Some recent studies of conditional factor models do not specify conditioning information but use data from small windows to estimate the time series of conditional alphas and betas. In this paper, we propose a nonparametric method using an optimal window to estimate time-varying coefficients. In...

This paper evaluates the current regulatory status of China’s telecommunications industry in relation to China’s antimonopoly enforcement. It analyzes the difference of telecoms reform models in OECD countries and China, and highlights the important role of independent regulation, in...

This paper proposes a social identity perspective of customer–brand relationship and integrates brand identity and identification with value, trust and satisfaction in predicting brand loyalty. Two studies' empirical results support this path to brand loyalty framework. The results offer...

A general equilibrium model with multiple means of payment in segmented markets is constructed to study the liquidity effects. It is shown that, under certain conditions, stored value – money issued by private entrepreneurs weakens, but does not completely eliminate the liquidity effects that...

Theoretically, the implied cost of capital (ICC) is a good proxy for time-varying expected returns. We find that aggregate ICC strongly predicts future excess market returns at horizons ranging from one month to four years. This predictive power persists even in the presence of popular valuation...

This paper mainly studies how various types of transportation modes are associated with income inequality in China for the years between 1978 and 2007. Gini coefficients are used to measure the income inequality nationwide, and within urban and rural areas of China. Factors other than...

A solid superacid catalyst was evaluated for the production of fatty acid methyl esters (FAMEs) from acid oil containing about 60 wt.% free fatty acids. It was demonstrated that /ZrO2-TiO2/La3+ was an effective catalyst for simultaneous transesterification and esterification. The optimization...

A new type of solid superacid catalyst with the composition of /ZrO2-TiO2 loaded with lanthanum was prepared by precipitation and impregnation. The catalytic performance for the synthesis of fatty acid methyl ester from fatty acid and methanol was investigated. The influences of preparation...

This paper models the liquidity effects after a contractionary open market operation in a framework that highlights the frictions of limited participation in financial markets and search frictions in labor markets. It is shown that Lucas rigidities, with the aid of labor market rigidities, could...