Selecting skilled mutual funds through the multiple testing framework has received increasing attention from finance researchers and statisticians. The intercept $\alpha$ of Carhart four-factor model is commonly used to measure the true performance of mutual funds, and positive $\alpha$'s are...

Asia is home to the most rapidly aging populations in the world. This study focuses on two countries in Asia that are advanced in terms of their demographic transition: the Republic of Korea and Singapore. We developed a demographic and economic state-transition microsimulation model based on...

Extensive studies have discussed the economic and welfare effects of social pensions worldwide, while scant attention has been paid to their nutritional effects, especially in emerging economies. Using multitopic longitudinal survey data of households and individuals in Kyrgyzstan covering four...

The research was supported by National Natural Science Fund of China with ratification number 70873096.