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

Action spectrum of temperature in natural climate environment and prediction of temperature response in concrete

AbstractThe temperature in concrete is a main factor influencing concrete carbonization, chloride diffusion and the corrosion rate of steel bars in the concrete. To predict the temperature response in concrete in a natural climate environment, the experiments for temperature response in concrete under artificial and natural climate environment conditions were carried out. The results indicate that the temperature responses in concrete show obvious hysteresis characteristics. A prediction model for temperature response in concrete was presented based on the behavior of the concrete's thermal conduction. Then, a method for processing the climate temperature data was devised using the mathematical principle of extreme difference dissection, through which a temperature action spectrum can be formed. In view of the above mentioned studies, the corresponding temperature response in the concrete could be predicted. Comparisons were carried out between the prediction and the measurement of the temperature responses and the result showed that they were consistent

A multichannel thiacalix[4]arene-based fluorescent chemosensor for Zn²⁺, F⁻ ions and imaging of living cells

The fluorescent sensor (3) based on the 1,3-alternate conformation of the thiacalix[4]arene bearing the coumarin fluorophore, appended via an imino group, has been synthesised. Sensing properties were evaluated in terms of a colorimetric and fluorescence sensor for Zn 2+ and F - . High selectivity and excellent sensitivity were exhibited, and off-on optical behaviour in different media was observed. All changes were visible to the naked eye, whilst the presence of the Zn 2+ and F - induces fluorescence enhancement and the formation of a 1:1 complex with 3. In addition, 3 exhibits low cytotoxicity and good cell permeability and can readily be employed for assessing the change of intracellular levels of Zn 2+ and F -

Rhetorical Figures: The Argumentative “Ornament”

This essay attempts to demonstrate, via surveying 10 classics in the history of rhetoric, that “ornament” collocated with rhetorical figures is widely viewed as inventional or argumentative, especially from ancient Greece to the Renaissance. Further, 5 representative dictionaries illustrate that this term gives priority to useful function in and before the medieval time but turns increasingly aesthetic from the Enlightenment downwards. In a historical-linguistic perspective, the semantic change of “ornament” is discovered to involve two tendency types: “Narrowing” and “Pejoration”, which can be attributed to psychological or cognitive factors, cultural impact and language contact. This rectification of “ornament” justifies from etymology and history of rhetoric that rhetorical figures, deserving a fairer repute, are indeed our flashing argumentative equipment

Finding out all locally indistinguishable sets of generalized Bell states

In general, for a bipartite quantum system $\mathbb{C}^{d}\otimes\mathbb{C}^{d}$ and an integer $k$ such that $4\leq k\le d$,there are few necessary and sufficient conditions for local discrimination of sets of $k$ generalized Bell states (GBSs) and it is difficult to locally distinguish $k$-GBS sets.The purpose of this paper is to completely solve the problem of local discrimination of GBS sets in some bipartite quantum systems.Firstly three practical and effective sufficient conditions are given,Fan$^{,}$s and Wang et al.$^{,}$s results [Phys Rev Lett 92, 177905 (2004); Phys Rev A 99, 022307 (2019)] can be deduced as special cases of these conditions.Secondly in $\mathbb{C}^{4}\otimes\mathbb{C}^{4}$, a necessary and sufficient condition for local discrimination of GBS sets is provided, and a list of all locally indistinguishable 4-GBS sets is provided,and then the problem of local discrimination of GBS sets is completely solved.In $\mathbb{C}^{5}\otimes\mathbb{C}^{5}$, a concise necessary and sufficient condition for one-way local discrimination of GBS sets is obtained,which gives an affirmative answer to the case $d=5$ of the problem proposed by Wang et al.Comment: 10 pages, 2 table