Regional economic disparities are often regarded as signs of a country's uneven or backward development. After analyzing China's regional economic performances from 2003 to 2007, this paper concludes that the emergence of interior regions provides new momentum for China's economic growth, and...

With the proliferation of smartphone-based ridesharing apps around the world, traffic assignment with ridesharing is drawing increasing attentions in recent years. A number of ridesharing user equilibrium (RUE) models have been proposed, but most of them are formulated as mixed complementary...

New ecommerce model called online to offline (O2O) e-commerce has gotten significant managerial and academic attention these years. One of its latest developments in travel industry is opaque selling, which facilitates service providers to provide a new channel to customers. This study uses game...

Motivated by the recent opaque selling trend promoted by Priceline and Hotwire, this paper studies a game where two collaborative service providers may use an opaque selling channel to satisfy the demand from leisure and business customers. It is a strategic decision for service providers which...

This paper constructs portfolios of stocks with superior investment performance relative to a general market index. Portfolios are formed with different levels of sensitivity to cross-sectional return dispersion among all stocks in the market. We find that, for U.S stock returns in the period...

The October, 2016 money-fund reform obliged institutional prime funds to start floating their Net Asset Values (NAVs), whereas retail prime funds could continue with stable NAVs. We use this contrast to assess the effect of NAV flotation on fund management. We find that institutional funds...

This paper employs the ZCAPM asset pricing model of Liu, Kolari, and Huang (2018) to show that momentum returns are highly related to market risk arising from return dispersion (RD). Cross-sectional tests show that momentum risk loadings and RD risk loadings are similarly priced in momentum...

This paper provides cross-sectional tests of the Capital Asset Pricing Model (CAPM). To mitigate problems with noise in realized stock return series, we use a smoothed data series of average daily returns per month. Tests using U.S. stock returns for equal-weighted portfolios indicate that beta...