This article proposes a rational model to demonstrate that firm-specific risks can be priced in the equilibrium and can generate asset pricing anomalies such as momentum. In general, business risks at both the market level and firm level can affect a firm's investment decisions, and a firm...

The global ETF industry provides more complicated investment vehicles than low-cost index trackers. Instead, we find that the real investments of ETFs may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability) and to help...

Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting...

The security lending market allows institutional investors, such as insurance companies, to lend out their holding assets in exchange for cash collateral, an important but understudied source of funding to conduct off-balance sheet transactions. Since these lenders are also primary investors of...

Multiprocessor systems commonly take interconnection network (simply graph) as the underlying topological structure. The performance of multiprocessor systems is greatly influenced by its interconnection topology. The connectivity is a classical metric to evaluate the fault tolerance of...

Organophosphate esters (OPEs) are used widely as additive in flame retardants, plasticizers, lubricants, consumer chemicals, and foaming agents. They can accumulate in aquatic organisms from water (waterborne exposure) and food (dietary exposure). However, the bioaccumulation characters and...