The state of the market and the contrarian strategy: Evidence from China’s stock market

This is the author's accepted manuscript. The final published article is available from the link below. Copyright @ 2012 The Chinese Economic Association.Using the most comprehensive weekly dataset of ‘A’ shares listed on the Chinese stock market, this paper examines short-term contrarian strategies under different market states from 1995–2010. We find statistically significant profits from contrarian strategies, especially during the period after 2007, when China (along with other countries) experienced an economic downturn following the worldwide financial crisis. Our empirical evidence suggests that: (1) no significant profit is generated from either momentum or contrarian strategies in the intermediate horizon; (2) after microstructure effects are adjusted for, contrarian strategies with only four to eight weeks holding periods based on the stocks’ previous four to eight week's performance generate statistically significant profits of around 0.2% per week; (3) the contrarian strategy following a ‘down’ market generates higher profit than those following an ‘up’ market, suggesting that a contrarian strategy could be used as a shelter when the market is in decline. The profits following a ‘down’ market are robust after risk adjustment

Integration Methodology of Spare Parts Supply Network Optimization and Decision-making

In order to optimize the spare parts supply network, a multi-objective optimization model is established with the objectives of the shortest supply time, the lowest risk, and the minimum supply cost. A decomposition-based multi-objective evolutionary algorithm with differential evolution strategy is introduced to solve the multi-objective model. A series of non-dominated solutions, that is, representing the optimal spare parts supply schemes are obtained. In order to comprehensively measure the performance of these solutions, suitable quantitative metrics are selected, and the secondary goal-based cross-efficiency Data Envelopment Analysis (DEA) model has been used to evaluate the efficiency of the obtained optimal schemes. The improved DEA model overcomes the problems that the efficient units cannot be sorted and the optimal weight is not unique in traditional DEA model. Finally, the self-evaluation efficiency and cross-evaluation efficiency of each scheme are obtained, and the optimal supply scheme is found based on their cross-evaluation efficiency.</p

Modeling Spare Parts Demands Forecast under Two-Dimensional Preventive Maintenance Policy

In maintenance practice, there is such a situation where the spare parts replacement should be carried out at the scheduling time of calendar or usage for whichever comes first. The issue of two-dimensional preventive maintenance usually was not addressed by traditional methods, and at present, few studies were focused on this very topic. Based on these considerations, this paper presented the two-dimensional preventive policy where replacements of spare parts are based on both calendar time and usage time. A novel model was developed to forecast spare parts demands under two-dimensional preventive maintenance policy, and a discrete algorithm was presented for solving the mathematical model. A case study was given to demonstrate its applicability and validity, and it was showed that the presented model can be used to forecast spare parts demands as well as to optimize spare parts and preventive maintenance jointly

Solvatochromic Parameters of the Binary Mixtures of Imidazolium Chloride Ionic Liquid Plus Molecular Solvent

Imidazolium-based chloride ionic liquids (ILs) have exhibited remarkable performance in several important applications such as biomass dissolution and extraction, but their large viscosity is a non-negligible problem. Adding molecular co-solvents into chloride ILs is effective in reducing viscosity; nevertheless, understanding of the accompanied change of thermodynamic polarity is quite few. Therefore, in this work we reported three Kamlet-Taft solvatochromic parameters, including dipolarity/polarizability π*), hydrogen-bond acidity (α) and hydrogen-bond basicity (β), for the binary mixtures of several imidazolium-based chloride ILs plus either dipolar protic solvents (water and methanol) or dipolar aprotic solvents (dimethyl sulfoxide, N,N-dimethylformamide and acetonitrile). The results demonstrated that those parameters could be altered by the structure of IL and type of co-solvent owing to the solute-solvent and solvent-solvent interactions. The structure of alkyl chain of cation had considerable impact on the π* variation of IL aqueous solution against IL concentration but hardly affected other mixtures. Moreover, remarkable preferential solvation of probes was observed for β and α in the mixtures of IL and dipolar aprotic co-solvents, whereas the hydrogen-bond interactions between IL and dipolar protic co-solvent enabled the preferential solvation to be alleviated and resulted in more linear variation of β and α against the molar fraction of IL. The results not only contribute to a better understanding of the effect of co-solvent on imidazolium-based chloride ILs, but also are instructive for improving the thermodynamic performance of IL-based applications via providing IL+co-solvent mixtures with desirable physicochemical properties

