Based on the multi-agent model, an artificial stock market with four types of traders is constructed. On this basis, this paper focuses on comparing the effects of liquidation behavior on market liquidity, volatility, price discovery efficiency and long memory of absolute returns when the institutional trader adopts equal-order strategy, Volume Weighted Average Price (VWAP) strategy and Implementation Shortfall (IS) strategy respectively. The results show the following: (1) the artificial stock market based on multi-agent model can reproduce the stylized facts of real stock market well; (2) among these three algorithmic trading strategies, IS strategy causes the longest liquidation time and the lowest liquidation cost; (3) the liquidation behavior of institutional trader will significantly reduce market liquidity, price discovery efficiency and long memory of absolute returns, and increase market volatility; (4) in comparison, IS strategy has the least impact on market liquidity, volatility and price discovery efficiency, while VWAP strategy has the least impact on long memory of absolute returns.
A novel scheme about the continuous electromagnetic purification of aluminum melt was put forward based on the utilization of a square separation pipe and a 50 Hz alternating current to produce electromagnetic force. It is experimentally found that with electrical current of 400 A/cm^2, it takes only 10 s to remove 95% inclusion from aluminum melt. Comprehensive numerical simulations were carried out to investigate the dynamics mechanisms behind the process. The results show that the removal of inclusion is attributed to the cooperative effects of electromagnetic buoyancy and the secondary flow induced by the rotational electromagnetic force, and the removal efficient increases with the size of inclusion and the electrical current imposed. Theoretical predictions on the distribution and removal efficiency of inclusion were supported by the experiments. 相似文献