An Exploratory Study of Critical Issues in Online Securities Trading: The Hong Kong Perspective

The advancement of technology enables more and more people to do their business activities online. This has threatened the businesses of the traditional intermediaries. Among the various form of electronic commerce, online securities trading is one that will stand a better chance for wide adoption and success. Online securities trading penetration rate has remained on a steady upward trend [39]. The development and adoption of online securities trading have been slow in Hong Kong as compared to other Asian counter parts such as South Korea, Japan and Singapore. Past research on online securities trading in Hong Kong has been lacking. The objectives of this study are to explore the critical issues, impacts, problems and barriers of online securities trading in Hong Kong, and what can be done to facilitate local online securities trading. This paper will first provide the background of online securities trading in Hong Kong, followed by literature review on online securities trading, self-service technology, electronic commerce, and review of studies of online securities trading in other countries. In-depth interviews were also conducted with senior personnel in local brokerage firms that offer online trading to gather their expert opinion and to explore the critical issues, attributes, benefits and barriers of online securities trading in Hong Kong. Recommendations to managers and future research of an empirical study will be discussed in the last section

Feasibility study of performing experimental modal analysis with oblique impact testing using various oblique impact directions

© 2020 Faculty of Engineering, Alexandria University Oblique impact excitation has been introduced in Experimental Modal Analysis (EMA), with the great advantage of reducing the conventional EMA's testing time by a factor of three. One major constraint of this technique is the investigation of the effect of various oblique impact directions towards its accuracy in determining the structural dynamic characteristic. This feasibility study is difficult to be achieved in practice, as it involves a lengthy amount of experimental works using various oblique impact directions. To solve this problem, a mathematical model has been developed to synthesize the FRF due to oblique impact (i.e. oblique FRF) in this study. The synthesized oblique FRFs show great agreement with the measured oblique FRFs in various oblique impact directions, which validate the reliability of the usage of the proposed synthesis method. The performance of the oblique impact testings using various impact angles is investigated. The results show that the oblique impact testing has a high success rate to extract directional modes in many impact directions, however wrong selection of the impact direction will lead to mode estimation failure. Good selection of impact direction based on force and modal strengths are demonstrated to ensure an accurate estimation of the structural dynamic characteristics

Identification of material properties of orthotropic composite plate using hybrid non-destructive evaluation approach

Identification of material properties is one of the key issues in composite materials research. The mechanical properties of composite materials depend on diverse factors such as configuration of the laminates, constituent materials used and production method adopted. Conventional testing approach tends to be time-consuming, expensive and destructive. As an alternative, a rapid, inexpensive, hybrid and non-destructive evaluation approach which utilises experimental modal analysis and finite element analysis is proposed. Experimental modal data which consist of natural frequencies and mode shapes of an orthotropic composite plate are utilised for correlation purpose with its finite element model. This finite element model of the composite plate is continuously updated and achieves less than 5% in difference of natural frequencies and over 70% in modal assurance criterion. Material properties such as Young's moduli, inplane shear modulus and Poisson ratio of the composite plate are then successfully determined using the well-correlated FE model

Energy Harvesting Based on a Novel Piezoelectric 0.7PbZn0.3Ti0.7O3-0.3Na2TiO3 Nanogenerator

Recently, piezoelectric materials have achieved remarkable attention for charging wireless sensor nodes. Among piezoelectric materials, non-ferroelectric materials are more cost effective because they can be prepared without a polarization process. In this study, a non-ferroelectric nanogenerator was manufactured from 0.7PbZn0.3Ti0.7O3-0.3Na2TiO3 (PZnT-NT). It was demonstrated that the increment of conductivity via adding the Na2TiO3 plays an essential role in increasing the permittivity of the non-ferroelectric nanogenerator and hence improved the generated power density. The dielectric measurements of this material demonstrated high conductivity that quenched the polarization phase. The performance of the device was studied experimentally over a cantilever test rig; the vibrating cantilever (0.4 ms-2) was excited by a motor operated at 30 Hz. The generated power successfully illuminated a light emitting diode (LED). The PZnT-NT nanogenerator produced a volume power density of 0.10 μw/mm3 and a surface power density of 10 μw/cm2. The performance of the proposed device with a size of (20 × 15 × 1 mm3) was higher in terms of power output than that of the commercial microfiber composite (MFC) (80 × 57 × 0.335 mm3) and piezoelectric bimorph device (70 × 50 × 0.7 mm3). Compared to other existing ferroelectric and non-ferroelectric nanogenerators, the proposed device demonstrated great performance in harvesting the energy at low acceleration and in a low frequency environment

Non-destructive testing and assessment of dynamic incompatibility between third-party piping and drain valve systems: An industrial case study

