This paper provides a new model to explain local variation in apartment rents by introducing the notion of a spatial process. This model differs from those in the literature by explicitly specifying spatial association between pairs of locations as a function of distance between them. Data on...

This paper provides a new model to explain local variation in apartment rents by introducing the notion of a spatial process. This model differs from those in the literature by explicitly specifying spatial association between pairs of locations as a function of distance between them. Data on...

This paper evaluates the effectiveness of China’s pre-IPO environmental inspection policy, an innovative green finance initiative combining central inspections with public disclosure of policy compliance. Our theoretical frameworks hypothesise that centralised pre-IPO environmental inspection...

This paper evaluates the effectiveness of China’s pre-IPO environmental inspection policy, which is an innovative green finance initiative that combines inspections with public disclosure of policy compliance. Our theoretical model proposes that public access to environmental policy compliance...

Fracturing flowback water (FFW) from the shale gas exploitation resulted in environmental burden. FFW could be treated by a microbial fuel Cell (MFC), but the challenges for the precipitation of ultrafine particles due to the supersaturation of sulfide remains to be addressed. Herein, we...

This paper extends recent discussion on the effectiveness of mutual fund performance measures. We utilize the well-known value premium to examine the ability of mutual fund performance measures to distinguish between the results of value funds and growth funds. Specifically, we examine the...

This paper provides a time-series test for the Differences-of-Opinion theory proposed by Hong and Stein (2003) in the aggregate market, thus extending Chen, Hong, and Stein's (2001) cross-sectional test for this theory across individual stocks. An autoregressive conditional density model with a...

This paper shows that the firm size (SZ) and the book-to-market ratio (BM) cannot fully explain stock returns on prior-return-based portfolios in Japan. The overreaction effect after controlling for SZ and BM effects is significant and plays an important role in explaining the zero-investment...

We extend the Fama–French three-factor model to include a risk factor that proxies for interest-rate risk faced by firms in an attempt to reduce the pricing errors that the three-factor model cannot explain. These pricing errors are observed especially in small size and low book-to-market...