This thesis builds a stochastic volatility model for the term structure of interest rates, which is also known as the dynamics of the yield curve. The main purpose of the model is to propose a parsimonious and plausible approach to capture some characteristics that conform to some empirical...

We document a new stylized fact regarding the dynamics of the commodity convenience yield: the volatility of the convenience yield is heteroskedastic for industrial commodities; specically, the volatility (variance) of the convenience yield depends on the convenience yield level. To explore the...

Most condominiums in China are sold forward on a pre-sale market, where purchasers and developers transact on an underlying property that is not yet completed. During the pre-sale period home buyers face a significant forward contract risk. However, home buyers can borrow mortgages from banks so...

U.S. Real Estate Investment Trusts are required by federal law to distribute 90% of taxable income as dividends to common shareholders. We examine if firms subject to a binding dividend constraint, engage in real earnings management (REM) to reduce taxable income to meet dividend requirements....

Presale agreements have become a pervasive worldwide practice for residential sales, especially in many Asian markets. Although there is a burgeoning empirical literature on presales agreements, only a few papers actually address their theoretical foundations. We create a set of interrelated...

The decision to foreclose on a CMBS mortgage is made by the special servicer. A mortgage loan is in special servicing when it is either delinquent or in a state of imminent default. A special servicer should represent the interests of the underlying CMBS bondholders by returning the highest...

Microloan markets allow individual borrowers to raise funding from multiple individual lenders. We use a unique panel data set that tracks the funding dynamics of borrower listings on Prosper.com, the largest microloan market in the United States. We find evidence of rational herding among...

The synthesis of hard composite coating on titanium alloy by laser cladding of Al/Fe/Ni+C/Si3N4 pre-placed powders has been investigated in detail. SEM result indicated that a composite coating with metallurgical joint to the substrate was formed. XRD result indicated that the composite coating...

China's food safety system is characterized by widespread under-enforcement of regulations punctuated by high-profile food safety scandals. While there has been a wave of public and scholarly interest, official data on food safety are scarce, and some fundamental questions remain unanswered. We...

The hyperbranched aliphatic polyester grafted activated carbon (HAPE-AC), was successfully prepared by the simple "one-pot" method. The surface functional groups of commercial activated carbon particles were homogenized to hydroxyl groups by being oxidized with nitric acid and then reduced with...