We propose a parsimonious model of over-the-counter trading under asymmetric information to study the presence of intermediary chains that stand between well informed parties and uninformed market participants. Multiple moderately informed intermediaries can fulfill an important economic role of...

<Para ID="Par1">The hydrological drought analysis at Dongting Lake is important for clarifying some of the most complex hydrological issues in relation to the intertwined interactions of a lake-river-reservoir system from the operation of Three Gorges Dam (TGD) located upstream of the central Yangtze River. The...</para>

The impoundment of the Three Gorges Dam (TGD) has disturbed the hydrological regime downstream and has directly affected the relationship between the Yangtze River and Dongting Lake. To trace the realistic and potential impacts, this paper examined the changes of the channel morphology and...

This paper develops a theoretical framework to shed light on variation in credit rating standards over time and across asset classes. Ratings issued by credit rating agencies serve a dual role: they provide information to investors and are used to regulate institutional investors. We show that...

We provide new empirical evidence suggesting that the marginal investor in mutual funds behaves differently across market conditions. If the marginal investor allocates capital across mutual funds rationally, then the relative performance of funds should be unpredictable. We find however that...

I propose a parsimonious model that reproduces the negative risk-adjusted performance of actively managed equity mutual funds. In the model, a fund manager can generate state-dependent active returns at a disutility. Negative expected performance and mutual fund investing simultaneously arise in...

We present a simple model that rationalizes performance persistence in hedge fund limited partnerships. In contrast to the model for mutual funds of Berk and Green (2004), the learning in our model pertains to profitability associated with an innovative trading strategy or emerging sector,...