We propose a new model called the product memory GARCH model by replacing (1-L)d in the FIGARCH model with (1-vL)d for 0≤v≤1, where the impulse response function in its ARCH(infinity) process has a decay rate in the form of the product of a geometric memory rate and a hyperbolic memory rare...

Measuring fund clientele by investors’ revealed usage of different asset pricing models, we show that funds with more CAPM investors perform better, all else equal. This predictability is not because the CAPM-alpha predicts future fund performance but because it reflects investor...

How do online platforms contribute to inclusive growth policies? In this study, we examine how the East-West Poverty Alleviation Partnership, which pairs rich cities in East China with economically disadvantaged cities in West China, affects e-commerce trade. Using proprietary trade-flow data...