Land Distributional and Income Effects of the Chinese Land Rental Market

Using panel data of 450 farm households for the period of 1996-2001 in Zhejiang, China, we measured land distributional effect and income effect of the land rental market. It is found that the rental market had contributed for a less equal land distribution among the households, and for the concentration of land to households with higher efficiency. With a land rental market in a dynamic economic development process, improvements in overall production efficiency of the households, however, mainly come from the reduction of land abandonment and the contribution from land changing hands is very limited.Land rental market, distribution, efficiency, land abandonment, Land Economics/Use, Q12, O1, Q15,

Do Chinese stock markets share common information arrival processes?

According to the Mixture of Distributions Hypothesis (MDH), returns volatility and trading volume are driven by a common news arrival variable. Consequently, these two variables should be correlated. This paper extends, and to some extent, globalises the concept of a common information arrival process by hypothesising that this variable drives daily price (returns) volatility and trading volume changes in different financial markets. An implication is that returns volatility in one stock market should show positive and contemporaneous correlation with returns volatility in another stock market. This paper tests this implication using data from three separate, but geographically close, stock markets (Shenzhen, Shanghai and Hong Kong). A problem in the usual testing procedure is the likelihood that the news arrival process has long memory. This means that both volatility and volume (or external volatility) will have long memory and consequently, contemporaneous correlation between these variables is likely to be incorrectly rejected in cases where the test equation does not account for long memory. This paper uses fractionally integrated GARCH (FIGARCH) to test and account for long memory. The analysis finds that there is contemporaneous correlation between returns volatility in these stock markets and confirms the presence of long memory effects.mixture of distributions hypothesis, news arrival process, FIGARCH, volatility, long memory

Towards the Fabrication Strategies for Intelligent Wire Arc Additive Manufacturing of Wire Structures from CAD Input to Finished Product

With the increasing demand for freedom of part design in the industry, additive manufacturing (AM) has become a vital fabrication process for manufacturing metallic workpieces with high geometrical complexity. Among all metal additive manufacturing technologies, wire arc additive manufacturing (WAAM), which uses gas metal arc welding (GMAW), is gaining popularity for rapid prototyping of sizeable metallic workpieces due to its high deposition rate, low processing conditions limit, and environmental friendliness. In recent years, WAAM has been developed synergistically with industrial robotic systems or CNC machining centers, enabling multi-axis free-form deposition in 3D space. On this basis, the current research of WAAM has gradually focused on fabricating strut-based wire structures to enhance its capability of producing low-fidelity workpieces with high spatial complexity. As a typical wire structure, the large-size free-form lattice structure, featuring lightweight, superior energy absorption, and a high strength-weight ratio, has received extensive attention in developing its WAAM fabrication process. However, there is currently no sophisticated WAAM system commercially available in the industry to implement an automated fabrication process of wire or lattice structures. The challenges faced in depositing wire structures include the lack of methods to effectively identify individual struts in wire structures, 3D slicing algorithms for the whole wire structures, and path planning algorithms to establish reasonable deposition paths for these generated discrete sliced layers. Moreover, the welded area of the struts within the wire structure is relatively small, so the strut forming is more sensitive and more easily affected by the interlayer temperature. Therefore, the control and prediction of strut formation during the fabricating process is still another industry challenge. Simultaneously, there is also an urgent need to improve the processing efficiency of these structures while ensuring the reliability of their forming result