The objective of this paper is to better understand the evolution and institutional roots of Hong Kong's growing economic inequality and political cleavages. By combining multiple sources of data (household surveys, fiscal data, wealth rankings, national accounts) and methodological innovations,...

We propose a new nonparametric method for valuing American options. We extract the risk neutral moments using a set of option data and incorporate them into the entropy framework as constraints to recover the risk-neutral pricing measure. With the recovered risk-neutral measure, we generate...

This paper evaluates different hedging strategies for aluminum and copper futures contracts traded at the Shanghai Futures Exchange. In addition to usual candidates such as the traditional regression hedge ratio and the hedging strategy constructed from the bivariate fractionally integrated...