We show that option prices predict future stock returns only when stock returns are ex-ante predictable using public signals from the stock market itself. Directional option trading cannot explain these results, suggesting that they are not driven by informed trading or superior ability of...

As the new energy vehicle (NEV) subsidy policy of the Chinese government will completely exit the market in 2020, qualified NEV production manufacturers need to decide how to produce NEVs with/without producing internal combustion engine vehicles (ICEVs). Besides, the consumer's willingness to...

The report summarizes first-year research of a three-year study of pathways to urban sustainability. The research team selected the STAR Communities assessment model as the backbone for its analysis. This framework offers a menu-based system for enabling city managers and leaders to build paths...

Using comprehensive executive data in 5,886 U.S. firms from 2000 to 2015, I document that the promotion rate for women is 31% lower than the promotion rate for men. While sorting into executive positions in different functional areas explains a substantial portion of the promotion gap, a gap of...

Combined heat and power (CHP) technology increases the flexibility of energy choices for enterprises. This paper focuses fuel mixing way to reduce carbon emission. In the real decision-making procedure, an enterprise takes reduction cost as the utility function, the accumulative emission as the...

The literature documents hump-shaped life-time consumption profiles for individuals. Based on evidence found by prior sociological and psychological studies, we argue that individuals' age-dependent demands for conveying social statuses could be a novel factor that contributes to this pattern....

How to make a suitable decision by balancing the benefits and costs of Mass customization (MC) has been widely discussed by scholars. While with the development of information and production technology, some traditional factors that affect firms’ MC decision have significantly changed....

New energy vehicles usually recover the braking energy and store it back into the battery using the electric motor. Such a regenerative braking system improves the vehicle mileage. In the process of regenerative braking, all components of the system dissipate a great amount of energy, especially...