Rui R. Zhao

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In every developed country, the economic transition from pre-industrial stagnation to modern growth was accompanied by a demographic transition from high to low fertility. Even though the overall pattern is repeated, there are large crosscountry variations in the timing and speed of the demographic transition. What accounts for falling fertility during the(More)
The shape of the volatility smirk has significant cross-sectional predictive power for future equity returns. Stocks exhibiting the steepest smirks in their traded options underperform stocks with the least pronounced volatility smirks in their options by 10.9% per year on a risk-adjusted basis. This predictability persists for at least 6 months, and firms(More)
Using a large sample of hedge fund manager characteristics, we provide one of the first comprehensive studies on the impact of manager characteristics, such as education and career concern, on hedge fund performances. We document differential ability among hedge fund managers in either generating risk-adjusted returns or running hedge funds as a business.(More)
The shape of the volatility smirk has significant cross-sectional predictive power for future equity returns. Stocks exhibiting the steepest smirks in their traded options underperform stocks with the least pronounced volatility smirks in their options by 10.9% per year on a risk-adjusted basis. This predictability persists for at least six months, and(More)
We study the percentage of welfare losses (PWL) yielded by imperfect competition under product differentiation. When demand is linear, if prices, outputs, costs and the number of firms can be observed, PWL is arbitrary in both Cournot and Bertrand equilibria. If in addition, the elasticity of demand (resp. cross elasticity of demand) is known, we can(More)
This paper presents an integrated multi-attribute decision-making (MADM) approach to aid selection of commercially available materials in the context of sustainable design. The MADM couples grey relational analysis (GRA) with an analytic hierarchy process (AHP) to rank alternative materials in terms of their economic, environmental, and social performance.(More)
This paper models employment relationship as a repeated principal-agent problem with private evaluation. The efficient contracts exhibit correlated movements between lagged wage and current effort that are consistent with the positive feedback between pay and morale in practice. Low morale therefore is an integral part of a well-functioning relationship.
This paper presents an assessment of urban water footprint in the period of 2001 to 2012 by taking Leshan City, China as a typical case study. The water footprint is calculated by the sum of the water footprints of various sectors, i.e., crop production, animal products, industrial processes, domestic waster, eco-environment, and virtual water trade.(More)