This paper presents the outcome of an industrial case study that involved condition monitoring of piping system that showed signs of excess fatigue due to flow-induced vibration. Due to operational requirements, a novel non-destructive assessment stratagem was adopted using different vibration analysis techniques - such as experimental modal analysis and operating deflection shapes - and complemented by visual inspection. Modal analysis carried out near a drain valve showed a dynamic weakness problem (several high-frequency flow-induced vibration frequency peaks), hence condition-based monitoring was used. This could easily be linked to design problem associated with the dynamic incompatibility due to dissimilar stiffness between two third-party supplied pipe and valve systems. It was concluded that this is the main cause for these problem types especially when systems are supplied by third parties, but assembled locally, a major cause of dynamic incompatibility. It is the local assembler's responsibility to develop skills and expertise needed to sustain the operation of these plants. This paper shows the technique used as result of one such initiative. Since high amplitude, low-frequency displacement can cause low cycle fatigue, attention must be paid to ensure flow remains as steady state as possible. The ability to assess the level of design incompatibility and the level of modification required using non-destructive testing is vital if these systems are to work continuously. © 2014 Taylor & Francis

In-Plane Magnetic Anisotropy In RF Sputtered Fe-N Thin Films

We have fabricated Fe(N) thin films with varied N2 partial pressure and studied the microstructure, morphology, magnetic properties and resistivity by using X-ray diffraction, atomic force microscopy, transmission electron microscopy, vibrating-sample magnetometer and angle-resolved M-H hysteresis Loop tracer and standard four-point probe method. In the presence of low N2 partial pressure, Fe(N) films showed a basic bcc a-Fe structure with a preferred (110) texture. A variation of in-plane magnetic anisotropy of the Fe(N) films was observed with the changing of N component. The evolution of in-plane anisotropy in the films was attributed to the directional order mechanism. Nitrogen atoms play an important role in refining the a-Fe grains and inducing uniaxial anisotropy.Comment: 11 pages, 6 figure

Development and Validation of Experimental Modal Analysis with Fixture-Free Oblique Impact Testing Based on Vector Projection Method

Experimental modal analysis (EMA) with oblique excitation (i.e. oblique impact testing) is useful in improving the long testing time problem of conventional EMA with normal excitation (i.e. tri-axial normal impact testing), in order to extract all important dynamic characteristics of a 3D complex structure. In this study, a new methodology involving vector projection method is introduced to find the driving point frequency response function (FRF) in the oblique direction, without the need of special fixture with oblique-oriented impedance head. Hence, it presents a low cost and practical solution to scale the mode shape, as compared to the traditional approach. Moreover, the concurrent forces characteristic of the oblique excitation is used in the development of the theoretical relationship between the FRF with oblique excitation and normal excitation. This is important for the validation of the oblique impact testing result, such as the FRF and modal parameter estimations. Experimental results show that the oblique impact testing has reliable and effective results, as compared with the tri-axial normal impact testing in terms of the FRF correlation, natural frequency discrepancy, modal damping ratio error and modal assurance criterion (MAC) of the unit modal mass (UMM) mode shape

Impact force identification with pseudo-inverse method on a lightweight structure for under-determined, even-determined and over-determined cases

Force identification using inverse technique is important especially when direct measurement through force transducer is not possible. Considering the effects of impact excitation force on the integrity of a lightweight structure, impact force identification has become the subject of several studies. A methodology utilising Operating Deflection Shape (ODS) analysis, Frequency Response Function (FRF) measurement and pseudo-inverse method to evaluate the dynamic force is presented. A rectangular plate with four ground supports was used as a test rig to simulate the motions of a simple vehicle body. By using the measured responses at remote points that are away from impact locations and measured FRFs of the test rig, unknown force locations and their time histories can be recovered by the proposed method. The performance of this approach in various cases such as under-determined, even-determined and over-determined cases was experimentally demonstrated. Good and bad combinations of response locations were selected based on the condition number of FRF matrix. This force identification method was examined under different response combinations and various numbers of response locations. It shows that in the over-determined case, good combination of response locations (i.e. low average of condition number of FRF matrix) and high number of response locations give the best accuracy of force identification result compared to under-determined and even-determined cases

Repositioning of the global epicentre of non-optimal cholesterol

High blood cholesterol is typically considered a feature of wealthy western countries1,2. However, dietary and behavioural determinants of blood cholesterol are changing rapidly throughout the world3 and countries are using lipid-lowering medications at varying rates. These changes can have distinct effects on the levels of high-density lipoprotein (HDL) cholesterol and non-HDL cholesterol, which have different effects on human health4,5. However, the trends of HDL and non-HDL cholesterol levels over time have not been previously reported in a global analysis. Here we pooled 1,127 population-based studies that measured blood lipids in 102.6 million individuals aged 18 years and older to estimate trends from 1980 to 2018 in mean total, non-HDL and HDL cholesterol levels for 200 countries. Globally, there was little change in total or non-HDL cholesterol from 1980 to 2018. This was a net effect of increases in low- and middle-income countries, especially in east and southeast Asia, and decreases in high-income western countries, especially those in northwestern Europe, and in central and eastern Europe. As a result, countries with the highest level of non-HDL cholesterol—which is a marker of cardiovascular risk—changed from those in western Europe such as Belgium, Finland, Greenland, Iceland, Norway, Sweden, Switzerland and Malta in 1980 to those in Asia and the Pacific, such as Tokelau, Malaysia, The Philippines and Thailand. In 2017, high non-HDL cholesterol was responsible for an estimated 3.9 million (95% credible interval 3.7 million–4.2 million) worldwide deaths, half of which occurred in east, southeast and south Asia. The global repositioning of lipid-related risk, with non-optimal cholesterol shifting from a distinct feature of high-income countries in northwestern Europe, north America and Australasia to one that affects countries in east and southeast Asia and Oceania should motivate the use of population-based policies and personal interventions to improve nutrition and enhance access to treatment throughout the world.</p

