In this study, we investigate the tail dependency between bank stocks in China and 35 common risk factors. We measure univariate and multivariate conditional tail risk probabilities. The evidence indicates that tail events from risk factors in the banking, security trading, real estate, and...

We propose a simple-to-implement dynamic panel data method to evaluate the impacts of place-based policies. The idea is to exploit both the cross sectional dependence and the serial correlation within a panel and implement a semi difference-in-difference decomposition. Different from the method...

Sequences of decisions that occur under uncertainty arise in a variety of settings, including transportation, communication networks, finance, defence, etc. The classic approach to find an optimal decision policy for a sequential decision problem is dynamic programming; however its usefulness is...

Purpose The purpose of this paper is to estimate the real urbanization level in China so as to provide a measurement that can be compared with the international level. Design/methodology/approach Taking into consideration 300m residents living in the administrative towns (300m residents here are...