In this article, we provide the first study in the time consistent solution of the mean–variance asset–liability management (MVALM). The framework is even considered under a continuous time Markov regime-switching setting. Using the extended Hamilton–Jacobi–Bellman equation (HJB) (see...

Land supply in Hong Kong was restricted to 50 hectares (ha) per annum according to the Sino-British Joint Declaration in 1984. Such restriction was in force until the handover of Hong Kong to China in June 1997. This study examines the implications of such restriction on government land sales...