Global age-sex-specific fertility, mortality, healthy life expectancy (HALE), and population estimates in 204 countries and territories, 1950–2019: a comprehensive demographic analysis for the Global Burden of Disease Study 2019

Background: Accurate and up-to-date assessment of demographic metrics is crucial for understanding a wide range of social, economic, and public health issues that affect populations worldwide. The Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2019 produced updated and comprehensive demographic assessments of the key indicators of fertility, mortality, migration, and population for 204 countries and territories and selected subnational locations from 1950 to 2019. Methods: 8078 country-years of vital registration and sample registration data, 938 surveys, 349 censuses, and 238 other sources were identified and used to estimate age-specific fertility. Spatiotemporal Gaussian process regression (ST-GPR) was used to generate age-specific fertility rates for 5-year age groups between ages 15 and 49 years. With extensions to age groups 10–14 and 50–54 years, the total fertility rate (TFR) was then aggregated using the estimated age-specific fertility between ages 10 and 54 years. 7417 sources were used for under-5 mortality estimation and 7355 for adult mortality. ST-GPR was used to synthesise data sources after correction for known biases. Adult mortality was measured as the probability of death between ages 15 and 60 years based on vital registration, sample registration, and sibling histories, and was also estimated using ST-GPR. HIV-free life tables were then estimated using estimates of under-5 and adult mortality rates using a relational model life table system created for GBD, which closely tracks observed age-specific mortality rates from complete vital registration when available. Independent estimates of HIV-specific mortality generated by an epidemiological analysis of HIV prevalence surveys and antenatal clinic serosurveillance and other sources were incorporated into the estimates in countries with large epidemics. Annual and single-year age estimates of net migration and population for each country and territory were generated using a Bayesian hierarchical cohort component model that analysed estimated age-specific fertility and mortality rates along with 1250 censuses and 747 population registry years. We classified location-years into seven categories on the basis of the natural rate of increase in population (calculated by subtracting the crude death rate from the crude birth rate) and the net migration rate. We computed healthy life expectancy (HALE) using years lived with disability (YLDs) per capita, life tables, and standard demographic methods. Uncertainty was propagated throughout the demographic estimation process, including fertility, mortality, and population, with 1000 draw-level estimates produced for each metric. Findings: The global TFR decreased from 2•72 (95% uncertainty interval [UI] 2•66–2•79) in 2000 to 2•31 (2•17–2•46) in 2019. Global annual livebirths increased from 134•5 million (131•5–137•8) in 2000 to a peak of 139•6 million (133•0–146•9) in 2016. Global livebirths then declined to 135•3 million (127•2–144•1) in 2019. Of the 204 countries and territories included in this study, in 2019, 102 had a TFR lower than 2•1, which is considered a good approximation of replacement-level fertility. All countries in sub-Saharan Africa had TFRs above replacement level in 2019 and accounted for 27•1% (95% UI 26•4–27•8) of global livebirths. Global life expectancy at birth increased from 67•2 years (95% UI 66•8–67•6) in 2000 to 73•5 years (72•8–74•3) in 2019. The total number of deaths increased from 50•7 million (49•5–51•9) in 2000 to 56•5 million (53•7–59•2) in 2019. Under-5 deaths declined from 9•6 million (9•1–10•3) in 2000 to 5•0 million (4•3–6•0) in 2019. Global population increased by 25•7%, from 6•2 billion (6•0–6•3) in 2000 to 7•7 billion (7•5–8•0) in 2019. In 2019, 34 countries had negative natural rates of increase; in 17 of these, the population declined because immigration was not sufficient to counteract the negative rate of decline. Globally, HALE increased from 58•6 years (56•1–60•8) in 2000 to 63•5 years (60•8–66•1) in 2019. HALE increased in 202 of 204 countries and territories between 2000 and 2019. Interpretation: Over the past 20 years, fertility rates have been dropping steadily and life expectancy has been increasing, with few exceptions. Much of this change follows historical patterns linking social and economic determinants, such as those captured by the GBD Socio-demographic Index, with demographic outcomes. More recently, several countries have experienced a combination of low fertility and stagnating improvement in mortality rates, pushing more populations into the late stages of the demographic transition. Tracking demographic change and the emergence of new patterns will be essential for global health monitoring. Funding: Bill & Melinda Gates Foundation. © 2020 The Author(s). Published by Elsevier Ltd. This is an Open Access article under the CC BY 4.0 licens