Sources of liquidity commonality, asymmetric information and ownership structure in emerging markets : evidence from the Chinese stock market

Xinwei Zheng examines if common factors of liquidity can be determined by ownership structure measured by asymmetric information in an emerging market that has adopted an order-driven trading system. Using China as a case for the study, I select a broad sample of stocks from two separate Chinese stock exchanges to measure and
analyse the relationship. My empirical evidence seems significant and pervasive. These findings about the Chinese stock market provide useful pointers for understanding commonality in emerging economies and shed critical light
on a new dimension of the working of emerging markets.

The analysis of café espresso using two-dimensional reversed phase–reversed phase high performance liquid chromatography with UV-absorbance and chemiluminescence detection

In this study, an activity based screening technique combining two-dimensional liquid chromatography (2DHPLC) with UV-absorbance and chemiluminescence detection was applied to study “Ristretto”, "Decaffeinatto” and “Volluto” espresso coffees. This technique, which coupled the separation power of 2DHPLC with the sensitivity and selectivity of the chemiluminescence detection, offers great potential for screening complex samples for antioxidant compounds. Detailed information regarding the complexity of the sample, and the variation between these three coffees could be obtained using this multidimensional-hyphenated method of analysis.

Two-dimensional string notation for representing video sequences

Most current work on video indexing concentrates on queries which operate over high level semantic information which must be entirely composed and entered manually. We propose an indexing system which is based on spatial information about key objects in a scene. These key objects may be detected automatically, with manual supervision, and tracked through a sequence using one of a number of recently developed techniques. This representation is highly compact and allows rapid resolution of queries specified by iconic example. A number of systems have been produced which use 2D string notations to index digital image libraries. Just as 2D strings provide a compact and tractable indexing notation for digital pictures, a sequence of 2D strings might provide an index for a video or image sequence. To improve further upon this we reduce the representation to the 2D string pair representing the initial frame, and a sequence of edits to these strings. This takes advantage of the continuity between frames to further reduce the size of the notation. By representing video sequences using string edits, a notation has been developed which is compact, and allows querying on the spatial relationships of objects to be performed without rebuilding the majority of the scene. Calculating ranks of objects directly from the edit sequence allows matching with minimal calculation, thus greatly reducing search time. This paper presents the edit sequence notation and algorithms for evaluating queries over image sequences. A number of optimizations which represent a considerably saving in search time is demonstrated in the paper.

Peak picking and the assessment of separation performance in two-dimensional high performance liquid chromatography

An algorithm was developed for 2DHPLC that automated the process of peak recognition, measuring their retention times, and then subsequently plotting the information in a two-dimensional retention plane. Following the recognition of peaks, the software then performed a series of statistical assessments of the separation performance, measuring for example, correlation between dimensions, peak capacity and the percentage of usage of the separation space. Peak recognition was achieved by interpreting the first and second derivatives of each respective one-dimensional chromatogram to determine the 1D retention times of each solute and then compiling these retention times for each respective fraction ‘cut’. Due to the nature of comprehensive 2DHPLC adjacent cut fractions may contain peaks common to more than one cut fraction. The algorithm determined which components were common in adjacent cuts and subsequently calculated the peak maximum profile by interpolating the space between adjacent peaks. This algorithm was applied to the analysis of a two-dimensional separation of an apple flesh extract separated in a first dimension comprising a cyano stationary phase and an aqueous/THF mobile phase as the first dimension and a second dimension comprising C18-Hydro with an aqueous/MeOH mobile phase. A total of 187 peaks were detected.

Statistical comparisons of non-deterministic IR systems using two dimensional variance

Retrieval systems with non-deterministic output are widely used in information retrieval. Common examples include sampling, approximation algorithms, or interactive user input. The effectiveness of such systems differs not just for different topics, but also for different instances of the system. The inherent variance presents a dilemma - What is the best way to measure the effectiveness of a non-deterministic IR system? Existing approaches to IR evaluation do not consider this problem, or the potential impact on statistical significance. In this paper, we explore how such variance can affect system comparisons, and propose an evaluation framework and methodologies capable of doing this comparison. Using the context of distributed information retrieval as a case study for our investigation, we show that the approaches provide a consistent and reliable methodology to compare the effectiveness of a non-deterministic system with a deterministic or another non-deterministic system. In addition, we present a statistical best-practice that can be used to safely show how a non-deterministic IR system has equivalent effectiveness to another IR system, and how to avoid the common pitfall of misusing a lack of significance as a proof that two systems have equivalent effectiveness.

