Despite their popularities in recent years, factor models have long been criticized for the lack of identification. Even when a large number of variables are available, the factors can only be consistently estimated up to a rotation. In this paper, we try to identify the underlying factors by...

Background: Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects, charity projects, and new ventures. It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities. This study documents and...

Quantile factor models (QFM) represent a new class of factor models for high-dimensional panel data. Unlike approximate factor models (AFM), which only extract mean factors, QFM also allow unobserved factors to shift other relevant parts of the distributions of observables. We propose a quantile...

This paper develops a model of used vehicle trade between countries with different environmental regulations regarding vehicle emissions. We show that the US, given its strict environmental regulations, has incentives to export used vehicles to Mexico, which impacts air pollution emissions...

The proposed work develops a method for classification of the species of a fish given in an image, which is a sub-ordinate level classification problem. Fish image categorization is unique and challenging as the images of same fish species can show significant differences in the fish's...

As an effective way to solve information overload, recommender system has drawn attention of scholars from various fields. However, existing works mainly focus on improving the accuracy of recommendation by designing new algorithms, while the different importance of individual users has not been...

Quantile factor models (QFM) represent a new class of factor models for high‐dimensional panel data. Unlike approximate factor models (AFM), which only extract mean factors, QFM also allow unobserved factors to shift other relevant parts of the distributions of observables. We propose a...