The centrality in a network is a popular metric for agents' network positions and is often used in regression models to model the network effect on an outcome variable of interest. In empirical studies, researchers often adopt a two-stage procedure to first estimate the centrality and then infer...

We re-examine the state sector and its role in the Chinese economy by using the information on the ownership networks of 40 million firms for 1990-2017. We propose a new measure of state-owned enterprises (SOEs) and partial SOEs based on the firm-to-firm equity investment relationships. Our...

The finance-growth nexus has been a central question in interpreting the unprecedented success of Chinese economy. This paper employs an equity ownership network, reflecting the firm-to-firm equity investment relationship, of all the registered firms in China and shows that the network has been...

Estimation of the covariance matrix of asset returns is crucial to portfolio construction. As suggested by economic theories, the correlation structure among assets differs between emerging markets and developed countries. It is therefore imperative to make rigorous statistical inference on...

A call center is a service network in which agents provide telephone-based services. Customers that seek these services are delayed in tele-queues.<p> <p>This paper summarizes an analysis of a unique record of call center operations. The data comprise a complete operational history of a small banking...</p></p>