In this study, we constitute an adaptive hedging method based on empirical mode decomposition (EMD) method to extract the adaptive hedging horizon and build a time series cross-validation method for robust hedging performance estimation. Basing on the variance reduction criterion and the...

Public-Private Partnerships (PPP) which promotes public welfare is greatly supported by the China government. The authority endorsements relax financial constraints and promote operation efficiency. Using a sample of 9,733 firm-years in the empirical study, it is found that companies...