We estimate a model of service choice and price competition in airline markets, allowing for the carriers that provide nonstop service to be a selected subset of the carriers competing in the market. Our model can be estimated without an excessive computational burden and we use the estimated...

We find effectively extracting information from the stock-related structure (SRS) can improve the predictability of stock returns. A new factor for asset pricing is constructed that captures the characteristics of stock correlation network, and a new four-factor model is proposed by adding the...