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Research on Credit Default Swaps Pricing Considering Moral Hazard Incentive under Reduce-Form Model

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Journal of Systems Science and Systems Engineering 2024年第3期33卷 311-329页

作者： Liang wu Kangjie He zhe Guo School of Mathematical Science Henan Institute of Science and TechnologyXinxiang453003China Public Front Office Department Industrial and Commercial Bank of ChinaZhengzhou450000China

Equilibrium pricing of credit default swaps(CDS)promotes efficient identification of credit risk in the market,which in turn leads to efficient allocation of ***,even when CDS have been priced in equilibrium,i.e.,when premiums are equal to anticipated payments,the moral hazard incentives of CDS buyers increase with CDS ***,it becomes an interesting research direction to study the impact of moral hazard incentives on the trading mechanism or pricing of derivatives(CDS).Most of the existing literature on the impact of moral hazard incentives in CDS pricing on derivatives trading mechanisms takes a macro perspective and focuses on the agreement risk *** literature exploring the analysis of the impact of moral hazard on the probability of agreement default from a micro perspective is not yet *** this in mind,this paper focuses on the mechanisms by which“fraud”,an extreme manifestation of micro-moral hazard incentives,affects the probability of *** paper introduces for the first time the concept of“claiming fraud”by credit protection buyers,which is different from the macro perspective of moral hazard incentives,and thus defines a specific extreme form of moral hazard ***,to address the intrinsic feature of the lack of economic explanatory power of the reduce-form model,this paper introduces a moral hazard incentive factor into the reduce-form model,and proposes a moral hazard state variable as a function of the asset value of the reference entity,which gives the reduce-form model strong economic explanatory power,and the default predictability is reduced by the description of the reduce-form *** terms of the object of study,this paper considers the issue of moral hazard incentives in the presence of claiming fraud in two reference entities to further explore the impact of moral hazard incentives on default protection at the micro level in terms of cyclic ***,based on the

关键词： Financial engineering moral hazard incentive claiming fraud reduce-form model probability of default calculation CDS pricing

Bioprinting of inorganic-biomaterial/neural-stem-cell constructs for multiple tissue regeneration and functional recovery

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National Science Review 2024年第4期11卷 228-244页

作者： Hongjian Zhang Chen Qin zhe shi Jianmin Xue Jianxin Hao Jinzhou Huang Lin Du Hongxu Lu Chengtie wu State Key Laboratory of High Performance Ceramics and Superfine Microstructure Shanghai Institute of Ceramics Chinese Academy of Sciences Center of Materials Science and Optoelectronics Engineering University of Chinese Academy of Sciences

Tissue regeneration is a complicated process that relies on the coordinated effort of the nervous, vascular and immune systems. While the nervous system plays a crucial role in tissue regeneration, current tissue engineering approaches mainly focus on restoring the function of injury-related cells, neglecting the guidance provided by nerves. This has led to unsatisfactory therapeutic outcomes. Herein, we propose a new generation of engineered neural constructs from the perspective of neural induction, which offers a versatile platform for promoting multiple tissue regeneration. Specifically, neural constructs consist of inorganic biomaterials and neural stem cells(NSCs), where the inorganic biomaterials endows NSCs with enhanced biological activities including proliferation and neural differentiation. Through animal experiments, we show the effectiveness of neural constructs in repairing central nervous system injuries with function recovery. More importantly, neural constructs also stimulate osteogenesis, angiogenesis and neuromuscular junction formation, thus promoting the regeneration of bone and skeletal muscle, exhibiting its versatile therapeutic performance. These findings suggest that the inorganic-biomaterial/NSC-based neural platform represents a promising avenue for inducing the regeneration and function recovery of varying tissues and organs.

关键词： 3D bioprinting neural stem cells inorganic biomaterials neural constructs multiple tissue regeneration

UNIFORM SUPERCONVERGENCE ANALYSIS OF A TWO-GRID MIXED FINITE ELEMENT METHOD FOR THE TIME-DEPENDENT BI-WAVE PROBLEM MODELING D-WAVE SUPERCONDUCTORS

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Journal of Computational Mathematics 2024年第2期42卷 415-431页

作者： Yanmi wu Dongyang shi PLA Information Engineering University Zhengzhou 450001China School of Mathematics and Information Sciences Yantai UniversityYantai 264005China

In this paper,a two-grid mixed finite element method(MFEM)of implicit Backward Euler(BE)formula is presented for the fourth order time-dependent singularly perturbed Bi-wave problem for d-wave superconductors by the nonconforming EQ_(1)^(rot) *** this approach,the original nonlinear system is solved on the coarse mesh through the Newton iteration method,and then the linear system is computed on the fine mesh with Taylor’s *** on the high accuracy results of the chosen element,the uniform superclose and superconvergent estimates in the broken H^(1)-norm are derived,which are independent of the negative powers of the perturbation parameter appeared in the considered *** results illustrate that the computing cost of the proposed two-grid method is much less than that of the conventional Galerkin MFEM without loss of accuracy.

