Recent findings on the term structure of equity and bond yields pose serious challenges to existing models of equilibrium asset pricing. This paper presents a new equilibrium model of subjective expectations to explain the joint historical dynamics of equity and bond yields (and their yield...

Recent findings on the term structure of equity and bond yields pose serious challenges to existing equilibrium asset pricing models. This paper presents a new equilibrium model to explain the joint historical dynamics of equity and bond yields (and their yield spreads). Equity/bond yields...

One symptom of the resource curse, as comparative studies suggest, is that rich mineral resources often contribute to social conflicts and even civil wars, especially in developing countries with weak political institutions. How can resource-rich countries deal with these social conflicts? This...

Returns to currency carry and momentum are compensations for the risk of global interest rate uncertainty (IRU), with risk exposures explaining 92% of their cross-sectional return variations. The unified explanation stems from its impact on financial constraints of FX intermediaries. Higher...

We estimate variance decompositions of the real exchange rates for 19 individual currencies based on a present-value relation. We document substantial heterogeneity across forecasting horizons and currencies regarding the determinants of exchange rates. At short horizons, the dominant force is...

This study aimed to start up the completely autotrophic nitrogen removal over nitrite (CANON) process after adding partial nitration (PN) sludge to the ANAMMOX reactor, so as to help the rapid start-up and stable operation of the CANON process in practical engineering applications. It involved...

Recent findings on the term structure of equity and bond yields pose serious challenges to existing models of equilibrium asset pricing. This paper presents a new equilibrium model of subjective expectations to explain the joint historical dynamics of equity and bond yields (and their yield...

Sell-side analysts' forecasts of future stock returns are highly biased and the aggregated consensus forecast is a poor predictor of future returns. In sharp contrast, we show that the information revealed through the implicit ranking of return forecasts conducted individually by each analyst is...

We estimate variance decompositions of the real exchange rates for 19 currencies based on a present-value relation. We document substantial heterogeneity across forecasting horizons and currencies. At short horizons, the dominant force is predictability of the future spot rates. At long...

Mineral resource extraction has frequently caused social conflicts in China. This research examines the Chinese state's reactive and preemptive strategies to cope with resource conflicts. Based on extensive fieldwork in multiple mining areas, we find that the Chinese local state actively...