Testing multiple null hypotheses in two stages to decide which of these can be rejected or accepted at the first stage and which should be followed up for further testing having had additional observations is of importance in many scientific studies. We develop two procedures, each with two...

Earnings announcements present a clear risk to investors and, under rational asset pricing theory, such risk should be consistently priced in stocks. However, we find that stocks with high earnings announcement risk earn significantly higher returns only during months when firms have earnings or...

Using a comprehensive dataset of all medium and large enterprises in China between 2001 and 2007, we show that industrial policies plays contradictory role in China's economic growth: it significantly improve productivity at firm level, but has no significant or even negative effect on...

This study examines the dynamics of asset pricing around macroeconomic news announcements. Prior literature documents a significantly positive implied and realized market premia on macroeconomic announcement days. I investigate the days before and after announcements and find a significant swing...

Two-dimensional lamellar membranes featuring well-defined nanochannels hold great promise for efficient organics separation. However, the extensively existed microdefects within laminate architecture greatly impair separation efficiency and structure stability of membranes. Herein, defect-free...

Despite great progresses in the development of lamellar membranes with homostructured nanochannels, breaking the symmetry of nanochannels may induce a variety of fascinating behaviors. Here, lamellar membranes with hydrophilic/hydrophobic heterostructured nanochannels are constructed by...