We show that larger trades incur lower trading costs in government bond markets (“size discount”), but costs increase in trade size after controlling for clients’ identities (“size penalty”). The size discount is driven by the cross-client variation of larger traders obtaining better...

Contrary to the prediction of the classic adverse selection theory, a more informed trader could receive better pricing relative to a less informed trader in over‑the‑counter financial markets. Dealers chase informed orders to better position their future quotes and avoid winner’s curse in...

We show that larger trades incur lower trading costs in government bond markets ('size discount'), but costs increase in trade size after controlling for clients’ identities (‘size penalty’). The size discount is driven by the cross‑client variation of larger traders obtaining better...

Energy and exergy analyses are used to evaluate the Zero emission coal (ZEC) system. Energy and exergy losses in each unit of the system are calculated and depicted with Sankey diagrams of energy flow and exergy flow when the system operates at a benchmark condition. Sensitivity analysis is...

Core-periphery trading networks arise endogenously in over-the-counter markets as an equilibrium balance between trade competition and inventory efficiency. A small number of firms emerge as core dealers to intermediate trades among a large number of peripheral firms. The equilibrium number of...

In a tractable model of over-the-counter markets where each investor can arbitrarily distribute her search capacity across other investors, the holdings of an asset are endogenously concentrated among a subgroup of investors. Investors who are more likely to hold the asset search among those...

In a model of multi-dealer platforms where dealers endogenously choose whether to respond to a client’s request for quote, the client chooses to contact only two dealers in equilibrium. Contacting more dealers would lower each dealer’s response probability, which in turn causes each...

The indisputable wide use of the Eddy Dissipation Concept (EDC) indicates that the mean reaction rate is reasonably modeled for MILD (Moderate or Intense Low-oxygen Dilution) and conventional combustions. However, RANS (Reynolds-Averaged Navier-Stokes) modelling with the standard EDC constants...

An LPE (low-pressure economizer) based waste heat recovery system for a CFPP (coal-fired power plant) is investigated thermodynamically. With the installation of LPE in the flue before the FGD (flue gas desulfurizer), the heat contained in the exhaust flue gas can be recovered effectively and...

This paper presents a case study of recovering the waste heat of the exhaust flue gas before entering a flue gas desulphurizer (FGD) in a 600 MW power plant. This waste heat can be recovered by installing a low pressure economizer (LPE) to heat the condensed water which can save the steam...