This study examines intraday patterns of short sales, margin purchases, adverse selection, and bid–ask spreads in the order-driven market of the Taiwan Stock Exchange (TWSE). We find that both short sales and margin purchases exhibit a U-shaped intraday pattern in the TWSE. We further show...

We design modified value investing strategies in emerging equity markets by comparing a country's value weight with its market capitalization weight among a group of emerging countries. These strategies can be easily tested and implemented by using various country index funds. Our proposed...

Due to the quick advancement of science and technology, the services sector which has a high content of knowledge and technology has experienced globally expeditious development in the past decade. Development in general and the growth of Knowledge Intensive Business Services (KIBS) such as...

In the past decade, the Chinese government was increasingly relying on revenues from land sales to finance the public spending. This paper examines the impacts of land financing on business cycle fluctuations in China in an estimated DSGE model. The simulation results indicate that the overall...

Applying the effective-field theory, we study the phase diagrams of a transverse Ising film. The phase diagrams show that, for JS/J < Rc (Rc is a critical value of JS/J), the critical temperature Tc of the film is smaller than the bulk critical temperature Tbc of the corresponding semi-infinite system; however, for JS/J >Rc, Tc is larger than the surface critical temperature Tsc of the semi-infinite system and as JS/J is increased further, Tc (except Tc of the film with two layers)...</rc>

We propose a physical scheme for teleporting an unknown atomic state in cavity QED. Our scheme does not involve the Bell-state measurement. The most distinctive advantage of our scheme is that teleportation and distillation procedure can be realized simultaneously. In addition, the current...

The viscosity of the Ni60Zr30Al10 metallic glass-forming alloy was investigated in the supercooled liquid state and the glass transition region through the dilatation method as well as differential-scanning calorimetry. The calculation of the supercooled fragility, with m=78, indicates that this...

Typical collective behaviors in the Couzin model are exhibited by simulation, and some performances of the system such as convergence probability and relative size are analyzed. To provide an alternative to the constant-speed setting of the Couzin model, a velocity-adaptive strategy is...

Consumption is more volatile than output in developing countries while it is less volatile than output in developed economies. This paper shows that the relatively large home sector in developing economies contributes to this difference, and the driving force for this difference is technology....

The countercyclical trade balance ratio is one of the key stylized facts for open economies. The magnitude differs from country to country. Specifically, the trade balance ratio is more negatively correlated with output in emerging economies than in developed economies, suggesting that the trade...