A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establ...A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.展开更多
The single hot thermocouple technique （SHTT） and high temperature equilibrium technique were combined to investigate the phase diagram of the CaO-SiO2-5%MgO-20%AlzO3-TiO2 system. The 1300 ℃ to 1500 ℃ liquidus line...The single hot thermocouple technique （SHTT） and high temperature equilibrium technique were combined to investigate the phase diagram of the CaO-SiO2-5%MgO-20%AlzO3-TiO2 system. The 1300 ℃ to 1500 ℃ liquidus lines are calculated according to the thermodynamic equations based on the pseudo-melting temperatures measured by the single hot thermocouple technique. The phase equilibria relationships are experimentally determined at 1400 ℃ using the high temperature equilibria technique followed by X-ray fluorescence （XRF）, X-ray diffraction（XRD）, scanning electron microscopy （SEM） and energy dispersive X-ray spectroscopy （EDX） analysis. The liquid phase（L）, melilite solid solution phase （（C2MSz,C2AS）ss）, diopside phase（CMS2） and perovskite phase （CaO·TiO2） are found. Coupled with the liquidus lines and equilibria results, the phase diagram is constructed for the specified region of the CaO-SiO2-5%MgO-20%Al2O3-TiO2 system.展开更多
A reduced-order dynamic model for an unbalanced rotor system is developed, taking the coupling between torsional and lateral vibrations into account. It is assumed that a shaft is regarded as a continuous viscoelastic...A reduced-order dynamic model for an unbalanced rotor system is developed, taking the coupling between torsional and lateral vibrations into account. It is assumed that a shaft is regarded as a continuous viscoelastic shaft with unbalanced and small deformation properties. The equations of motion for the torsional and lateral vibrations are derived using Lagrange's approach with the frequency-dependent shape function. The rotor torsional vibration is coupled with the lateral vibrations by unbalance elements in a way of excitations. Simulation and experiment results show clearly that the torsional vibration has strong impact on the rotor lateral vibrations, and it causes subharmonic and superharmonic excitations through unbalance elements, which leads to the superharmonic resonances in the lateral vibrations. This model with low-order and high accuracy is suitable for rotor dynamic analysis in real time simulation as well as for active vibration control syntheses.展开更多
文摘A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.
基金Projects(51104039,51374059,51304042)supported by the National Natural Science Foundation of ChinaProject(L2013114)supported by Scientific Research Fund of Liaoning Provincial Education Department,China+1 种基金Project(2012221013)supported by Programs of Liaoning Province for Science and Technology Development,ChinaProject(N130602002)supported by the Fundamental Research Funds for the Central Universities China
文摘The single hot thermocouple technique （SHTT） and high temperature equilibrium technique were combined to investigate the phase diagram of the CaO-SiO2-5%MgO-20%AlzO3-TiO2 system. The 1300 ℃ to 1500 ℃ liquidus lines are calculated according to the thermodynamic equations based on the pseudo-melting temperatures measured by the single hot thermocouple technique. The phase equilibria relationships are experimentally determined at 1400 ℃ using the high temperature equilibria technique followed by X-ray fluorescence （XRF）, X-ray diffraction（XRD）, scanning electron microscopy （SEM） and energy dispersive X-ray spectroscopy （EDX） analysis. The liquid phase（L）, melilite solid solution phase （（C2MSz,C2AS）ss）, diopside phase（CMS2） and perovskite phase （CaO·TiO2） are found. Coupled with the liquidus lines and equilibria results, the phase diagram is constructed for the specified region of the CaO-SiO2-5%MgO-20%Al2O3-TiO2 system.
基金Project(51105017)supported by National Natural Science Foundation of ChinaProject(2011BAG09B00)supported by the National Science and Technology Support Program,ChinaProject(2010DFB80020)supported by the National Science and Technology Major Project of the Ministry of Science and Technology of China
文摘A reduced-order dynamic model for an unbalanced rotor system is developed, taking the coupling between torsional and lateral vibrations into account. It is assumed that a shaft is regarded as a continuous viscoelastic shaft with unbalanced and small deformation properties. The equations of motion for the torsional and lateral vibrations are derived using Lagrange's approach with the frequency-dependent shape function. The rotor torsional vibration is coupled with the lateral vibrations by unbalance elements in a way of excitations. Simulation and experiment results show clearly that the torsional vibration has strong impact on the rotor lateral vibrations, and it causes subharmonic and superharmonic excitations through unbalance elements, which leads to the superharmonic resonances in the lateral vibrations. This model with low-order and high accuracy is suitable for rotor dynamic analysis in real time simulation as well as for active vibration control syntheses.
