The ag-biotech industry underwent considerable consolidation in the last decade in part to take advantage of economics of scale and scope. The paper investigates the impact of such consolidation on inventive activity at the firm level. Careful attention is paid to the role of firm size,...

This paper develops two tests for parametric volatility function of a diffusion model based on Khmaladze (1981)’s martingale transformation. The tests impose no restrictions on the functional form of the drift function and are shown to be asymptotically distribution-free. The tests are...

A small-scale combined cooling and power (CCP) system usually serves district air conditioning apart from power generation purposes. The typical system consists of a gas turbine and an exhaust gas-fired absorption refrigerator. The surplus heat of the gas turbine is recovered to generate cooling...

The size of nations matters, but the literature on the subject is long on theory and short on direct econometric testing. Using a unique time series data set spanning the past two millennia, we study the process of unification and division in historical China. The empirical results are...

This paper introduces a new incomplete index and establishes a new optimal hedging model. We find that when the market micro-noise is perfectly negatively correlated with the return of futures market, market incompleteness depends on the relative level of noise volatility. Especially when noise...

We model a game to show that the taxation level in an autocracy reflects the state¡¯s coercive power relative to people¡¯s capacity for violence. The model also specifies the mechanisms through which various factors affect relative state power. The model predicts that taxation level...

Nomadic conquests have helped to shape world history, yet we know little about why they occurred. Using climate and dynastic data from historical China since 221 BCE, this study finds that the likelihood of nomadic conquest increased with less rainfall proxied by drought disasters, which drove...

An experimental rig of a combined refrigeration/power generation system was built and investigated. This rig uses an ammonia–water binary working fluid, is driven by low-grade heat, and can function under the absorption refrigeration model and absorption power generation model. When the system...

The mainstream view that decollectivization significantly contributed to China's agricultural growth has recently been challenged by revisionists, who emphasize the positive effects of the socialist legacy, such as irrigation and mechanization. This study contributes to this debate by explicitly...

Purpose– This study aims to propose a model-free statistic that tests asymmetric correlations of stock returns, in which stocks move more often with the market when the market goes down than when it goes up, and then empirically analyze the asymmetric correlations of the China stock market and...