Cultural diversity is a “Double-edged sword” for stock market development. The current research investigated the relationship between cultural diversity and stock market prosperity. It was found that that cultural diversity could promote stock market prosperity and the effect varies from...

There is a growing concern in recent years over the potential formation of bubbles in the Chinese real estate market. This paper aims to conduct a series of bubble diagnostic analysis over nine representative Chinese cities from two aspects. First, we investigate whether the prices had been...

This paper develops a formal model to detect whether loss aversion, as a stable feature, serves as a medium for translating better environment into inferior performance. We show that environmental improvements induce a structural behavior change of loss-averse investors, which in turn leads to...

This paper studies the optimal dividend strategies of an insurance company when the manager has time-inconsistent preferences. We consider the problem for a naive manager and a sophisticated manager, and analytically derive the optimal dividend strategies when claim sizes follow an exponential...

This paper considers an optimal investment and excess-of-loss reinsurance problem with delay for an insurer under Heston’s stochastic volatility (SV) model. Suppose that the insurer is allowed to purchase excess-of-loss reinsurance and invests her surplus in a financial market consisting of...