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The purpose of this paper is to examine the difference between the daytime (open-to-close) and overnight (close-to-open) returns of CSI 300 index and its derivative futures.

The paper explores the difference between the daytime and overnight time returns by using nonparametric techniques. Moreover, investigation on some factors such as short selling, trading rules, risks are made to seek the sources of the day and night effects based on a large number of empirical analysis. In the end, further analyses on daytime and overnight returns are given by the use of high-frequency data and linear regression technique.

The authors show that the daytime returns of CSI 300 index are no less than its overnight returns, while the daytime returns of CSI 300 index futures are no more than its overnight returns, even after removing the heteroscedasticity of the researched time series. Specifically, the PM returns (13:05 to close) play a quite important role in the intra-day time. The findings also suggest that the unique “T+1 trading rule” in China may be a reason that incurs the lower opening price in the morning and the higher closing price in the afternoon, resulting in the statistically significant differences between the daytime and overnight returns.

The findings are of great importance for investors to decide when to buy and sell stock and futures portfolios in Chinese financial markets.

This study empirically analyzes why there the higher daytime returns and the lower overnight returns exist in the Chinese stock markets from different aspects and contributes the existing literature on day and night effects because of periodic market closures.

This paper aims to explain the current state of energy consumption and economic development in Beijing's construction industry and identify the relationship between the two systems so as to supply decision support for the future.

This paper presents a design of a coordinated development model based on the theory of synergetics. The focus of the paper is on how to integrate energy consumption indices and economic development indices to determine coordinated development indices in a relevant and useful manner. While analyzing energy composite consumption and economic composite development, respectively, all the variables normalized are eliminated inter‐correlated characteristics by making use of principal component analysis (PCA).

Beijing's construction development is experiencing the transition from economic development hysteresis to energy consumption hysteresis. The higher coordinated development degree is predicting the energy‐economy system is trending to stability in Beijing's construction industry which does not necessarily mean a perfect development trend but an upper limit of the increasing rate in energy consumption. Thus, or at least maintaining the current economic development and energy utilization policy, production specifications, or using new technology, new method and economic policy to stimulate the economic development, or more attention from all the stakeholders being paid to saving more energy than before, will be still priority considerations for Beijing's construction industry in the following years.

The paper proposes an original framework for examining the relationship between energy consumption and economic development in construction industry. The framework is also capable of identifying if the growth rate in energy consumption goes beyond the upper limit.