"Competitiveness study at the sub-national level covering all 34 economies and five regions in Greater China Regional development strategies from an academic perspective, with the aim to help achieve sustainable and balanced growth throughout Greater China Asia Competitiveness Institute's other...

"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...

"In the presence of infrequent but observable structural breaks, we show that a model in which the representative agent is on a rational learning path concerning the real consumption growth process can generate high equity premia and low risk-free interest rates. In fact, when the model is...