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We examine the cross-sectional relation between leverage and future returns while considering the dynamic nature of capital structure and potentially delayed market reactions. Prior studies find a negative relation between leverage and future returns that contradicts standard finance theory. We...

Computable General Equilibrium (CGE) models have been widely used for quantitative analysis of global economic issues. However, CGE models are frequently criticized for resting on weak empirical foundations. This paper builds on recent work in macro-econometric estimation, developing an approach...

Computable General Equilibrium (CGE) Models have been widely used by researchers around the world for quantitative analysis of economy-wide shocks. However, CGE models are often criticized for resting on weak empirical foundations. Among others, the arbitrary choice of values for key...

Department: Business.

In coming years, there will be billions of RFID tags living in the world tagging almost everything for tracking and identification purposes. This phenomenon will impose a new challenge not only to the network capacity but also to the scalability of event processing of RFID applications. Since...

With the help of the characteristic function and the covariance matrix, we study the effect of a dissipative bath on bipartite entanglement in a system of continuous variables with no direct inter-mode coupling. Under the dissipation induced by an Agarwal bath, the time evolution of entanglement...

Rural buildings in China now account for more than half of China's total building energy use. Forty percent of the floorspace in China is in rural villages and towns. Most of these buildings are very energy inefficient, and may struggle to provide for basic needs. They are cold in the winter,...

Co-occurrence networks of Chinese characters and words, and of English words, are constructed from collections of Chinese and English articles, respectively. Four types of collections are considered, namely, essays, novels, popular science articles, and news reports. Statistical parameters of...

We investigate coevolution dynamics of both individual strategies and social ties as they adapt within the snowdrift game with mixed strategies. We propose a partner selection mechanism based on the concept of trust. Here trust is considered an instrument for an individual both selecting the...