Financial leverage is double-edged and has enormous influence on the performance of a company. China is a country where business group affiliation plays a significant role in doing business. Do financial leverage and group affiliation have any relation in China? This paper examines whether...

It was a challenge to prepare nickel phyllosilicate with high catalytic activity using biomass-based silica as substrate due to the low Ni content. In order to efficiently utilize the abundant silanol group in silica-contained biomass, the acid-treated rice husk without calcination (P-R) was...

We investigate the consequences of different market designs and policies on market quality in high-frequency markets. An extensible theoretical framework is proposed to consider the optimal strategies of different market agents and the market equilibrium under various market conditions. The...

We investigate the consequences of different market designs and policies on market quality in high-frequency markets. An extensible theoretical framework is proposed to consider the optimal strategies of different market agents and the market equilibrium under various market conditions. The...

This paper utilizes China’s interbank deposit system under COVID-19 to examine how interbank network changes with considerable uncertainty surrounding exogenous shock. We investigate the interbank network in China by specifying the core-periphery pattern to disentangle the network development...

We introduce the ambiguity towards risk, defined as the variance of signals, as a source of investors’ uncertainty to supplement risk. When public signals arrive, all traders are informed, but they react diversely. We propose a piecewise optimal demand schedule for ambiguity-averse investors,...

This study examines the volatility spillovers in four representative exchanges and for six liquid cryptocurrencies. Using the high-frequency trading data of exchanges, the heterogeneity of exchanges in terms of volatility spillover can be examined dynamically in the time and frequency domains....

The transaction-level analysis of security price changes by Madhavan, Richardson, and Roomans (1997, hereafter MRR) is a useful framework for financial analysis. The first-order Markov property of trading indicator variables is a critical assumption in the MRR model, which contradicts the...

The overall goal of our paper is to better understand the development of groundwater markets in northern China. In particular, we focus on the factors that determine the development of groundwater markets in our attempt to explain their 'breadth' and 'depth.' Based on a survey of 24 randomly...

Several studies addressing the supply and demand for food in China suggest that the nation can largely meet its needs in the coming decades. However, these studies do not consider the effects of climate change. This paper examines whether near future expected changes in climate are likely to...