Overnight momentum, informational shocks, and late informed trading in China

Based on high-frequency firm-level data, this paper uncovers new empirical patterns on intraday momentum in China. First, there exists a strong intraday momentum effect at the firm level. Second, the intraday predictability stems mainly from the overnight component rather than the opening half-hour component, which is consistent with the microstructure features of the Chinese market. Third, the intraday predictability attenuates (strengthens) following large positive (negative) informational shocks, implying a striking asymmetric reaction by market participants. Finally, we document that late-informed traders are relatively less experienced or skilful. Overall, the empirical results lend support to the model of late-informed trading

A new attention proxy and order imbalance: Evidence from China

In this paper, we propose a new direct proxy for investors' attention in the Chinese stock market: daily abnormal reading quantity of each stock's posts on the Eastmoney guba website. Using A-shares samples of the Shanghai Stock Exchange, we find that our proposed proxy (i) is significantly correlated to existing attention proxies; (ii) leads to contemporarily high returns and long-time reversal; (iii) is related to heterogeneous trading behaviour of different investors. In summary, we add value to the field of investor attention approximation with a new and efficient measure that can be useful for guiding and modelling investor's tradin

Prediction of mechanical parameters for low-permeability gas reservoirs in the Tazhong Block and its applications

 A longitudinal distribution profile of the mechanical properties of the formations is important for the safe drilling, successful completion, and development of oil and gas reservoirs. However, the mechanical profile of the carbonate formations from the low-permeability gas reservoirs in the Tazhong (TZ) Block is hard to achieve due to the complex structural and lithological characteristics of the carbonates. In this paper, lab measurements are carried out to determine the physical and mechanical properties of the carbonate rocks of the Yingshan Formation in the TZ Block. Based on this, the relationships among density, the interval transit time and the mechanical parameters of the rocks in the TZ Block are constructed. The constructed relationships are then applied to the well-logging prediction of the mechanical profiles of the carbonate formations. The models are verified through the application to the two wells in the TZ Block, the results show that the relative errors in the predicted mechanical parameters are within 10% indicating the efficiency of the constructed models. The result of this study provides reasonable mechanical parameters for the exploration and development of the carbonate reservoirs in the TZ Block.Cited as: Wan, Y., Zhang, H., Liu, X., Yin, G., Xiong, J., Liang, L. Prediction of mechanical parameters for low-permeability gas reservoirs in the Tazhong Block and its applications. Advances in Geo-Energy Research, 2020, 4(2): 219-228, doi: 10.26804/ager.2020.02.1

FarSense: pushing the range limit of WiFi-based respiration sensing with CSI ratio of two antennas

International audienceThe past few years have witnessed the great potential of exploiting channel state information retrieved from commodity WiFi devices for respiration monitoring. However, existing approaches only work when the target is close to the WiFi transceivers and the performance degrades significantly when the target is far away. On the other hand, most home environments only have one WiFi access point and it may not be located in the same room as the target. This sensing range constraint greatly limits the application of the proposed approaches in real life. This paper presents FarSense-the first real-time system that can reliably monitor human respiration when the target is far away from the WiFi transceiver pair. FarSense works well even when one of the transceivers is located in another room, moving a big step towards real-life deployment. We propose two novel schemes to achieve this goal: (1) Instead of applying the raw CSI readings of individual antenna for sensing, we employ the ratio of CSI readings from two antennas, whose noise is mostly canceled out by the division operation to significantly increase the sensing range; (2) The division operation further enables us to utilize the phase information which is not usable with one single antenna for sensing. The orthogonal amplitude and phase are elaborately combined to address the "blind spots" issue and further increase the sensing range. Extensive experiments show that FarSense is able to accurately monitor human respiration even when the target is 8 meters away from the transceiver pair, increasing the sensing range by more than 100%. 1 We believe this is the first system to enable through-wall respiration sensing with commodity WiFi devices and the proposed method could also benefit other sensing applications

