中国证券市场反向及动量投资策略的实证研究

从行为金融学的角度出发,以中国沪深两市2003年1月至2014年12月所有上市A股数据为样本,并将形成期与持有期分别设定为3个月、6个月、12个月、36个月、60个月,共构成25种投资方案,在更广阔的研究范围内,用实证研究的方法考察反向投资策略和动量投资策略在中国证券市场上是否适用。结果表明,在中国股市中存在明显的反转和动量现象,且赢家组合主要表现为显著的长期动量现象,而输家组合表现为显著的反转现象。指出中国证券市场并不是一个有效的市场,在中国证券市场中采用反向及动量投资策略是可以盈利的。     

Total production control

The new requirements for enterprise flexibility, quality improvement, costs and throughput limes reduction cannot be achieved by using traditional approaches. While US and European industry developed the grand CIM, FMS, CAD/CAM and MRP II projects, Japan introduced just-in-time and lean production, not to demonstrate the possibilities of the new technology but to expose operational inefficiencies and waste in the manufacturing process. The main CIM effort was in the flexibility and productivity improvement, bin its implementation stressed above all the technical aspects of the factory integration and the most flexible production factor, people, remained in the background. The new technology must be implemented into the organizational framework that uses and develops the skills, knowledge and creativity of the human resources. People in the production process need a new kind of decision support in the rapidly changing business environment. A new concept, total production control (TPC), that is a reaction to the present manufacturing problems will be presented. TPC integrates many methods and tools for production system analysis and improvement, production system design and production planning and control. This concept emphasizes a preventive aspect of the problem solution in the production process and supports a production manager at the three time views: past (archive and statistical database); present (shopfloor data capture and production progress monitoring); and future (simulation and modelling tools).     

Behavior genetic modeling of human fertility: findings from a contemporary danish twin study

Behavior genetic designs and analysis can be used to address issues of central importance to demography. We use this methodology to document genetic influence on human fertility. Our data come from Danish twin pairs born from 1953 to 1959, measured on age at first attempt to get pregnant (FirstTry) and number of children (NumCh). Behavior genetic models were fitted using structural equation modeling and DF analysis. A consistent medium-level additive genetic influence was found for NumCh, equal across genders; a stronger genetic influence was identified for FirstTry, greater for females than for males. A bivariate analysis indicated significant shared genetic variance between NumCh and FirstTry.