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The latest research progress in the application of texture analyzer to the determination of tobacco leaf mechanical properties (softness, adhesion, penetration, pull, shear force, texture and brittleness) was reviewed. It pointed out that the texture analyzer to determine the mechanical properties of tobacco leaves was objective and sensitive, which can more comprehensively reflect the stress conditions of tobacco leaves during storage, transportation, and industrial processing, and the test results were closely related to the quality of tobacco leaves. However, the texture analyzer detection technology in the determination of mechanical proper ties of tobacco leaves also had shortcomings such as high requirements for samples consistency, no standardized test parameters, methods and the necessity to improve detection accuracy and other deficiencies. The research should focus on adjusting and optimizing the test parameters of the texture analyzer, establishing normalized and standardized tobacco sample pretreatment methods and testing procedures; and establishing standard testing methods for tobacco stem return rate, tobacco softness, so as to further promote the application of texture analyzer in tobacco research area. [ABSTRACT FROM AUTHOR]

With the 2nd moment of the investment return as the risk measurement function, a fuzzy portfolio model with the background risk and liquidity considered was established. The 2nd moment of the investment return was minimized under the constraint conditions satisfying the preset return rate, the average level of turnover probability and the investment proportion of risk assets. Finally, the historical data of some stocks in the 100 indices were selected for numerical analysis, and the model was proved to conform to the law of ‘high return and high risk’. The results show that, the model is suitable for the actual financial market. The 2nd moment instead of the variance as the risk measurement function, overcomes the complexity of variance calculation and simplifies the problem of fuzzy portfolio solution. [ABSTRACT FROM AUTHOR]

In order to optimize the investment portfolio of the international financial market, this paper selects the important stock index of the seven major stock markets in the world. First, we use the more flexible APARCH model to describe the "stylized facts" of the stock index return sequence. In the portfolio optimization model, the R-vine Copula, which is selected by the maximum spanning tree (MST) algorithm is used to describe the interdependent structure of the seven stock markets, and then measure portfolio risk under R-vine Copula dependent structure CVaR. Finally, the Mean-CVaR portfolio model was established under the R-vine Copula dependent structure condition. And compare Mean-VaR, Mean-CVaR and Mean-CVaR model based on R-vine Copula dependency structure. The empirical results shows that the interdependence between assets can be used to optimize the portfolio effect, reducing the risk of portfolio risk while increasing the rate of return. The Mean-CVaR model based on the R-vine Copula dependent structure is better than the Mean-CVaR model, while the Mean-VaR model has a relatively poor performance. [ABSTRACT FROM AUTHOR]

This study was conducted to compare the rice root system and yield under different straw returning and planting methods. Our findings will provide the theoretical and practical basis for straw returning in different planting ways. In this study, we used a two-factor spilt-plot trail using hybrid rice cultivator F-you 498. The main plot was comprised of three different straw returning systems, i.e., no straw returning, straw mulching and straw soil-returning. The main plot was further divided into two subplots based on rice planting method, namely, the artificial transplanting and mechanical transplanting methods. The dry weight of rice root, root-shoot rate, root morphology, physiological features and yield formation under different straw returning and cultivation methods were studied. The results of our experiment are as follows: 1) Initially the root growth was restrained after straw returning, however, then the root growth was promoted. Root growth was restrained at active tillering stage and promoted from jointing stage. Better root growth was observed under straw soil-returning treatment at full heading stage and straw mulching treatment at maturing stage, respectively. The values of root diameter at each birth period, single stem and population root index, population dry weight of tillering and mature stage, root bleeding per stem of 15 days after jointing stage, 15 days after heading stage and maturing stage were higher in artificial transplanting compared to mechanical transplanting system. Mechanical transplanting system had higher root index at jointing and heading stages compared to artificial transplanting system. Different from that better root morphological index and population root dry weight were observed at heading stage in mechanical transplanting under straw soil-returning system, the root growth was comparatively better in artificial transplanting system during booting stage, and slower root aging (post-anthesis) and stronger root bleeding per stem were recorded under straw mulching system treatment. 2) Compared to no straw returning system, improved rice yield (3.50% on average) was observed in straw returning system, and straw mulching had the highest yield. The yield change rate of straw returning with artificial transplanting was 2.03%-9.81%, and that of straw returning with mechanical transplanting was -6.00%-1.30%. Straw mulching with artificial transplanting showed the highest yield-increasing rate. 3) The root dry weight at active tillering stage, root dry weight, root morphology index per stem and population root morphology index at mature stage were positively correlated with spikelets per panicle, total spikelets and yield. However, the root morphology index per stem and population root morphology index at tillering stage were negatively correlated with effective panicle number. To sum-up, in straw returning system, increased yield was observed in artificial transplanting, however, decreased yield was recorded in mechanical transplanting system. Moreover, straw mulching had higher yield than straw soil-returning. Whereas in straw mulching coupled with artificial transplanting system, early and fast root growth, slower aging and higher rate of root bleeding per stem, and higher overall yield were observed compared to other systems. Meanwhile, in straw soil-returning coupled with mechanical transplanting system, improved root growth was observed during the middle growing stage but comparatively higher and fast root aging rate and low bleeding intensity per stem were observed. [ABSTRACT FROM AUTHOR]

