A static site, like this one based on Hugo, cannot easily display site statistics. But there’s a solution. When the page is loaded on the client side, a Javascript pulls the relevant statistics from my server then render it to the page. The server runs a small Python program to contact Google Analytics API in order to get the statistics and return to the frontend. We can even use it to build a list of popular posts. ...
Beta is a measure of market risk. Unlevered Firm $u$ If a firm has no debt, it’s all equity-financed and thus its equity’s beta $\beta_{E}$ equals its asset’s beta $\beta_{A}$. This beta is also the unlevered beta, $\beta_{\text{unlevered}}$, since it’s unaffected by leverage. The unlevered beta measures the market risk exposure of the firm’s shareholders. Let’s call this firm $u$, Hence, we have: \begin{equation} \beta_{\text{unlevered}}=\beta_E^u=\beta_A^u \end{equation} This equality says that in an unlevered firm, the unlevered beta equals its equaity beta and its asset beta. ...
你是否还在为迟迟无法减轻体重而苦恼？！ 天天去健身房太累！绝食太幸苦！—— “我放弃……” 不！我们金融人要用金融的方法来解决问题！
这篇文章来介绍一下我和我老婆的最新协议，用期货来管理体重。
...Site Setup This site is powered by Hugo, served by Apache. I moved away from WordPress because it’s too heavy for a personal site. It’s also slow and I could not find a theme that suits the purpose of the site. So, eventually I’m with Hugo and using markdown for everything. The setup is very simple: Download Hugo from GitHub. Note that we need the extended version. $ wget https://github. ...
This post briefly explains what’s the minimum variance hedge ratio and how to derive it in a cross hedge, where the asset to be hedged is not the same as underlying asset. The Hedge Ratio $h$ The hedge ratio $h$ is the ratio of the size of the hedging position to the exposure of the asset to be hedged: $N_A$: the units of asset held to be hedged ($A$), i. ...
I made an online app that turns a picture into a LEGO mosaic, available at mingze-gao.com/legao. A few weeks ago, I went to the new LEGO flagship store at Bondi with my fiancee, Sherry, and we were impressed by the LEGO Mosaics – Sydney Harbour Bridge and Opera House in sunset, designed by Ryan McNaught (photo credit: jaysbrickblog.com). This mosaic is made of 62,300 bricks and took 282 hours to build. ...
Below is the schedule of my tutorials, workshops and consulations, if any, for the current and past semesters since 2018.
...Many research papers on Chinese firms include a control variable that indicates if the firm is a state-owned enterprise (SOE). This is important as SOEs and non-SOEs differ in many aspects and may have “structural differences”. This post documents the way to construct this indicator variable from the CSMAR databases. Specifically, we need the CSMAR China Listed Firms Shareholders - Controlling Shareholders dataset. On WRDS, this dataset is named hld_contrshr, located at /wrds/csmar/sasdata/hld. ...
This is a case study about why sometimes a costly small loan may be the only way out for certain people, adapted from the report of Trends in the Australian Small Loan Market by the Australian Centre for Financial Studies. I add some discussions and further questions in the end. Case Study Background Alice is a single mom with children who relies only on Centrelink payments. Her refrigerator suddenly broke and she needs a new one as soon as possible before the frozen food for the family perishes. ...
Herfindahl–Hirschman (HHI) Index is a well-known market concentration measure determined by two factors: 1) the size distribution (variance) of firms and 2) the number of firms. Intuitively, having a hundred similar-sized gas stations in town means a far less concentrated environment than just one or two available, and when the number of firms is constant, their size distribution or variance determines the magnitude of market concentration. Since these two properties jointly determine the HHI measure of concentration, naturally we want a decomposition of HHI that can reflects these two dimensions respectively. ...