We estimate the liquidity connectedness in the spot foreign exchange (FX) market based on an empirical network model. We find that the liquidity connectedness reflects the dynamic market uncertainties around the world. Supply- and demand-side factors are important drivers of liquidity...

The effect of nonheterosexuality on individual income is estimated using 1991-1996 General Social Survey data. Other researchers have concluded that homosexuals earn less than similarly qualified workers, in contrast to the popular perception that homosexuals are more affluent than...

This paper examines empirical links between sexual orientation and self-reported lying using data collected in several waves of Georgia Institute of Technology’s World Wide Web Users Survey. The data include questions about sexual orientation, lying in cyberspace, and a broad range of...

Dynamic minimum variance hedge ratios (MVHRs) have been commonly estimated using Bivariate GARCH model that overlooks basis effect on the time-varying variance-covariance of spot and futures returns. This paper proposes an alternative specification of the BGARCH model in which the basis effect...

People often make important decisions based on information elicited from experts with uncertain preferences. We provide a theoretical rationale for the use of information markets in decision making tasks. Specifically, we show that markets for claims on decision-relevant variables can be...

There is compelling evidence that typical decision-makers, including individual investors and even professional money managers, care about the difference between their portfolio returns and a reference point, or benchmark return. In the context of financial markets, likely benchmarks against...

This paper applies stochastic dominance (SD) tests to examine the dominance relationship between the futures and spot markets in Malaysia, the preferences for the risk-averse and risk-seekers in these markets, the existence of arbitrage opportunities, and whether the markets are efficient and...

This paper employs gravity models to analyze the influence of Confucius Institutes (CI) on outward trade and FDI flows from China. We find significant increases in both Chinese exports and outward FDI flows to developing countries through establishment and operation of CIs, but little impact on...

Empirical evidence suggests that unconditional variance of exchange rate return series is subject to occasional structural breaks that may induce spurious phenomenon of high persistence and long memory of volatility processes. In this paper, we investigate the effects of such breaks on estimated...

This paper examines the dynamic dependence structure between Chinese Yuan and each of ve other currencies in the Asia-Paci fic region on non-deliverable forward contracts over the period of July 4, 2006 throughout August 31, 2011. Using the date that Lehman Brothers led for bankruptcy as the...