In this study, we examined the association between girls%u2019 participation in high school sports and the physical activity, weight, body mass and body composition of adolescent females during the 1970s when girls%u2019 sports participation was dramatically increasing as a result of Title IX....

We present an estimation framework of lifetime expected credit losses in accordance with IFRS 9. Rooted in the literature of estimating multi-period default probability, the framework rests on a rigorous definition of "term structure of default probability" and conditional expectation given...

Theory predicts that information noise induces interactions between the degree of noise and credit risk determinants (Duffie and Lando [2001, Econometrica 69 633-664]). Using well-known bankruptcy hazard models and over two million firm-months of data during 1979-2012, we demonstrate the...

Capital mobility may equalize investment opportunities across industries, and further, may cause the return-risk trade-offs of industry portfolios to converge. We show that over an extended period from 1926 to 2014, value-weighted industry portfolios based on Fama-French 5, 10, 12, 17, 30, and...

This paper measures China’s daily and monthly climate policy uncertainty (CPU) from Jan 2000 to Mar 2022 based on Chinese news data for the first time. Then, the nonlinear and lag impacts of the US CPU and China’s CPU on the return, volatility, correlation and tail dependence of China’s...

Volatility models of the market portfolio's return are central to financial risk management. Within an equilibrium framework, we introduce an implementation method and study two families of such models. One is deterministic volatility, represented by current popular models. Another is in the...

In this paper, we take a structural approach to investigate the effects of wages and working hours on health behaviors of low-educated persons using variation in wages and hours caused by changes in economic activity. We find that increases in hours are associated with an increase in cigarette...

Understanding the influence pathways of financial development on environmental quality is necessary for policy makers in China to improve the quality of the environment through financial means; however, these points have not been systematically discussed in the literature. Therefore, to fill...

1. An Overview of China’s Regional Development and Overall Pattern -- 2. Major Achievements and Problems of Promoting Regional Development -- 3. New Trends of Regional Development Since the 18th CPC National Congress -- 4. New Ideas for Regional Development under the New Normal of Economic...

The main purpose of this study is to provide empirical evidence on the effects of the cigarette excise tax structure on three outcomes: cigarette prices, government revenues, and cigarette consumption. We composed cross-sectional time-series data for 21 EU countries from year 1998 to 2007 from...