This research proposes new estimations of the Fama-French three- and five-factor models via a machine learning approach. Speci fically, it uses a Bayesian optimization-support vector regression (BSVR) approach to obtain predictions of portfolio returns. On data from fi ve industries' portfolio...

This research explores the political factors that determined the spatial variations of the private economic development of Zhejiang province in China after 1949. I argue that even in an authoritarian country, when political elites are divided into competing groups and there are fierce political...

Reliably detecting insider trading is a major impediment to both research and regulatory practice. Using account-level transaction data, we propose a novel approach. Specifically, after extracting several key empirical features of typical insider trading cases from existing regulatory actions,...

We study implications of partial versus full disclosure requirements on mutual fund trading and performance, by exploiting a unique hybrid disclosure policy in China, requiring full disclosure at a semi-annual frequency, but only disclosure of top-10 holdings at other quarters. Under partial...

In any authoritarian hierarchical organization, there is an eternal conflict between the leader and his subordinates: the leader must ensure that he control the power to avoid losing his throne due to the challenge from those capable subordinates, while the latter try their utmost to seize as...

Using a large, unique county‐level panel dataset for China from 1998 to 2006, this paper investigates the relationship between local governments' fiscal pressure and their preference for developing polluting industries. The results show that there exist fiscal pressure effects; namely, a...

What determines the dynamic patterns of local public investment in authoritarian countries? We analyze a unique dataset that matches public-private partnership (PPP) projects with Chinese mayors who served from 2010 to 2017, and document a robust tenure effect in public investment. Mayors...

In order to reveal the explosion effects of LPG/DME blended gas at the microscopic level and to investigate its explosion mechanism, the UC San Diego 2016 C1-C4/DME pyrolysis and oxidation mechanism model was adopted to carry out a numerical investigation. The results show that the adiabatic...

A systematic investigation on connections between structural characteristics and crystal nucleation during isothermal devitrification of Al-Sm glasses has been carried out by utilizing molecular dynamics simulations combined with an effective data-driven approach named principal component...