In-silico optimisation of two-dimensional high performance liquid chromatography for the determination of Australian methamphetamine seizure samples

In-silico optimisation of a two-dimensional high performance liquid chromatography (2D-HPLC) separation protocol has been developed for the interogation of methamphetamine samples including model, real world seizure, and laboratory synthesised samples. The protocol used Drylab® software to rapidly identify the optimum separation conditions from a library of chromatography columns. The optimum separation space was provided by the Phenomonex Kinetex PFP column (first dimension) and an Agilent Poroshell 120 EC-C18 column (second dimension). To facilitate a rapid 2D-HPLC analysis the particle packed C18 column was replaced with a Phenomenex Onyx Monolithic C18 withought sacrificing separation performance. The Drylab® optimised and experimental separations matched very closely, highlighting the robust nature of HPLC simulations. The chemical information gained from an intermediate methamphetamine sample was significant and complimented that generated from a pure seizure sample. The influence of the two-dimensional separation on the analytical figures of merit was also investigated. The limits of detection for key analytes in the second dimension determined for methamphetamine (4.59 × 10-⁴ M), pseudoephedrine (4.03 × 10-4 M), caffeine (5.16 × 10-⁴ M), aspirin (9.32 × 10-4 M), paracetamol (5.93 × 10-4 M) and procaine (2.02 × 10-3 M).

Objective classification of fabric pilling based on the two-dimensional discrete wavelet transform

A number of methods for automated objective ratings of fabric pilling based on image analysis are described in the literature. The periodic structure of fabrics makes them suitable candidates for frequency domain analysis. We propose a new method of frequency domain analysis based on the two-dimensional discrete wavelet transform to objectively measure pilling intensity in sample images. We present a preliminary evaluation of the proposed method based on analysis of two series of standard pilling evaluation test images. The initial results suggest that the proposed method is feasible, and that the ability of the method to discriminate between levels of pilling intensity depends on the wavelet analysis scale being closely matched to the fabric interyarn pitch. We also present a heuristic method for optimal selection of an analysis wavelet and associated analysis scale.

Evaluating the robustness of objective pilling classification with the two-dimensional discrete wavelet transform

Previously, we proposed a new method of frequency domain analysis based on the two-dimensional discrete wavelet transform to objectively measure pilling intensity in sample fabric images. We have further evaluated this method, and our results indicate that it is robust to small horizontal and/or vertical translations and to significant variations in the brightness of the image under analysis, and is sensitive to rotation and to dilation of the image. These results suggest that as long as precautions are taken to ensure fabric test samples are imaged under consistent conditions of weave/knit pattern alignment (rotation) and apparent interyarn pitch (dilation), the method will yield repeatable results.

Objective assessment of pilling of nonwoven fabrics using the two dimensional discrete wavelet transform

Fabric pilling is a serious problem for the apparel industry, causing an unsightly appearance and premature wear. Woolen products are particularly prone to pilling. Recently, a process for production of woolen nonwoven apparel fabrics has been commercialized in Australia, and may lead to new markets for Australian wool. However, the success of such nonwoven fabrics will partly rely on their propensity to pill. A key element in the control of fabric pilling is the evaluation of resistance to pilling by testing. Resistance to pilling is normally tested in the laboratory by processes that simulate accelerated wear, followed by a manual assessment of the degree of pilling by an expert based on a visual comparison of the sample to a set of test images. To bring more objectivity into the pilling rating process, a number of automated systems based on image analysis have been developed. The authors previously proposed a new method of image analysis based on the two-dimensional discrete wavelet transform to objectively measure the pilling intensity for woven fabrics. This paper presents preliminary work in extending this method to nonwoven fabrics.

