Informed trading,heterogeneity investment,liquidity shocks and the valuation of credit default swaps

This paper explores the effect of informed trading, heterogeneity investment and liquidity shocks on the valuation of credit default swaps (CDSs). Under the condition of asymmetric information, the informed trading plays an important role in the valuation of CDS. Instruction order flow has a significant influence on CDS price. And the scope of influence changes in accordance with different time interval, company status and the size of bid-ask spread. Heterogeneity of investors seriously affects the market liquidity and subsequently affects the CDS price. The bigger heterogeneity of the investment philosophy, investment habits, investment preference and so on is the bigger risk for market liquidity, and the higher price for CDS shall be. On the contrary, the conclusion is also consistent. The effectiveness of liquidity, whether it is before or after the financial crisis, dominates the fluctuation of CDS price. The premium of liquidity accounts for 36% to 50% of the CDS price.     

Dynamic response analysis of a multi-column tension-leg-type floating wind turbine under combined wind and wave loading

Floating wind turbines (FWTs) are subjected to combined aerodynamic and hydrodynamic loads varying both in time and amplitude. In this study, a multi-column tension-leg-type FWT (i.e., WindStar TLP system) is investigated for its global performance under normal operating conditions and when parked. The selected variables are analysed using a fully coupled aero-hydro-servo-elastic time domain simulation tool FAST. Three different loading scenarios (wind only, wave only and both combined) are examined to identify the dominant load influencing each response. The key response variables are obtained and compared with those for an NREL 5MW baseline wind turbine installed on land. The results should aid the detailed design of the WindStar TLP system.     

A stochastic concession model for infrastructure projects under build-operate-transfer schemes

Concession period is a key factor in the arrangement of a build-operate-transfer (BOT) contract. This paper proposes a stochastic concession period model for infrastructure projects under a BOT scheme, which takes into account the impact of risks and the risk attitudes of the private investor and the government. A hypothetical case is simulated by using the Monte Carlo simulation method to illustrate the proposed model. The results indicate that even for a project with the same estimations, the concession interval can be different and depends a lot on the risk attitudes of the private investor and the government. The proposed model provides a more reasonable concession interval based on which a specific concession period can be obtained through negotiation between the two parties.     

Urban end distribution optimization under e-commerce environment

With the rapid development of e-commerce, urban end distribution plays more and more important role in e-commerce logistics. The collection and delivery points (CDPs), between online retailers and customers, provide a way to improve the service quality of urban end distribution. But it will be more difficult to obtain an optimal solution of urban end delivery plan when many CDPs joint a complicated delivery network, since the solution space is always too large for many traditional heuristic algorithms to search. In this paper, a two-stage optimization method based on geographic information system (GIS) and improved cooperative particle swarm optimization (CPSO) is proposed. This method takes full advantage of powerful network analysis of GIS and strong global search of CPSO. A new cooperative learning mechanism, global sub-swarm, local sub-swarm and normal sub-swarm (GS-LS-NS), is used to improve the search mode of CPSO. Finally, several experiments are conducted to show the better performance of GIS-CPSO, compared with single PSO, GIS-CPSO and ArcGIS (software of GIS) separately. The conclusion of this research is much useful and applicable for logistics service providers.     

Construction of rate-compatible (RC) low-density parity-check (LDPC) convolutional codes based on RC-LDPC block codes

In this paper, a family of rate-compatible (RC) low-density parity-check (LDPC) convolutional codes can be obtained from RC-LDPC block codes by graph extension method. The resulted RC-LDPC convolutional codes, which are derived by permuting the matrices of the corresponding RC-LDPC block codes, are systematic and have maximum encoding memory. Simulation results show that the proposed RC-LDPC convolutional codes with belief propagation (BP) decoding collectively offer a steady improvement on performance compared with the block counterparts over the binary-input additive white Gaussian noise channels (BI-AWGNCs).     

Evolutionary game on oil and gas companies’ pollution treatment

This paper presents a dynamic model of pollution treatment strategies, driven by the bargaining relationships between governments, oil and gas companies and local residents. The results show that government plays a dominating role and government environmental policies have significant impact on other two parties’ behavior. To achieve better pollution treatment in the future, we put forward the following suggestions. An improvement in the legal system is required, and the legal enforcement needs to be strengthened. In terms of pollution treatment, responsibilities and obligations of these three parties need to be clearly defined. A wellfunctioned reward and penalties system needs to be established for minimizing the environment damage in the future.     

Route design and automatic check in electronic chart display and information system

For an electronic chart display and information system ( ECDIS), the most important function is the route design. In this paper,a novel approach to developing ECDIS was given and then an effective method was proposed for route design and automatic check. The mathematical model and logical relationship for coordinate transformation were also provided. They were adopted in ECDIS developing, which was based on the research of the Vxworks real-time operating system. The actual system application implies that the method is practical and can held navigation verv well.     

The real-time display algorithm of objects in seabed

Three-dimension electronic chart display information system (ECDIS) is one of the new developing directions of electronic navigation chart, and its real-time quality is one of the important requirements. In this paper the algorithm of simplifying triangle surface using edge contraction, which can ensure the real-time display of objects in seabed environment, was put forward. The optimum contraction point was determined by the Lagrange matrix, so that the algorithm ensures that the contraction point locates on the original model, meanwhile meets the demands of least deviation. This algorithm can improve the plotting speed, and preserve the boundary character by using the fewer triangles to simulate objects.     

The motion analysis of fire video images based on moment features and flicker frequency

In this paper, motion analysis methods based on the moment features and flicker frequency features for early fire flame from ordinary CCD video camera were proposed, and in order to describe the changing of flame and disturbance of non-flame phenomena further more, the average changing pixel number of the first-order moments of consecutive flames has been defined in the moment analysis as well. The first-order moments of all kinds of flames used in our experiments present irregularly flickering, and their average changing pixel numbers of first-order moments are greater than fire-like disturbances. For the analysis of flicker frequency of flame, which is extracted and calculated in spatial domain, and therefore it is computational simple and fast. The method of extracting flicker frequency from video images is not affected by the catalogues of combustion material and distance. In experiments, we adopted two kinds of flames, i.e. , fixed flame and movable flame. Many comparing and disturbing experiments were done and verified that the methods can be used as criteria for early fire detection.     

基于μC/OS-Ⅱ的汽车CAN总线智能节点的设计

在将嵌入式操作系统μC/OS-Ⅱ成功移植到LPC2129的基础上,给出了基于ARM7内核的LPC2129汽车CAN总线硬件电路,详细阐述了基于嵌入式操作系统μC/OS-Ⅱ的智能节点软件设计方法.