This paper proposes an aggregate index of macro tail risk and examines its role in asset pricing. We observe that a positive market risk premium compensated for the downside risk of macro fundamentals; a high tail risk predicts subsequent high returns. This predictability exists both in- and...

During the recent housing recession and financial crisis, mortgage modification has been heavily promoted by government as a way to stabilize the housing and the national banking systems. Numerous programs, such as the Home Owners Preserving Equity (HOPE), Home Affordability Modification Program...

This study develops a theoretical framework that differentiates the shares of electricity generation between two types of renewables, solar and wind, and evaluates the impacts of technology-neutral and technology-specific renewable energy policies on state-level solar and wind deployments. Our...

Capacity adjustment and dynamic pricing are long-term and short-term decisions respectively to match supply with demand. In an environment where the demand is unknown to the firm, it is worth investigating how to integrate the two decisions such that the firm can learn about the demand on the...

Digital technology policies beyond the traditional urban-rural dichotomy have become critical in economic and industrial integration. Few empirical studies examine the specific impact pathway of digital economy policy on urbanisation, especially urbanisation driven by the digital economy. This...