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Interest Rate Pass-through in a Dual-track System:Evidence from China

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China & World Economy 2014年第4期22卷 21-39页

作者： Xuejun Jin frank m.song Yizhong Wang Yi Zhong College of Economics Zhejiang University School of Economics Peking University College of Economics and Academy of Financial Research Zhejiang University

Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term passthrough and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interhank market and bond market.

关键词： interest rate liberalization interest rate pass-through rigidity

Audit Firm Size Effects in China’s Emerging Audit markets

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Audit Firm Size Effects in China’s Emerging Audit Markets

中国信贷供给周期的实际效果：基于公司层面的经验证据

中国会计学会2005年学术年会

作者： frank m.song Sonia mL Wong School of Economics and Finance the University of Hong Kong Hong Kong Institute of Economics and Business Strategies the University of Hong Kong

＜正＞Using a panel data of both audit firms and listed firms in China from 2001 to 2003, we examine the continuous relation between audit firm size and audit quality in China’s relatively competitive market for publicly listed *** find that larger auditors are more likely to issue modified opinions than smaller *** also find that larger auditors tend to enjoy a significant audit fee *** results indicate the existence of not only a positive but also a continuous relation between audit firm size and audit quality in the *** further examine the relation between the size of auditors and the listed firms’ corporate governance and offer evidence that the size of auditors is related positively to quality of corporate *** results suggest that auditing is a complement to various internal corporate control mechanisms in the listed firms.

关键词： Audit firm Size Audit Quality Emerging market China’s Audit market Corporate Governance

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经济研究 2015年第1期50卷 52-66页

作者：王义中陈丽芳宋敏浙江大学经济学院金融研究院邮政编码310027 浙江大学经济学院博士研究生邮政编码310027 北京大学经济学院邮政编码100871

信贷供给周期先影响公司融资目的,然后影响公司融资方式选择。本文以公司融资目的从长期资金需求到流动性资金需求的转变衡量信贷供给周期的影响,运用中国上市公司季度报表数据进行实证分析。经验研究发现,信贷供给周期会显著影响公司... 详细信息

信贷供给周期先影响公司融资目的,然后影响公司融资方式选择。本文以公司融资目的从长期资金需求到流动性资金需求的转变衡量信贷供给周期的影响,运用中国上市公司季度报表数据进行实证分析。经验研究发现,信贷供给周期会显著影响公司在流动性资金需求与长期资金需求之间的替代性选择,信贷紧缩会促使公司增加流动性资金需求而降低长期资金需求,反之亦然。而且,这种替代性选择会影响公司的投资行为,促使公司减少新增投资。该结论不仅突出了信贷供给周期的重要性,更强调需求层面的因素在货币政策传导中的作用。因此,注重信贷供给的节奏与信贷能力的变化比仅注重信贷投放的规模更重要,应依据微观经济主体融资目的调整信贷供给政策。

关键词：信贷供给融资需求公司投资货币政策

Adaptive Uniform Performance Control of Strict-Feedback Nonlinear Systems With Time-Varying Control Gain

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IEEE/CAA Journal of Automatica Sinica 2023年第2期10卷 451-461页

作者： Kai Zhao Changyun Wen Yongduan song frank L.Lewis IEEE the Department of Electrical and Computer Engineering National University of SingaporeSingapore 119077Singapore the School of Electrical and Electronic Engineering Nanyang Technological UniversitySingapore 639798Singapore the State Key Laboratory of Power Transmission Equipment&System Security and New Technology Chongqing Key Laboratory of Intelligent Unmanned SystemsSchool of AutomationChongqing UniversityChongqing 400044China the UTA Research Institute University of Texas at ArlingtonFort WorthTX 76118 USA

In this paper,we present a novel adaptive performance control approach for strict-feedback nonparametric systems with unknown time-varying control coefficients,which mainly includes the following ***,by introducing several key transformation functions and selecting the initial value of the time-varying scaling function,the symmetric prescribed performance with global and semi-global properties can be handled uniformly,without the need for control ***,to handle the problem of unknown time-varying control coefficient with an unknown sign,we propose an enhanced Nussbaum function(ENF)bearing some unique properties and characteristics,with which the complex stability analysis based on specific Nussbaum functions as commonly used is no longer ***,by utilizing the core-function information technique,the nonparametric uncertainties in the system are gracefully handled so that no approximator is ***,simulation results verify the effectiveness and benefits of the approach.

关键词： Adaptive control enhanced Nussbaum function(ENF) strict-feedback systems unified prescribed performance

Estimation of genetic parameters and their sampling variances for quantitative traits in the type 2 modified augmented design

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The Crop Journal 2016年第2期4卷 107-118页

作者： frank m.You Qijian song Gaofeng Jia Yanzhao Cheng Scott Duguid Helen Booker Sylvie Cloutier morden Research and Development Centre Agriculture and Agri-Food Canada Soybean Genomics and Improvement Laboratory USDA-ARS Crop Development Centre University of Saskatchewan Ottawa Research and Development Centre Agriculture and Agri-Food Canada

The type 2 modified augmented design(mAD2) is an efficient unreplicated experimental design used for evaluating large numbers of lines in plant breeding and for assessing genetic variation in a population. Statistical methods and data adjustment for soil heterogeneity have been previously described for this design. In the absence of replicated test genotypes in mAD2, their total variance cannot be partitioned into genetic and error components as required to estimate heritability and genetic correlation of quantitative traits, the two conventional genetic parameters used for breeding selection. We propose a method of estimating the error variance of unreplicated genotypes that uses replicated controls, and then of estimating the genetic parameters. Using the Delta method, we also derived formulas for estimating the sampling variances of the genetic *** simulations indicated that the proposed method for estimating genetic parameters and their sampling variances was feasible and the reliability of the estimates was positively associated with the level of heritability of the trait. A case study of estimating the genetic parameters of three quantitative traits, iodine value, oil content, and linolenic acid content, in a biparental recombinant inbred line population of flax with 243 individuals, was conducted using our statistical models. A joint analysis of data over multiple years and sites was suggested for genetic parameter estimation. A pipeline module using SAS and Perl was developed to facilitate data analysis and appended to the previously developed mAD data analysis pipeline(http://***/bioinformatics_ tools/mADPipeline/***).

