This article derives a group of key-maturity zero-coupon yields (or spot rates) for the Chinese inter-bank Treasuries market by use of unsmoothed Fama-Bliss bootstrapping method. With the results of summary statistics and principal component analysis, we surprisingly find there are wide...

This study is the first attempt to examine the determinants of expenditure decentralization at sub-provincial levels in China. The Chinese central government gives detailed guidelines to local governments on public finance, but, ironically, their expenditure assignment is far from being...

The heavy reliance of Chinese local governments on land-leasing revenues in recent decades has attracted widespread criticism due to its potential risks and problems. This research, using a panel dataset of 280 prefecture-level cities in China from 1999-2009, explores what factors affect Chinese...

In recent years, the disparity of school capital outlays has received increasing attention as many schools are facing challenges to meet increasing capital needs. This study examines how the disparity of school capital outlays is affected by the mix of capital revenues in Georgia county school...

Various education finance and taxation reforms in the past several decades have substantially changed China's system for funding basic education, but the present system is still characterized by insufficient funding and large inequalities across localities. Using data of more than 2000...

In recent decades, the inequality in compulsory education finance in China has remained a widespread and serious problem. Based on a provincial-level dataset in the period of 1998-2008, this study analyzed the disparities of school funding in China, attempting to explore the important factors...

In this paper, the impact of the accounting rule (SFAS No.8) on stock market is analyzed with a new model, which is based on the 3-factor model of Fama-French (1993), the EGARCH-type volatility of Nelson (1991) and non-Normal distribution of SSAEPD of Zhu and Zinde-Walsh (2009). Fama-French 25...

Deep reinforcement learning (DRL) has opened up many unprecedented opportunities in revolutionizing the digital marketing field. In this study, we designed a DRL-based personalized targeting strategy. We show that it can address four important challenges in this area. 1) Sequential-decisions:...

On many e-commerce platforms such as Airbnb, StubHub and TURO, where each seller sells a fixed inventory over a finite horizon, the pricing problems are intrinsically dynamic. However, many sellers on these platforms do not update prices frequently. In this paper, I develop a dynamic pricing...