ince Amihud(2002),researchers have realized that liquidity may be able to capture the predictable variation of stock return.However,it is still unclear why liquidity has predictability.With daily trading data of Shang...ince Amihud(2002),researchers have realized that liquidity may be able to capture the predictable variation of stock return.However,it is still unclear why liquidity has predictability.With daily trading data of Shanghai and Shenzhen Security Exchanges from Jan 2,1996 to Dec 31,2004,this paper utilizes a rolling analysis to construct an illiquidity measure similar to Amihud(2002).under the 5-by-5 portfolio space of Fama and French,departure from stochastic discount factor framework,we apply a first-stage GMM to empirically test the conditional CAPM with market liquidity serving as an instrument.The empirical results indicate that,market liquidity indeed can predict the stock return,and this predictability sources from its capability of capturing time-variation of stock return.Our study at least partially bridge an academic gap.展开更多
Long-afterglow phosphors are a class of promising photofunctional materials in many application areas involving security encryption,bioimaging,sensors,data storage,and decoration,due to their persistent photoemission ...Long-afterglow phosphors are a class of promising photofunctional materials in many application areas involving security encryption,bioimaging,sensors,data storage,and decoration,due to their persistent photoemission and light storage ability[1].For traditional all-inorganic oxide-,sulfide-,and nitride-based phosphors,the afterglow emission is determined by the host lattice with the luminescent centers and trapping states,which exhibit long persistent luminescence up to several hours or even days after removing the light excitation(Fig.1a)[2].展开更多
Light-emitting diodes(LEDs)are popular for lighting and displays due to their energy efficiency and long lifespan.With the development of high-efficiency LEDs,new technologies such as the Internet of Things have emerg...Light-emitting diodes(LEDs)are popular for lighting and displays due to their energy efficiency and long lifespan.With the development of high-efficiency LEDs,new technologies such as the Internet of Things have emerged.However,scientists are still working to improve the color purity and expand the color gamut of LEDs to meet the demands of a wide range of applications.展开更多
文摘ince Amihud(2002),researchers have realized that liquidity may be able to capture the predictable variation of stock return.However,it is still unclear why liquidity has predictability.With daily trading data of Shanghai and Shenzhen Security Exchanges from Jan 2,1996 to Dec 31,2004,this paper utilizes a rolling analysis to construct an illiquidity measure similar to Amihud(2002).under the 5-by-5 portfolio space of Fama and French,departure from stochastic discount factor framework,we apply a first-stage GMM to empirically test the conditional CAPM with market liquidity serving as an instrument.The empirical results indicate that,market liquidity indeed can predict the stock return,and this predictability sources from its capability of capturing time-variation of stock return.Our study at least partially bridge an academic gap.
基金supported by Beijing Municipal Natural Science Foundation(JQ20003)the National Natural Science Foundation of China(21771021,21822501,and 22061130206)+3 种基金the Newton Advanced Fellowship award(NAFR1201285)the Fok Ying-Tong Education Foundation(171008)the Measurements Fund of Beijing Normal Universitythe State Key Laboratory of Heavy Oil Processing。
基金supported by the the Beijing Municipal Natural Science Foundation(JQ20003)the National Natural Science Foundation of China(22275021)+1 种基金the Fok Ying-Tong Education Foundation(171008)the Key Laboratory of Photochemical Conversion and Optoelectronic Materials,Technical Institute of Physics and Chemistry,Chinese Academy of Sciences.
文摘Long-afterglow phosphors are a class of promising photofunctional materials in many application areas involving security encryption,bioimaging,sensors,data storage,and decoration,due to their persistent photoemission and light storage ability[1].For traditional all-inorganic oxide-,sulfide-,and nitride-based phosphors,the afterglow emission is determined by the host lattice with the luminescent centers and trapping states,which exhibit long persistent luminescence up to several hours or even days after removing the light excitation(Fig.1a)[2].
基金supported by the Beijing Municipal Natural Science Foundation(JQ20003)the National Natural Science Foundation of China(22275021)the Fok Ying-Tong Education Foundation(171008)。
文摘Light-emitting diodes(LEDs)are popular for lighting and displays due to their energy efficiency and long lifespan.With the development of high-efficiency LEDs,new technologies such as the Internet of Things have emerged.However,scientists are still working to improve the color purity and expand the color gamut of LEDs to meet the demands of a wide range of applications.
