Crack formation is inevitable during sludge drying because of the existence of uneven thermal stress. Experiments have been conducted to study crack pattern formation in thin film sludge. Crack images show that the thinner the sewage sludge film, the more even the crack distribution. The crack...

Research in both economics and psychology suggests that, when agents predict the next value of a random series, they frequently exhibit two types of biases, which are called the gambler’s fallacy (GF) and the hot hand fallacy (HHF). The gambler’s fallacy is to expect a negative...

A new estimator of bid-ask spreads is presented. When the trade direction is known, any estimate of the spread is associated with a unique series of conjectural mid-prices derived by adjusting the observed transaction price by half the estimated spread. It is shown that the covariance of...

The performance of bid-ask spread estimators is investigated using simulation experiments. All estimators are much more accurate if the data are sampled at high frequency. In high-frequency data, the Huang-Stoll estimator, which requires order flow information, generally outperforms Roll-type...

Bankruptcy prediction is a key part in corporate credit risk management. Traditional bankruptcy prediction models employ financial ratios or market prices to predict bankruptcy or financial distress prior to its occurrence. We investigate the predictive accuracy of corporate efficiency measures...

Some theories predict that exchange rate bubbles should deflate faster than they inflate. We find no empirical support for this hypothesis for currencies that floated against the US dollar. The bursting of exchange rate bubbles is not analogous to collapses in the prices of financial assets....

In this paper, we modify the Huang and Stoll (1997) spread-decomposing model to fit multi-dealer markets. In a multi-dealer market, individual dealers can rebalance their inventories either by trading with other dealers or changing the quote price. Our modified model captures this feature. Using...

Consider a semiparametric model yi = xi' beta + g(ti )+ei; i = 1;2..., n, error ei are i.i.d. random variables from unknown distribution f(e). In this paper, we propose a nonlinear wavelet estimator ^f(e) of f(e) based on residuals ê =yi - ^yi here restriction of uniformly continuous on f(e)...

In this paper, synthetic aperture radar (SAR) data from ENVISAT ASAR ascending, descending and ALOS PALSAR ascending orbits are collected to investigate the coseismic displacements of the Mw 6.4 earthquake occurred in Gaize, Tibet on January 9, 2008 and the Mw 5.9 aftershock on January 16, 2008....