On the estimation of integrated covariance matrices of high dimensional diffusion processes

We consider the estimation of integrated covariance (ICV) matrices of high dimensional diffusion processes based on high frequency observations. We start by studying the most commonly used estimator, the realized covariance (RCV) matrix. We show that in the high dimensional case when the dimension $p$ and the observation frequency $n$ grow in the same rate, the limiting spectral distribution (LSD) of RCV depends on the covolatility process not only through the targeting ICV, but also on how the covolatility process varies in time. We establish a Mar\v{c}enko--Pastur type theorem for weighted sample covariance matrices, based on which we obtain a Mar\v{c}enko--Pastur type theorem for RCV for a class $\mathcal{C}$ of diffusion processes. The results explicitly demonstrate how the time variability of the covolatility process affects the LSD of RCV. We further propose an alternative estimator, the time-variation adjusted realized covariance (TVARCV) matrix. We show that for processes in class $\mathcal {C}$, the TVARCV possesses the desirable property that its LSD depends solely on that of the targeting ICV through the Mar\v{c}enko--Pastur equation, and hence, in particular, the TVARCV can be used to recover the empirical spectral distribution of the ICV by using existing algorithms.Comment: Published in at http://dx.doi.org/10.1214/11-AOS939 the Annals of Statistics (http://www.imstat.org/aos/) by the Institute of Mathematical Statistics (http://www.imstat.org

Statistical Properties of Microstructure Noise

We study the estimation of moments and joint moments of microstructure noise. Estimators of arbitrary order of (joint) moments are provided, for which we establish consistency as well as central limit theorems. In particular, we provide estimators of auto-covariances and auto-correlations of the noise. Simulation studies demonstrate excellent performance of our estimators even in the presence of jumps and irregular observation times. Empirical studies reveal (moderate) positive auto-correlation of the noise for the stocks tested

The “Useless” Sustainability: Chinese and American Discourses of Eco-Fashion and the Utilitarian Fantasy

What can China bring to the international dialog of eco-fashion? How can Chinese ways of imagining sustainability teach us new ways to think about fashion, ethics, and environment? This paper focuses on the design practice and philosophy of China’s first-generation eco-fashion designer, Ma Ke, and places her work in juxtaposition with the mainstream discourses of eco-fashion in the US. Adopting a Lacanian psychoanalytic approach, my analysis identifies an ideology of utilitarianism in the US discourse of eco-fashion that aims to maximize resource usage and minimize pollution and waste. Ma Ke’swork, by contrast, criticizes utilitarianism and proposes to conceiveour ethical relationship with the material world not through utility, butthrough memory and history. She portrays textiles as a humble medium that records the past, while the traces left from the past constitute the most seductive part of our clothes. Ma Ke’s work, I argue, offers a critique of the dominant ideologies in Western eco-fashion and helps us rethink the relationship between fashion, environment, and the ethics of consumption.

Correction of "Cloud Removal By Fusing Multi-Source and Multi-Temporal Images"

Remote sensing images often suffer from cloud cover. Cloud removal is required in many applications of remote sensing images. Multitemporal-based methods are popular and effective to cope with thick clouds. This paper contributes to a summarization and experimental comparation of the existing multitemporal-based methods. Furthermore, we propose a spatiotemporal-fusion with poisson-adjustment method to fuse multi-sensor and multi-temporal images for cloud removal. The experimental results show that the proposed method has potential to address the problem of accuracy reduction of cloud removal in multi-temporal images with significant changes.Comment: This is a correction version of the accepted IGARSS 2017 conference pape

Chinese Culture Overseas Exchange and Spread Under the Context of Cross-Cultural Perspective

The rapid development of economy and the rise of international politics caused the “China craze” of the international community, and is also an opportunity to spread Chinese culture overseas. Chinese culture has long been in the passive position of “the other construction”, the communication mode will make China lose the ownership of cultural exchange, and then make the culture in the “edge” status. In cross-cultural communication, how to play the government power, through the artifacts, the media and non-governmental organizations to build a complete system of cultural transmission, cultural communication to realize the rationality and validity, give play to its dominant position in Chinese cultural exchange, get the real “image of China” and “voice of China”, is the main direction of the current Chinese culture propagation. Actively integrating into the world culture system, to realize the combination of Chinese culture and the world civilization, not only is the symbol of country cultural confidence and expression, and contribute to world peace and cultural development

The Development of Jingdezhen in the View of Cultural Innovation

Jingdezhen porcelain is famous all over the world. During the development of ceramics, with continuous cultural innovation and technological progress, it created the legends of the city development. But in modern times, the development of Jingdezhen was in trouble. How to reshape the glorious city and realize the sustainable development of the economy? This paper, from the perspective of cultural innovation, Jingdezhen in space, time, technology, brand many dimensions, Jingde town development and urban construction are put forward for sustainable development train of thought.Key words: Cultural innovation; Jingdezhen; Ceramics; Urban developmen