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...

ERES:conference

ERES:conference

ERES:conference

This paper presents a maximization model determining the optimal time at which a mall should be renovated. The analysis is constructed on the assumption of a decreasing rental income over time as a mall ages. It is then shown that the optimal renovation period achieves a balance between the...

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...