Background: Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects, charity projects, and new ventures. It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities. This study documents and...

Quantile factor models (QFM) represent a new class of factor models for high-dimensional panel data. Unlike approximate factor models (AFM), which only extract mean factors, QFM also allow unobserved factors to shift other relevant parts of the distributions of observables. We propose a quantile...

This paper develops a model of used vehicle trade between countries with different environmental regulations regarding vehicle emissions. We show that the US, given its strict environmental regulations, has incentives to export used vehicles to Mexico, which impacts air pollution emissions...

With the escalation of global trade, the Chinese commodity futures market has ascended to a pivotal role within the international shipping landscape. The Shanghai Containerized Freight Index (SCFI), a leading indicator of the shipping industry's health, is particularly sensitive to the...