The winner-loser anomaly: recent evidence from Greece

This article finds evidence of significant reversals in returns over the medium term in Greek stocks. In contrast with previous research, return reversals are more pronounced for past winners, suggesting that the market overreacts to a greater extent to good news. These contrarian returns are particularly elevated when portfolios are formed using quartiles and during tranquil and bull markets. The optimum contrarian strategy involves skipping the first 6 months of the holding period and implementing the contrarian strategy for a period of 18 months, as returns exhibit continuation followed by reversal. The profitability of the contrarian investment strategy is robust to adjustments for risk and seasonalities. It is the tranquil times and not the crisis/volatile times that generates a significant and profitable contrarian strategy. The recent credit crisis and resulting stock market falls, resulted in extreme movements in some Greek stocks and testing of the contrarian strategy problematic, especially when portfolios are decile ordered. Our findings also highlight the importance of survivorship bias and also suggest that contrarian strategies that just use market beta may be ill-equipped to take into consider extreme market movements, illiquidity and short-sales constraints.     

德国碳排放权交易管理架构与职能*

德国是欧盟碳交易体系中最为重要的成员国，德国对欧盟碳交易体系的实践，对我国碳交易体系的建设和管理具有借鉴意义。本文综述德国对碳交易体系的管理与执行组织架构，以及欧盟碳交易体系在德国前两个阶段的执行情况，为我国碳交易体系的建立提供参考。     

Long-term forecasting of the development of Russia’s pension system: Factors and conditions

The problems associated with the reformation of the pension system have gained extreme urgency in the process of forming the long-term strategy for Russia??s socioeconomic development (until 2030), which is determined by the growth in its influence on the macroeconomic strategy. This paper gives an actuarial substantiation of the actual factors and conditions, on which the development of the pension system in the Russian Federation depends, and prospects for the stability of the pension budget based on insurance principles.     

International reserve assets of the Russian Federation: Problems and prospects

Russia’s gold and currency reserves (GCR) and control over them are analyzed. The main components of international reserves are characterized in detail. Successes in GCR accumulation (third place after China and Japan by this indicator) are considered. Special attention is paid to the development and control over the gold-mining industry. Control over international reserves and prospects for improving its efficiency are analyzed.     

Integrative cooperation between agricultural market entities as the foundation for the stable functioning of enterprises in the dairy industry

The development of measures and means to ensure the stable work of agricultural and processing enterprises is exemplified by the clusterization of the dairy branch of the agricultural sector in Perm krai. The potential solution to the stated problem comes to applying the basic principles of clusterization that encourage the stable work of agricultural businesses for controlling the activities of agricultural market entities.     

New Europe,new low-cost air services

Only a few years ago European low-cost service was almost exclusively focused on Western Europe. However, the enlargement of the European Union to East Central Europe has brought with it an expansion of the liberalised air space, thereby offering new opportunities for service to Community airlines. Low-cost air service has since diversified in favour of new west–east air links that represent almost 60% new routes that have opened up between Western and East Central Europe. The western low-cost airlines dominate the market rather than Eastern European ones. The new west–east routes reflect new forms of mobility: post-migration flows from the east by those who have gone to work in Western Europe, new tourist practices and undoubtedly new types of business as well.     

My Way or High Way? New relationship of employer/employee and their respective ways of survival

Early in the gestation stage of the new labor contract law, the intensive debates sparked by worries and doubts prevailed, and the event of Huawei Group forcing their employees to re-apply for their jobs made this controversy reach fever pitch. When it came into effect on 1st January, 2008, confusions still bothered people of all sides: someone were on thorns about the increased cost and found wry ways to digest it, and someone were scramble to their rights and looked for shortcut to get it, etc. in particular, textile industry featuring labor-intensive will increase 20% on average in terms of cost, so how to cushion the blow and reverse adversity become prominent, what’s more, we should emancipate our mind to create profits rather than make ourselves balky with losses. Brand-building, technology application as well as expanding business abroad where with relatively cheap cost, etc, all of which can be utilized. In fact, launch of new labor contract law coupled with other polices home and aboard and materials cost increment lift the threshold of Chinese textile industry and rendered a new shuffling, so that the conception of "survival of the fittest" becomes the last straw we should grasp……