In Andrews and Guggenberger (2003) a bias-reduced log-periodogram estimator d_{LP}(r) for the long-memory parameter (d) in a stationary long-memory time series has been introduced. Compared to the Geweke and Porter-Hudak (1983) estimator d_{GPH}=d_{LP}(0), the estimator d_{LP}(r) for r larger...

Using data from various Chinese companies for the period 1994-2005 and applying GMM (System) technique, we report some stylized facts regarding the link between uncertainty and investment, where uncertainty is measured as the volatility of daily stock market returns. Controlling for the short-...

This paper considers a factor-augmented regression model in the presence of structural change. We propose a two-step procedure to estimate the coefficients of explanatory variables. We show that when the number of units (N) and the number of periods (T) are large and comparable, the proposed...

This paper proposes a unit root test for panel data with cross-sectional dependence. The test generalizes the nonlinear IV unit root test of Chang (2002) to the case where there exist some common factors in panels. The main idea is to eliminate the cross-sectional dependence through the method...

In this paper, we propose a new routing strategy based on the minimum information path, named the optimal routing (OR) strategy, to improve the transportation capacity of scale-free networks. We define the average routing centrality degree of the node to analyze the traffic load on nodes of...

Community detection is a topic of considerable recent interest within complex networks, but most methods proposed so far are divisive and agglomerative methods which delete only one edge each time to split the network, or agglomerating only one node each time until no individual node remains....