This paper studies a variant of the contest model introduced by Seel and Strack. In the Seel-Strack contest, each agent or contestant privately observes a Brownian motion, absorbed at zero, and chooses when to stop it. The winner of the contest is the contestant who stops at the highest value....

This paper discusses the gambling contest introduced in Seel & Strack (Gambling in contests, Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 375, Mar 2012.) and considers the impact of adding a penalty associated with failure to follow a winning strategy....

Hundreds of billions of dollars have been invested to construct development zones (DZs) in China with the intent of fostering economic growth. Previous studies show that DZs benefit the local economy, but little attention has been paid to the environmental impacts. Based on statistical data and...

Financial data are expensive and highly sensitive with limited access. We aim to generate abundant datasets given the original prices while preserving the original statistical features. We introduce the Wasserstein Generative Adversarial Network with Gradient Penalty (WGAN-GP) into the field of...

This paper explores the impact of government environmental protection subsidies on corporate green innovation using panel data of listed companies from 2007 to 2019. The results show that such subsidies can significantly promote corporate green innovation, and the results are robust. Financing...

Teachers can influence student achievement, not only directly, but also indirectly via peer effects. Based on a unique data set from a Chinese middle school (grades 7-9), this paper uses a student fixed-effects model to estimate peer effects for four core subjects (Chinese, Math, English, and...

Using a comprehensive dataset of all medium and large enterprises in China between 2001 and 2007, we show that industrial policies plays contradictory role in China's economic growth: it significantly improve productivity at firm level, but has no significant or even negative effect on...

In this article we consider a special case of an optimal consumption/optimal portfolio problem first studied by Constantinides and Magill and by Davis and Norman, in which an agent with constant relative risk aversion seeks to maximise expected discounted utility of consumption over the infinite...

In this article we consider the problem of giving a robust, model-independent, lower bound on the price of a forward starting straddle with payoff $|F_{T_1} - F_{T_0}|$ where $0T_0T_1$. Rather than assuming a model for the underlying forward price $(F_t)_{t \geq 0}$, we assume that call prices...

The subject of this paper is an optimal consumption/optimal portfolio problem with transaction costs and with multiple risky assets. In our model the transaction costs take a special form in that transaction costs on purchases of one of the risky assets (the endowed asset) are infinite, and...