The presence of asymmetry in the distribution of financial returns is an important factor that should be considered in optimal portfolio allocation and is also closely related to the recognition and measurement of financial risk. This study adopts a method based on bootstrapping proposed by Lisi...

This paper examines the role of total factor productivity (TFP) in China’s miraculous growth during 1997-2012 and reports that 16% of the GDP growth is driven by the TFP growth, dominated by technological progress. The TFP growth varies significantly across regions and is positively influenced...

Large factor models use a few latent factors to characterize the co-movement of economic variables in a high-dimensional data set. High dimensionality brings challenges as well as new insights into the advancement of econometric theory. Because of their ability to effectively summarize...

Declining maternal fertility desire has been recognized as a key factor in understanding China’s sharp drop in realized fertility. Using results from a nationally representative survey, this paper presents the first causal evidence on the relation between maternal education and fertility...