In this study, we develop a two-step asset allocation strategy that identifies the tail risk of a benchmark asset and uses multi-moment dynamic portfolio selection to account for possible conditional non-normality of portfolio returns. The TEDAS - Tail Event Asset Allocation strategy is based on...

This article aims to provide a comprehensive overview of the different voting schemes used in DAO governance. We will examine the various features of these schemes and compare their differences. We propose a new hypothetical voting mechanism specifically designed for decentralized and...

Transport And The Environment -- Contents -- The Impact of Aviation on Climate -- 1 Introduction -- 2 Aircraft Emission -- 3 Radiative Forcing and Climate Change -- 4 Aviation's Impact on Radiative Forcing and Climate Change -- 5 Reducing the Impacts -- 6 Conclusions -- 7 Acknowledgements --...

Treatment effect estimates in regression discontinuity (RD) designs are often sensitive to the choice of bandwidth and polynomial order, the two important ingredients of widely used local regression methods. While Imbens and Kalyanaraman (2012) and Calonico, Cattaneo and Titiunik (2014) provide...

Economic theory predicts that increasing the severity of punishments will deter criminal behavior by raising the expected price of committing crime. This implicit price can be substantially raised by making prison sentences longer, but only if offenders' discount rates are relatively low. We use...

A regression discontinuity (RD) research design is appropriate for program evaluation problems in which treatment status (or the probability of treatment) depends on whether an observed covariate exceeds a fixed threshold. In many applications the treatment-determining covariate is discrete....

"Inclusive Disruption serves as a primary guide to help readers understand what financial technology is and how it has evolved to change the future financial landscape. The central ideas of fintech are explained in details, with topics ranging from distributed innovation, inclusive blockchain to...