Water shortages and related environmental degradation in North China are major issues facing the country. As runoff from the mountainous parts of the region steadily decrease and water resources become overcommitted, serious water and environmental problems have resulted. These include drying-up...

The neoclassical theory of investment implies that expected stock returns are tied with the expected marginal benefit of investment divided by the marginal cost of investment. Winners have higher expected growth and expected marginal productivity (two major components of the marginal benefit of...

Motivated from investment-based asset pricing, we propose a new factor model consisting of the market factor, a size factor, an investment factor, and a return on equity factor. The new factor model outperforms the Carhart four-factor model in pricing portfolios formed on earnings surprise,...

Rare earth elements are a strategic non-renewable resource. China is the largest producer and exporter of rare earth products. However, China has failed in the past to attain pricing power and large profits in spite of its monopolistic status. Over the past decade, China has issued and...

In this study, an inexact stochastic fuzzy programming (ISFP) model is proposed for land-use allocation (LUA) and environmental/ecological planning at a watershed level, where uncertainties associated with land-use parameters, benefit functions, and environmental/ecological requirements are...

The value anomaly arises naturally in the neoclassical framework with rational expectations. Costly reversibility and countercyclical price of risk cause assets in place to be harder to reduce, and hence are riskier than growth options especially in bad times when the price of risk is high. By...

No. Two related variables, the book-to-market spread (the book-to-market of value stocks minus the book-to-market of growth stocks), and the market-to-book spread (the market-to-book of growth stocks minus the market-to-book of value stocks) predict returns but with opposite signs. The value...