We establish a continuous-time heterogeneous beliefs model to discuss the mechanisms of Momentum and Reversal. Price learning, information transmission and extrapolative expectation are incorporated into a unified framework for the Momentum and Reversal. The calibration results from SP500 show...

We attempt to understand the role of accounts receivable mortgage in a capital-constrained supply chain and to capture the interaction of firms’ operations decisions within non-cooperation or cooperation conditions based on different bank credit policies. We consider a short-term loan directly...

We combine a model of combined inter-spatial and inter-temporal trade between countries recently used by Huang, Whalley and Zhang (2004) to analyze the merits of trade liberalization in services when goods trade is restricted with a model of foreign exchange rationing due to Clarete and Whalley...

We combine a model of combined inter-spatial and inter-temporal trade between countries - recently used by Huang, Whalley and Zhang (2004) to analyze the merits of trade liberalization in services when goods trade is restricted - with a model of foreign exchange rationing due to Clarete and...

This study examines the effect of financial development on environmental quality in East Asia and the Pacific (EP) countries from 1995 to 2020. A unique technique, Dynamic Common Correlated Effects, is utilized to resolve cross-sectional dependence and heterogeneity. The Pooled Mean Group...

As one of the core models of finance, the consumer capital asset pricing model (CCAPM) has produced the puzzle of equity premium. In order to explain this problem and get a more realistic pricing formula, this paper uses constant absolute risk aversion coefficient (Cara) utility function and...

In the early stage of COVID-19 spread, China's stocks market was greatly affected, while other stocks markets also fell to a certain extent. In order to explore the mechanism of this phenomenon in addition to global economic integration, we establish a two market asset pricing model based on...