For a long time, the traditional pattern of urban-rural human settlements has been shaped in reference to the existence of the urban-rural dual structure. In this paper, we put forward the notion of triaxiality of human settlements, and used the standards conversion entropy weight method to...

Because air traffic control efficiency can be largely increased by means of group, the aircraft grouping problem was studied based on improved divisive hierarchical clustering algorithm (DHCA). The concepts of position similarity, velocity similarity and heading similarity were defined and the...

In this paper, we intend to explain an empirical finding that distressed stocks delivered anomalously low returns (Campbell et. al. 2008). We show that in a model where investors have heterogeneous preferences, the expected return of risky assets depends on idiosyncratic coskewness betas, which...

We study the joint dynamics of macroeconomic variables, bond yields, and the exchange rate in an empirical two-country New-Keynesian model complemented with a no-arbitrage term structure model. With Canadian and US data, we are able to study the impact of macroeconomic shocks from both countries...

The paper examines three equity-based structural models to study the nonlinear relationship between equity and credit default swap (CDS) prices. These models differ in the specification of the default barrier. With cross-firm CDS premia and equity information, we are able to estimate and compare...

Disclosure by firms would seem to reduce the informational asymmetry that is a cause of investment inefficiency in firms. However, the effect of disclosure is subtle, especially when the link between disclosure and firm value is endogenous and depends on incentives within the firm. We analyze...

This paper considers the features of the newly disclosed compensation peer groups and demonstrates their significant role in explaining variations in chief executive officer (CEO) compensation beyond that of other benchmarks such as the industry-size peers. After controlling for industry, size,...

We study a competitive model in which firm managers differ in terms of ability, and the managers' actions are private information. Each firm chooses how able a manager to hire, and optimizes the manager's incentive pay as well as the level of cooperating resources available to the manager. Thus,...

This paper studies a three-sided moral hazard problem with one agent exerting upfront effort and two agents exerting ongoing effort in a continuous-time model. The agents' effort jointly affects the probability of survival and thus the expected cash flow of the project. In the optimal contract,...

We study the effect of the grants of executive stock options and restricted stock on earnings management and insider trading during the vesting years of these grants. In our theoretical model, an informed manager compensated by stock options (which include restricted stock as a special case) is...