Financing sources for urban construction have garnered significant attention globally. Among various financing methods, the urban construction investment bond (UCIB) is unique to China. The UCIB credit spread, which represents the compensation for credit risk, has become a focal point for...

Studying unified model averaging estimation for the situation with complicated data structure, we propose a novel weight choice criterion with a very general loss function based on cross-validation, and investigate asymptotic properties of the resulting averaging estimator. Under a unified...

The luxury goods market in China has seen a significant increase in consumer spending over the last decade. Researchers have identified economic transition and a growing middle-class to explain this evolving trend. A less discussed but important contextual determinant is growing income...