The real options theory suggests that firm value should include the value of real options, i.e., a firm has the option to expand a more profitable business and the option to liquidate assets of a less profitable business. For a diversified firm, each segment has similar options. Applying the...

The positive influences of institutions to economic growth, commonly measured by GDP per capita, have been intensively tested by many empirical studies. However, as the challenges of pollution, corruption, and inequality raise up, the quality of economic development and how to achieve the good...

We study China's flagship option market, Shanghai Stock Exchange (SSE) 50 ETF option market, and the information content of trading volume using a proprietary dataset. We find that open buy put-call ratio, defined as put volume over the sum of put and call volumes, of financial institutional...

Systemic risk has drawn the attention of many researchers and financial institutions since the recent financial crisis. Popular systemic risk measures include CoVaR, CoES, MES and SRISK etc. However, there are only a few methods available on modeling these measures, and even less papers on...