The aim of this study is to investigate market depth as a stock market liquidity dimension. A new methodology for market depth measurement exactly based on Shannon information entropy for high-frequency data is introduced and utilized. The proposed entropy-based market depth indicator is supported by an algorithm inferring the initiator of a trade. This new indicator seems to be a promising liquidity measure. Both market entropy and market liquidity can be directly measured by the new indicator. The findings of empirical experiments for real-data with a time stamp rounded to the nearest second from the Warsaw Stock Exchange (WSE) confirm that the new proxy enables us to effectively compare market depth and liquidity for different equities. Robustness tests and statistical analyses are conducted. Furthermore, an intra-day seasonality assessment is provided. Results indicate that the entropy-based approach can be considered as an auspicious market depth and liquidity proxy with an intuitive base for both theoretical and empirical analyses in financial markets. 相似文献
The remarkable ability of nematic elastomers to exhibit large deformations under small applied forces is known as soft elasticity.
The recently proposed neo-classical free-energy density for nematic elastomers, derived by molecular-statistical arguments,
has been used to model soft elasticity. In particular, the neo-classical free-energy density allows for a continuous spectrum
of equilibria, which implies that deformations may occur in the complete absence of force and energy cost. Here we study the
notion of force-free states in the context of a continuum theory of nematic elastomers that allows for isotropy, uniaxiality,
and biaxiality of the polymer microstructure. Within that theory, the neo-classical free-energy density is an example of a
free-energy density function that depends on the deformation gradient only through a nonlinear strain measure associated with
the deformation of the polymer microstructure relative to the macroscopic continuum. Among the force-free states for a nematic
elastomer described by the neo-classical free energy density, there is, in particular, a continuous spectrum of states parameterized
by a pair of tensors that allows for soft deformations. In these force-free states the polymer microstructure is material
in the sense that it stretches and rotates with the macroscopic continuum. Limitations of and possible improvements upon the
neo-classical model are also discussed.
This revised version was published online in July 2006 with corrections to the Cover Date. 相似文献
We present an overview of the potential applicability of fractal concepts to various aspects of transport phenomena in heterogeneous porous media. Three examples of phenomena where a fractal approach should prove illuminating are presented. In the first example we consider pore level heterogeneities as typified by pore surface roughness. We suggest that roughness may be usefully modelled by fractal curves and surfaces and also cite experimental evidence for regarding pores as fractals. In the second example we consider a fractal network approach to modelling large-scale heterogeneities. The presence of features on all length scales in simple fractal models should capture the essential role played by the presence of heterogeneities on many scales in natural reservoirs. Studies of transport phenomena in such models may yield valuable insights into the problems of macroscopic dispersion. The final example concerns dispersion in multiphase flow. Here the fractal character is attributed to the distribution of the fluid phases rather than the porous medium itself. Again studies of transport phenomena in simple fractal models should help to clarify various problems associated with the corresponding phenomena in real reservoirs. 相似文献
PLLA microspheres were aminolyzed in hexanediamine/propanol solution to introduce free amino groups on their surface, which were further transferred into aldehyde groups by a treatment of glutaraldehyde. Chitosan‐graft‐lactose was then covalently coupled via Schiff base formation. Morphological variation and chitosan‐graft‐lactose immobilization were characterized. In vitro culture of rabbit auricular chondrocytes demonstrated that the PLLA microcarriers could effectively support the cell attachment and particularly induce cell aggregation on their surface. The formed cell aggregates/microcarriers composite showed higher viability and extracellular matrix production. Thus, the PLLA microcarriers can be potentially used as an injectable delivery system for cartilage repair.
Radially oriented Nd-Fe-B rings are prepared by backward extrusion of fine grained melt-spun powder. Melt-spun powder with the nominal composition of Nd30.5Febal.Co6.0Ga0.6Al0.2B0.9 (wt%) is used as starting material. The effects of process variables, such as deformation temperature (Td), strain rate (ε) and height reduction (Δh%), on the magnetic properties of the rings are investigated. A scanning electron microscope (SEM) equipped with an energy spectrum device is used to study the metallograph and microfracture of the extruded rings. The Br and (BH)max reach the optimum values at Td=800℃, ε =0.01 mm/s, and Δh% =70%. It is found by SEM observations that the particle boundaries, which seemingly correspond to the interfaces of the starting melt-spun powders, emerge after the corrosion of metallography specimens. This is helpful for studying the effects of powder-powder interface on the local deformation and deformation homogeneity in the rings. For different spatial positions of the extruded rings, there are characteristic metallographies and microfractures. The upper end of the rings has the least deformation and worst texture, and therefore the worst magnetic properties. The magnetic properties in the radial direction increase slightly along the axis from the bottom to the middle, then steeply decrease at the upper end of the ring. The deformation and the formation-of-texturing processes are discussed. The deformation and the texturing formation of melt-spun Nd-Fe-B alloys probably involve grain boundary sliding and grain rotation, the solution-precipitation process and preferential growth of Nd2Fe14B nanograins along the easy growth a-axis. 相似文献
Using a radio-frequency reactive magnetron sputtering technique, a series of the single-phased Ag20 films are deposited in a mixture of oxygen and argon gas with a flow ratio of 2:3 by changing substrate temperature (Ts). Effects of the Ts on the microstructure and optical properties of the films are investigated by using X-ray diffractometry, scanning electron microscopy and spectrophotometry. The single-phased Ag20 films deposited at values of Ts below 200℃ are (111) preferentially oriented, which may be due to the smallest free energy of the (111) crystalline face. The film crystallization becomes poor as the value of Ts increases from 100℃ to 225℃. In particular, the Ag20 film deposited at Ts=225℃ loses the (111) preferential orientation. Correspondingly, the film surface morphology obviously evolves from a uniform and compact surface structure to a loose and gullied surface structure. With the increase of Ts value, the transmissivity and the reflectivity of the films in the transparent region are gradually reduced, while the absorptivity gradually increases, which may be attributed to an evolution of the crystalline structure and the surface morphology of the films. 相似文献
Highly textured Ni nanowire arrays were fabricated into anodic aluminum oxide(AAO) templates by pulse DC electrodeposition.The applied voltage and pH value of electrolytes were found strongly affecting the microstructure and magnetic properties of Ni nanowire arrays.Low applied potential and pH value both prefer to form polycrystalline fcc Ni nanowires.Increasing the applied potential or pH value favors the Ni [220] texture and even eventually forms the [220] oriented single crystal Ni wires,while exorbitan... 相似文献