We conduct a comprehensive simulation study to evaluate testing procedures for long horizon event studies. The simulation results raise the following concerns about some popular practices: (1) using the four-factor model that includes the Fama-French three factors and a momentum-related factor...

We propose a method to overcome a bias in the estimate of the probability of informed trading (PIN). This bias arises when the numerical maximization procedure generates corner solutions. We analyze the PIN estimates for about 80,000 stock-quarter pairs between 1993 and 2004, and observe a...

China is facing serious issues involving energy sufficiency, greenhouse gas (GHG) emissions and air pollution caused partly by the rapid growth of vehicles. In order to relieve those problems, new energy vehicles are introduced into the bus and car market. We adopt life cycle analysis to...

This paper provides new evidence concerning the probability of informed trading (PIN) and the PIN-return relationship. We take measures to overcome known estimation biases and improve the quality of quarterly PIN estimates. We use the average of a firm’s PIN estimates in four consecutive...

The increasing discrepancy between on-road and type-approval fuel consumption for LDPVs (light-duty passenger vehicles) has attracted tremendous attention. We measured on-road emissions for 60 LDPVs in three China's cities and calculated their fuel consumption and CO2 (carbon dioxide) emissions....

Seventy-five heavy-duty public transit buses, including different fuel systems (conventional diesel, natural gas and diesel hybrid), were tested on-road in Beijing using portable emission measurement systems. Second-by-second driving condition data were collected on typical urban bus routes...

Nitrogen oxides (NOX) emissions are creating significant air quality challenges in China’s megacities. Since Euro IV diesel buses equipped with selective catalyst reduction (SCR) systems failed to mitigate on-road NOX emissions as expected, real-world NOX emissions from newly introduced Euro V...