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Testing several approaches for implied volatility modeling and forecasting.

Comparative empirical study with four traded options.

Non-parametric higher-order spline is better than parametric stochastic volatility inspired (SVI) in China.

Our results imply that even though popular on Wall Street, SVI seems not to be utilized by traders and market-makers in China.

Traders may consider higher-order spline as a better method for implied volatility modeling and forecasting.

Propose to model and forecast implied volatility via the fifth-order spline interpolation as a first; initiates studies of the empirical performance of SVI and the fifth-order spline models in implied volatility modeling and forecasting.

We are the first to investigate the relationship between seasoned equity offerings (SEOs) and anchoring on historical high prices in China.

We use the ratio of the recent closing price to its historical high in the previous 12–60 months (anchoring-high-price ratio) to study its impact on the market timing of SEOs.

Empirical results show that the anchoring-high-price ratio significantly and positively affects the probability of additional stock issuances. Contrary to the USA market, the Chinese stock market reacts negatively to the SEOs at historical highs. Moreover, the anchoring-high-price ratio exacerbates the negative effect of announcements and leads to long-term underperformance. Finally, we investigate the impact of the anchoring-high-price ratio on a company’s capital structure, showing that the additional issuance anchoring on historical highs reduces the company’s leverage ratio in the long run. Overall, our findings support the anchoring theory and can help understand better the anchoring behavior of managers and the company’s decision on additional stock issuances.

We are the first to use the anchoring-high-price ratio to study the timing of SEOs. We find that the anchoring-high-price ratio positively affects the probability of SEOs. Unlike the USA, the Chinese stock market reacts negatively to SEOs at high prices. SEOs anchoring on historical highs reduce a firm’s leverage ratio in the long run. Finally, our results support the anchoring theory.

In order to solve the problem of inaccurate calculation of index weights, subjectivity and uncertainty of index assessment in the risk assessment process, this study aims to propose a scientific and reasonable centralized traffic control (CTC) system risk assessment method.

First, system-theoretic process analysis (STPA) is used to conduct risk analysis on the CTC system and constructs risk assessment indexes based on this analysis. Then, to enhance the accuracy of weight calculation, the fuzzy analytical hierarchy process (FAHP), fuzzy decision-making trial and evaluation laboratory (FDEMATEL) and entropy weight method are employed to calculate the subjective weight, relative weight and objective weight of each index. These three types of weights are combined using game theory to obtain the combined weight for each index. To reduce subjectivity and uncertainty in the assessment process, the backward cloud generator method is utilized to obtain the numerical character (NC) of the cloud model for each index. The NCs of the indexes are then weighted to derive the comprehensive cloud for risk assessment of the CTC system. This cloud model is used to obtain the CTC system's comprehensive risk assessment. The model's similarity measurement method gauges the likeness between the comprehensive risk assessment cloud and the risk standard cloud. Finally, this process yields the risk assessment results for the CTC system.

The cloud model can handle the subjectivity and fuzziness in the risk assessment process well. The cloud model-based risk assessment method was applied to the CTC system risk assessment of a railway group and achieved good results.

This study provides a cloud model-based method for risk assessment of CTC systems, which accurately calculates the weight of risk indexes and uses cloud models to reduce uncertainty and subjectivity in the assessment, achieving effective risk assessment of CTC systems. It can provide a reference and theoretical basis for risk management of the CTC system.

The purpose of this paper is to characterize and understand the effects of polymer binder, thixotropic agent, solvent and organic medium content on the rheological properties of silver pastes for screen printing front electrode films of solar cells.

Dispersions of silver particles (surface modified with oleic acid) in ethyl cellulose (EC) polymer solutions with and without thixotropic agent were prepared, and yield stress values were measured by setting shear stress to characterize the inter-particle interaction strength of pastes. Steady-state flow, three interval thixotropy shear test and oscillatory measurements were conducted to study the effect of EC polymer and thixotropic agent on viscosity, structure rebuilding and viscoelastic properties of electrode pastes. The effect of solvent was studied by investigating the steady viscosity of cellulose acetate butyrate (CAB) polymer solutions and Ag dispersions.

Weak flocculation network of silver particles was produced because of depletion flocculation. Besides the interaction between thixotropic agent micelles, EC polymer also has a significant interaction with thixotropic agent. Merely increasing EC polymer or thixotropic agent content is not the best way to prevent the layer printed from laying down. The effect of solvent on the viscosity of paste is mainly attributed to the difference of hydromechanics radius and configuration of CAB polymer in solvents. With the increase of organic medium content, the properties of electrode pastes were converted from rigidity to flexibility.

It is still a challenge to obtain high-quality front electrode films for crystalline silicon solar cells by screen printing, because of the difficulty in reducing shadowing losses while ensuring a low series resistance and high filling factor. The paste rheological properties are the key properties related to the paste’s passing ability through the meshes and resistance of paste spreading on the substrate. Organic medium as an important component of the paste is acknowledged to be used to tailor the paste’s rheological properties and have a great role in screen printing.

This paper aims to compare the Greek and Chinese rhetorical traditions and explore their influences on today’s business and marketing communication across relevant cultures. In particular, it uses the Aristotelian persuasive orientations as reference points to introduce the Chinese rhetoric, and interpret cultural differences in persuasion from a historical and sociocultural perspective. It has been found that Greek and Chinese rhetoric and persuasion were developed to meet the needs of the social and cultural environments and this rule still applies to today’s business communication. The logical approach has been emphasised in the English rhetorical tradition while both qing (emotional approach) and li (logical approach) are the focus of persuasion in the Chinese tradition. This difference is also the root of cultural differences in modern business communication. Findings from both English and Chinese texts and data are examined to substantiate our focal argument.