To examine the impact of trade barrier reductions on the Chinese economy following its WTO accession, a single-country, static CGE (Computable General Equilibrium) model is constructed, which incorporates certain elements of imperfect competition in China's current economic situation. China's...

This paper proposes a simple back testing procedure that is shown to dramatically improve a panel data model's ability to produce out of sample forecasts. Here the procedure is used to forecast mutual fund alphas. Using monthly data with an OLS model it has been difficult to consistently predict...

With the advance of urbanization process and rapid growth of urban population, the construction land scale in Dianchi Lake basin increases at a sharp speed. Due to lack of reasonable scale control and space optimization, many areas have the problem of blind growth in construction land. On the...

Illumination factors can affect growth of microalgae and HCO3− fixation. In order to optimize microalgae growth in culture system and HCO3− fixation from wastewater, the effects of light source, light interval on the growth of microalgae, Chlorella sp. and Scenedesmus obliquus sp., were...

We investigate an informal yet important mechanism in the private equity industry that helps to reduce uncertainty: relationship building. Based on a large sample of private equity funds over the 1980-2010 period, we find that the general partners strategically allocate good funds to loyal...

According to conventional wisdom, family ownership, which signals a lack of social capital and trust in an economy, may impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist institutions that promote innovation. Using a comprehensive...

We investigate the impact of the absence of short selling on the pricing of managerial skills in the mutual fund industry. In the presence of divergent opinions regarding managerial skills, fund managers can strategically use fees to attract only the most optimistic capital. The recognition of...

Humans often behave discriminatorily towards others depending on their group membership. In this work, we establish a spatial Prisoner’s dilemma model to investigate the relation between tag-mediated discrimination and cooperation. By introducing tag-mediated selective interaction, we find...

We hypothesize that trust plays an important role in affecting the activeness and effectiveness of the global mutual fund industry. Empirically, trust is positively associated with the activeness of domestic funds, whereas for internationals mutual funds conducting cross-border investments...