Search

In order to determine an appropriate size of paper-making reconstituted tobacco, three kinds of tobacco sheets with different sizes were made. Its moisture retention performance and hygroscopicity were analyzed and its cutting performance was evaluated. The processing performance of the pipe tobacco on the silk processing line was studied, and then the pipe tobacco was applied to the cigarette products for comparative analysis of sensory quality. The results showed that there was no significant difference in moisture retention performance and hygroscopicity among three kinds of tobacco sheets, but the water absorption and water loss rate of small-sized tobacco sheets were slightly faster. The whole cutting rate of small-sized tobacco sheets decreased slightly, and the shredding rate increased slightly, but the difference between medium-sized and small-sized tobacco sheets was not obvious. The blending uniformity of finished pipe tobacco blended with small-sized tobacco sheets was better, the filament winding and caking were reduced, the crushing in the processing process was reduced, and the physical index of the cigarette in the rolling process was stable, which could reduce the consumption of pipe tobacco to a certain extent. The cigarette samples blended with small-sized tobacco sheets had lower smoke irritation and improved aroma texture. [ABSTRACT FROM AUTHOR]

(1) Background--Forest management has become one of the important means to alleviate environmental problems because of its economic and ecological benefits. The commercial value of traditional forestry projects is limited, while the income from carbon sinks trading becomes the main growth point of forestry economic benefits. However, forestry carbon sinks projects have long operating cycle, strong policy and complex value evaluation. It is difficult to describe the value of forestry carbon sinks by traditional evaluation methods, but the real option theory is more suitable for evaluating the comprehensive value of forestry carbon sinks. Compared with the B-S model, the binary tree model is more consistent with the phased and periodic characteristics of forestry carbon sinks. (2) Methods--Based on the real option theory, this paper first analyzed the option characteristics of forestry carbon sinks project, revealed the value composition of forestry carbon sinks project, and established the value evaluation model of forestry carbon sinks project based on the binary tree model. Then, the carbon sinks afforestation project in Arshaan City of Hinggan League of Inner Mongolia Autonomous Region was selected as the research object to evaluate the practical value of the project. Finally, the sensitivity analysis was used to analyze the impact of timber price, carbon price and risk-free interest rate on the project value. (3)Results--First, forestry carbon sinks project has option characteristics, and the real option theory can evaluate the potential value brought by uncertainty. The value of forestry carbon sinks project consists of three parts; forest assets value, carbon sinks assets value and option strike price. The fluctuation of forest assets and carbon sinks assets will bring their respective option values. Second, the overall value of the project under different e-valuation models is significantly different. In the NPV model, when the project is developed as a general afforestation project, the net income is -9.102 1 million yuan, the unit economic income is -2 068.65 yuan/hm,and the project is a loss. When the project is developed as a carbon sinks afforestation project, the net income is 297,900 yuan, the unit economic income is 67.70 yuan/hm, and the carbon sinks income increases the income of the project. In the real option model, the value of forest assets is 163.709 2 million yuan, the value of carbon sinks assets is 18.892 6 million yuan, the total value of the project is 81.452 2 million yuan, and the unit economic benefit is 18,511.87 yuan/hm . The option value of forest assets and carbon sinks assets significantly improves the project efficiency. Third, in the sensitivity analysis, timber price and carbon sinks price have a positive impact on the project value, while the risk-free interestrate has a negative impact on the project value. (4)Conclusions and Discussions--Based on the above conclusions, the following policy suggestions are put forward: First, strengthen the application of the real option method in the actual evaluation of the value of forestry carbon sinks projects, improve the evaluation mechanism of forestry carbon sinks projects, fully consider the option value of projects when the evaluation returns are negative by using the traditional method, and consider the opportunity value brought by fluctuation in the riskier market environment. Second, make full use of uncertainties in forestry carbon sinks projects. At the individual level, encourage the forest farmers to carry out carbon sinks afforestation projects, help them realize the diversified value of carbon sinks afforestation projects, and further stimulate the willingness of the forest farmers to participate. At the market level, guide multiple entities to participate in the implementation of forestry carbon sinks projects, and strengthen the understanding of the market and business entities on the forestry carbon sinks trading. Third, improve the trading mechanism of forest resources, deeply explore the market system of carbon sinks trading, guide the benign fluctuations of timber prices and carbon sinks prices, further enhance the social benefits of forestry carbon sinks projects, and properly regulate the risk-free interest rate, reduce the market access threshold, and improve the ecological compensation mechanism. [ABSTRACT FROM AUTHOR]

