We reformulate and decompose the Pearson and Spearman correlation coefficients into two components. We recommend the first component for detecting linear or monotonic relationships and the second for recognizing patterns of two parallel lines, providing robust versions to outliers. Thus, we...

We employ a time-varying risk price model that allows us to track the change in risk prices. We find that the output gap generates the time-varying market and momentum risk prices, but the exposures to the output gap have the opposite signs. In contrast, we do not observe that the output gap is...

Network theory suggests that supply shocks propagate downstream whereas demand shocks propagate upstream. I propose a method to decompose return innovations to supply and demand effects based on this observation. Specifically, If a focal firm return innovation affects its supplier's sales growth...

On the basis of five balance variables in bank balances (total assets, deposits, capital, operating income, and loans), the Hirschman–Herfindahl indices for period 2016–2021 (I–IX) are calculated. The indices values are decomposed by the Bajo and Salas approach, and the impacts of number...

China's high growth since the 1990s has been accompanied by the continuous increase in the supply of skilled labor, which naturally makes one question whether China's skill premium has also increased like some developed countries. Due to the lack of official statistics, we first utilize the...