考虑数据中心和分布式能源接入的配电网双层规划方法

在大数据时代背景下，社会对数据处理需求的增加导致电网中数据中心的负荷不断增长，若按数据中心原始负荷接入电网，会对配电网运行产生较大的负担。而数据中心的批处理负载与配备的储能设备决定了其可以作为灵活性负荷接入电网参与需求响应。通过选取包含数据中心、常规负荷与光伏机组的配电网作为研究对象，采用双层规划方法建立了考虑数据中心运行灵活性和分布式光伏接入的配电网规划模型，上层模型以最小化配电网系统的规划与运行成本为目标，对配电网线路以及其内部的光伏机组与燃气轮机容量进行规划，下层模型以最小化数据中心运营商的规划与运行成本为目标，在考虑数据中心需求响应特性的同时对数据中心的储能设备进行容量配置。最后以IEEE-33节点配电网系统为例进行验证，算例表明所提规划模型利用了配电网内数据中心自身的灵活性，同时降低了配电网系统与数据中心的规划成本与运行成本

一种人工湿地堵塞监测装置

本实用新型公开了一种人工湿地堵塞监测装置。装置内上层筒、内中层筒、内下层筒底部分别固定一块固定透水板。内中层筒对齐内下层筒并置于其上，内上层筒对齐内中层筒并置于其上，内上层筒、内中层筒、内下层筒组成内筒。内筒顶部和底部分别有不锈钢片连接不锈钢螺纹棒固定夹紧内筒，内下层筒由不锈钢片中心的固定螺母将底部和不锈钢片固定。上部的不锈钢片两端用固定螺母与不锈钢螺纹棒连接，中心有吊环螺母，吊环中心穿绳或插入木棒作为提柄。使用时，将内筒装满基质，连接好后置于外筒中。一种监测装置在人工湿地堵塞中的应用，可方便实时监测人工湿地，调整湿地运行条件，便捷回收增效剂，延长人工湿地使用寿命。</p

The Associations between Brokers' Recommendations and Seasoned Equity Offerings

There are two topics for this project.Topic 1: Can Brokers' Recommendations Predict the Performance of Companies Conducting Seasoned Equity Offerings?AbstractThis study attempts to investigate the predictability of brokers' recommendations on the performance of companies conducting seasoned equity offerings (SEOs). We will work in two steps. First, we investigate the impacts of changes in brokers' recommendations around the announcements of SEOs on issuers' performance every half year (up to three years) following the SEOs. We argue that brokers' recommendations should have only short-run impacts on SEO companies' stock returns if analysts pursue their own benefits. On the other hand, brokers' recommendations should have predictability for the medium- or long-run performance of companies if analysts provide their professional opinions. Second, we examine the relations between changes in brokers' recommendations and company characteristics to infer how analysts evaluate SEO stocks. Specifically, we select company variables related to price momentum, the contrarian property (glamour and value stocks), and corporate investment.Topic 2: The Information Contents of Brokers' Recommendations prior to Seasoned Equity OfferingsAbstractThis study attempts to investigate the impacts of brokers' recommendations on (1) the announcement effect and (2) offer price decision of companies conducting seasonedequity offerings (SEOs). These two issues can help us to know more about the role of brokerage analysts in the secondary market and to explain the variations of SEO announcement returns and underpricing across companies. Empirically, we separate SEO companies into the upgraded, favorable, unfavorable, and downgraded, and no-recommendation groups, and identify whether brokers that provide recommendations are affiliated with issuers. We then examine the market reaction and underpricing of these groups. It is expected that companies with positive recommendations, especially for those from unaffiliated brokers, would have less negative announcement returns and more severe underpricing.2經紀商推薦與現金增資的關聯性本研究共有兩個子題。子題一：經紀商的推薦可以預測現金增資公司的績效嗎？摘要本研究試圖調查 (美國) 經紀商在現金增資前後的推薦對公司績效之預測能力，本研究有兩個步驟，第一，調查經紀商的推薦與現金增資後每半年的買入持有報酬率的關係 (至多三年)，本研究認為，如果分析師只重視本身的利益，所提供的推薦對公司績效只有短期的預測能力，但分析師若提供專業且無偏頗的意見，則其提供的推薦對公司績效應有中長短期的預測能力。第二，本研究檢驗經紀商的推薦與公司特性的關係，以便推論分析師對現金增資公司的評估，本研究將選擇與價格動能、反向操作與公司投資相關的變數來進行分析。子題二：現金增資前經紀商推薦的資訊內涵摘要本研究試圖調查 (美國) 經紀商的推薦對公司現金增資 (1) 宣告效果及 (2) 承銷價格決策之影響，這兩個事項可以幫助我們瞭解經紀商分析師在次級市場中的角色，並可解釋現金增資宣告報酬率與承銷折價的變異性。實證上，本研究將增資公司區分為增資前調升、贊同、不贊同、調降及無推薦等組別，並分辨出經紀商是否具有關聯性，然後計算這些組別在增資時的宣告報酬率及折價程度。本研究預期，具有經紀商正向推薦的公司 (尤其是來自無關聯的經紀商)，增資宣告的報酬率下跌程度較低，承銷折價程度會較高

Is the M&A Disclosure of Pre-Ipo Acquirers' Prospectuses Associated with Their Underpricing and Long-Run Performance

This study attempts to investigate the impacts of the disclosure of pre-IPO M&Ainformation in the prospectus on issuers' (1) IPO underpricing (i.e., the IPO first-dayreturn) and (2) long-run performance. I will divide pre-IPO acquirers into two groups:high and low disclosure degrees of their M&A information released in the prospectus(set as a dummy). I then use this information dummy and underwriters' reputation toexamine their impacts on IPO underpricing in order to test whether informationasymmetry or underwriters' allocation consideration affects the determination of offerprice. Further, I argue that pre-IPO acquirers are likely to underperform in the long run,since investors may fail to discern the quality of their M&As and extrapolate the rapidgrowth from M&As to the future. Hence, they would tend to be overoptimistic aboutthese companies. This situation is possibly more serious for companies that discloselittle information on their pre-IPO M&A activities in the prospectus.本文試圖調查美國企業在公開說明書中所揭露的上市櫃前併購資訊與公司(1) 上市櫃折價 (i.e., 第一天的報酬率) 及(2) 長期績效 (三十六個月之買進持有異常報酬率) 之關聯性；本文將公開說明書的併購活動資訊分為揭露程度高、低兩組 (虛擬變數)，利用此虛擬變數與承銷商聲譽來檢驗與上市櫃折價之關係，以便測試資訊不對稱及承銷商配售考量是否影響承銷價之決定。其次，本文認為，上市櫃前從事併購之公司長期表現可能較差，因為投資人無法辨認其併購活動的品質，將併購的成長推展到未來，因而對此種公司過於樂觀，這種情況對揭露程度較低的公司會更嚴重