Handbook of Research on Stock Market Globalization
The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently under way and previous periods of stock market globalization. This seminal volume fills that gap.
The Functions and Economics of Exchange Markets
The business of an equity stock exchange can be easily understood by observing its value chain. Primary activities include listing, trading, post-trading services, data sales and IT services. Support activities involve the exchange infrastructure and regulation, human resource management, technology infrastructure and risk management. The competitive analysis framework can be applied to each of the above-mentioned primary activities, to examine competitors, suppliers, buyers, substitutes and potential new entrants in order to comprehend the competitive forces that interact in the industry. For some of the main players, examples of value chains are constructed in this chapter. Their comparison shows the prevalence of vertical integration when possible and wide diversification of products and services. Data on the breakdown of average revenues confirm this trend: trading activity represents less than half of revenues, while post-trading services and data sales are rapidly gaining ground. The prospective offered by industrial economics helps shed light on the transformations in the field, highlighting the fundamental role of network externalities in the stock exchange industry and illustrating the structural change produced by advances in information technology and telecommunications.
Numerical Simulation of Thermal Sensitivity for Explosives
In order to compare the thermal sensitivity of several typical explosives, this article solved numerically one-dimensional transient heat conduction equation including thermal decomposition for explosives with finite difference method. The explicit difference equations under different boundary conditions were established, and the corresponding stability criterion was derived. The ignition times for typical explosives were calculated, which was used to evaluate thermal sensitivity of explosives.