The microstructure literature offers contradicting predictions on the impact of inter-trade time on price change. In this paper, a vector autoregressive (VAR) model [Dufour, A. and Engle, R.F., 2000, Time and the price impact of a trade, Journal of Finance 55, 2467-2498.] is adopted to...

"Everybody talks about financial innovation, but (almost) nobody empirically tests hypotheses about it." Frame and White (2004) The financial turmoil from 2007 onwards has spurred renewed debates on the "bright" and "dark" sides of financial innovation. Using bank-, industry- and country-level...

In this paper, evacuation dynamics in an office building is studied by experiment and simulation. A lattice gas (LG) model is developed. A parameter called ‘exit bias’ is introduced into the model to describe the occupants’ familiarity with different exits in a building. The evacuation...

The spark-assisted compression ignition (SACI) is widely used to expand the high load limit of homogeneous charge compression ignition (HCCI), as it can reduce the high heat release rate effectively while partially maintain the advantage of high thermal efficiency and low NOx emission...

Disability income insurance (DI) and its pricing in mainland China is discussed with a focus on the current situation, market prospects, and the pricing process. Our study concludes that (1) there is a bright future for commercial DI, but current consumers are mainly urban residents with...

This article examines price discovery with and without trading through the use of pre-opening quotes in the absence of trading and trading-day quotes in the presence of trading on the Tokyo Stock Exchange. The non-trading mechanism is found to be conducive to the price discovery process. A high...

We test the assumption of conditional symmetry used to identify and estimate parameters in regression models with endogenous regressors without making any distributional assumptions. The specification test proposed here is computationally tractable, does not require nonparametric smoothing, and...

The strategy Philip Morris adopted in 1993 featured a one-time, permanent, publicly announced price cut, an event referred to as Marlboro Friday. Little is known about the impact of permanent and publicly announced price cuts on consumer brand switching behaviors for an addictive product. In the...

We examine purchases of extended service contracts, which are essentially insurance products, for electronic products in a retail setting. The primary insurance purchase determinants are perceived probability of loss, extent of loss, risk aversion, and amount of insurance premium. We examine how...

This article argues that any empirical study on the inflation-unemployment trade-off requires the inclusion of the real interest rate in the model as any changes in the interest rate affects the capital used by the firms and thus leads to an effect on the level of employment in the economy. To...