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We analyze the hedging decisions of firms, within an equilibrium setting that allows us to examine how a firm's hedging choice depends on the hedging choices of its competitors. Within this equilibrium some firms hedge while others do not, even though all firms are ex ante identical. The fraction of firms that hedge depends on industry characteristics, such(More)
  • Geng Xiao, Douglas Arner, +5 authors Keith Wong
  • 2004
This paper develops a fairly general empirical procedure to trace out the extent of profit disguising and examine the motives behind it. Applying the methodology to the National Bureau of Statistics of China (NBS) database which covers more than 20,000 large-and medium-sized industrial firms in China for 1995-2002, we find (i) there is a profit-disguising(More)
Using their strengths and virtues enables individuals to build resilience and alleviate mental health issues. However, most existing instruments for measuring strengths are too lengthy to provide effective assessment for clinical screening. A brief instrument with good factorial and ecological validity is needed to measure strengths, especially among(More)
  • YIN-WONG CHEUNG, KON S. LAI, +14 authors James Yetman
  • 2005
This study investigates whether exchange rate flexibility aids real exchange rate adjustment based on intra-period data on dual exchange rates from developing countries. Specifically, it analyzes whether the flexible parallel market rate produces faster or slower real exchange rate adjustment than the much less flexible official rate does. Half-life(More)
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