A block copolymer templated approach for the preparation of nanoporous polymer structures and cellulose fiber hybrids by ozone treatment

Functional amphiphilic block copolymers (BCPs) are versatile, smart, and promising materials that are often used as soft templates in nanoscience. BCPs generally feature the capability of microphase-separation leading to various interesting morphologies at the nanometer length scale. Materials derived from BCPs can be converted into porous structures while retaining the underlying morphology of the matrix material. Here, a convenient and scalable approach for the fabrication of porous functional polyvinylpyridines (P2VP) is introduced. The BCP polyisoprene-block-P2VP (PI-b-P2VP) is obtained via sequential anionic polymerization of the respective monomers and used to form either BCP films in the bulk state or a soft template in a composite with cellulose fibers. Cross-linking of the BCPs with 1,4-diiodobutane is conducted and subsequently PI domains are selectively degraded inside the materials using ozone, while preserving the porous and tailor-made P2VP nanostructure. Insights into the feasibility of the herein presented strategy is supported by various polymer characterization methods comprising nuclear magnetic resonance (NMR), size exclusion chromatography (SEC), and differential scanning calorimetry (DSC). The resulting bulk- and composite materials are investigated regarding their morphology and pore formation by scanning electron microscopy (SEM), atomic force microscopy (AFM) and small-angle X-ray scattering (SAXS). Furthermore, chemical conversions were examined by energy dispersive X-ray spectroscopy (EDS), attenuated total reflection Fourier-transformation infrared spectroscopy (ATR-FTIR) and water contact angle (WCA) measurements. By this convenient strategy the fabrication of functional porous P2VP in the bulk state and also within sustainable cellulose composite materials is shown, paving the synthetic strategy for the generation of a new family of stimuli-responsive sustainable materials

A block copolymer templated approach for the preparation of nanoporous polymer structures and cellulose fiber hybrids by ozone treatment

Functional amphiphilic block copolymers (BCPs) are versatile, smart, and promising materials that are often used as soft templates in nanoscience. BCPs generally feature the capability of microphase-separation leading to various interesting morphologies at the nanometer length scale. Materials derived from BCPs can be converted into porous structures while retaining the underlying morphology of the matrix material. Here, a convenient and scalable approach for the fabrication of porous functional polyvinylpyridines (P2VP) is introduced. The BCP polyisoprene-block-P2VP (PI-b-P2VP) is obtained via sequential anionic polymerization of the respective monomers and used to form either BCP films in the bulk state or a soft template in a composite with cellulose fibers. Cross-linking of the BCPs with 1,4-diiodobutane is conducted and subsequently PI domains are selectively degraded inside the materials using ozone, while preserving the porous and tailor-made P2VP nanostructure. Insights into the feasibility of the herein presented strategy is supported by various polymer characterization methods comprising nuclear magnetic resonance (NMR), size exclusion chromatography (SEC), and differential scanning calorimetry (DSC). The resulting bulk- and composite materials are investigated regarding their morphology and pore formation by scanning electron microscopy (SEM), atomic force microscopy (AFM) and small-angle X-ray scattering (SAXS). Furthermore, chemical conversions were examined by energy dispersive X-ray spectroscopy (EDS), attenuated total reflection Fourier-transformation infrared spectroscopy (ATR-FTIR) and water contact angle (WCA) measurements. By this convenient strategy the fabrication of functional porous P2VP in the bulk state and also within sustainable cellulose composite materials is shown, paving the synthetic strategy for the generation of a new family of stimuli-responsive sustainable materials