关键词： Time-dependent Bi-wave problem Two-grid mixed finite element method Uniform superclose and superconvergent estimates

Identifying Comprehensive Genomic Alterations and Potential Neoantigens for Cervical Cancer Immunotherapy in a Cohort of Chinese Squamous Cell Carcinoma of the Cervix

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Biomedical and Environmental Sciences 2024年第6期37卷 565-580页

作者： Meng wu Jialu Zhou zhe Zhang Yuanguang Meng School of Medicine Nankai UniversityTianjin 300071China Department of Obstetrics and Gynecology The First Medical Center of Chinese PLA General HospitalBeijing 100853China Department of Obstetrics and Gynecology Chinese PLA Medical SchoolBeijing 100853China Department of Obstetrics and Gynecology The Seventh Medical Center of Chinese PLA General HospitalBeijing 100700China

Objective Genomic alterations and potential neoantigens for cervical cancer immunotherapy were identified in a cohort of Chinese patients with cervical squamous cell carcinoma(CSCC).Methods Whole-exome sequencing was used to identify genomic alterations and potential neoantigens for CSCC *** Sequencing was performed to analyze neoantigen *** Systematic bioinformatics analysis showed that C>T/G>A transitions/transversions were dominant in *** mutations were the most frequent types of somatic mutation in the coding sequence *** signature analysis detected signature 2,signature 6,and signature 7 in CSCC ***3CA,FBXW7,and BICRA were identified as potential driver genes,with BICRA as a newly reported *** variation profiling identified 4,960 potential neoantigens,of which 114 were listed in two neoantigen-related *** The present findings contribute to our understanding of the genomic characteristics of CSCC and provide a foundation for the development of new biotechnology methods for individualized immunotherapy in CSCC.

关键词： Cervical squamous cell carcinoma Genome alteration Neoantigens Immunotherapy

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A credibility-aware swarm-federated deep learning framework in internet of vehicles

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Digital Communications and Networks 2024年第1期10卷 150-157页

作者： zhe Wang Xinhang Li Tianhao wu Chen Xu Lin Zhang School of Artificial Intelligence Beijing University of Posts and TelecommunicationsBeijing100876China

Although Federated Deep Learning(FDL)enables distributed machine learning in the Internet of Vehicles(IoV),it requires multiple clients to upload model parameters,thus still existing unavoidable communication overhead and data privacy *** recently proposed Swarm Learning(SL)provides a decentralized machine learning approach for unit edge computing and blockchain-based coordination.A Swarm-Federated Deep Learning framework in the IoV system(IoV-SFDL)that integrates SL into the FDL framework is proposed in this *** IoV-SFDL organizes vehicles to generate local SL models with adjacent vehicles based on the blockchain empowered SL,then aggregates the global FDL model among different SL groups with a credibility weights prediction *** experimental results show that compared with the baseline frameworks,the proposed IoV-SFDL framework reduces the overhead of client-to-server communication by 16.72%,while the model performance improves by about 5.02%for the same training iterations.

关键词： Swarm learning Federated deep learning Internet of vehicles Privacy Efficiency

Observation of transition from superfluorescence to polariton condensation in CsPbBr3 quantum dots film

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Light(Science & Applications) 2024年第2期13卷 316-324页

作者： Danqun Mao Linqi Chen zheng Sun Min Zhang zhe-Yu shi Yongsheng Hu Long Zhang Jian wu Hongxing Dong Wei Xie Hongxing Xu State Key Laboratory of Precision Spectroscopy East China Normal UniversityShanghai 200241China Key Laboratory of Materials for High-Power Laser Shanghai Institute of Optics and Fine MechanicsChinese Academy of Sciences201800 ShanghaiChina Collaborative Innovation Center of Extreme Optics Shanxi UniversityTaiyuanShanxi 030006China Chongqing Key Laboratory of Precision Optics Chongqing Institute of East China Normal UniversityChongqing 401121China CAS Center for Excellence in Ultraintense Laser Science Shanghai 201800China School of Physics and Technology Center for Nanoscience and NanotechnologyWuhan UniversityWuhan 430072China

The superfluorescence effect has received extensive attention due to the many-body physics of quantum correlation in dipole gas and the optical applications of ultrafast bright radiation field based on the cooperative quantum ***,we demonstrate not only to observe the superfluorescence effect but also to control the cooperative state of the excitons ensemble by externally applying a regulatory dimension of coupling light fields.A new quasi-particle called cooperative exciton-polariton is revealed in a light-matter hybrid structure of a perovskite quantum dot thin film spin-coated on a Distributed Bragg *** the nonlinear threshold,polaritonic condensation occurs at a nonzero momentum state on the lower polariton branch owning to the vital role of the synchronized *** phase transition from superfluorescence to polariton condensation exhibits typical signatures of a decrease of the linewidth,an increase of the macroscopic coherence as well as an accelerated radiation decay *** findings are promising for opening new potential applications for super-brightness and unconventional coherent light sources and could enable the exploitation of cooperative effects for quantum optics.

