This paper provides a robust and practical framework for assessing performance fees. The fee valuation uses standard option pricing models and therefore does not require any expected return or alpha estimate. These features make our framework easy to use, robust, and widely applicable to a...

Digital technology policies beyond the traditional urban-rural dichotomy have become critical in economic and industrial integration. Few empirical studies examine the specific impact pathway of digital economy policy on urbanisation, especially urbanisation driven by the digital economy. This...

This paper provides a data-driven analysis of the volatility risk premium, using tools from high-frequency finance and Big Data analytics. We argue that the volatility risk premium, loosely defined as the difference between realized and implied volatility, can best be understood when viewed as a...

We test the concept of contestability in the digital music player market. The theory suggests that the threat of new entrants keeps firms' market power in check. But Baumol and others argue that pure contestable markets rarely happen in reality. The portable music player market has been...

This paper uses the Markov switching approach to account for instabilities in the long-run money demand function and compute the welfare cost of inflation in the United States. In doing so, it circumvents the problem of data-mining of some earlier seminal contributions on these issues, allowing...

Different aspects of liquidity impact the performance of short-run reversals in different ways, consistent with the predictions of microstructure models. Higher volatility is associated with faster, initially stronger reversals, while lower turnover is associated with more persistent, ultimately...

We propose a model of business cycles for an economy that is characterized by involuntary unemployment and being dependent on energy imports. The presence of both factors increases aggregate volatility in a well-defined way: even in the absence of increasing returns to scale or high labor supply...

Purpose: Improve work efficiency of logistics park department, and drive the economy of the park and its surrounding areas. Design/methodology/approach: Analyze the information development situation and existent questions of current national logistics park, and design proper scheme to meet the...