Jiangxi University of Finance and Economics

About: Jiangxi University of Finance and Economics is a education organization based out in Nanchang, China. It is known for research contribution in the topics: Fuzzy logic & China. The organization has 2865 authors who have published 3556 publications receiving 41567 citations.

Volatility in the Gold Futures Market

Abstract: We investigate the volatility structure of gold, trading as a futures contract on the Chicago Board of Trade (CBOT) using intraday (high frequency) data from January 1999 to December 2005. Apart from investigating the now familiar GARCH properties we also utilize a rarely used measure of volatility - the Garman Klass estimator - to provide new insights in intraday and interday volatility. This nonparametric measure incorporates the open, close, high and low price within a particular time interval. Both sets of results suggest significant variation across the trading day and week consistent with microstructure theories, although volatility is only slightly positively correlated with volume when measured by tick-count.

Natural gas, trade and sustainable growth: empirical evidence from the top gas consumers of the developing world

Abstract: Natural gas is the key non-renewable source of energy for a low-carbon economy. The research applies heterogeneous panel techniques to investigate the impact of natural gas consumption on economic growth across a panel of top 15 natural gas consumers of the developing world. We establish long-run dynamics with cross-sectional dependence and heterogeneity across the sample countries. The long-run output elasticities suggest that the natural gas consumption and trade variables have significant positive effect on the output in a panel of developing economies. Further, we establish feedback relationship among gas consumption, output and trade in the short-run. Given the significance of natural gas as the low-emission source of energy, we suggest governments and policy advisers of these major natural gas consumers to focus on developing pipeline infrastructure for adequate supply, reforming natural gas sector with a competitive price structure to combat excess demand in individual natural gas market. W...

An evolutionary local search for the capacitated vehicle routing problem minimizing fuel consumption under three-dimensional loading constraints

Abstract: This study introduces a new practical variant of the combined routing and loading problem called the capacitated vehicle routing problem minimizing fuel consumption under three-dimensional loading constraints (3L-FCVRP). It presents a meta-heuristic algorithm for solving the problem. The aim is to design routes for a fleet of homogeneous vehicles that will serve all customers, whose demands are formed by a set of three-dimensional, rectangular, weighted items. Unlike the well-studied capacitated vehicle routing problem with 3D loading constraints (3L-CVRP), the objective of the 3L-FCVRP is to minimize total fuel consumption rather than travel distance. The fuel consumption rate is assumed to be proportionate to the total weight of the vehicle. A route is feasible only if a feasible loading plan to load the demanded items into the vehicle exists and the loading plan must satisfy a set of practical constraints. To solve this problem, the evolutionary local search (ELS) framework incorporating the recombination method is used to explore the solution space, and a new heuristic based on open space is used to examine the feasibility of the solutions. In addition, two special data structures, Trie and Fibonacci heap, are adopted to speed up the procedure. To verify the effectiveness of our approach, we first test the ELS on the 3L-CVRP, which can be seen as a special case of the 3L-FCVRP. The results demonstrate that on average ELS outperforms all of the existing approaches and improves the best-known solutions for most instances. Then, we generate data for 3L-FCVRP and report the detailed results of the ELS for future comparisons.