We demonstrate theoretically and illustrate the implications of assuming power utility when the true function is of the expo-power form. Empirical results can appear to be consistent with cumulative prospect theory when they are in fact generated from a Markowitz model.

We propose measures of the directional volatility spillovers between the Chinese and world equity markets based on Diebold and Yilmaz's (2011b) forecast-error variance decompositions in a generalized vector autoregressive framework. It was found that the US market had dominant volatility impacts...

In this study, the catalytic performance of commercial CaO modified by trimethylchlorosilane (TMCS) for transesterification of rapeseed oil and methanol to biodiesel production was investigated. It was found that the fatty acid methyl esters (FAME) yield of the modified CaO was greatly enhanced...

A new type of solid superacid catalyst with the composition of /ZrO2-TiO2 loaded with lanthanum was prepared by precipitation and impregnation. The catalytic performance for the synthesis of fatty acid methyl ester from fatty acid and methanol was investigated. The influences of preparation...

Employing the conceptual framework of play themes, this study examined and reported the product categories that presented branded entertainment the most, the different types and features of branded entertainment, and how various play themes were incorporated in branded entertainment in the...

This paper analyzes optimal, time consistent taxation in a dynastic family model with human and physical capital and with a balanced government budget. When tax revenue is used for publicly provided consumption or lump-sum transfers, leisure would be higher than its social optimum. Pareto...

Few studies have explored the direct influence of social networking websites (SNWs), and to the best of our knowledge, none have examined the indirect influence of SNWs on users and how that indirect influence leads to word-of-mouth related behaviors in SNWs. This study employs the theoretical...

The disparity of consumption expenditure among rural areas in China was studied. Then income and living expenditure of rural residents were divided into 5 grades. Principle and method of Cluster Analysis were introduced. Next, Cluster Analysis was adopted to research the disparity of rural...

Zhang J., Madsen B. and Jensen-Butler C. (2007) Regional economic impacts of tourism: the case of Denmark, Regional Studies 41, 839-853. The Danish interregional general equilibrium model LINE is presented together with its tourism submodel. The model is used to analyse the importance of tourism...