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The full-length bond wood tensile anchor system (WTS) conventionally used in earthen sites is primarily broken by the debonding of the bolt–slurry interface. To solve this limitation, material performance and pull-out tests were performed for a new type of wood tension–compression composite anchor system (WTCS) and WTS, and the strain of the bolt–slurry and the slurry–soil interface were monitored. A comparison of test results indicated the following: The average pull-out force of the WTCS is approximately 23–51% higher than that of the WTS. The WTCS has the strong ductility characteristics of small elastic and large plastic deformation. As the load increases, the strain at the bolt–slurry interface changes from a negative index of low strain to a high-strain "S" curve at the end along the bond length. The peak value of slurry–soil interface strain exhibits a transition from the front part of bond length to the middle and back parts of bond length. The mechanical operating mechanism between bolt and slurry is divided into three simplified progressive structural force models, namely "1," "T," and "Y." Finally, the calculation formulas of the average pull-out force of the WTCS are provided. [ABSTRACT FROM AUTHOR]

Two kinds of SiC nanowires exhibiting different structures were fabricated by carbothermal reduction method and subsequent wet chemical etching. Strong and tunable ultraviolet to green emission peaks emerged in the photoluminescence spectra of both kinds of SiC nanowires in water and ethanol suspensions with the increase of excitation wavelength from 260 nm to 480 nm. The strong and distinctive ultraviolet emission originates from the quantum confinement effect of the nanoplatelets with a thickness less than 3 nm and the effects of Si–OH and Si–OR (R: ethoxy group) on the SiC nanowire surface. The blue emission derived from the SiC nanowires in different solvents is due to the combined effect of the nanoplatelet thickness, which meets the theoretical prediction value (3–5.4 nm), and surface bonds. The weaker green emission can be attributed to the large SiC nanowires and surface bonds caused by Si–OR and Si–OH. [ABSTRACT FROM AUTHOR]

This article proposes a general framework of a Markov Switching GARCH model with a mixture of truncated Gaussian to model asset returns with price limits in China. Theoretically, while retaining many convenient statistical properties of the Gaussian distribution, the proposed model also assumes a flexible time-varying volatility structure to accommodate the feature of the return data under price restrictions in China, such as the clusters near the bounds (due to the 'bound effect'). Empirically, we apply the model to eight representative stocks from Shanghai and Shenzhen stock markets in China. Lastly, we find that our proposed model dominates the conventional volatility models in terms of Value-at-Risk measures. [ABSTRACT FROM AUTHOR]

We modify a simple agent-based model (ABM) proposed by Franke and Westerhoff [J. Econ. Dyn. Control, 2012, 36(8), 1193-1211] through considering the price limits and the motion of the fundamental value. The method of simulated moments is applied to calibrate both initial and modified ABMs with CSI 300 and S&P 500 respectively, and the goodness-of-fit of each ABMs is tested. The calibration results indicate that the modified model performs better than initial one. Then, we utilize the GSL-div, proposed by Lamperti [Econometrics Stat, 2018, 5, 83-106.], to verify the explanatory power of ABMs. In this procedure, 13 ARCH family models are introduced as benchmarks. The result shows that the explanatory power of modified ABM exceeds ARCH models in both markets, while initial ABM may be defeated by some of the ARCH family models in explaining the microstructure of CSI 300. Finally, a heuristic algorithm is designed to disentangle the insights of Chinese and US stock markets to the observed time horizon through calibrating the initial fundamental value, and Kupiec test is used to check the robustness of the calibration. The result indicates that the explanation of modified model is robust in both markets, while initial model lost its robustness when explaining S&P 500. [ABSTRACT FROM AUTHOR]

Based on daily and one-minute high-frequency returns, this paper examines the lead–lag dependence between the CSI 300 index spot and futures markets from 2010 to 2014. A nonparametric and non-linear method based on the thermal optimal path method is adopted. Empirical results of the daily data indicate that the lead–lag relationship between the two markets is within one day but this relationship is volatile since neither of the two possible situations (the futures leads or lags behind the spot market) takes a dominant place. Our results using the high-frequency data demonstrate that there is a price discovery in the Chinese futures market: the intraday one-minute futures return leads the cash return by 0–5 min regardless of the price trend of the market. [ABSTRACT FROM PUBLISHER]

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