We propose a 4-factor model for the Chinese stock market by adding a trend factor into the market, size, and value of Liu, Stambaugh, and Yuan's (2019) 3-factor model. Because of up to 80% of individual trading, the trend factor captures salient relevant price and volume trends, and earns a...

This article examines the time series behavior of two important tourism statistical variables: ITR (International Tourism Receipts) and NITAC (Number of International Tourist Arrivals in China) over the past two decades (1984-2004). (Chin Econ/NIAS-Han)