Securities clearing and settlement in China: markets, infrastructures and policy-making

China is taking a more active role on the world stage, even more so since its rapid and strong recovery from the global recession. In the financial realm this expansion is underpinned by a strategy to build strong and competitive capital markets at home. In order to achieve this goal, well-functioning and sound securities infrastructures are an important pre-requisite, and therefore they receive a lot of attention from Chinese policy-makers, as well as from market participants both in China and abroad. This paper evaluates the current market infrastructure, including the legal and regulatory framework, for securities trading, clearing and settlement in mainland China, and analyses the policy-making in this field. The paper finds that, following huge progress in recent years, the post-trading processes are increasingly safe and efficient. It concludes that, given the effectiveness of the policy process, Chinese clearing and settlement are likely to develop into the “modern financial support systems” which the authorities envisage, and which will also be increasingly connected and integrated with other securities markets of global importance. JEL Classification: C21, C43, D12, E31China, Clearing and Settlement, market infrastructure, policymaking, securities market

Nonequilibrium dynamics and magnetoviscosity of moderately concentrated magnetic liquids: A dynamic mean--field study

A mean-field Fokker-Planck equation approach to the dynamics of ferrofluids in the presence of a magnetic field and velocity gradients is proposed that incorporates magnetic dipole-dipole interactions of the colloidal particles. The model allows to study the combined effect of a magnetic field and dipolar interactions on the viscosity of the ferrofluid. It is found that dipolar interactions lead to additional non-Newtonian contributions to the stress tensor, which modify the behavior of the non-interacting system. The predictions of the present model are in qualitative agreement with experimental results, such as presence of normal stress differences, enhancement and different anisotropy of magnetoviscous effect and the dependence of the viscosity on the hydrodynamic volume fraction. A quantitative comparison of the concentration dependence of the magnetoviscosity shows good agreement with experimental results for low concentrations.Comment: 12 pages, 5 figure

Dividend Yields and Stock Returns: A Test for Tax Effects

This paper examines the empirical relation between stock returns and dividend yields. Several equilibrium pricing models incorporating differential taxation of dividends and capital gains are nested as systems of time series regressions. Estimates of these models and tests of parameter restrictions implied by the models are conducted within the context of Zellner's seemingly unrelated regression. It is concluded that the data fail to support these models as well as the hypothesis that dividends are neutral. The inability to distinguish between these competing hypotheses suggests the need for further research before definitive conclusions are reached regarding the tax impacts of dividends.

Thermodynamic and mesoscopic modeling of tumbling nematics, of shear-thickening fluids and of stick-slip-like flow behavior

Shear thickening, i.e. the increase of the viscosity with increasing shear rate as it occurs in dense colloidal dispersions and polymeric fluids is an intriguing phenomenon with a considerable potential for technical applications. The theoretical description of this phenomenon is patterned after the thermodynamic and mesoscopic modeling of the orientational dynamics and the flow behavior of liquid crystals in the isotropic and nematic phases, where the theoretical basis is well-established. Even there the solutions of the relevant equations recently yielded surprises: not only stable flow alignment and a periodic behavior (tumbling) are found as response to an imposed stationary shear flow but also irregular and chaotic dynamics occurs for certain parameter ranges. To treat shear-thickening fluids, a non-linear Maxwell model equation for the symmetric traceless part of the stress tensor has been proposed in analogy to the equations obeyed by the alignment tensor of nematics. The fluid-solid transition is formally analogous to the isotropic-nematic transition. In addition to shear-thickening and shear-thinning fluids, substances with yield stress can be modeled. Furthermore, periodic stick-slip-like motions and also chaotic behavior are found. In the latter cases, the instantaneous entropy production is not always positive. Yet it is comforting that its long-time average is in accord with the second law

Motivations To Produce User Generated Content: Differences Between Webloggers And Videobloggers

This explorational study seeks to elucidate the question of what motivates weblogger and videoblogger to produce user generated content. Particular focus was laid on the question whether motivational differences can be discerned between webloggers and video producers and why people do not produce content. The findings show that it is the intrinsic motivations that are responsible for today’s user generated content. Video producers and webloggers differ in their motivations. Video production is more associated with fun and time passing than is weblogging. Weblogging is regarded as being more useful in the dissemination of information. The main reasons for not producing content are opportunity costs and privacy issues

