This paper suggests a new approach to evaluate realized covariance (RCOV) estimators via their predictive power on return density. By jointly modeling returns and RCOV measures under a Bayesian framework, the predictive density of returns and ex-post covariance measures are bridged. The forecast...

This paper introduces two co-movement measures based on the Thick Pen Transform into the macroeconomic literature: the Thick Pen Measure of Association (TPMA) as well as Multi-Thickness Thick Pen Measure of Association (MTTPMA). Both measures are non-parametric, time-varying, and flexible....

In the recent decade, the topic of environmental sustainability and its determinants has gained the attention of environmental policy analysts and academicians. However, some crucial factors that can affect environmental sustainability have not yet been explored in the literature. In this...

Conventional wisdom holds that in non-democracies, a strong central state can reward and punish local administrations through a merit-based promotion system, which should restrain corruption. But much evidence shows that rampant corruption coexists with powerful central governments. This study...

As distributing centres of trade and transportation network, ports play an important role in the development of the national economy. With the changing of the global business environment, the port enterprise operation environment is continuously changing, and growing problems are becoming...

Forecasting stock market movements is a challenging task from the practitioners' point of view. We explore how model selection via the least absolute shrinkage and selection operator (LASSO) approach can be better used to forecast stock closing prices using real-world datasets of daily stock...

As distributing centres of trade and transportation network, ports play an important role in the development of the national economy. With the changing of the global business environment, the port enterprise operation environment is continuously changing, and growing problems are becoming...