BM(book-to-market ratio) factor: mediumterm momentum and long-term reversal

To explain medium-term momentum and long-term reversal,we use the difference between the optional model and the CAPM model to construct a winner-loser portfolio.According to the CAPM model’s zero explanatory ability with respect to stock market anomalies,we obtain an anomaly interpretative model.This study shows that this anomaly interpretative model can explain stock market perceptions and medium-term momentum.Most importantly,BM is a critical factor in the model’s explanatory ability.We present a robustness test,which includes selecting new sample data,adding new auxiliary variables,changing sample years,and adding industry fixed effects.In general,the BM effect does have considerable explanatory power in medium-term momentum and long-term reversal.

Initial Labor Market Conditions and Individual Employability

Initial labor market conditions affect how individuals build their human capital and look for jobs and thus can have long-term effects on their income levels,work performance,and career development.Based on data from the Urban Household Survey(UHS)of urban households in China from 1986 to 2009,we perform an empirical test of how initial labor market conditions affect the employability of individuals.Our research shows that people’s future incomes suffer if they start out in an adverse job market.Each percentage point of increase in the unemployment rate at an individual’s entry into the labor market is associated with a two-percentage-point drop in his or her average annual income.Even after looking at different parts of the job market and sample groups,this conclusion still holds.In the context of global economic instability,our findings may assist government policymakers in addressing adverse labor market conditions.

Market-Based Transmission Expansion Planning

The paper presents the main features of transmission expansion problem (TEP). In accord with review the aims and influencing factors are defined. The competitive behaviors of market participants, transmission losses, discrete investment costs, various operating conditions are considered in the model. The model is a mixed-integer linear programming formulation for a static TEP in the competitive environment. The presented methodology is applied to six-node system. In order to point out efficiency of the model the results obtained are compared with traditional problem solution.

Impact of Long-Term Transactions on Strategic Bidding in the Electricity Market

Power producers'profits are determined by the market price in the electricity market and therefore they will adopt certain strategies in market transactions to achieve higher profits.In an electricity spot market that adopts uniform pricing,power producers with considerable generation capacity are able to exercise their market power,given that the market concentration is relatively high at the beginning of market reform.It has been proved that an effective bidding strategy can increase the market clearing prices,so as to increase the profits of the power producer.Fortunately,the introduction of long-term transactions may mitigate the impact of producers'market power,as a great amount of long-term volume is settled at the long-term contract price,which is determined in advance and is less fluctuating than the spot price.Two forms of long-term transactions,the fixed volume contract and the varied volume contract,are studied in this paper.Simulation studies are conducted on a multi-agent platform,where both the long-term and spot transactions of power producers are included,and the total profits of a power producer with or without long-term transactions are analyzed to demonstrate their influence.Meanwhile,the results clearly show that long-term transactions can effectively prevent power producers from exercising market power.

Exploring the Social Impact of the Short-Stay Market(SSM)in Regional Areas:An Empirical Study

The discourse on microentrepreneurs and their involvement in the short stay market (SSM) was non-existent until 2008. While several concepts and constructs have been developed and empirically tested since 2009, many of them relate to economics, leaving the social, cultural, and environmental factors underdeveloped. Thus, this study aimed to fll the gap and identify and assess the social impact of the short-stay market (SSM) in a regional area. The study included 16 face-to-face interview sessions conducted with 18 participants, and the Leximancer software was employed to analyse the data. The study revealed that the social impact on SSM is not generic, rather pluralistic, multidimensional, and dynamic. The study also found that the limitation clause instituted by the council is a direct disconnect between the council and property owners/managers. Furthermore, despite ample opportunities provided by the short-stay market (SSM) in regional areas, encumbrances cannot be overlooked. Therefore, there is a need for a comprehensive approach to understand the social impact on policy frameworks in regional areas.

Problems and Solutions of China’s Real Estate Market Based on International Comparison

On the basis of determining the international comparison method and framework of the real estate market, this paper makes a comparative analysis on the development of China’s real estate market and those of some comparable countries (or regions). The prominent problem of the real estate market in our country is the rapid rise of urban house price and the high ratio of house price to income. The direct reason is that the social funds, especially the excessive credit funds flow into the real estate market. The indirect reason is that the land supply mode makes the land price increase too fast and account for high proportion in house price, which leads to the result that the development of real estate industry is beyond the stage of economic development. These problems are not isolated, but related to each other. The rapid rise of house prices in most of the cities, especially in the first-tier cities, is the comprehensive reflection of a large amount of credit funds promoting and the drawbacks of the land supply system in essence. The main ideas to solve the problem are correctly understanding the status, role and influence of the real estate market, stabilizing and improving the short-term control policy of the real estate market, and accelerating the establishment of a long-term mechanism for the healthy development of the real estate market.

Optimization of Urban Multi-energy Flow Systems Considering Seasonal Peak Shaving of Natural Gas

In order to alleviate the shortage of natural gas supply in winter,relevant policies have been issued to promote the construction of gas peak-shaving and storage facilities.Largescale gas storage can transfer the supply-demand relationship of natural gas in time sequence,which has great potential in improving the economy and reliabillity of urban multi-energy flow systems.Addressing this issue,this paper proposes a mid-and long-term energy optimization method for urban multi-energy flow system that considers seasonal peak shaving of natural gas.First,the energy supply and demand features of different energy subsystems are analyzed.Then,a network model of the electricity-gas-heat multi-energy flow system is established.Considering the time-of-use electricity price mechanism and the seasonal fluctuations of the natural gas price,a mid-and long-term energy optimization model maximizing the annual economic revenue is established.The alternative direction multiplier method with Gaussian back substitution(ADMM-GBS)algorithm is used to solve the optimal dispatch model.Finally,the proposed method is verified by employing the actual data of the demonstration zone in Yangzhong City,China.The simulation results show that the proposed method is effective.