Since the emergence of information technology, the integrated circuit industry has been a major contributor to sustained economic expansion. This paper proposes a theoretical model premised on the pertinent theories of technological progress in late-mover countries and concludes that it is...

Selecting skilled mutual funds through the multiple testing framework has received increasing attention from finance researchers and statisticians. The intercept $\alpha$ of Carhart four-factor model is commonly used to measure the true performance of mutual funds, and positive $\alpha$'s are...