Understanding how defaults correlate across firms is a persistent concern in risk management. In this paper, we apply covariate-dependent copula models to assess the dynamics of credit risk dependence and its driving forces based on an empirical study of a business group in China. Our empirical...

In recent decades, great changes have taken place in residents’ lifestyle and consumption structure. Urban household consumption plays an increasingly significant role in promoting energy use and related carbon emissions. Communities are regarded as the basic part of city, and also units and...