Copyright of NTU Management Review is the property of NTU Management Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Telecommunication Engineering is the property of Telecommunication Engineering and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Aiming at the coexistence of positive and negative information in the process of network public opinion dissemination, this paper introduced positive information clarifierCon the basis of the SIR model to construct an SCIR model for the simultaneous dissemination of positive and negative information. Considering the homepage effect and the heterogeneity of netizens, this paper used multi-agent simulation technology to simulate the spread of public opinion. The simulation results show that the SCIR model is more consistent with the dissemination of public opinion in the real network than the SIR model. The higher the credibility of the statements made by third-party organizations on the homepage, the more conducive to the control of public opinion, but there are thresholds. The homepage effect has both positive and negative effects on the results of online public opinion. Both the heterogeneity of netizens and the dissemination rate of positive and negative information have a significant impact on the outcome of the competition between positive and negative information. [ABSTRACT FROM AUTHOR]

This paper studies the hedging error of foreign exchange options. In respect of the typical static and dynamic Delta hedging strategies, under the circumstance of incomplete market, in which hedging process is discontinuous and interest rate parity theory is not established, the hedging error formulas of spot hedging and forward hedging are given, which can be used to measure the risk of actual hedging portfolio more accurately. In the process of studying Delta hedging strategies, this paper presents a forward exchange rate model including the friction coefficient ε. And by analyzing the difference between the spot hedging and forward hedging, a criterion for choosing the optimal hedging method is given. The criterion depends on the friction coefficient ε, so the market maker can choose the optimal risk hedging method only through real-time monitoring of friction coefficient ε, thus improving the hedging efficiency. The specific analytic formula of hedging error and the criterion of optimal hedging method proposed in this paper provide theoretical basis for foreign exchange option hedging and its risk management. The empirical results show that, the expected return difference proposed in this paper is basically consistent with the actual hedging portfolio, which verifies the rationality of the criterion. [ABSTRACT FROM AUTHOR]

Copyright of Taiwan Economic Forecast & Policy is the property of Institute of Economics, Academia Sinica, Taiwan Economic Forecast & Policy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of China Forestry Economy is the property of China Forestry Economy Magazine Agency and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

⑴ Background——Ecological compensation is considered as an important means of ecological improvement, and forest ecological compensation is an important part of ecological compensation in China. Forest ecological compensation is of great significance to improve the enthusiasm of forest ecological builders and maintainers, and to coordinate the interest relationship between the builders of “clear waters and green mountains” and the beneficiaries of “gold and silver mountains”. This paper studies the impact of forest ecological compensation mechanism based on areas on the decisions of forest scales and forest quality inputs made by non-public forest management entities, which can provide a theoretical basis for the policy development and the expansion of compensation scopes.⑵ Methods——The management decision model of public welfare forests management entities under the forest ecological benefit compensation mechanism is established with the forest areas as the key variable, and combined with the examples, the LINGO software is used to analyze the optimal strategies and profits.⑶ Results——There is a positive correlation between the forest scales, forest stock level of the forest management entities and the forest ecological compensation standards. The forest stock per unit area is negatively correlated with the compensation standards. Therefore, under the current compensation standards, the forest ecological benefit compensation mechanism is conducive to promoting the forest management entities to expand the public welfare forest scales, so as to improve the forest stock level and increase their incomes, but it is not conducive to improving the forest quality. The forest areas and forest stock level of the forest management entities are negatively correlated with the financing interest rate, that is, under the same compensation standards, the increase of the loan interest rate is not conducive to the expansion of the forest scale and forest stock level, and will reduce the profits of the forest management entities. The forest areas of the forest management entities is positively correlated with the input cost of forest quality, while the forest stock per unit area and forest stock level are negatively correlated with the input cost of forest quality, that is, with the increase of the input cost of forest quality by the forest management entities, the forest management entities will tend to increase the forest scale and reduce the forest quality, then the forest stock level of the forest management entities decreases, and their profits decrease.⑷ Conclusions and Discussions——On one hand, the ecological benefit compensation mechanism based on forest areas is conducive to improving the enthusiasm of the forest management entities to manage public welfare forests and participate in the creation of forest ecosystem service value, on the other hand, it can improve the total forest stock level and increase forest ecological benefits. However, it still has some limitations in guiding the decision-making of the forest management entities to improve forest quality. Therefore, the implementation of this mechanism will lead the forest management entities to blindly expand the scale of forest management, but ignore the quality of forest management. In order to achieve the goal of high-quality forest development, the following policy suggestions are put forward: First, while providing financial subsidies for the forest management entities, the government can improve the log yields of the forest management entities by providing high-quality saplings, technical support, collective training and other means, so as to help the forest management entities improve the forest quality without expanding the input cost of the forest quality. Second, the government can organize commercial banks to provide green financial credit services for the forest management entities so as to directly reduce the overall cost of forest management. Third, the government should guide the forest management entities to change their management philosophy, help them establish the concept of sustainable management, or expand the non-agricultural income channels of the forest management entities. [ABSTRACT FROM AUTHOR]

