This paper presents a novel risk-based approach for an optimal asset allocation problem with default risk, where a money market account, an ordinary share and a defaultable security are investment opportunities in a general non-Markovian economy incorporating random market parameters. The...

Flint changed its public water source in 2014, causing severe water contamination. We estimate the effect of in utero exposure to polluted water on health at birth using the recent Flint water crisis as a natural experiment. Matching vital statistics birth records with various sources of data,...

Background: In this paper, we study the right time for an investor to stop the investment over a given investment horizon so as to obtain as close to the highest possible wealth as possible, according to a Logarithmic utility-maximization objective involving the portfolio in the drift and...

In 2014, the city of Flint, MI in the U.S. changed its public water source, resulting in severe water contamination and a public health crisis. Using the Flint Water Crisis as a natural experiment, we estimate the effect of in utero exposure to polluted water on health at birth. Matching vital...

In response to the outbreak of coronavirus disease 2019 (COVID-19), there have been substantial variations in policy response and performance for disease control and prevention within and across nations. It remains unclear to what extent these variations may be explained by bureaucrats'...

In response to the outbreak of coronavirus disease 2019 (COVID-19), there have been substantial variations in policy response and performance for disease control and prevention within and across nations. It remains unclear to what extent these variations may be explained by bureaucrats'...

The effect of subsidy on firms' market power is controversial and unclear. In this article, we investigate such effect through an unbalanced panel data at firm level. Empirical results indicate that subsidy weakens the market power of firms subsidized. We then verify our hypothesis for this...

Risk-related gender differences such as risk perception and risk aver - sion are widely discussed, whereas gender differences in self-risk evaluations are unknown. Using a sample of more than 310,000 individual loan applications from the Renrendai online lending plat - form, this study uses a...