In the 5G mobile communication network virtualization scenario, how to deploy network slices safely is a prerequisite for future large-scale commercial use. Aiming at the security of 5G network slice deployment, this paper proposed a strategy for network slicing deployment based on security trust. The deployment strategy could effectively quantify and analyze the security of VNF and network resources by proposing the concept of security trust value, and on this basis, it constructed the mathematical model of network slice deployment using 0-1 integer linear programming method. The strategy used heuristic algorithm to find the minimum cost of network slice deployment. Simulation results show that the deployment strategy reduces the deployment cost and achieves better security revenue and deployment rate of return under the premise of ensuring the deployment security. [ABSTRACT FROM AUTHOR]

Since downward jumps in asset prices play an important role in triggering gap risk of CPPI-managed rate of return guarantee, it is of crucial importance to incorporate the impact of downward jumps in valuation of the return guarantee products. This paper investigates the valuation of CPPI-managed multi-period return guarantee under the condition that the active asset price follows a log-normal jump diffusion process. Due to the piecewise property of the CPPI-managed portfolio, analytic results can not be obtained and we resort to numerical methods. For illustrative purposes, valuation formulae in closed form are obtained for the constant-mix strategy. Our numerical results indicate that, under the geometric Brownian motion setting, there is no gap risk in the CPPI-managed portfolio and thus the price of CPPI-managed multi-period return guarantee is zero, and that changes in parameters do not affect the price. When the price process of active asset is characterised by a log-normal jump process, however, the value of CPPI-managed multi-period return guarantee is positive and is positively correlated with the CPPI multiple, the guarantee level and the volatility of the active asset price. [ABSTRACT FROM AUTHOR]

By specifying the theoretical model of R&D accumulation and output growth based on the new growth theory and the spatial panel data model based on core- periphery theory in new economic geography. The results show that R&D investment has the feature of high return and R&D spillover effects from center to periphery have different effects on the high-tech output in the periphery provinces. Generally speaking, the interactions between center and periphery in an area have positive effects on the output growth. The material capital and labor input promote the output growth significantly. The government should encourage the R&D input in the center, guide the production and R&D activity from center to the periphery provinces to reinforce the driving effects and the spillover effects. [ABSTRACT FROM AUTHOR]

This paper firstly analyzes the influences of low load condition on natural gas treatment unit from two aspects: the low load condition can lead to surging, as well as yield decline, which directly affects the economic benefits. Secondly, aiming at the harm of units at low load condition, according to the experience formula of expansion refrigeration and throttling expansion, the methods, such as improving the processing capacity, the expansion ratio of expansion machine, and the throttle effect, and increasing the auxiliary refrigerating capacity, etc, are used to reduce top temperature of methane tower, so as to improve the unit yield. These measures have certain reference significance to the operation of similar natural gas treatment plant. [ABSTRACT FROM AUTHOR]

