This paper introduces a general framework for market models, named Market Model Approach, through the concept of admissible sets of for-ward swap rates spanning a given tenor structure. We relate this concept to results in graph theory by showing that a set is admissible if and only if the...

A description and analysis of China’s Farmer Specialized Cooperatives is presented. Data is presented regarding the historical development of farmer cooperatives in China, the membership composition of a sample of 66 farmer cooperatives in the Zhejiang province, and the various attributes...

By using a smooth entropy function to approximate the non-smooth max-type function, a vertical linear complementarity problem (VLCP) can be treated as a family of parameterized smooth equations. A Newton-type method with a testing procedure is proposed to solve such a system. We show that the...

In a novel experimental design with nearly 10,000 adults and children, we study how adults in two societies characterized by very different levels of income inequality, Shanghai (China) and Norway, make real distributive choices involving children. We document a large cross-societal difference...

Die Systemtransformation in der Volksrepublik China hat seit Ende der siebziger Jahre tiefgreifende Veränderungen ausgelöst, und es stellt sich die Frage, ob chinesische Staatsbetriebe nach der Wirtschaftsreform Fortschritte im Wandlungsprozess von der ehemals planwirtschaftlich orientierten...

This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the price separation resulting from unbundling and a...

We find a strong and robust credit penalty effect on heavily-polluting firms of the 2012 'Green Credit Guidelines' (GCG) of China. Heavily polluting firms' access to both short-term and long-term bank credit reduces dramatically. We also find some evidence of a credit rewarding effect —...