This paper studied the accumulation and occurrence mechanisms of the international capital inflow surge risks. In addition to the existing identification and measurement methods of international capital inflow surges, we adopted the volatility of three macroeconomic indicators (exchange rate, inflation rate and interest rate), which are closely related to surge risks, to construct a more reasonable method to quantitatively define and measure the international capital inflow surge risks. Using the data of 38 emerging markets from 2000 to 2016, this paper empirically studied the affecting factors of the international capital inflow surge risks in these emerging market economies by Logit model, Probit model and Gompit model. The results show that, capital inflow surges do not necessarily lead to risks by itself, it will result in risks only when it brings fragility to a country's macroeconomic development and financial stability. Global push factors, domestic pull factors and contagion factors are all closely related to the capital inflow surge risks: VIX and interest rates in developed economies are important global push factors for the occurrence of capital inflow surge risks, foreign exchange reserves and domestic capital controls are important domestic pull factors, and contagion effect is also significant, to the occurrence of the capital inflow surge risks. Moreover, the shock of financial crisis will lead to change in affecting factors on the capital inflow surge risks. [ABSTRACT FROM AUTHOR]

Copyright of Control Theory & Applications / Kongzhi Lilun Yu Yinyong is the property of Editorial Department of Control Theory & Applications and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

When calculating similarity, the existing differential privacy recommendation algorithms directly calculate based on user-scheme data, but ignore the influence of scheme attributes on user preferences, fail to reflect the real preferences of users, and cannot make accurate recommendations. To solve this problem, this paper proposed differential privacy recommendation method considering user interest analysis. In this method, it collected firstly users' interest ratings for scheme attributes, and secondly clustered the user-scheme attributes rating data by K-means + +. Then, it used the differential privacy algorithm to select the nearest users, and recommended suitable schemes for the target user. Finally, taking the recommendation of nursing home schemes as an example, the experimental results show that compared with KDPC, DPCF and PNCF, the proposed algorithm can reduce the mean absolute error by about 19. 0%, 34. 0% and 37. 7% under the same privacy budget. The mean absolute error decreases by 10. 4%, 20. 3 % and 21. 4 % for the same size of the nearest neighbor set. Therefore, based on protecting the privacy of users, the algorithm further improves the recommendation accuracy. [ABSTRACT FROM AUTHOR]

At present, the static detection methods for malicious Android applications are mostly based on the analysis and matching of virus hash values, which can not detect new malicious Android applications and their variants immediately. In order to reduce the false negative rate of the existing static detection and improve the detection speed of new malicious applications, this paper proposed a malicious Android application detection method implemented by a deep network fusion model. This approach extracted the static features in the core code of the Android application obtained by decompiling. Then carried out the code vectorization processing,and used the deep learning network to classify and discriminate. This approach enabled identification of malicious applications with high accuracy, and the comparative analysis with the existing approaches validates the superiority of this approach in malicious code detection. [ABSTRACT FROM AUTHOR]

Under the multi-factor Health-Jarrow-Morton (HJM) model, this paper proposed new stochastic interest rate risk measures. On the basis of the two-factor and three-factor Health-Jarrow-Morton (HJM) model, the paper gave the specific examples of the stochastic interest rate risk measure model. An empirical research was designed to examine the immunization effects of the single-factor and multi-factor stochastic, the traditional and stochastic interest rate risk measure. The results show that the immunization effect of stochastic interest rate risk measure model under the multi-factor Health-Jarrow-Morton (HJM) model is obviously superior to the single factor stochastic duration. This fully testifies the superiority of the stochastic interest rate risk measure than the traditional interest rate risk measure. The new method is valuable for the interest rate risk management. [ABSTRACT FROM AUTHOR]

