基于全球流动性背景下的新兴资本市场收益研究

随着在全球金融一体化程度不断加深,全球流动性状况对于新兴市场资产价格的影响备受关注.构建了反应主要发达国家与新兴市场国家对全球货币数量影响的广义流动性指标,并以波动率指数作为反映市场情绪的变量将市场分为平稳期和压力期.通过建立非线性面板门限回归模型考察了全球流动性状况对于金砖五国资本市场的非线性影响,结果表明在金融市场繁荣期,流动性过剩对于资产价格起到了明显的正向带动作用;而在市场衰退期间,流动性的释放并没有对资产价格的提升产生显著的影响.     

CHARACTERIZATION OF POWDER FLOWABILITY USING MEASUREMENT OF ANGLE OF REPOSE

In response to the need in industry for a quick and reproducible method of measuring the flowability of powders in processes involving transport and storage, the apparently simple idea of measuring angle of repose has been revived. The simple tester first used has evolved over a number of years into the present version which is shown to be capable of handling quite small samples of powders that are even slightly cohesive. Experimental data are presented and results shown to compare consistently with the better known Hausner ratio.     

考虑时间因素的退保率指标及应用

本文对目前广泛使用的两个退保率指标进行了分析,指出了其计算公式存在的问题,特别是没有考虑时间因素。本文以数理推导为依据,提出了一个考虑时间因素的新退保率一g退保率,并在合理假设下,给出了年g退保率和月g退保率的计算公式,并指出了各月份的g退保率不具有可比性。最后结合一个示例,就各个退保率与g退保率的差异进行了分析,并给出了建议。     

基于VaR和集中度约束的贷款组合优化模型

资产负债管理是把资产与负债组合视为有机整体,协调流动性、安全性和赢利性,本文通过资产的集中度约束把银行资产合理分配在不同行业中,有效降低银行资产集中度风险,通过能反映银行风险承受能力的VaR约束控制了贷款组合风险,应用实例的结果表明,本模型能够谋求"三性"的最佳配置,有效降低银行经营过程中的集中度风险和流动性风险,并实...     

流动性约束对我国城镇居民消费影响的实证分析

根据1978~2007年我国城镇居民消费和收入的相关数据,对我国城镇居民消费和流动性约束之间的关系进行了实证分析,并检验了流动性约束对消费的影响中是否包含了不确定性因素.分析结果表明:我国城镇居民消费受到较强的流动性约束制约;而流动性约束的测度受不确定性影响较小.     

流动性能提高套利交易的盈利吗？——基于中国股市的证据

本文以新兴市场重要组成部分之一的中国股市为例,对市场总体流动性水平与套利交易盈利能力间的关系进行了深入分析。与成熟资本市场中的状况相反,本文研究发现,在控制了Fama-French三因子后,套利交易的预期盈利随着市场流动性水平的提高而增加,表明市场异象造成的错误定价并不会随着流动性的提高而被投资者的套利交易所纠正,这体现了不成熟市场的特征,且反映了套利的无效率。另外,本文在分析中还考虑了流动性风险和时变因素风险暴露等可能对研究结论造成影响的因素,并且在进一步研究后得到了与前文相一致的结论。     

流动性退潮

热钱流出导致的亚洲“失血”风险有多大，热钱是否就此流出新兴市场？种种迹象表明，答案将是肯定的。     

兵无常势，水无常形——漫谈流体与流动性

本文阐述流体与流动性的有关概念，并以大量生动有力的例子论述了流体与流动性在自然科学、人文社会科学以及工业生产技术等领域的应用     

A numerical investigation into the solids phase chromatography using a combined continuous and discrete approach

Solids phase chromatography for particle classification is based on different retention times of particles with different properties when they are elutriated through a confined geometry. This work aims at a fundamental understanding of such a technology by using the combined continuous and discrete method. A packed bed is employed as the model confined geometry. The numerical method is compared first with experimental observations, followed by a parametric analysis of the effects on the flow hydrodynamics and solids behaviour of various parameters including the number of injected particles, the superficial gas velocity, the contact stiffness and the diameter ratio of the packed column to the packed particles. The results show that the modelling captures some important features of the flow of an injected pulse of fine particles in a packed bed. An increase in the number of injected particles or the superficial gas velocity reduces the retention time, whereas the contact stiffness does not show much effect over the range of 5 × 10^2 to 5× 10^4 N/m. It is also found that the effect on the retention time of the diameter ratio of the packed column to the packed particles seems complex showing a non-monotonous dependence.     

A qualitative study on the pulsatile flow phenomenon in a dense fly ash pneumatic conveyor

Understanding of the dynamic particulate flow structures within a dense gas-fly ash pneumatic conveyor must be improved in order to better aid its design guidance.The complex pulsatile movement of the gas-fly ash mixture dominates the flow performance within the pipeline,and historically,non-invasive measurement devices such as the electrical capacitance tomography（ECT） were often used to sufficiently capture the flow dynamics.However,inadequate studies have been conducted on the pulsatile flow phenomenon,which directly relate to the gas-fly ash two-phase flow performance.This paper aims to investigate the pulsatile flows using an ECT device.Initially,pulsatile flow patterns under various experimental conditions were obtained through ECT.Pulses within a flow were then characterised into pulse growth and decay segments,which represent the superficial fluidisation and deaeration processes during conveying.Subsequently,structural and statistical analyses were performed on the pulse growth and decay segments.Results suggested that the increasing air mass flow rate led to the decrease of the superficial fluidisation/deaeration magnitude,however,the increase of the superficial fluidisation/deaeration durations.Also,the air mass flow rate was indicated as the dominant factor in determining the pulsing statistical parameters.This research provides fundamental insights for further modelling the dense fly ash pneumatic flows.