Flow Properties Inferred from Generalized Maxwell Models

The generalized Maxwell model is formulated as a nonlinear relaxation equation for the symmetric traceless stress tensor. The relaxation term of the equation involves the derivative of a potential function with respect to the stress tensor. Two special cases for this potential referred to as “isotropic” and “anisotropic” are considered. In the first case, the potential solely depends on the second scalar invariant, viz. the norm of the tensor. In the second case, also a dependence on the third scalar invariant, essentially the determinant, is taken into account in analogy to the Landau-de Gennes potential of nematic liquid crystals. Rheological consequences of the model are presented for a plane Couette flow with an imposed shear rate. The non-Newtonian viscosity and the normal stress differences are analyzed for stationary solutions. The dependence on the model parameters is discussed in detail. In particular, the occurrence of a shear-thickening behaviour is studied. The possibility to describe substances with yield stress and the existence of non-stationary, stick-slip-like solutions are pointed out. The extension of the model to magneto-rheological fluids is indicated.DFG, SPP 1104, Kolloidale magnetische Flüssigkeiten: Grundlagen, Entwicklung und Anwendung neuartiger FerrofluideDFG, SFB 448, Mesoskopisch strukturierte Verbundsystem

Transition from van-der-Waals to H Bonds dominated Interaction in n-Propanol physisorbed on Graphite

Multilayer sorption isotherms of 1-propanol on graphite have been measured by means of high-resolution ellipsometry within the liquid regime of the adsorbed film for temperatures ranging from 180 to 260 K. In the first three monolayers the molecules are oriented parallel to the substrate and the growth is roughly consistent with the Frenkel-Halsey-Hill-model (FHH) that is obeyed in van-der-Waals systems on strong substrates. The condensation of the fourth and higher layers is delayed with respect to the FHH-model. The fourth layer is actually a bilayer. Furthermore there is indication of a wetting transition. The results are interpreted in terms of hydrogen-bridge bonding within and between the layers.Comment: 4 pages, 3 figure

Engaging Researchers in Data Dialogues: Designing Collaborative Programming to Promote Research Data Sharing

A range of regulatory pressures emanating from funding agencies and scholarly journals increasingly encourage researchers to engage in formal data sharing practices. As academic libraries continue to refine their role in supporting researchers in this data sharing space, one particular challenge has been finding new ways to meaningfully engage with campus researchers. Libraries help shape norms and encourage data sharing through education and training, and there has been significant growth in the services these institutions are able to provide and the ways in which library staff are able to collaborate and communicate with researchers. Evidence also suggests that within disciplines, normative pressures and expectations around professional conduct have a significant impact on data sharing behaviors (Kim and Adler 2015; Sigit Sayogo and Pardo 2013; Zenk-Moltgen et al. 2018). Duke University Libraries\u27 Research Data Management program has recently centered part of its outreach strategy on leveraging peer networks and social modeling to encourage and normalize robust data sharing practices among campus researchers. The program has hosted two panel discussions on issues related to data management—specifically, data sharing and research reproducibility. This paper reflects on some lessons learned from these outreach efforts and outlines next steps

Analysis of bacterial and protozoan communities in an aquifer contaminated with monoaromatic hydrocarbons

Bacterial and protozoan communities were examined in three cores (A, B and C) from an aquifer located at an abandoned refinery near Hünxe, Germany. Cores were removed along a transect bordering a plume containing various monoaromatic hydrocarbons. Monoaromatic hydrocarbons could not be detected in the unsaturated zone in any core but were present in the saturated zones of core C (between 280 and 42 600 μmol kg−1 of core material [dry wt.]) and cores A and B (between 30 and 190 μmol kg−1 of core material [dry wt.]). Xylene isomers accounted for 50-70% of monoaromatic hydrocarbons in all cores. The number of DAPI-stained bacteria was found to increase from the low-contaminated cores A and B (approx. 0.1×108 cells and 0.2×108 cells g−1 of core material [dry wt.], respectively) to the high-contaminated core C (2.4×108 cells g−1 of core material [dry wt.]). The higher bacterial numbers in core C were found to coincide with a higher detection rate obtained by in situ hybridization using probe Eub338 to target the domain Bacteria (13-42% for core C as compared to 3-25% for cores A and B, respectively). Proteobacteria of the δ-subdivision (which includes many sulfate-reducing bacteria) were the most predominant of the groups investigated (7-15% of DAPI-stained bacteria) and were followed by Proteobacteria of the γ- and β-subdivisions (4% and 1% of DAPI-stained bacteria, respectively). The total numbers of protozoa and bacteria determined by direct counting occurred in a ratio of approx. 1:103, which was independent of depth or core examined. Most probable number analysis combined with a subsequent classification of the culturable protozoa revealed nanoflagellates as the major component of the protozoan community. Naked amoebae became increasingly more encysted with depth, except in the high-contaminated core C where vegetative trophozoites were present in the saturated zone. The co-occurrence of bacteria and protozoa in association with high concentrations of monoaromatic hydrocarbons suggests the involvement of trophic interactions in the process of biodegradatio