We investigate a large trader's trading strategies in a decentralized market, in which all traders are subject to type switching. The large trader has pressure to liquidate her position by the end of the horizon to avoid extra holding costs. She faces a trade-off: if she trades quickly, she...

We investigate the impact of an arbitrageur's activities in an illiquid market, where there is a large distressed trader and a fringe of small traders. Large traders trade strategically considering price impacts of their trades and future uncertainty on market liquidity. Prices are determined...

We investigate the impact of an arbitrageur's activities in an illiquid market, where there is a large distressed trader and a fringe of small traders. Large traders trade strategically considering price impacts of their trades and future uncertainty on market liquidity. Prices are determined...

This paper uses a 10 years monitoring data set of 100 counties to examine the process,implementation and impacts of China’s Conversion of Cropland to Forests Program (CCFP). Atheoretical framework was constructed to explain the development of CCFG. We find that CCFGwas originate from economic...

I find that stocks with high sensitivities to changes in the VIX slope exhibit high returns on average. The price of VIX slope risk is approximately 2.5% annually, statistically significant and cannot be explained by other common factors, such as the market excess return, size, book-to-market,...

This paper uses a 10 years monitoring data set of 100 counties to examine the process, implementation and impacts of China’s Conversion of Cropland to Forests Program (CCFP). A theoretical framework was constructed to explain the development of CCFG. We find that CCFG was originate from...

The non-use values of the environmental benefits derived from the Conversion of Cropland to Forest and Grassland Program in the Loess Plateau region were estimated using a choice modeling survey both on-site in Xi’an and Ansai and off-site in Beijing. Separate choice models were estimated for...

The key tasks in the design of a choice modelling (CM) experiment are to define the scope, scale and frame of the tradeoffs presented to respondents. This study explores the scale and scope of choice tasks and then develops definitions of these terms. The scope of a good in a stated preference...

Many policy issues, as well as policy funding and management choices, have elements of risk and uncertainty. This means that choice experiments, such as those used in choice modelling (CM), may need to frame trade-offs so that risk and uncertainty are included. This research aims to explore some...

Many policy issues, as well as policy funding and management choices, have elements of risk and uncertainty. This means that choice experiments, such as those used in choice modelling (CM), may need to frame trade-offs so that risk and uncertainty are included.This research aims to explore some...