Self-organization and phase transition in financial markets with multiple choices

Market confidence is essential for successful investing. By incorporating multi-market into the evolutionary minority game, we investigate the effects of investor beliefs on the evolution of collective behaviors and asset prices. When there exists another investment opportunity, market confidence, including overconfidence and under-confidence, is not always good or bad for investment. The roles of market confidence is closely related to market impact. For low market impact, overconfidence in a particular asset makes an investor become insensitive to losses and a delayed strategy adjustment leads to a decline in wealth, and thereafter, one's runaway from the market. For high market impact, under-confidence in a particular asset makes an investor over-sensitive to losses and one's too frequent strategy adjustment leads to a large fluctuation in asset prices, and thereafter, a decrease in the number of agents. At an intermediate market impact, the phase transition occurs. No matter what the market impact is, an equilibrium between different markets exists, which is reflected in the occurrence of similar price fluctuations in different markets. A theoretical analysis indicates that such an equilibrium results from the coupled effects of strategy updating and shift in investment. The runaway of the agents trading a specific asset will lead to a decline in the asset price volatility and such a decline will be inhibited by the clustering of the strategies. A uniform strategy distribution will lead to a large fluctuation in asset prices and such a fluctuation will be suppressed by the decrease in the number of agents in the market. A functional relationship between the price fluctuations and the numbers of agents is found

Free field realization of current superalgebra gl(m∣n)kgl(m|n)_k

We construct the free field representation of the affine currents, energy-momentum tensor and screening currents of the first kind of the current superalgebra $gl(m|n)_k$ uniformly for $m=n$ and $m\neq n$. The energy-momentum tensor is given by a linear combination of two Sugawara tensors associated with the two independent quadratic Casimir elements of $gl(m|n)$.Comment: Latex file, 15 page

Logistics Data Exchange for the EDI Customs Clearance System based on XML

Because of the disconnection between the Logistics services trading platform and the EDI customs clearance system, the logistics clearance data needed to be gathered manually, and the efficiency of customs clearance was rather low. In view of this problem, a logistics data exchange method based on the XML technology was proposed, which firstly achieved the batch extraction and conversion of the logistics clearance data that came from the Logistics services trading platform. Then, the data was transferred to the customs broker. Finally, the data was parsed by deserialization and submitted to the EDI customs clearance system automatically. The logistics data exchange method achieved the connection between the logistics services trading platform and the EDI customs clearance system, and raised the efficiency of customs clearance

Dynamic structure of stock communities: A comparative study between stock returns and turnover rates

The detection of community structure in stock market is of theoretical and practical significance for the study of financial dynamics and portfolio risk estimation. We here study the community structures in Chinese stock markets from the aspects of both price returns and turnover rates, by using a combination of the PMFG and infomap methods based on a distance matrix. We find that a few of the largest communities are composed of certain specific industry or conceptional sectors and the correlation inside a sector is generally larger than the correlation between different sectors. In comparison with returns, the community structure for turnover rates is more complex and the sector effect is relatively weaker. The financial dynamics is further studied by analyzing the community structures over five sub-periods. Sectors like banks, real estate, health care and New Shanghai take turns to compose a few of the largest communities for both returns and turnover rates in different sub-periods. Several specific sectors appear in the communities with different rank orders for the two time series even in the same sub-period. A comparison between the evolution of prices and turnover rates of stocks from these sectors is conducted to better understand their differences. We find that stock prices only had large changes around some important events while turnover rates surged after each of these events relevant to specific sectors, which may offer a possible explanation for the complexity of stock communities for turnover rates