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.     

我国民营企业海外并购的特点及发展对策

海外并购已成为我国民营企业“走出去”实现跨国发展的重要途径。目前我国民营企业海外并购整体上还处于起步阶段,带有很强的探索性,呈现出一些有别于当前全球并购主流特征的、低层次的特点,同时也还面临着许多问题,需要从政府和企业两个层面采取有效措施来促进其健康发展。     

The Responsiveness of Households to Energy Demand Management Initiatives: Segmenting by Household Types

Segmentation is often a complex and costly process, which commonly involves identifying groups with differing attitudes and behaviors or demographics. However, the segments generated may not adequately explain differences between consumers, or it can be difficult to identify households for target marketing, which consequently makes it difficult to use segmentation in practice. In this paper we present segmentation by household type as a simple method of segmentation, accessible to nonprofit organizations with limited resources and able to be employed using a secondary data set or with relatively simple data collection and analysis. Despite its simplicity, our findings show that this form of segmentation differentiates well between segments in terms of their actual electricity use, their past efficiency behaviors and preferences for efficiency programs. The results of focus groups and a survey of 4,000 households reveal, among other things, the effect of having children and of marital status on energy use and efficiency behaviors, the high curtailment but low investment behaviors of single parent households, and the low efficiency behaviors of shared households.     

中国普洱茶的生产与市场研究

本文认为,我国普洱茶历史悠久,迄今仍是一种重要的特种茶饮品,其特殊性在于产地独特、功效独特、文化独特;普洱茶销售市场经历了从以出口为主到国内市场地位逐步上升的变化过程,传统市场升温,新兴市场扩展,品种内涵凸显,增长幅度可观。普洱茶生产和市场销售中也存在某些问题,一是标准滞后,品牌杂乱;二是生产分散,技术落后;三是市场销售行为不规范等。文章提出,要加大产品的创新力度,确立生产和销售的相关技术标准,发挥龙头企业的带动作用,加强市场制度的建设,促进普洱茶产业健康发展。     

吡啶碱生产现状与市场前景

吡啶碱属于含氮杂环化合物,是一种重要的精细化工原料。吡啶碱已被广泛地用于农药、医药、兽药等三药合成及三药中间体的共性化合物,也是生产百草枯、吡虫啉、毒死蜱等替代型环保农药的关键中间体,同时也是化工、轻工、饲料、食品、橡胶、染料等工业的重要生产原料,市场前景十分广阔。简要介绍吡啶碱的制造工艺、生产现状、应用领域、市场前景等方面的情况,并对今后国内吡啶碱产业的发展提出了相关的建议。