In this paper, we investigate the extent to which precious metals can be used as a hedge from the perspective of global supply chain uncertainty (GSCU), which is significant for obtaining higher investment returns. This exploration uses the wavelet-based quantile-on-quantile regression (QQR)...

As the world's seventh largest wine producer (OIV, 2017), China plays a significant role in the world's wine industry. Classified as neither New or Old World it was recently classified into a "New, New World Category" (CNCCEF, 2009 Lawrence, 2016). This paper presents an overview of the Chinese...

In the current context of the scarcity of fossil energy and the large-scale development and utilization of new energy sources, the power system is developing in the direction of multi-source synergy and interconnection. Demand response technology and energy storage technology have become...

Hart proved the difficulty of deriving general comparative statics in portfolio weights. Instead, we derive new comparative statics for the distribution of payoffs: A is less risk averse than B iff A's payoff is always distributed as B's payoff plus a non-negative random variable plus...

We propose a tractable equilibrium model to examine how margin requirements affectasset prices, market volatility, and market participants' welfare. Weshow that margin requirements can have opposite effects on market volatility whenthey constrain different investors and thus can help explain why...

Market makers in some financial markets often make offsetting trades and have significant market power. We develop a market making model that captures these market features as well as other important characteristics such as information asymmetry and inventory risk. In contrast to the existing...

We study return predictability using a model of speculative trading among relatively overconfident competitive traders who agree to disagree about the precision of their private information. Although traders apply Bayes Law consistently, returns are predictable. In addition to trading on...