This study develops a methodology to quantify the combined effects of two major nontariff barriers (NTBs), sanitary and phytosanitary (SPS) measures and customs and administrative procedures. We employ a constant elasticity of substitution (CES) utility function with factor-augmenting technical...

A covariance matrix of asset returns plays an important role in modern portfolio analysis and risk management. Despite the recent interests in improving the estimation of a return covariance matrix, there remain many areas for further investigation. This thesis studies several issues related to...