This paper focuses on revealing the ambivalent situations in teachers' risk perceptions and teachings. Three ambivalent situations are found. The first is that, although the teachers reported that collective-related risks are more important than personal-related risks, they are less active in...

Inventory management for a new product is challenging due to the lack of historical data, and sales data cannot fully capture the actual demand as excess demand is usually unobservable. Meanwhile, demand-related features are available in the era of big data. We study how to determine the...

This paper studies why non-financial firms invest in risky financial assets. Within a dynamic corporate finance model with macroeconomic fluctuations, we show that firms can use risky financial assets to transfer liquidity from states with low aggregate investment opportunities to states with...

We document that at the aggregate level, lagged S&P 500 Sharpe Ratio is as strong as change in the Fed Funds Rate, in explaining deposit growth. We argue that households use past performance of the stock market to make asset allocation decisions, so good stock market performance causes...