Compositional dynamics of a commercial wine fermentation using two-dimensional FTIR correlation analysis

We have demonstrated that compositional changes occurring during a commercial red wine fermentation can be effectively monitored using FTIR spectroscopy and modelled with the aid of two-dimensional correlation techniques. This study represents a novel application of two-dimensional spectroscopy and showed that the reaction rates for the conversion of fructose and glucose to alcohol were different, with the latter being more rapid. The use of a simple three-component model serves to aid interpretation of the data and the results obtained confirm the value of two-dimensional FTIR correlation spectroscopy as a chemometric tool which has considerable potential for process monitoring.

The assessment of тт-тт selective stationary phases for two-dimensional HPLC analysis of foods : application to the analysis of coffee

Differences between alkyl, dipole–dipole, hydrogen bonding, and π-π selective surfaces represented by non-resonance and resonance π-stationary phases have been assessed for the separation of ‘Ristretto’ café espresso by employing 2DHPLC techniques with C18 phase selectivity detection. Geometric approach to factor analysis (GAFA) was used to measure the detected peaks (N), spreading angle (β), correlation, practical peak capacity (n_p) and percentage usage of the separations space, as an assessment of selectivity differences between regional quadrants of the two-dimensional separation plane. Although all tested systems were correlated to some degree to the C18 dimension, regional measurement of separation divergence revealed that performance of specific systems was better for certain sample components. The results illustrate that because of the complexity of the ‘real’ sample obtaining a truly orthogonal two-dimensional system for complex samples of natural origin may be practically impossible.

Peak modeling approach to accurate assignment of first-dimension retention times in comprehensive two-dimensional chromatography

Modeling of first-dimension retention of peaks based on modulation phase and period allows reliable prediction of the modulated peak distributions generated in the comprehensive two-dimensional chromatography experiment. By application of the inverse process, it is also possible to use the profile of the modulated peaks (their heights or areas) to predict the shape and parameters of the original input chromatographic band (retention time, standard deviation, area) for the primary column dimension. This allows an accurate derivation of the firstdimension retention time (RSD 0.02%) which is equal to that for the non-modulated experiment, rather than relying upon the retention time of the major modulated peak generated by the modulation process (RSD 0.16%). The latter metric can produce a retention time that differs by at least the modulation period employed in the experiment, which displays a discontinuity in the retention time vs modulation phase plot at the point of the 180° out-ofphase modulation. In contrast, the new procedure proposed here gives a result that is essentially independent of modulation phase and period. This permits an accurate value to be assigned to the first-dimension retention. The proposed metric accounts for the time on the seconddimension, the phase of the distribution, and the holdup time that the sampled solute is retained in the modulating interface. The approach may also be based on the largest three modulated peaks, rather than all modulated peaks. This simplifies the task of assigning the retention time with little loss of precision in band standard deviation or retention time, provided that these peaks are not all overloaded in the first or second dimension.

Effects of variation in modulator temperature during cryogenic modulation in comprehensive two-dimensional gas chromatography

Many modulation systems in comprehensive 2D GC (GC×GC) are based on cryogenic methods. High trapping temperatures in these systems can result in ineffective trapping of the more volatile compounds, whilst temperatures that are too low can prevent efficient remobilisation of some compounds. To better understand the trapping and release of compounds over a wide range of volatilities, we have investigated a number of different constant temperature modulator settings, and have also examined a constant temperature differential between the cryo-trap and the chromatographic oven. These investigations have led us to modify the temperature regulation capabilities of the longitudinally modulated cryogenic system (LMCS). In contrast to the current system, where the user sets a constant temperature for the cooling chamber, the user now sets the temperature difference between the cryo-trap and the chromatographic oven. In this configuration, the cooling chamber temperature increases during the chromatographic run, tracking the oven temperature ramp. This produces more efficient, volatility-dependent modulation, and increases the range of volatile compounds that can be analysed under optimal trap-and-release conditions within a single analytical run. This system also reduces cryogenic fluid consumption.