Exchange Rate Risk and Deviations From Purchasing Power Parity
ABSTRACT This paper proposes a new solution to the purchasing power parity (PPP) puzzles, arguing that investors' higher‐order risk attitudes, combined with higher‐order uncertainty about nominal exchange rates, as reflected by skewness and kurtosis, drive a risk premium that leads to deviations from PPP.
Michael G. Arghyrou+2 more
wiley +1 more source
Heterogeneity, reinforcement learning, and chaos in population games. [PDF]
Bielawski J+4 more
europepmc +1 more source
Noncausal AR‐ARCH Model and Its Applications to Financial Time Series
ABSTRACT We extend the noncausal autoregressive models by introducing noncausality into the variance component, allowing the volatility to depend on future prices as well. We refer to this model as the noncausal AR‐ARCH model, and it enables us to account for shocks arising from market agents who possess more information and engage in forward‐looking ...
Yaosong Zhan+3 more
wiley +1 more source
Digital infrastructure and intra-provincial balanced development: Evidence from China's provincial panel data. [PDF]
Lin S, Zuo L, Cen T.
europepmc +1 more source
Abstract In this study, we employ the synthetic control method to evaluate the transmission of external shocks, taking COVID‐19 as an example, on the stock market in the Chinese hospitality and tourism industry, specifically in the catering, hotel, cultural landscape, natural landscape, and travel agency sectors. We find an increasingly negative causal
Yuan Chen+3 more
wiley +1 more source
Electrochemical Performance and Time Stability of the Solid Oxide Cells with a (La,Sr)(Ga,Fe,Mg)O<sub>3-δ</sub> Electrolyte and (La,Sr)(Fe,Ga,Mg)O<sub>3-δ</sub> Electrodes. [PDF]
Gordeev E, Antonova E, Osinkin D.
europepmc +1 more source
The “Zhang Xuefeng Effect”: Information Intervention and the College Admission Problem in China
ABSTRACT Information regarding the quality of colleges and labor‐market prospects of majors plays an important role in parents' and students' school‐choice decisions, particularly when these decisions are crucially relevant to the students' long‐run career choices and life earnings.
Yutong Huo, Yun Wang
wiley +1 more source
Regional disparities, dynamic evolution, and spatial spillover effects of medical resource allocation efficiency in TCM hospitals. [PDF]
Wang Z, Li Z, Xie R.
europepmc +1 more source
Soft Power in Trade: Quantifying the Impact of Confucius Institutes on China's Exports
ABSTRACT This paper investigates the role of Confucius Institutes (CIs) as a form of China's cultural diplomacy and their impact on international trade, particularly exports. Using a gravity model, we analyze data from 1990 to 2019 across countries, finding that the presence of CIs significantly boosts China's exports.
Renjing Chen, Wei Jin, Tangrui Yang
wiley +1 more source
An End-to-End General Language Model (GLM)-4-Based Milling Cutter Fault Diagnosis Framework for Intelligent Manufacturing. [PDF]
He J, Liu X, Lei Y, Cao A, Xiong J.
europepmc +1 more source