In this paper, we compare the performance of four single-period portfolio selection models: Mean-Variance model (MV), Mean Absolute Deviation model (MAD), Conditional Value-at-Risk model (CVaR) and Minimax model (MM). Real features such as transaction cost and cardinality constraint are...

The paper studies the economic convergence of non-oil-producing countries, OECD countries and emerging markets countries with latest panel data up to 2009. The study finds that conditional convergence exists among 157 non-oil-producing countries, 28 OECD countries and 23 emerging markets, and...

In the process of China's reform, an underlying reason that arouses economic and political challenges is the local benefit-transfers issue. This paper frames the game between central and local governments of China to provide insightful policies for addressing the issue under the current...