Rivals may voluntarily share Research and Development (R&D) results even in the absence of any binding agreements or collusion. In a model where rival firms engage in non-cooperative independent R&D process, we used optimization and game theory analysis to study the equilibrium strategy of the...

Currently proposals are actively circulating in China to move to a unified enterprise tax structure with similar tax treatment of state-owned enterprises (SOEs), other private enterprises (OPEs) and foreign investment enterprises (FIEs). FIEs presently receive significant tax preferences through...

This paper studies how to solve semi-infinite polynomial programming (SIPP) problems by semidefinite relaxation methods. We first recall two SDP relaxation methods for solving polynomial optimization problems with finitely many constraints. Then we propose an exchange algorithm with SDP...

Significant advancements have been made in examining the relationship between economic development and disaster losses at the global and national scales, but very little research has been done at the sub-national level, especially in China. Based on socioeconomic and disaster impact data from 31...

Various types of linked structures between added rows on a rutile TiO2(110) surface have been investigated by scanning tunneling microscopy (STM). A new type of linked structure, cycle-link structure comprised of eight oxygen atoms and six titanium atoms, has been observed for the first time on...

This study examines mode choice behavior for intercity business and personal/recreational trips. It uses multinomial logit and nested logit methods to analyze revealed preference data provided by travelers along the Yong-Tai-Wen multimodal corridor in Zhejiang, China. Income levels are found to...

In this paper we propose consistent integrated conditional moment tests for the validity of parametric conditional distribution models, based on the integrated squared difference between the empirical characteristic function of the actual data and the characteristic function implied by the...

This paper shows that politicians' pressure to climb the career ladder increases bank risk exposure in their region. Chinese local politicians are set growth targets in their region that are relative to each other. Growth is stimulated by debt-financed programs which are mainly financed via bank...

The development of shadow banking system in China catalyzes the expansion of banks’ off-balance-sheet activities, resulting in a distortion of China’s traditional credit expansion and underestimation of its commercial banks’ overall risk. This paper is the first to incorporate banks’...