The global financial market has become extremely interconnected as it demonstrates strong nonlinear contagion in times of crisis. As a result, it is necessary to measure financial systemic risk in a comprehensive and nonlinear approach. By establishing a large set of risk factors as the main bones of the financial market network and applying nonlinear factor analysis in the form of so-called PolyModel, this paper proposes two systemic risk indicators that can prognosticate the advent and trace the development of financial crises. Through financial network analysis, theoretical simulation, empirical data analysis and final validation, we argue that the indicators suggested in this paper are proved to be very effective in forecasting and tracing the financial crises from 1998 to 2017. The economic benefit of the indicator is evidenced by the enhancement of a protective put/covered call strategy on major stock markets.
The “Drying-redissolution” method is promising for the industrial production of high-concentration well-dispersed graphene oxide slurry (GOS). As the potential key step in this method, the spray drying process requires a statistical investigation which guides the large-scale preparation of graphene oxide powder (GOP). This work systematically studies the effects of operating parameters, including nozzle airflow rate (439–895 L·h−1), atomization pressure (0.5–0.7 MPa), and liquid feed rate (3.0–9.0 mL·min−1), by using the response surface methodology integrated Box–Behnken design (RSM–BBD), aiming to produce GOP with high yield and easy re-dispersion. The optimized spray drying condition is predicted to be 439 L·h−1, 0.59 MPa, and 9.0 mL·min−1, at which a powder yield of 70.45% can be achieved. The experimentally obtained GOP has an average particle size of 11.65 μm and the low crumpling degree of the particle morphology results in the good re-dispersibility (97.95%) and excellent adsorption performance (244.1 mg·g−1) of GOP. The GOS prepared by the spray-dried GOP possess low viscosity and high exfoliation efficiency with a single-layer fraction up to 90.8%, exhibiting good prospects for application. This work first applied the RSM–BBD model on the spray drying process of GO, and evidenced the possibility of producing high-quality GO slurry with the “drying-redissolution” method.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.