We study the portfolio problem of maximizing the outperformance probability over a random benchmark through dynamic trading with a fixed initial capital. Under a general incomplete market framework, this stochastic control problem can be formulated as a composite pure hypothesis testing problem....

We use exogenous variation in tax benefit functions to estimate firm-specific cost of debt functions that are conditional on company characteristics such as collateral, size, and book-to-market. By integrating the area between the benefit and cost functions, we estimate that the equilibrium net...

Industrial parks are the economic engines for many China regions, but they also consume a great deal of energy and emit greenhouse gases. However, few empirical studies have examined these special communities. We selected SIP (Suzhou Industrial Park) as a case study. Carbon emissions from SIP...

Knowledge of the factors driving greenhouse gas (GHG) emissions from cities is crucial to mitigating China's anthropogenic emissions. In this paper, the main drivers increasing GHG emissions from the Chinese city of Suzhou between 2005 and 2010 were identified and quantitatively analyzed using...

This study develops and empirically tests a conceptual framework to investigate the antecedents of manufacturers' supply chain agility and the connection of their agility with performance in an emerging economy. Drawing upon the information theory, this study argues that technical (IT...

We derive Gabor feature matrices that are used to recognize color texture independent of illumination changes. The feature depends on Gabor energy feature in which we derive a multi-band Gabor energy feature matrix. We also prove that two Gabor energy feature matrices such that represent two...

We estimate firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given company's cost of debt function varies with characteristics...