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In this article, we introduce a command, xtnpsreg, that implements a uniform nonparametric inference procedure for possibly unbalanced panel datasets with general forms of spatiotemporal dependence. We demonstrate how to apply this command via several examples, including 1) the nonparametric estimation of the conditional mean function and its marginal response, 2) the construction of uniform confi...
As the fashion industry increasingly embraces artificial intelligence (AI), we investigate how a fast-fashion retailer should choose between using a manual design strategy or an AI-assisted design strategy to enhance existing products. A manual design is a traditional and basic approach that involves human designers only, whereas an AI-assisted design is a more innovative approach that involves bo...
Currently, the global situation of COVID-19 is aggravating, pressingly calling for efficient control and prevention measures. Understanding the spreading pattern of COVID-19 has been widely recognized as a vital step for implementing non-pharmaceutical measures. Previous studies explained the differences in contagion rates due to the urban socio-political measures, while fine-grained geographic ur...
This study uses data from 2011 to 2018 for Chinese small and medium-sized enterprises to construct a weighted directed network to investigate the topology of intercorporate credit guarantee networks. Moreover, based on the DebtRank algorithm, it develops a novel GuaranteeRank model that includes three factors to comprehensively examine default risk contagion and systemic risk in various scenarios....
As an important environmental amenity, sunlight brings us a large number of benefits and improves the quality of our daily lives, and its welfare measurement depends on concrete living conditions. The purpose of this article is to empirically document the non-marketed value of sunlight in light of the view orientation of an apartment in the context of the housing market. Using a hedonic pricing mo...
We investigate the pricing of tail risk in the cross-section of Chinese mutual fund returns using a sample of 2563 funds from 2007 to 2021. We document a strong and positive relationship between the time-varying tail risk beta and one-month-ahead mutual fund return, which is robust to various considerations. Specifically, the top tail risk quintile portfolio outperforms the bottom one by 1.85% per...
《金融稳定法》作为我国首部统筹防范化解处置金融风险的专门法律,为凝聚监管合力、维护金融稳定、完善金融基础设施奠定了法制基础。本文认为,金融基础设施是金融稳定的重要抓手,当前支撑金融基础设施发挥金融稳定功能的法律供给不足,应当利用《金融稳定法》立法契机,明确金融基础设施的法律内涵及地位,提供金融基础设施恢复与处置的制度保障,推动完善我国金融基础设施法律框架。
Leading economic indicators assist in forecasting future business conditions. Can they also predict aggregate stock returns? To answer this question, we examine six decades of data from 39 countries. Short-term changes in the composite leading indicator (CLI) positively correlate with future stock returns in the cross-section. The quintile of markets with the highest CLI increase outperforms the q...
This paper aims to adopt the strategy-structure-performance (SSP) framework to explore how proactive social strategy could motivate firms to collaborate with suppliers on social sustainability initiatives, and how such collaborative efforts could unlock a win-win opportunity for both noneconomic (social performance) and economic (operational performance) performance. Additionally, drawing on the t...
We show that China's real estate climate index (RECI) can be used to forecast the aggregate stock market return. It outperforms popular return predictors both in- and out-of-sample, especially at the monthly horizon. Additionally, RECI's predictive ability is stronger among stocks of small market capitalization and low momentum. For a typical mean-variance investor, RECI's predictive p...
金融基础设施是为各类金融活动提供基础性公共服务的系统及制度安排,是金融市场稳健高效运行的基础性保障,其在金融市场运行中居于枢纽地位,具有很强的公共属性,应将防控金融风险,维护金融稳定作为其运行的重要目标。反思近期发生的镍期货“逼仓”危机中LME在风险管理制度方面表现出的缺陷,危机中所表现出的风险管理制度缺失,对进一步提高金融基础设施风险管理能力及监管水平,加快相关立法,统筹推进“布局合理、治理有效”...
With the growth of on-demand services, consumers are increasingly concerned about information privacy. While the direct relationship between prior self-disclosure and privacy concern has been extensively examined, the mediating mechanism remains as a black box. Revealing this black box can broaden the theoretical understanding of this important relationship, and also provide implications for addre...