We examine stock trading activities in days before Chinese listed firms made public announcement to start share-structure reform. There is significant evidence that, relative to a benchmark period, institutional investors bought more event firms’ shares in the last two trading days prior to...

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...

Nitrogen oxides (NOX) emissions are creating significant air quality challenges in China’s megacities. Since Euro IV diesel buses equipped with selective catalyst reduction (SCR) systems failed to mitigate on-road NOX emissions as expected, real-world NOX emissions from newly introduced Euro V...

We report evidence that boundary solutions can cause a bias in the estimate of the probability of informed trading (PIN). We develop an algorithm to overcome this bias and use it to estimate PIN for nearly 80,000 stock-quarters between 1993 and 2004. We obtain two sets of PIN estimates by using...

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....

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 study employs a non-parametric approach to investigate the volatility risk premium in the over-the-counter currency option market. Using a large database of daily delta-neutral straddle quotes in four major currencies—the British pound, the euro, the Japanese yen, and the Swiss franc—we...

We study underwriting relationships in the floating rate debt market, where many issuers have a large number of offerings. We find that frequent issuers maintain close relationship with only three to five underwriters and pay significantly less underwriting fees than infrequent issuers. The...