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Total factor productivity (TFP) growth measures usually focus on a certain direction of optimization and ignore the general setting encompassing the input and output orientations simultaneously. This paper uses the generalized Luenberger-Hicks-Moorsteen (LHM) TFP indicator which is additively...
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This study investigates the comovement across China, Hong Kong, and U.S. stock markets with the dynamic conditional correlation (DCC) model proposed in Engle (2002). This study answers three questions. First, will the policies of the Qualified Foreign Institutional Investors system (QFII) and...
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