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.     

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。     

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.     

钢锥斗仓的设计

本文以某工程钢锥斗仓的设计为例,详细阐述钢锥斗仓仓壁和水平加劲肋的内力、变形计算,并验算仓壁和加劲肋的强度和刚度。     

Global Liquidity and Commodity Prices

While monetary easing and increasing participation of financial institutions in commodity trading have enhanced the financialization of commodity markets, this paper investigates empirically whether the impact of global liquidity on commodity prices has grown since the crisis. For each commodity group, this paper uses a structural vector autoregression (SVAR) model to address the short‐run relationship between global liquidity and commodity prices. The key finding is that the effect of global liquidity on commodity prices becomes more salient since the global financial crisis. This paper also suggests a price‐based liquidity indicator has a greater explanatory power for the commodity price dynamics than monetary aggregates.     

论羁押制度之改革

在我国侦查实践中,羁押制度存在诸多缺陷。本文试通过对我国羁押制度缺陷的分析,从刑事诉讼理念上进行反思,并在此基础上建议在我国羁押制度的改革中实现对羁押的司法审查及逮捕与羁押的分离等,以期完善我国的羁押制度。     

互助担保基金的创新模式——ESMGF模式、运作机制

中小企业的不断发展,使其对资金的需求也越来越大,仅凭自身积累已远远不能解决问题。然而,由于中小企业自身及金融系统等多方面的原因,融资难的问题日益显现,成为阻碍中小企业发展的主要因素。为解决上述问题,设计了一种以产业集群为单位,由地方政府、协作银行、集群中小企业三方共同出资,共同承担风险,联合再担保机构的互助担保基金创新模式——嵌入再担保的互助担保基金(Embedded Se-curity Mutual Guaranteed Fund,ESMGF)。     

贸易信用、经济政策不确定性与企业破产风险

文章主要考察了经济政策不确定性加大的背景下,贸易信用在企业破产风险传播和防范中的作用。研究发现,贸易信用在资产端具有显著的风险引致效应,在负债端具有显著的风险化解效应,当经济政策不确定性上升时,企业通过主动调整贸易信用融出和贸易信用净额冲抵了部分不利影响。分类研究表明,贸易信用融出显著提高了外部融资依赖低企业的破产风险,贸易信用融入显著降低了外部融资依赖高企业的破产风险,经济政策不确定性则在一定程度上弱化了这些作用。贸易信用融出和贸易信用净额均显著提高了ST类企业的破产风险,同时经济政策不确定性显著强化了这一作用,这显著区别于非ST类企业。内生性检验及多种稳健性检验均显示研究结论是稳健的。     

论我国物流业发展所面临的机遇与挑战

长期以来,我国一直是重生产、轻流通,对物流业的发展缺乏足够的重视,致使物流业的发展严重滞后于社会经济的发展。目前,物流发展与管理对促进社会经济的发展和提高经济效益的重要性已日益被各级政府和企业所意识到。现代信息技术和物流技术的进步也为我国推行现代物流业的发展和物流的科学管理准备了充分的条件。