Using the 2008 corporate tax reform in China as a quasi-natural experiment, we find a behavioral asymmetry. Compared to firms whose taxes were unaffected by the reform, firms whose tax rate increased reported significantly lower profit margins to avoid paying more taxes. However, firms whose tax...

A stationary independent increment process is an uncertain process with stationary and independent increments. This paper aims to calculate the variance of stationary independent increment processes, and gains that, for each fixed time, the variance is a constant multiplying the square of time....

Using firm-level destination country-specific export data and bank branch data from China, we find that foreign banks can significantly promote firms’ export toward the destination country where the banks are originated from. Our findings are robust after addressing different types of...

This paper describes a robust continuous-time asset-liability management problem under Markov regime-switching. Firstly, we use the "homothetic robustness" methodology, which preserves the performance of robustness independent with wealth process, to protect the ALM model not only run well in...

Bismuth vanadate (BiVO4) is a promising photocatalyst for the water pollution degradation and photocatalytic oxygen evolution. In this work, we prepared 2D/2D BiVO4-Bi4V2O10 heterostructure with tight interfacial contact via a facile one-step hydrothermal process. The crystal structure and...