| Abstract | 第8页 |
| 摘要 | 第9-10页 |
| Introduction | 第10-13页 |
| 1. Chapter One—MATiming Strategy | 第13-15页 |
| 2. Chapter Two—Profitability of the MAStrategy | 第15-26页 |
| 2.1 Profitability for Overall Market ndex | 第15-19页 |
| 2.1.1 Profitability Considering Size and value factors | 第17-19页 |
| 2.2 M Strategy for ndividual Stocks | 第19-22页 |
| 2.2.1 RiskAdjusted Profitability for Individual Stocks | 第21-22页 |
| 2.3 Profitability for Volatility ecile Portfolios | 第22-25页 |
| 2.4 xplanation for the Profitability of M Timing Strategy | 第25-26页 |
| 3. Chapter 3—Sensitivity Analysis | 第26-36页 |
| 3.1 Sensitivity nalysis for Overall Market ndex | 第26-31页 |
| 3.1.1 SensitivityAnalysis for Sub-periods | 第26-29页 |
| 3.1.2 SensitivityAnalysis for Different Time Lags | 第29-30页 |
| 3.1.3 Sensitivity Analysis for Trading Cost | 第30-31页 |
| 3.2 Sensitivity nalysis for M on ecile Portfolios | 第31-36页 |
| 3.2.1 Sensitivity Analysis for Sub-periods | 第31-33页 |
| 3.2.2 SensitivityAnalysis for Different time lags | 第33-34页 |
| 3.2.3 SensitivityAnalysis for Transaction Cost | 第34-36页 |
| 4. Chapter Four—Execution Details | 第36-43页 |
| 4.1 etailed oldings of the inancial Product | 第36-40页 |
| 4.2 Back Test for the inancial Product | 第40-43页 |
| Conclusion | 第43-44页 |
| Bibliography | 第44-46页 |
| Acknowledgements | 第46-47页 |
| 附件 | 第47页 |
