This paper proposes an improved procedure for stochastic volatility model estimation with an application to Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR) estimation. This improved procedure is composed of the following instrumental components: Fourier transform method for volatility...

This paper employs real option analysis to evaluate the investment project to adopt energy saving and carbon emission reduction technology. Sensitivity analysis and simulation outcomes highlight the respective roles of carbon price level and government support in the investment decision. That...

This study contributes to re-examining gold as a safe haven asset in 16 international markets, and compares its function with government bonds over the past 20 years. The extremal quantile regression model by Chernozhukov (2005) and Chernozhukov and Fernandez-Val (2011) is applied. The empirical...