Filtering SQL injection attacks effectively is one of the critical issues to be solved in the current Web security field. Combined keywords filtration with sequence alignment filtration technology, this paper proposed a SQL injection attacks filtration method( SQL injection attacks filtration, SQLIAF) based on LD algorithm. Firstly, in order to reduce the traffic size, it used the blacklist technology to filter illegal users from the perspective of IP. Secondly, it performed keywords detection on the user input. It used LD sequence alignment algorithm to filter illegal input when keywords don' t exist. Otherwise, in order to solve the false positive of normal requests in traditional keywords filtration, it distinguished the user request mode and used the method which ID was added to blacklist directly or the method of LD algorithm. The experimental results show that, compared with the traditional keyword filtration and rule matching, the proposed method can filter SQL injection attacks effectively with lower false positive rate and false negative rate and faster filtration speed. [ABSTRACT FROM AUTHOR]

Convertible bond becomes an important way of refinancing for Chinese listed companies recently, and the pricing problem of convertible bond has attracted wide attention. In this paper, we propose a two-factor willow tree method to price Chinese convertible bonds with the consideration of stock price, interest rate, default rate and the trigger conditions of callable and putable clauses embedded in Chinese convertible bonds. By comparing with the existing models, our model matches the market prices better. In empirical research, we estimate the volatility of the stock price process with both historical volatility and implied volatility which is got by calibrating the valuation model with the market price of convertible bond. We find that the accuracy of the valuation model has been greatly improved. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Northeastern University (Social Science) / Dongbei Daxue Xuebao (Shehui Kexue Ban) is the property of Dongbei Daxue and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The credit spread of commercial bank is the difference of yield to maturity between the bank bond and treasury bond. It reflects the credit risk of bank accepted by the investors in the bond market, and is an important reference for bank bonds investment. The term structure premium of T -- 1 years is measured by the difference of yields with T year maturity and 1 year maturity on the yield curve of bank bonds. The yield to maturity of 1 year of bank bond is measured by the yield to maturity of T years minus the term structure premium of T -- 1 years. The calculation models of credit spread and default probabilities of commercial banks are established based on term structure premium of yield to maturity. The innovation and characteristics of the paper are as follows. Firstly, the yield to maturity of 1 year of a specific bank bond ry,1 is calculated by the theoretical yield to maturity of T years of a specific bank bond rp,T-1 minus the term structure premium of T -- 1 years on the yield curve of bank bonds with the same credit rate rp,T-1, solving the problem that the theoretical formula can only calculate the yield to maturity of whole period of T years and unable to calculate the yield to maturity of 1 year, thus unable to determine the credit spread of bank bond. Secondly, the real credit spreads of commercial banks are calculated by comparing the yields to maturity between bank bonds and treasury bonds, which reflects the credit risk of banks accepted by the capital market, and provides foundation for issue pricing and investment decision making of bank bonds. Thirdly, the real credit spread is measured by comparing the yields to maturity of bank bond and treasury bond on the same date, solving the problem that the yields of bank bonds issued on different dates are not comparable. Fourthly, the empirical results are consistent with the credit rating orders of the banks in our country by the Moody's company, which verifies the rationality of the models in the paper. The empirical study shows that the default probabilities of the four biggest state owned banks are the lowest, the default probabilities of the regional city banks are comparative higher, and the default probabilities of other listed banks are mediate. [ABSTRACT FROM AUTHOR]

From the dual perspective of the insured and the investment institutions, this paper studies the impact of minimum return guarantee system and investment management fee system on the optimal asset allocation of pension funds. We assume that the insured entrust the pension fund to the investment institutions for operation and management. The optimization goal of the insured and the investment institution is to maximize the expected utility of their wealth at the end of the investment period respectively. Under the framework of random interest rate, the solution of pension fund investment strategies under different models is obtained by stochastic dynamic programming. Research shows that:the minimum return guarantee system and profit sharing mechanism can both reduce the proportion of the risk assets, improve the insured's expected utility. If the minimum return guarantee is higher or the profit sharing rate is lower, the proportion of the risk assets will be lower. The insured can set different investment management rates for investment institutions with different risk preferences to ensure that the investment institutions can simultaneously maximize the expected utility of the insured. [ABSTRACT FROM AUTHOR]

In the current start-up sand table experimental system, the monotonous financing way and the fixed lending interest rate for all enterprises comply with neither the real market fluctuations nor the running team changes during the operation, which is not propitious for sand table simulation. In this paper, we analyze the influence of the short-term floating interest rate towards the enterprise operation based on the short-term lending interest rate in the financing part of the start-up sand table experimental rules. The empirical results reflect that the short-term interest rate changes effectively according to the operation situation, leading to fluctuations on profitability and cash flow under the short-term floating interest rate rules. Thus it requires a better command of long-term operation plan and financial prediction to simulate the enterprise operation more effectively under the new rule, to enhance the experiment teaching of start-up sand table. Furthermore, we provide concrete examples for the dynamic design of the start-up sand table experimental rules to reform and explore the novel start-up sand table experimental system. [ABSTRACT FROM AUTHOR]

