Investment momentum:A two-dimensional behavioural strategy

We propose an investment-momentum strategy of buying past winners with low investment and selling past losers with high investment, which simultaneously exploits two dimensions of market inefficiencies. The new strategy generates twice the monthly returns earned by either the price momentum or investment strategy (1.44% vs. 0.75% or 0.61%). Despite the diminishing anomalies in recent decades, the investment-momentum stays persistent. The mispricing-based strategy performs better in periods of high investor sentiment or for stocks with high limits-to-arbitrage, which is consistent with our expectations. Overall, we show that one can simultaneously use multiple dimensions of market inefficiency to attain superior performance

A Study of the Merger History of the Galaxy Group HCG 62 Based on X-Ray Observations and SPH Simulations

We choose the bright compact group HCG 62, which was found to exhibit both excess X-ray emission and high Fe abundance to the southwest of its core, as an example to study the impact of mergers on chemical enrichment in the intragroup medium. We first reanalyze the high-quality Chandra and XMM-Newton archive data to search for the evidence for additional SN II yields, which is expected as a direct result of the possible merger-induced starburst. We reveal that, similar to the Fe abundance, the Mg abundance also shows a high value in both the innermost region and the southwest substructure, forming a high-abundance plateau, meanwhile all the SN Ia and SN II yields show rather flat distributions in $>0.1r_{200}$ in favor of an early enrichment. Then we carry out a series of idealized numerical simulations to model the collision of two initially isolated galaxy groups by using the TreePM-SPH GADGET-3 code. We find that the observed X-ray emission and metal distributions, as well as the relative positions of the two bright central galaxies with reference to the X-ray peak, can be well reproduced in a major merger with a mass ratio of 3 when the merger-induced starburst is assumed. The `best-match' snapshot is pinpointed after the third pericentric passage when the southwest substructure is formed due to gas sloshing. By following the evolution of the simulated merging system, we conclude that the effects of such a major merger on chemical enrichment are mostly restricted within the core region when the final relaxed state is reached.Comment: Accepted for publication in the Astrophysical Journa

The effect of metabolic syndrome on postoperative complications and long-term survival of patients with colorectal cancer

BackgroundMetabolic syndrome (MetS) is associated with poor prognosis in many cancers. However, the relationship between metabolic syndrome and overall survival (OS) in patients with colorectal cancer (CRC) remains unclear. We aimed to comprehensively analyze whether MetS could affect postoperative complications and long-term survival in patients with CRC.MethodsWe included patients who underwent CRC resection at our center between January 2016 and December 2018. Bias was reduced through propensity score matching analysis. Patients with CRC were divided into the MetS and non-MetS groups based on whether they had MetS. Univariate and multivariate analyses were used to identify risk factors affecting OS.ResultsWe included 268 patients; among them, 120 were included for further analysis after propensity score matching. There were no significant between-group differences in the clinicopathological features after matching. Compared with the non-MetS group, the MetS group had a shorter OS (P = 0.027); however, there was no significant between-group difference in postoperative complications. Multivariate analysis revealed that MetS (hazard ratio [HR] = 1.997, P = 0.042), tumor-node-metastasis stage (HR = 2.422, P = 0.003), and intestinal obstruction (HR = 2.761, P = 0.010) were independent risk factors for OS.ConclusionsMetS affects the long-term survival of patients with CRC without affecting postoperative complications

The mechanisms of Yu Ping Feng San in tracking the cisplatin-resistance by regulating ATP-binding cassette transporter and glutathione S-transferase in lung cancer cells

Cisplatin is one of the first line anti-cancer drugs prescribed for treatment of solid tumors; however, the chemotherapeutic drug resistance is still a major obstacle of cisplatin in treating cancers. Yu Ping Feng San (YPFS), a well-known ancient Chinese herbal combination formula consisting of Astragali Radix, Atractylodis Macrocephalae Rhizoma and Saposhnikoviae Radix, is prescribed as a herbal decoction to treat immune disorders in clinic. To understand the fast-onset action of YPFS as an anti-cancer drug to fight against the drug resistance of cisplatin, we provided detailed analyses of intracellular cisplatin accumulation, cell viability, and expressions and activities of ATP-binding cassette transporters and glutathione S-transferases (GSTs) in YPFS-treated lung cancer cell lines. In cultured A549 or its cisplatin-resistance A549/DDP cells, application of YPFS increased accumulation of intracellular cisplatin, resulting in lower cell viability. In parallel, the activities and expressions of ATP-binding cassette transporters and GSTs were down-regulated in the presence of YPFS. The expression of p65 subunit of NF-κB complex was reduced by treating the cultures with YPFS, leading to a high ratio of Bax/Bcl-2, i.e. increasing the rate of cell death. Prim-O-glucosylcimifugin, one of the abundant ingredients in YPFS, modulated the activity of GSTs, and then elevated cisplatin accumulation, resulting in increased cell apoptosis. The present result supports the notion of YPFS in reversing drug resistance of cisplatin in lung cancer cells by elevating of intracellular cisplatin, and the underlying mechanism may be down regulating the activities and expressions of ATP-binding cassette transporters and GSTs

Short-Selling Activities in the Time of COVID-19

Highlights•We study daily short-selling activities in the U.S. stock market during the early 2020 outbreak of the COVID-19 pandemic.•Firms that are COVID-sensitive (i.e., with high foreign exposure, low financial or operating flexibility, or high supply-chain exposure) experienced greater short-selling pressure.•Short-selling activities during the COVID-19 pandemic were primarily concentrated among overpriced stocks, which supports the price discovery argument.AbstractThis study examines the daily short-selling activities in the U.S. market during the early 2020 outbreak of the COVID-19 global pandemic. Our findings indicate firms that are more sensitive to the shock (i.e., with high foreign exposure, low financial or operating flexibility, or high supply-chain exposure) were shorted more heavily. Moreover, short-selling activities during the COVID-19 pandemic, blamed for triggering stock market crashes, were primarily concentrated around overpriced stocks. This finding supports the argument that short selling plays a prominent role in improving price discoveries. Our research provides timely empirical evidence supporting the U.S. Securities and Exchange Commission’s (SEC) non-intervention approach in banning short selling in the U.S. market

The Impact of Non-Agricultural Employment on Farmland Transfer and Investment in Agricultural Assets: Evidence from China

This study aimed to determine the impact of non-agricultural employment of peasants on their farmland transfer and investment in agricultural assets by using theoretical models and empirical analysis. The Heckman two-step approach and ordinary least squares method of econometric estimation were used to analyze the questionnaire survey data collected from Jiangxi Province in China. Non-agricultural employment led to reduction of investment in agricultural assets and renting of land. The remittance flows from non-farm income were mainly used to improve the current quality of life, particularly housing condition, rather than to invest in agricultural assets. Migration of laborers caused farmers to rent out farmland, but the inflow of remittances from non-farm income, which increased the capital stock, did not increase the renting in of farmland