This paper proposes a new Bayesian multiple change-point model which is based on the hidden Markov approach. The Dirichlet process hidden Markov model does not require the specification of the number of change-points a priori. Hence our model is robust to model specification in contrast to the...

Previous studies on technical analysis mostly report the profitability of specific trading rules for a given set of historical data. In this paper, we use the human trader experiment approach to compare the performance of experienced and novice traders. It is found that traders who are more...

The frequency of financial market turmoil has been rising over the past two decades. While the incidence of market turmoil has increased, the performance of analysts during tumultuous times has not received much attention in the literature. This paper examines whether the accuracy of analyst...

This paper examines the determinants of exchange rate regime of a country. A competing risks model (CRM) is estimated. It is found that the way a country exits a fixed exchange rate regime is affected nonlinearly by the duration of the peg. In addition, countries with a lower growth rate of...

From the analytical view of a recycling economy, the regional system achieves the goal of sustainable development through improving resource utilization efficiency, reducing energy consumption and ameliorating the quality of water and air. The regional economic system’s potential for...

New analytical solutions in the theory of the Brownian coagulation with a wide class of collision kernels have been found with using the Taylor-series expansion method of moments (TEMOM). It has been shown at different power exponents in the collision kernels from this class and at arbitrary...

The paper investigates the influences of financial development on patterns of industrial specialization across China’s regions. We find that industrial sectors reliant on access to external finance are found to concentrate in regions with developed financial markets. Both foreign direct...

With the development of social networks, the impact of rumor propagation on human lives is more and more significant. Due to the change of propagation mode, traditional rumor propagation models designed for word-of-mouth process may not be suitable for describing the rumor spreading on social...

The volatility of Chinese GDP growth has been markedly lower since the mid-1990s. We utilize frequency domain and vector autoregression (VAR) methods to investigate the origin of the observed volatility reduction in the Chinese economy. Our estimation indicates that lower volatility of random...

type="main" xml:lang="es" <title type="main">Resumen</title> <p>Este artículo documenta cambios importantes en el entorno macroeconómico de China de las últimas tres décadas. La volatilidad de las actividades económicas agregadas chinas se ha reducido drásticamente en casi un 60 por ciento durante el período de la...</p>