I study how trading motives in asset markets affect equilibrium outcomes and welfare. I focus on two types of trading motives - informational and allocational. I show that while a fully separating equilibrium is the unique equilibrium when trading motives are known, multiple equilibria exist...

This article describes how text documents are a major data structure in the era of big data. With the explosive growth of data, the number of documents with multi-labels has increased dramatically. The popular multi-label classification technology, which is usually employed to handle multinomial...

I study how trading motives in asset markets affect equilibrium outcomes and welfare. I focus on two types of trading motives - informational and allocational. I show that while a fully separating equilibrium is the unique equilibrium when trading motives are known, multiple equilibria exist...

Using quarterly balance-of-payment data over the period 1993:1-2003:4, this paper examines the determinants of China's capital flight. The long run relationship and dynamic interactions among the variables are examined using cointegration and innovation accounting methodology. We find that...

This paper examines the effects of structural change, long-term TFP trend and marginal return to capital on China’s economic growth, comparing such effects with those in the other East Asian economies. Our empirical results show that China’s TFP converges to a higher level, and that the...