The distribution of intertrade durations, defined as the waiting times between two consecutive transactions, is investigated based upon the limit order book data of 23 liquid Chinese stocks listed on the Shenzhen Stock Exchange in the whole year 2003. A scaling pattern is observed in the...

The order submission and cancelation processes are two crucial aspects in the price formation of stocks traded in order-driven markets. We investigate the dynamics of order cancelation by studying the statistical properties of inter-cancelation durations, defined as the waiting times between...

We have analyzed the statistical probabilities of limit-order book (LOB) shape through building the book using the ultra-high-frequency data from 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003. We find that the averaged LOB shape has a maximum away from the same best price for...

We study the distributions of event-time returns and clock-time returns at different microscopic timescales using ultra-high-frequency data extracted from the limit-order books of 23 stocks traded in the Chinese stock market in 2003. We find that the returns at the one-trade timescale obey the...

Here we report a 3-dimensional dye-sensitized solar cell (3D-DSSCs) and module simulating the fractal structure of the pine tree for capturing sunlight. Compared to traditional flat solar cells, this type of solar cell exhibits superiority of absorbing sunlight from all directions. The...

In this paper, heat transfer and air flow in a composite-wall solar-collector system with a porous absorber has been studied. The [`]unsteady' numerical simulation is conducted to analyze the performance of heat transfer and air flow in the composite wall. The excess heat is stored in the porous...

A differential production model is applied to study how soybean and soybean oil imports from the U.S., Brazil and Argentina compete on China’s markets and how China’s domestic prices of soybean meal and oil impact the country’s imports. The results support a presumption that China’s...

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed...

We study the dynamics of order flows around large intraday price changes using ultra-high-frequency data from the Shenzhen Stock Exchange. We find a significant reversal of price for both intraday price decreases and increases with a permanent price impact. The volatility, the volume of...

The order submission and cancelation processes are two crucial aspects in the price formation of stocks traded in order-driven markets. We investigate the dynamics of order cancelation by studying the statistical properties of inter-cancelation durations defined as the waiting times between...