Sell in May and Go Away: Evidence from China

Using the Chinese stock market data from 1997 to 2013, this paper examines the “Sell in May and Go Away” puzzle first identified by Bouman and Jacobsen (2002). We find strong existence of the Sell in May effect, robust to different regression assumptions, industries, and after controlling for the January or February effect. However, part of the puzzle is subsumed by the seasonal affective disorder effect. We then construct a trading strategy based on this puzzle, and find that it outperforms the buy-and-hold strategy and could resist the market downside risk during large recession periods.     

试论五四运动时期马克思主义大众化

五四运动时期马克思主义的广泛传播为中国共产党的成立奠定了坚实的思想和理论基础,为新民主主义革命指明了发展方向。研究五四运动时期马克思主义的传播对于准确认识、把握马克思主义,推动当代马克思主义中国化、大众化、时代化具有重要的意义。从马克思主义大众化的历史源起、历史进程、历史规律的角度来进行研究,是一个不可或缺的视角。以马克思主义大众化的历史源起问题为研究起点,整体审视五四运动时期马克思主义大众化的相关问题,以期对新民主主义革命时期乃至社会主义革命与建设时期、改革开放以来新时期的马克思主义中国化、大众化、时代化有更深刻的理解。     

师承古今的复仇——论东北沦陷区复仇主题文学对中国复仇思想的继承

本文通过对日伪统治时期东北沦陷区文学的考察,对东北作家文学创作中的复仇问题进行整理后,将东北沦陷区文学中与复仇相关的作品作为主要研究对象,对其文学的主要内涵从继承古代复仇文学与五.四新文学创作的角度进行阐释。     

“五四”时期湖南报刊勃兴的原因

“五四”时期，湖南报刊呈现出勃兴局面，其原因主要是：（一）社会动荡，政局不稳；（二）局部地区经济的繁荣与发展；（三）国内外革命潮流的影响及推动；（四）先进知识分子对报刊活动的重视。     

A Tale of Two Anomalies: Higher Returns of Low‐Risk Stocks and Return Seasonality

Prior studies have shown that low beta and low volatility stocks earn higher average returns than high beta and high volatility stocks, contradicting the prediction of the capital asset pricing model and the fundamental relationship between risk and return. In this paper, we demonstrate that this phenomenon is driven by the seasonality of stock returns. We show that the risk‐return tradeoff does hold in the nonsummer months, and that switching to a portfolio of low‐risk stocks in summer outperforms—both in terms of absolute and in risk‐adjusted returns—buy and hold strategies as well as the Sell in May strategy of switching to treasury bills in summer.     

Are stock markets really so inefficient? The case of the “Halloween Indicator”

The old and simple investment strategy “Sell in May and Go Away” (also referred to as the “Halloween effect”) enjoys an unbroken popularity. Recent studies suggest that the Halloween effect even strengthened rather than weakened since its first publication by Bouman and Jacobsen (2002). We implement regression models as well as Hansen’s (2005) “Superior Predictive Ability” test to analyze whether stock markets are really so inefficient. In line with the predictions of market efficiency, our results reject the hypothesis that a trading strategy based on the Halloween effect significantly outperforms.     

尊重需求,重塑“五一”气象

文章以节假日制度变革为切入点总结了各界的观点,并从国情出发,重点分析经济效益、社会效益和民众意愿,认为在目前的国情下"五一"长假的存在是合理而必要的。     

论“五四”先进知识分子在马克思主义传播中的功能

五四运动揭开了马克思主义传入中国的序幕,而先进知识分子成为传播的先进群体,他们"用无产阶级的宇宙观作为观察国家命运的工具,重新考虑自己的问题",本文通过对五四运动前后先进知识分子思想变化动向分析,揭示"五四"时期先进知识分子在马克思主义传播过程中的角色及功能。     

后"五四"文学试论

后“五四”学概指“五四”新化运动和“五四”学革命在1927年落幕以后，非左翼的部分作家秉承“五四”精神和作风进行学创作与学活动。本即在这一概念下对30年代民主主义学、自由主义学进行重新梳理与定位，具体阐发后“五四”学的基本形态、观念构成与创作概况。     

Urban guerrilla activities in Greece

Logistic fits are made to the populations of attacks by urban guerrilla groups in Greece under the assumption that these organizations grow like species. The analysis is mainly based on data that cover the attacks of the two major urban guerrilla groups, Revolutionary Organization November 17 (17N) and Revolutionary Popular Struggle (ELA). We conclude that urban guerrilla activities in Greece may have been triggered into existence by the military junta but probably had their roots deeper into the earlier political system in Greece that repressed leftist movements. Our analysis shows that the life cycle of political violence in Greece had already been completed when the police finally began cracking down on the 17N, which takes away same of the shine from the police's achievement.