This paper aims to investigate the relationship between inventory change and the industry cycle in a deeper way. The nonlinear, two-state, trivariate, Markov regime-switching model developed in this paper which includes inventory change, capacity utilization and chip sales not only obtains...

The Global Financial Crisis (GFC) changes the relative economic riskiness and risk-adjusted-performance of different asset markets. While the empirical distribution for stock return shifted to the right and became more concentrated around the mean after the GFC, the real estate market...