Using a large sample of hedge fund manager characteristics, we provide one of the first comprehensive studies on the impact of manager characteristics, such as education and career concern, on hedge fund performances. We document differential ability among hedge fund managers in either...

The shape of the volatility smirk has significant cross-sectional predictive power for future equity returns. Stocks exhibiting the steepest smirks in their traded options underperform stocks with the least pronounced volatility smirks in their options by 10.9% per year on a risk-adjusted basis....

We develop a specification test and a sequence of model selection procedures for non-nested, overlapping, and nested models based on the second Hansen-Jagannathan distance, which requires a good asset pricing model to not only have small pricing errors but also be arbitrage free. Our methods...

This article argues that a natural implication of an innovation-based theory of growth is that slow development facilitates the formation of special interest groups. We demonstrate this in a growth model where innovations take the form of new goods and new production processes, and where factor...

We explore the relationship between capital accumulation, trade, and the development of property rights. In our analysis, the development of property rights is an endogenous process, driven by capital accumulation. Property rights are defined as institutions that internalize the portion of the...

Lithium ion (Li-ion) battery, consisting of multiple electrochemical cells, is a complex system whose high electrochemical and thermal stability is often critical to the well-being and functional capabilities of electric devices. Considering any change in the specifications may significantly...

In this study, a test system for spray cooling, in which the heating surface temperatures were simultaneously measured by thermocouples and an infrared imager, was set up. A mathematical model of spray cooling heat transfer characteristics was presented based on the fundamentals of dynamics and...

An appropriate operating temperature range is critical for the overall performance and safety of lithium-ion batteries. Considering the excellent performance of water in heat dissipation in industrial applications, in this paper, a water based PAAS (sodium polyacrylate) hydrogel thermal...

This paper provides an alternative treatment system for landfill gas and leachate control in order to reduce the energy consumption and disposal cost, using the recycled landfill gas as the combustion promoter for incineration of the leachate. This study starts by providing a literature review...