We propose a method to overcome a bias in the estimate of the probability of informed trading (PIN). This bias arises when the numerical maximization procedure generates corner solutions. We analyze the PIN estimates for about 80,000 stock-quarter pairs between 1993 and 2004, and observe a...

Most national health surveys do not permit precise measurement of the health of racial/ethnic subgroups that comprise 1 per cent of the U.S. population. We identify three potentially promising sample design strategies for increasing the accuracy of national health estimates for a small target...

Value and momentum strategies earn persistently large return premia yet are negatively correlated. Why? We show that a quantitatively large fraction of the negative correlation is explained by strong opposite signed exposure of value and momentum portfolios to a single aggregate risk factor...

Value and momentum portfolios exhibit strong opposite signed exposure to an aggregate risk factor based on low frequency fluctuations in the capital share. This strong opposite signed exposure helps explain why both strategies earn high average returns yet are negatively correlated. But the...

China is facing serious issues involving energy sufficiency, greenhouse gas (GHG) emissions and air pollution caused partly by the rapid growth of vehicles. In order to relieve those problems, new energy vehicles are introduced into the bus and car market. We adopt life cycle analysis to...

This paper provides new evidence concerning the probability of informed trading (PIN) and the PIN-return relationship. We take measures to overcome known estimation biases and improve the quality of quarterly PIN estimates. We use the average of a firm’s PIN estimates in four consecutive...

The increasing discrepancy between on-road and type-approval fuel consumption for LDPVs (light-duty passenger vehicles) has attracted tremendous attention. We measured on-road emissions for 60 LDPVs in three China's cities and calculated their fuel consumption and CO2 (carbon dioxide) emissions....

Seventy-five heavy-duty public transit buses, including different fuel systems (conventional diesel, natural gas and diesel hybrid), were tested on-road in Beijing using portable emission measurement systems. Second-by-second driving condition data were collected on typical urban bus routes...