We make a case that characteristics-based long-short factors should be constructed by the slope factor method rather than by sorting methods. This is because sorting does not fully control for the influence of omitted characteristics, rendering them more noisy than slope factors. In contrast,...

While administrative resources are thought to generate positive impacts on local economic conditions, most existing investigations of this relationship suffer from endogeneity concerns. Exploiting China’s Relocation Reform policies, we estimate the causal impacts of construction of new...

In the past fifteen years computational statistics has been enriched by a powerful, somewhat abstract method of generating variates from a target probability distribution that is based on Markov chains whose stationary distribution is the probability distribution of interest. This class of...