This paper proposes a new panel quantile regression model with change points at unknown positions, which parameters are estimated by Bayesian inference and MCMC sampling. By an empirical study to explore structural changes in the high-frequency dependence from trading volume and market trend to IPO's initial return in China's growth enterprise market, it is found that: structural change points are near the market opening for higher quantiles of returns, and close to the median trading time for lower quantiles; the IPO's trading volume gives a greater impact on IPO's return before change points than after change points on listing date, while the volume of Shenzhen composite index contributes larger impact on IPO's return after change points than before change points; the separation of return and volume of IPOs is detected both at lower quantiles before the change points and at any quantile after the change points; the volume of Shenzhen composite index is positively correlated to IPO's return through all quantiles before or after change points, moreover, the correlation coefficients after change points are stronger than ones before change points, and the same is true at extreme quantiles than at median quantiles. [ABSTRACT FROM AUTHOR]

Based on price duration and volume duration, this paper introduces two indexes to describe the market liquidity. Results show that there is conflict between the two indexes. To find out which is more significant, liquidity ratio is introduced to demonstrate the liquidity situation. Using the new indexes, this paper studies the intraday trend of liquidity and makes model to find out the factors influencing the liquidity of futures market. Empirical results show that both volume and open interest influence the liquidity positively, while absolute yield has significant negative influences. What's more the volume's influence is more significant. The results also show that price spread is not suitable for Chinese market. We should consider the volume when measuring Chinese market's liquidity. [ABSTRACT FROM AUTHOR]

In this paper we employ a three-regime-switching model, to capture the nonlinear characteristics of the Chinese stock market bubble dynamics, and to test the explanatory power of heterogeneous beliefs for the regime-switching. We find that the bubbles in SHSE can be distinguished into dormant, explosive and collapsing three regimes, and the abnormal trade volume and the excessive return have the significant explanatory power of the regime switching. [ABSTRACT FROM AUTHOR]

Minority game and complex finance networks model are researched in this paper. The network structure represents the studying relation between the agents among the finance market. Simulation was run on three kinds of networks including random network, small-world network, and scale-free network. The simulation results show the fat-tail distribution feature of returns distribution, and abnormal stock price of oligopoly market in finance market. [ABSTRACT FROM AUTHOR]

Aiming at different goals of IT R&D outsourcing project in cooperative technical innovation, R&D outsourcing contract is designed to consider the outsourcing enterprises participating in market return of cooperative innovation product, and the influence factors of contract parameters are analyzed. The results show that the incentive of the optimized proportion of revenue-sharing has nothing to do with product market, fixed service payment of R&D project and cost coefficient of both participants, and is positively related with the influence coefficient of the success of the project from contracting enterprise, and is negatively related with the influence coefficient of the success of the project from outsourcing enterprise. The optimized fixed service payment is positively related with the cost coefficient of both participants, and negatively related with market capacity of the cooperative technology innovation product, and is positively related with product price-sensitive coefficient and unit cost of product promotion. At last, the conclusions are proved by a numerical example. [ABSTRACT FROM AUTHOR]

As a mental characteristic, vertical representation bias is introduced to portfolio choice model, to research its influence to investors' portfolio decision. This paper proposes Representation Return concept, and gives an investors' utility function of two variables -- final return and Excess Representation Return, from the principle of expected utility maximization. Then establishes optimal portfolio model based on vertical representation bias, and give an empirical analysis showing that the model can obtain efficient frontier of investment portfolio. [ABSTRACT FROM AUTHOR]

This paper constructed an aggregate measure of investor sentiment and sentiment Beta, which was defined as the sensitivity of returns to sentiment through choosing sentiment variables. By employing this index, it studied and analyzed the relationship between sentiment and stock characteristic. The empirical result shows that, during a certain period, larger capitalization, higher volatility and higher market-to-book ratio stocks are more sensitive to sentiment in Chinese A-share market. However, there is no significant link between stock age and sentiment. [ABSTRACT FROM AUTHOR]