WiMorse: a contactless Morse code text input system using ambient WiFi signals

International audienceRecent years have witnessed advances of Internet of Things (IoT) technologies and their applications to enable contactless sensing and human-computer interaction in smart homes. For people with Motor Neurone Disease (MND), their motion capabilities are severely impaired and they have difficulties interacting with IoT devices and even communicating with other people. As the disease progresses, most patients lose their speech function eventually which makes the widely adopted voice-based solutions fail. In contrast, most patients can still move their fingers slightly even after they have lost the control of their arms and hands. Thus we propose to develop a Morse code based text input system, called WiMorse, which allows patients with minimal single-finger control to input and communicate with other people without attaching any sensor to their fingers. WiMorse leverages ubiquitous commodity WiFi devices to track subtle finger movements contactlessly and encode them as Morse code input. In order to sense the very subtle finger movements, we propose to employ the ratio of the Channel State Information (CSI) between two antennas to enhance the Signal to Noise Ratio. To address the severe location dependency issue in wireless sensing with accurate theoretical underpinning and experiments, we propose a signal transformation mechanism to automatically convert signals based on the input position, achieving stable sensing performance. Comprehensive experiments demonstrate that WiMorse can achieve higher than 95% recognition accuracy for finger generated Morse code, and is robust against input position, environment changes, and user diversity

Community Composition and Metabolic Potential of Endophytic Actinobacteria From Coastal Salt Marsh Plants in Jiangsu, China

The diversity and functional roles of the plant associated endophytic actinobacteria in unique habitats remain poorly understood. In this paper, we examined the phylogenetic diversity and community composition of endophytic actinobacteria associated with native coastal salt marsh plants in Jiangsu, China using a combination of cultivation and 16S rRNA gene-based high-throughput sequencing (HTS) methods. Further, we evaluated the antifungal, fibrinolytic activities and the secondary metabolite biosynthesis potential of isolates via gene screening. A total of 278 actinobacterial isolates were isolated from 19 plant samples. 16S rRNA gene sequencing revealed that the isolates were highly diverse and belonged to 23 genera within the Actinomycetales order, with Streptomyces, Saccharopolyspora, and Pseudonocardia comprising the most abundant genera. In addition, more than 10 of the isolates were novel actinobacterial taxa distributed across eight genera. HTS analyses of seven representative plant root samples revealed that Actinobacteria phylum constituted 0.04–28.66% of root endophytic bacterial communities. A total of four actinobacterial classes, 14 orders, 35 families, and 63 known genera were detected via HTS, and these communities were found to be dominated by the members of the order Actinomycetales including the genera Streptomyces, Mycobacterium, Arthrobacter, Nocardioides, and Micromonospora. In addition, 30.4% of the representative isolates exhibited antifungal activities, 40.5% of them showed fibrinolytic activities, while 43.0% of the strains harbored secondary metabolite biosynthesis genes. These results demonstrated that coastal salt marsh plants in the Jiangsu Province represented an underexplored new reservoir of diverse and novel endophytic actinobacteria that may be of potential interest in the discovery of bioactive compounds with potential as biocontrol agents and for fibrinolytic enzyme production

Do green bonds affect stock returns and corporate environmental performance? Evidence from China

We reveal the positive short-term stock market reaction to the announcement of green bond issuance, which does not exist for factual green bonds. For long-term performance, green bond issuance promotes corporate environmental information disclosure and attracts green investors

Analysts’ forecast anchoring and discontinuous market reaction: evidence from China

Based on a comprehensive dataset of Chinese A-share stocks, we find significant evidence for analysts’ anchoring in China. This anchoring behavior exists only when forecasts are lower than the industry median and correlates to a series of analysts’ and corporate characteristics. The following market reactions to analyst anchoring are discontinuous: only forecasts without analysts’ anchoring achieve higher and positive returns in the next period, while those with anchoring bias have no influence on the following returns. Further analyses based on the earnings response coefficient reveal that analysts’ anchoring inhibits earnings information dissemination, and discontinuous stock performance is mainly from professional institutions. Overall, this paper provides evident results about analyst anchoring and its impact, and the findings are beneficial for investors to efficiently use analysts’ forecast information