A fundamental idea in modern asset pricing is that risk aversion may be time varying and countercyclical (Campbell and Cochrane 1999). Existing evidence is scant and based mostly on experimental or survey data. We aim to test this key assumption using a large panel of real-world transaction...

This paper conducts an empirical study by province level data to analyze the relationship between China's human development and economic growth. The results of this study show that improvements of human development are followed by faster economic growth and influences of human capital derived...

We examine a simple measure of operating leverage: the ratio of fixed costs (measured by depreciation and amortization plus selling, general, and administrative expenses) to the market (or book) value of assets. We find that this measure of operating leverage positively predicts returns....

As leveraged investors, are margin traders as informed as short sellers? Using a unique dataset on stock-level short selling and margin trading from three international stock markets, we find that margin trading has no cross-sectional predictability but short selling does. Compared to short...

We probe the effects of the COVID-19 lockdown on business activities in China by exploiting big data on 1.5 billion sales invoices. Using a difference-in-differences approach, we estimate that the average drop in sales is between 23% and 35%, depending on firm size, for the 12-week period after...

China's speedy industrialization has undertaken mostly a crude path with extensive energy consumption and severe environmental damage. In face of the challenge of global warming and resource restrictions, it calls for urgent green transformation for the sustainable development of China's...

A central challenge in current cluster policy discussions is how to build innovative clusters that are resilient to external shocks. We examine the Montréal aerospace industry to explore cluster resilience. The case is interesting since it recently experienced two industrial shocks: Boeing 737...

As leveraged investors, are margin traders as informed as short sellers? Using a unique dataset on stock-level short selling and margin trading from three international stock markets, we find that margin trading has no cross-sectional predictability but short selling does. Compared to short...

A series of high entropy perovskite oxides (Ce,K) x [(Bi,Na)BaSrCa] 1-x TiO 3 ( x -CKBNBSCTO) were synthesized by using a traditional solid state reaction method and the dependence of the properties of samples on the content x was also explored. Microstructure analyses found that the most...

A series of high entropy perovskite oxides (Ce,K)x[(Bi,Na)BaSrCa]1-xTiO3(x-CKBNBSCTO) were synthesized by using a traditional solid state reaction method and the dependence of the properties of samples on the content x was also explored. Microstructure analyses found that the most homogeneous...