Uninformed investors (the principal) often delegate investments to institutions (the agent) with information advantages. However, conventional linear benchmarked contracts tend to cause excessive pegging to the benchmark and thus price distortion of stocks in the benchmark. This paper studies...

Labor protection increases employees' stability and strengthens their monitoring role, improving firms' information environment and increasing analysts' earnings forecast accuracy. Using the implementation of China's Labor Contract Law as a quasi-natural experiment, we find that labor protection...

We use the notion of local Holder regularity to investigate the roughness of the pattern of EUR/USD exchange rate process as well as the corresponding investor sentiment dynamic process. Specifically, we use the pointwise Holder exponent to measure the local Holder regularity of a...

On the basis of fundamental principles of the Vicsek model and the leader–follower model, we develop an extended evacuation model of self-propelled particles system considering movable exits, and then propose effective strategies of self-organization evacuating from an enclosed space. It is...