We estimate annual discontinuities in remotely-sensed crop yields at all international land borders and link them to changes in the economic freedom index by the Fraser Institute, a country-level measure of institutional quality. Each point of the ten-point index increases the discontinuity by...

A causal vector autoregressive (CVAR) model is introduced for weakly stationary multivariate processes, combining a recursive directed graphical model for the contemporaneous components and a vector autoregressive model longitudinally. Block Cholesky decomposition with varying block sizes is...

Epidemics represent a threat to human life and economy. Meanwhile, medical and non-medical approaches to fight against them may result in additional economic shocks. In this paper, we examine the economic impact of the 2003 SARS outbreak in China and associated government policies. Although the...

We extract cyclic information in turnover and find it can explain the momentum “echo”. The reversal in recent month momentum is the key factor that cancels out the recent month momentum and excluding it makes the “echo” regress to a damped shape. Both rational and behavioral theories can...

In this study, we constitute an adaptive hedging method based on empirical mode decomposition (EMD) method to extract the adaptive hedging horizon and build a time series cross-validation method for robust hedging performance estimation. Basing on the variance reduction criterion and the...

The second near-infrared (NIR-II) photothermal therapy (PTT) is emerging as an effective therapeutic regimen for diverse diseases owing to its deep penetration and large maximum permissible exposure. However, the relatively long irradiation time (more than 5 mins) in most of NIR-II PTT remained...