Copyright of Chinese Journal of Agrometeorology is the property of Editorial Board of Chinese Journal of Agrometeorology and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Progress in Modern Biomedicine is the property of Publishing House of Progress in Modern Biomedicine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

There is a dramatically increase in institutional investors ownership of Chinese stock market from 2003. In this paper, we improve the MS-GARCH model to analyze the daily returns data, and provide empirical evidence on the impact of sub-owned shares reform and institutional investors in stock market. We find that Chinese stock market transform form low volatility state to high volatility state after the sub-owned shares reform. The results also prove that different funds have vary effects on the volatility of the stock market, and the adjusting of interest rate and reserve ratio could also affect the the volatility of the stock market. According to the comparison between two models, MS-GARCH model is much better than single-regime GARCH model in goodness-of-fit and forecasting performance. [ABSTRACT FROM AUTHOR]

This paper attempts to valuate these policies using the risk-neutral pricing method of financial mathematics. The framework in which the fair value of these policies is priced in a stochastic interest rate environment is presented. We analyze the guaranteed interest rate option and the surrender option separately. The values of embedded options are derived using the least square Monte Carlo approach. Using the calibrated parameters, we find out that the stochastic interest rate assumption affects the valuation considerably in comparison to the constant interest rate. Additionally, the volatility of assets and the smoothing mechanism are important for valuing the policy holders' claims. [ABSTRACT FROM AUTHOR]

This paper introduces stochastic volatility and jump factors into the short-rate models, and uses a method combining sequential parameter updating and particle filter to implement the estimation of both states and parameters. Then, we use this extended models to analyze the Chinese inter-bank short-term interest rate. The empirical results show that the short-rate has obvious features of stochastic volatility and jump, and the CIR-SV-J model is the best one for describing the short-rate dynamics. If any factor of stochastic volatility or jump is ignored, the model-fitting performance would be worse, and the mean-reversion feature could not be accurately identified. Finally, our results indicate that the stochastic volatility factor is relatively more important in modeling short-rate dynamics than the jump factor. [ABSTRACT FROM AUTHOR]

Order and interest rate decisions are the key contents in the operational activities of financial institutions and companies. Considering the lack of market information, this paper established a supply chain system composed of one manufacturer and one retailer, who was budget-constrained and could get financial service from the bank. Using the Stackelberg game theory and maximin approach, the robust decisions model of order and interest rate was set up. The results include the optimal order quantity and optimal interest rate at the promise of the payment of the original investment plus interest. In addition, numerical simulation founds that order and interest rate decisions are robust to a certain extent, and the bank should consciously prevent the retailer from supplying false mean and variance. All of these offer some scientific reference and managerial enlightenment for order and interest rate decisions problem under lack of information. [ABSTRACT FROM AUTHOR]

The paper studied the optimal investment strategies of DC pension under the affine interest rate model (including the CIR model and the Vasicek model). In our model, the pension fund was allowed to invest in a risk-free asset, a zero-coupon bond and a single risky asset. By applying the Hamilton-Jacobi-Bellman equation, Legendre transform and dual theory, found the explicit solutions for the CRRA and CARA utility functions, respectively. [ABSTRACT FROM AUTHOR]

Copyright of NTU Management Review is the property of NTU Management Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Henan Agricultural Sciences is the property of Editorial Board of Journal of Henan Agricultural Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

To solve the problem that colors of green apple and background are too similar in natural scenes to identify, a method combining SSD deep learning algorithm and related image processing algorithms proposed. Firstly, the green apple in the image was detected by SSD algorithm, and the apple area was marked by a rectangular box with its regression position coordinates. Secondly, according to the coordinates of this position, only the pixels in the rectangular box were preserved, and all other non-apple areas were removed. Finally, k-means algorithm, R-B chromatic aberration method in RGB space and U component threshold value n YUV color space were used to identify the fruit area n the rectangular box respectively. And the optimal fruit recognition method was obtained by comparing the recognition effects of the three methods. Experiment results show that SSD algorithm combined with U component threshold segmentation has the highest recognition accuracy, with an average segmentation error of 8.04%, a false positive rate of 0.55%, a false negative rate of 9.05% and a stacking coefficient of 88.60%. [ABSTRACT FROM AUTHOR]