This paper develops a new framework and statistical tools to analyze stock returns using high-frequency data. We consider a continuous-time multifactor model via a continuous-time multivariate regression model incorporating realistic empirical features, such as persistent stochastic volatilities...

Korea's unprecedented rapid growth in life expectancy at birth is mainly attributable to a decline in elderly mortality rates. Indeed, the unanticipated increase in life expectancy and elderly population could complicate the government's long-term consolidation efforts and present a serious...