This paper examines (i) whether value-growth characteristics have more power than past performance in predicting return reversals; and (ii) whether typical rational behaviour such as incentives to delay paying capital gain taxes can better explain long-term reversals than past performance. We...

Long-range dependence in volatility is one of the most prominent examples in financial market research involving universal power laws. Its characterization has recently spurred attempts to provide some explanations of the underlying mechanism. This paper contributes to this recent line of...

In this paper, we numerically investigate energy dissipation caused by traffic in the Nagel-Schreckenberg (NaSch) model with open boundary conditions (OBC). Boundary results in excess energy dissipation. The effects of the stochastic boundary conditions on energy dissipation are discussed. The...

In this paper, we numerically study energy dissipation per unit time per car Ed in the Nagel–Schreckenberg (NS) model. Numerical results show that there is a critical density over which energy dissipation occurs, but below which no energy loss happens in the deterministic NS model. Energy...

This study presents an empirical method of modeling the nonnegativity of dependent variables using truncated logistic and normal disturbance distributions. The method is applied in estimating a ranch land hedonic price function. Results show that the degree of truncation is significant.

This article studies the market reaction surrounding the announcement of the convertible bonds issuance in Chinese market, and partly explains the difference of influence on underlying securities in mature market such as the US market and emerging market in China. Meanwhile, it reveals how...

Cellulosic ethanol made from cellulosic biomass is an alternative to petroleum-based transportation fuel. The cost-effectiveness of cellulosic ethanol manufacturing has been hindered by several technical barriers. One such barrier is that low density of biomass causes high costs of biomass...

Along with the rapid economic development of China, carbon dioxide (CO<InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$_{2}$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <msub> <mrow/> <mn>2</mn> </msub> </math> </EquationSource> </InlineEquation>) emissions will inevitable rise in the future. This will happen even though the Chinese government has made a series of attempts to constrain the CO<InlineEquation ID="IEq2"> <EquationSource Format="TEX">$$_{2}$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <msub> <mrow/> <mn>2</mn> </msub> </math> </EquationSource> </InlineEquation>-emissions, and is committed to reduce...</equationsource></equationsource></inlineequation></equationsource></equationsource></inlineequation>

Ammonia–water mixtures have been used as working fluids in absorption–refrigeration cycles for several decades. Their use as multi-component working fluids for power cycles has been investigated recently. The thermodynamic properties required are known or may be calculated at elevated...

A combined thermal power and cooling cycle is proposed. The proposed cycle combines a Rankine cycle and an absorption refrigeration cycle. It can provide power output as well as refrigeration with power generation as a primary goal. The new cycle uses very high concentration ammonia vapor in the...