We extract cyclic information in turnover and find it can explain the momentum “echo”. The reversal in recent month momentum is the key factor that cancels out the recent month momentum and excluding it makes the “echo” regress to a damped shape. Both rational and behavioral theories can...

In this study, we constitute an adaptive hedging method based on empirical mode decomposition (EMD) method to extract the adaptive hedging horizon and build a time series cross-validation method for robust hedging performance estimation. Basing on the variance reduction criterion and the...

Cooperative game theory has proposed different notions of powerful players. For example, big-boss games (Muto et al., 1988) and clan games (Potters et al., 1989) are particular cases of veto games (Bahel, 2016). The present paper extends these veto games by assuming that there is a given subset...

For nearly half a century, existing studies on institutions and institutional change have produced a large number of results from different perspectives and concepts, however, existing studies still lack a unified dynamic framework. In this paper, based on the existing research, a generalized...