Price fluctuation,risk hedge and choice of optimal point

On the question of optimal hedge ratio, this paper firstly draws the chance to choose a market-entering point to the model. Using the replication principle of finance engineering, we make an assumed equity and get the optimal hedge ratio of the model, which gives the theoretical support to the practice. We should not only concern on the market-entering point, but also concern on the period of the hedge that still influences the effect of hedging. But only the period of hedging gives its affection if the time is relatively long.     

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.     

SPSM and its application in cylindrical shells

In naval architectures, the structure of prismatic shell is used widely. But there is no suitable method to analyze this kind of structure. Stiffened prismatic shell method (SPSM) presented in this paper, is one of the harmonic semi-analytic methods. Theoretically, strong stiffened structure can be analyzed economically and accurately. SPSM is based on the analytical solution of the governing differential equations for orthotropic cylindrical shells. In these differential equations, the torsional stiffness, bending stiffness and the exact position of each stiffener are taken into account with the Heaviside singular function. An algorithm is introduced, in which the actions of stiffeners on shells are replaced by external loads at each stiffener position. Stiffened shells can be computed as non-stiffened shells. Eventually, the displacement solution of the equations is acquired by the introduction of Green function. The stresses in a corrugated transverse bulkhead without pier base of an oil tanker are computed by using SPSM.     

Application of the VOF method based on unstructured quadrilateral mesh

To simulate two-dimensional free-surface flows with complex boundaries directly and accurately, a novel VOF (Volume-of-fluid) method based on unstructured quadrilateral mesh is presented. Without introducing any complicated boundary treatment or artificial diffusion, this method treated curved boundaries directly by utilizing the inherent merit of unstructured mesh in fitting curves. The PLIC (Piecewise Linear Interface Calculation) method was adopted to obtain a second-order accurate linearized reconstruction approximation and the MLER (Modified Lagrangian-Eulerian Re-map) method was introduced to advect fluid volumes on unstructured mesh. Moreover, an analytical relation for the interface’s line constant vs. the volume clipped by the interface was developed so as to improve the method’s efficiency. To validate this method, a comprehensive series of large straining advection tests were performed. Numerical results provide convincing evidences for the method’s high volume conservative accuracy and second-order shape error convergence rate. Also, a dramatic improvement on computational accuracy over its unstructured triangular mesh counterpart is checked.     

Research on techniques to improve accuracy in SBL locating systems

Short baseline system （SBL）, which is a kind of underwater acoustic locating technology, has widely applicable value. In order to examine the capability of ship model design, the ship model experimentation should have high accuracy. This paper focuses on the key techniques of high accuracy locating system, including high accuracy sub-array position emendation, divisional locating, anti multi-path interference measure, etc. Experiments show that the SBL locating systems has received the satisfying effect owing to these key techniques proposed in this paper.