Expected shortfall (ES) is a popular risk measure and plays an important role in risk and portfolio management. Recently, change-point detection of risk measures has been attracting much attention in finance. Based on the self-normalized CUSUM statistic in Fan, Glynn and Pelger (2018) and the...

As more households in the People's Republic of China (PRC) are lifted out of poverty, it becomes increasingly difficult to address the remaining poor by implementing traditional cash transfer programs due to inaccurate identification and the welfare dependency issue. One solution is to implement...

While the literature on consumption insurance is growing fast, little research has been conducted on how rural consumption insurance is affected by democracy. In this paper the authors examine how consumption insurance of Chinese rural residents is affected if the local leader is democratically...

The efficient evacuation of people from dangerous areas is a key objective of emergency management. However, many emergencies give little to no advanced warning, leading to spontaneous evacuation with no time for planning or management. For large emergencies, destinations become less certain,...