关键词： Broad-sense heritability Genetic correlation Sampling variance modified augmented design

An Early Warning System for Curved Road Based on OV7670 Image Acquisition and STm32

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Computers, materials & Continua 2019年第4期59卷 135-147页

作者： Xiaoliang Wang Wenhua song Bowei Zhang Brandon mausler frank Jiang School of computer science and engineering Hunan University of Science and TechnologyXiangtan411201China Cisco Systems Incorporated San Jose 95134CaliforniaUSA School of IT Deakin UniversityVictoria 3216Australia

Nowadays,the number of vehicles in China has increased *** increase of the number of vehicles has also led to the increasingly complex traffic situation and the urgent safety measures in ***,the existing early warning devices such as geomagnetic,ultrasonic and infrared detection have some shortcomings like difficult installation and *** addition,geomagnetic detection will damage the road surface,while ultrasonic and infrared detection will be greatly affected by the *** the shortcomings of the existing solutions,this paper puts forward a solution of early warning for vehicle turning meeting based on image acquisition and *** solution combines image acquisition and processing technology,which uses image sensor to perceive traffic condition and image data analysis algorithm to process perceived image,and then utilize LED display screen to issue an early warning.

关键词： Curve traffic turning meeting early warning image identification vehicle detection

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TeV astronomy

Frontiers of physics 2013年第6期8卷 714-747页

作者： frank m. Rieger max-Planck-Institut fiir Kernphysik P.O. Box 103980 69029 Heidelberg Germany Institut de Ciencies de L'Espai (IEEC-CSIC) Campus UAB Torte C5 08193 Bellaterra Spain Dublin Institute for Advanced Studies 31 Fitzwilliam Place Dublin 2 Ireland European Associated Laboratory for Gamma-Ray Astronomy jointly supported by CNRS and MPG

With the successful realization of the current-generation of ground-based detectors, TeV Astronomy has entered into a new era. We review recent advances in VHE astronomy, focusing on the potential of Imaging Atmospheric Cherenkov Telescopes （IACTs）, and highlight astrophysical implications of the results obtained within recent years.

关键词： TeV astronomy gamma-rays Cherenkov telescopes high-energy astrophysics

A unified approach to output synchronization of heterogeneous multi-agent systems via L2-gain design

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Control Theory and Technology 2017年第4期15卷 340-353页

作者： Shan Zuo Yongduan song Hamidreza modares frank L. Lewis Ali Davoudi 1. School of Automation Engineering University of Electronic Science and Technology of China Chengdu Sichuan 611731 China 2. The University of Texas at Arlington Research Institute Fort Worth TX 76118 U.S.A.

In this paper, a unified design procedure is given for output synchronization of heterogeneous multi-agent systems （mAS） on communication graph topologies, using relative output measurements from neighbors. Three different control protocols, namely, full-state feedback, static output-feedback, and dynamic output-feedback, are designed for output synchronization. It is seen that a unified design procedure for heterogeneous mAS can be given by formulation and solution of a suitable local L2-gain design problem. Sufficient conditions are developed in terms of stabilizing the local agents＇ dynamics, satisfying a certain small-gain criterion, and solving the output regulator equations. Local design procedures are presented for each agent to guarantee that these sufficient conditions are satisfied. The proposed control protocols require only one copy of the leader＇s dynamics in the compensator, regardless of the dimensions of the outputs. This results in lower-dimensional compensators for systems with high-order outputs, compared to the p-copy internal model approach. All three proposed control protocols are verified using numerical simulations.

关键词： Heterogeneous systems output-feedback output synchronization small-gain theorem

Influence of groundwater depth on species composition and community structure in the transition zone of Cele oasis

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Journal of Arid Land 2010年第4期2卷 235-242页

作者： frank m. THOmAS Department of Geobotany University of Trier Behringstraβe 21 54296 Trier Germany

The paper analyzes the hypothesis that the distribution of dominant plant species and characteristics of plant communities are related to groundwater depth. The results showed that variations of groundwater depth impacted distributions and characteristics of dominant plant communities. However, besides groundwater depth, the community composition and species diversity were also influenced by physiognomy of the habitat. Based on the similarity coefficient, the differences between dominant plant communities were significant at different groundwater depths. Compared with other results relating to desert vegetation and groundwater depth, variations of community distribution were similar at the large spatial scale. However, in this extremely arid region, there were significant differences in community type and community succession when compared with other arid regions, especially in relationship to deep groundwater depth. With groundwater depth from deep to shallow, communities transformed with the sequence of Alhagi communities, Tamarix spp. communities, Populus communities, Phragmites communities, and Sophora communities. At groundwater depth of less than 6.0 m, the community type and composition changed, and the species diversity increased. Among these dominant species, Tamarix exhibited the biggest efficiency in resource utilization according to niche breadth, which means it possessed the best adaptability to environmental conditions at the oasis margins.

关键词： groundwater depth community characteristic niche breadth oases Taklamakan desert