关键词： quantum condensation polar

Numerical modeling and experimental investigation of a two-phase sink vortex and its fluid-solid vibration characteristics

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Journal of zhejiang University-Science A(Applied Physics & Engineering) 2024年第1期25卷 47-62页

作者： Zichao YIN Yesha NI Lin LI Tong WANG Jiafeng wu zhe LI Dapeng TAN College of Mechanical Engineering Zhejiang University of TechnologyHangzhou310014China State Key Laboratory of Fluid Power and Mechatronic Systems Zhejiang UniversityHangzhou310058China

A sink vortex is a common physical phenomenon in continuous casting,chemical extraction,water conservancy,and other industrial processes,and often causes damage and loss in ***,the real-time monitoring of the sink vortex state is important for improving industrial production ***,its suction-extraction phenomenon and shock vibration characteristics in the course of its formation are complex mechanical dynamic factors for flow field state *** address this issue,we set up a multi-physics model using the level set method(LSM)for a free sink vortex to study the two-phase interaction ***,a fluid–solid coupling dynamic model was deduced to investigate the shock vibration characteristics and reveal the transition mechanism of the critical flow *** numerical results show that the coupling energy shock induces a pressure oscillation phenomenon,which appears to be a transient enhancement of vibration at the vortex penetration *** central part of the transient enhancement signal is a high-frequency *** on the dynamic coupling model,an experimental observation platform was established to verify the accuracy of the numerical *** water-model experiment results were accordant with the numerical *** above results provide a reference for fluid state recognition and active vortex control for industrial monitoring systems,such as those in aerospace pipe transport,hydropower generation,and microfluidic devices.

关键词： Free sink vortex Fluid-solid coupling Level set method(LSM) Multi-physics model Vibration characteristics

Loyal wingman task execution for future aerial combat:A hierarchical prior-based reinforcement learning approach

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Chinese Journal of Aeronautics 2024年第5期37卷 462-481页

作者： Jiandong ZHANG Dinghan WANG Qiming YANG Zhuoyong shi Longmeng JI Guoqing shi Yong wu School of Electronics and Information Northwestern Polytechnical UniversityXi’an 710129China

In modern Beyond-Visual-Range(BVR)aerial combat,unmanned loyal wingmen are pivotal,yet their autonomous capabilities are *** study introduces an advanced control algorithm based on hierarchical reinforcement learning to enhance these capabilities for critical missions like target search,positioning,and relay *** on a dual-layer model,the algorithm’s lower layer manages basic aircraft maneuvers for optimal flight,while the upper layer processes battlefield dynamics,issuing precise navigational *** approach enables accurate navigation and effective reconnaissance for lead ***,our Hierarchical Prior-augmented Proximal Policy Optimization(HPE-PPO)algorithm employs a prior-based training,prior-free execution method,accelerating target positioning training and ensuring robust target *** paper also improves missile relay guidance and promotes the effective *** integrating this system with a human-piloted lead aircraft,this paper proposes a potent solution for cooperative aerial *** experiments demonstrate enhanced survivability and efficiency of loyal wingmen,marking a significant contribution to Unmanned Aerial Vehicles(UAV)formation control *** advancement is poised to drive substantial interest and progress in the related technological fields.

关键词： Beyond-visual-range Loyal wingmen Hierarchical prior-augmented proximal policy optimization Unmanned aerial vehicles Warfare

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Sub-10-nm-sized Au@AuxIr1-x metal-core/alloy-shell nanoparticles as highly durable catalysts for acidic water splitting

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National Science Review 2024年第4期11卷 130-140页

作者： Huimin Wang zhe-ning Chen Yuanyuan Wang Dongshuang wu Minna Cao Fanfei Sun Rong Cao State Key Laboratory of Structural Chemistry Fujian Institute of Research on the Structure of Matter Chinese Academy of Sciences University of Chinese Academy of Sciences School of Materials Science and Engineering Nanyang Technological University Shanghai Synchrotron Radiation Facility Shanghai Institute of Applied Physics Chinese Academy of Sciences Fujian Science & Technology Innovation Laboratory for Optoelectronic Information of China

The absence of efficient and durable catalysts for oxygen evolution reaction（OER） is the main obstacle to hydrogen production through water splitting in an acidic ele ***,we report a controllable synthesis method of surface IrOxwith changing Au/Ir compositions by constructing a range of sub-10-nm-sized core-shell nanocatalysts composed of an Au core and AuxIr1-xalloy *** particular,Au@Au0.43Ir0.57exhibits 4.5 times higher intrinsic OER activity than that of the commercial Ir/*** X-ray-based spectroscopies,electron microscopy and density functional theory calculations revealed a balanced binding of reaction intermediates with enhanced *** water-splitting cell using a load of 0.02 mgIr/cm2of Au@Au0.43Ir0.57as both anode and cathode can reach 10 mA/cm2at 1.52 V and maintain activity for at least194 h,which is better than the cell using the commercial couple Ir/C‖Pt/C（1.63 V,0.2 h）.

关键词： controllable synthesis of surface IrOx oxygen evolution reaction acidic water splitting catalytic stability transition metal catalysts