How about selling commodity futures losers?

This paper explores the benefits of extending the investment universe to commodity futures, from the perspective of momentum traders. We find that the growth-optimal portfolio includes negative (positive) weights on commodity futures losers (stock winners). Motivated by this finding, we construct a joint momentum strategy, buying stock winners and selling commodity futures losers, and show that it generates an average monthly return of up to 1.91% and provides much lower skewness (0.04) and kurtosis (1.27) than a traditional stock momentum strategy. It also greatly improves profitability, especially in unfavorable market states, and thus effectively manages tail risk.     

Loyalty toward online food delivery service: the role of e-service quality and food quality

This study assesses the direct influence of food quality and e-service quality on customer loyalty toward online food delivery (OFD) service and its indirect influence through the mediation of customer satisfaction and perceived value. This study uses a survey of 405 OFD service customers from Bandung, Indonesia. By applying variance-based partial least squares to evaluate the proposed model, this study confirms the direct effect of food quality on online loyalty, but not e-service quality. Further, this study discloses the partial mediation role of customer satisfaction and perceived value on the relationship between both food quality and e-service quality on online loyalty toward OFD services.     

Analysis and design of microfinance services: A case of ROSCA

Rotating savings and credit association (ROSCA) is a well-known microfinance association widely used in many countries around the world with long histories. By considering extra profits that such a system can provide when compared to banking transactions, we develop optimization problems to achieve an optimal design of a ROSCA. We find that ROSCAs might attract investors when deposit and loan rates from formal banking systems are not favorable. Furthermore, optimal rates and optimal orders to maximize system outputs are reported.     

农地流转对农户生计转型影响的实证分析

[目的]为清晰识别土地流转对农户生计转型的影响程度,以期为后期土地流转政策及农户生计引导政策提供科学的决策依据。[方法]文章借鉴已有研究方法,基于农户可持续生计分析框架,利用内蒙古4个市区的380户农户样本数据,采用Multinomial Logit模型对参与土地流转和未参与土地流转农户的生计模式进行了分析,客观评价农村土地流转对农户生计转型的影响。[结果]农地流转在一定程度上对农户的生计转型产生了显著影响,拥有较低自然资本和较高金融资本的农户倾向混合型和务工型生计策略,同时人力资本水平高的家庭更倾向于采取混合型生计策略,而不是采取农业型生计策略。[结论]农地流转后,农户从繁重的种植业活动中得以解放,有了更多时间和精力从事非农生产活动,生计策略由单一化走向多样化,从传统的主要依赖种植业到经营养殖业、从事建筑业、交通运输业、批发零售业等非农行业,多元化了农户的收入来源。     

影响酒精酵母发酵效果的因素研究

酒精酵母发酵作为现代工业的一个重要指标,酒精酵母的发酵效果也受到了人们的重视。在同样的条件下使酒精酵母拥有更好的发酵效果是工业造酒想要达到的目标。通过实验来探究在酒精酵母发酵过程中影响其生长速度与繁殖的因素。酒精发酵过程中蔗糖会分解成果糖和葡萄糖,酵母发酵过程中首先利用葡萄糖而后利用果糖,果糖就会成为残留物,使得其产生差异性。通过实验发现影响酒精酵母发酵效果的因素有温度、通风、pH、尿素、糖比例等。     

The Chinese Stock Dividend Puzzle

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no significant price run-up before announcement. The significant announcement effect of stock dividends is robust to controlling the earnings surprise effect. We offer some discussion of the possible explanations.     

New development: Fiscal reform in South Korea: looking back and moving forward

ABSTRACT

At first glance, it seems that South Korea’s three fiscal systems (mid-term expenditure framework, top-down budgeting, and performance management) function well. However, each fiscal system operates separately and they are inefficient because they follow past practices. This article explains what the problems are and how to overcome them.