We examine the impact of the 2003 dividend tax cut, which removes the differential taxation between dividends and capital gains for individual investors, on the ex-dividend day price and trading volume. We find the ex-dividend day price and volume are affected by taxes, risk, and transaction...

This paper extends the decomposition of marginal effects suggested by McDonald and Moffitt [The Review of Economics and Statistics 62: 318-321, 1980] to a nonlinear tobit model, considering the increasing use of tobit analysis and substantive economic implications of the decomposition. The...

In this paper, a new method is presented to analyze the linear stability of the synchronized state in arbitrarily coupled complex dynamical systems with time delays. The coupling configurations are not restricted to the symmetric and irreducible connections or the non-negative off-diagonal...

Recently a new multiple dimensional stochastic order named correlation order was proposed to examine how the dependence among the individual risks effects riskness of the portfolios. This paper aims to discuss the relationship between correlation order and the supermodular order in general....

This paper examines the motivation and impact of corporate diversification in Chinese listed firms. We find that in local government owned-firms there is a non-linear relationship between the level of firm diversification and state ownership. As state ownership increases from zero, the level of...

We study the synchronization of coupled phase oscillators in random complex networks. The topology of the networks is assumed to be vary over time. Here we mainly study the onset of global phase synchronization when the topology switches rapidly over time. We find that the results are, to some...