We measure the dollar risk exposure of U.S. industries by regressing stock portfolio returns on each industry against the returns on a broadly defined dollar index. The exposure estimates vary widely across different industries in both magnitudes and directions. We trace this large...

This paper investigates the role of high-order moments in the estimation of conditional value at risk (VaR). We use the skewed generalized t distribution (SGT) with time-varying parameters to provide an accurate characterization of the tails of the standardized return distribution. We allow the...

Why do private firms grow vibrantly in transition economies despite their limited access to formal financing? This study underscores the importance of informal financing in facilitating the growth of private firms in China. Drawing from the institutional economics argument, we posit that...

The trade-off between conformity and differentiation that market entrants face has recently been enriched by a new sociological insight: differentiation is rewarded only within the confines of taken-for-granted market categories. Entrepreneurs, however, routinely engage in combining existing...

This paper proposes three probability models to assess the impact of communication delays and bit errors on differential protection. First, the mechanism of relay protection malfunction caused by communication delays and bit errors is introduced. In general, a channel’s consistent delay or bit...

With the rapid development of wind energy, relay protection for large-scale wind farms has been attracting some researchers, due to the absence of standards. Based on the large-scale doubly fed induction generator (DFIG)-based wind farms located in Gansu Province, China, this paper studies the...