The karst hydrological processes are the response of karst groundwater system to precipitation. The precipitation penetrates through the vadose zone, the subsequent groundwater pressure wave propagates to a spring outlet, and then, the spring discharge changes. This paper proposes a grey...

Sustainable groundwater development must rely on a good understanding of hydrological processes, especially under effects of anthropogenic activities. This paper develops a piecewise analysis based on grey system model for study effects of anthropogenic activities on hydrological processes. The...

This study establishes a multi-tier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: 1) comprehensive performance, 2) return and risk, and 3) timing skill and picking ability. Using...

This study establishes a multi-tier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: 1) comprehensive performance, 2) return and risk, and 3) timing skill and picking ability. Using...

This paper analyzes whether the market portfolio is efficiently related to benchmark portfolios formed on size, value, momentum and reversal with various utility theories by using stochastic dominance criteria. The results support the prospect theory including assumption of loss aversion at...

In this paper, the primary energy ratio and economic benefit of five different heating systems are analysed. The results show that the gas-engine heat pump system has the advantages of high primary energy efficiency and favours environmental protection in contrast to the other four heating...

This paper estimates the effect of institutions on economic performance using cross-city data from China. We argue that China’s ongoing reforms are part of a long and circuitous historical transition from antiquity to modernity, which started about 150 years ago. Learning from Western...

We study the asymmetric and dynamic dependence between financial assets and demonstrate, from the perspective of risk management, the economic significance of dynamic copula models. First, we construct stock and currency portfolios sorted on different characteristics (ex ante beta, coskewness,...

We show that the profitability of currency carry trades can be understood as the compensation for exchange rate misalignment risk based on the rare disastrous model of exchange rates (Farhi and Gabaix, 2008). It explains over 97% of the cross-sectional excess returns and dominates other...