A financial report restatement reflects errors in the previous financial statement, and thus it increases investors' doubt about the credibility of the financial statement. The primary objective of this paper is to examine whether restatement announcements imply increased fraud risks in Chinese...

A divide-and-conquer algorithm for exploiting policy function monotonicity is proposed and analyzed. To compute a discrete problem with n states and n choices, the algorithm requires at most 5n log2(n)n function evaluations and so is O(n log2 n). In contrast, existing methods for non-concave...

A divide and conquer algorithm for exploiting policy function monotonicity is proposed and analyzed. To solve a discrete problem with n states and n choices, the algorithm requires at most n log2(n) 5n objective function evaluations. In contrast, existing methods for non-concave problems require...

A divide and conquer algorithm for exploiting policy function monotonicity is proposed and analyzed. To solve a discrete problem with n states and n choices, the algorithm requires at most nlog2(n)+5n objective function evaluations. In contrast, existing methods for nonconcave problems require...

We investigate U.S. monetary and fiscal policy interactions in a regime-switching model of monetary and fiscal policy rules where policy mixes are determined by a latent bivariate autoregressive process consisting of monetary and fiscal policy regime factors, each determining a respective policy...

The RMB exchange rate policy follows a ``two-pillar'' rule, with the market pillar reflecting foreign exchange market condition and the basket pillar stabilizing RMB index. This paper documents a clear pattern of regime-switching in the policy coefficients on these two pillars. Particularly, the...