At first we divide the all the stocks which are big-size, high-price and low-trade-hand rate from January, 1995 to December, 2005 in Shanghai and Shenzhen stock market into winner portfolio and loser portfolio according to the WRSS, and construct the arbitrage portfolio according to the weight in order to examine the origin of the abnormal returns. Then in order to avoid the sample sequence autocorrelation and the cheap wedding dresses heteroscedasticity which are led to the overlapping period, we revise the p-value which is adjusted by Newey-West to examine the significance of the returns...

Since the medium-term momentum effect of zero-cost trade strategy in American stock market was first found by Jegadeesh and Titman in 1993, the theorist had the massive research literature to http://www.ilahiyatforum.com/forum indicate that, the stock market has the momentum lace wedding dresses effect, and it has formed two improvement of portfolio investment strategies on this foundation: Reverse strategy (contrarian strategies) and momentum strategy (momentum strategies). Moreover, the arguments of origin of the momentum returns among the overseas theorists also became increasingly drastic. However, in our country, although there were much research which found that Chinese stock market ...

Thus the monetary policy can get free of the traditional dilemma.In China, the monetary policy is gradually becoming market-dominated. But there has been serious disadvantage since t...¸ü¶àhe http://www.brajamusti.org/forum money supply was chosen intermediate target of the monetary policy in 1996. So, the cheap wedding dresses...

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