five different cognate receptors, through which diverse intracellular pathways can be activated. TRAIL’s ability to preferentially kill transformed cells makes it a promising potential weapon for targeted tumor therapy. However, recognition of several resistance mechanisms to TRAIL-induced apoptosis has indicated that a thorough understanding of the details of TRAIL biology is still essential before this weapon can be confidently unleashed. Critical to this aim is revealing the functions and regulation mechanisms of TRAIL’s potent death receptor DR5. Although expression and signaling mechanisms of DR5 have been extensively studied, other aspects, such as its subcellular localization, non-signaling functions, and regulation of its membrane transport, have only recently attracted attention. Here, we discuss different aspects of TRAIL/DR5 biology, with a particular emphasis on the factors that seem to influence the cell surface expression pattern of DR5, along with factors that lead to its nuclear localization. Disturbance of this balance apparently affects the sensitivity of cancer cells to TRAIL-mediated apoptosis, thus constituting an eligible target for potential new therapeutic agents.     

Citizenship and Voluntarism: A Meaningful Combination or the Basis for Exploitative Relationships?

The author starts from the observation that citizenship and voluntarism are contested terms with diverse meanings. They have also been appropriated by politicians of various persuasions and imbued with meanings associated with ‘feel good’ factors that emphasize serving in a community. Therefore, voluntarism has the potential to continue the exclusion of minority groups, marginalized individuals and collective groupings at the expense of their citizenship rights, particularly those identified by Hannah Arendt as the ‘right to have rights’ that have been endorsed through public policy but today are being undermined by the ‘age of austerity’ in publicly funded welfare states. Against the background of the political context of UK, and the public rhetoric on the ‘Big Society’, the author examines whether citizenship discourses allied with voluntarism support a meaningful endorsement of altruistic solidarity or whether they endorse exploitative relationships under the guise of meeting the public needs.     

A Hyper-Erlang Jump-Diffusion Process and Applications in Finance

This paper studies the first passage time problem for a reflected two-sided jump-diffusion risk model with the jumps having a hyper-Erlang distribution. The authors give the explicit closed-form expression for the joint Laplace transform of the first passage time and the overshoot for the reflected process. Finally, the formula is applied to the ruin problem under the barrier dividend strategy and the pricing of the Russian option.     

超声雾化液体除湿系统对室内空气品质的影响

研究了超声雾化液体除湿空调系统对室内空气品质的影响,得到室内空气中氯化锂质量浓度的安全阈值为70μg/m~3.通过实验分析了入口溶液中氯化锂的质量分数(w_i)、除雾器孔隙率等对空气带液量的影响.当w_i由31.5%上升至38.8%时,空气带液量也随之上升,最高为26.93μg/m~3.除雾器的孔隙率显著影响空气带液量,应使用孔隙率低于93.5%的丝网除雾器.在最不利工况下,该系统空气带液量未超过安全阈值,表明对室内空气品质没有影响.研究成果对超声雾化液体除湿系统的推广有一定指导意义.     

中原经济区安全生产软环境建设探析

中原经济区安全生产总体状况趋于好转,但个别行业事故频发,改善安全生产软环境建设势在必行。基于目前中原经济区安全生产软环境建设存在的诸多问题,应从完善立法、深化监管体制改革、提高监管者素质、营造良好的人才环境、引入多种替代性监管措施等方面推进中原经济区经济社会可持续发展。     

Deep cleaning of a metallurgical zinc leaching residue and recovery of valuable metals

Huge quantities of zinc leaching residues (ZLRs) generated from zinc production are dumped continuously around the world and pose a potential environmental threat because of their considerable amounts of entrained heavy metals (mainly lead). Most ZLRs have not been properly treated and the valuable metals in them have not yet been effectively recovered. Herein, the deep cleaning of a ZLR and recovery of valuable metals via a hydrometallurgical route were investigated. The cleaning process consists of two essential stages:acid leaching followed by calcium chloride leaching. The optimum conditions for extracting zinc, copper, and indium by acid leaching were a sulfuric acid concentration of 200 g·L-1, a liquid/solid ratio of 4:1 (mL/g), a leaching time of 2 h, and a temperature of 90℃. For lead and silver extractions, the optimum conditions were a calcium chloride concentration of 400 g·L-1, a pH value of 1.0, a leaching time of 1 h, and a temperature of 30℃. After calcium chloride leaching, silver and lead were extracted out and the lead was finally recovered as electrolytic lead by electrowinning. The anglesite phase, which poses the greatest potential environmental hazard, was removed from the ZLR after deep cleaning, thus reducing the cost of environmental management of ZLRs. The treatment of chlorine and spent electrolyte generated in the process was discussed.