Currently, the real economy is the important basis for the development of a country, especially after the global financial crisis in 2008. Given that the manufacturing industry is the main part of the national real economy, many developed and developing countries have paid considerable attention...

To protect the conversion privilege from being called away too soon, the bond indenture commonly contains hard call constraint and soft call constraint, which makes the valuation for the convertible bond more complicated. In this paper, a valuation model for a callable convertible bond with...

This study examines the tail dependence of returns in international public real estate markets. By using daily returns of real estate securities in seven countries from 2000 to 2014, we analyze how the interdependence of international securitized real estate markets has changed since the Global...

Currently, the real economy is the important basis for the development of a country, especially after the global financial crisis in 2008. Given that the manufacturing industry is the main part of the national real economy, many developed and developing countries have paid considerable attention...

The superhydrophobic photocatalytic self-cleaning coating has both physical and chemical self-cleaning properties, which has attracted wide attention of researchers in recent years. In this paper, ZnS superhydrophobic coating was prepared on the surface of zinc substrate by economic and...

In this paper, we extend the Merton's structured approach to incomplete market economy, in which investors may have irrational or distorted belief about the corporate's future cash flow. Our theoretical model implies irrational belief generates an additional risk. In detail, as distorted belief...

This paper examines precautionary paying motive for stochastic improvements with a decision maker who is ambiguous about the future risk that she will face and whose preferences are represented by a generalized two-period smooth ambiguity model that separates risk, ambiguity and time...

This paper re-investigates the utility premium of Friedman-Savage (1948). We show that monotone comparative statics predictions under changes in risk are assured by strictly decreasing utility premium alone. Applications to the demand for precautionary saving, the precautionary effort and the...

This work examines the relationships between higher-order risk aversion attitudes. We illustrate the meaning of "bounded marginal utility" in the whole real-value space. Under this assumption, we further demonstrate that prudence can not only imply risk aversion, but also risk seeking; and we...

This paper studies the effects of ambiguity aversion and ambiguity on optimal decisions, which must be taken in advance at a point when the future state of the world is ambiguous. Holding risk preferences, beliefs, and time preferences fixed, we use lattice-based monotone comparative statics to...