Welcome to 2017 International Conference on Economics, Finance and Statistics (ICEFS 2017). ICEFS 2017 will be held on January 14-15, 2017, Hong Kong. It is organized by IETI and supported by University College Algebra Zagreb, Croatia; Dhurakij Pundit University, Thailand; University Giustino Fortunato, Benevento, Italy; Faculty of Sports Sciences, University of Murcia, Spain; Graduate Technological Educational Institute of Western Greece, Greece; Higher Inclusive Education Resource Center, Wuhan University of Technology, China. The aim of ICEFS 2017 is to provide a platform for researchers, engineers, academicians, as well as industrial professionals, to present their research results and development activities in Economics, Finance and Statistics. It provides opportunities for the delegates to exchange new ideas and application experiences, to establish business or research relations and to find global partners for future collaboration. The Conference Proceedings will be published in Advances in Economics, Business and Management Research (ISSN 2352-5428) by Atlantis Press, which will be submitted to CPCI (ISI/WOS), CNKI, Wanfang, Airiti.

All submissions to the ICEFS 2017 will be sent to at least two reviewers and evaluated based on originality, technical and research content, relevance to conference, contributions, and readability. The full paper submissions will be chosen based on technical merit, interest, applicability, and how well they fit a coherent and balanced technical program.

English is the official language of the conference. We welcome paper submissions. 4-6 pages length in total is encouraged for each paper. Up to one additional pages will be permitted with additional fees. Papers must strictly follow the format available at the conference website. Papers must be submitted electronically as described at the conference website.

Topics of interests include, but are not limited to, the following:

Economics
Insurance
Microeconomics
Macroeconomics
Economic System
Economic Theory
Industrial Economy
Financial Economics
Financial Econometrics
International Economics

Finance
Public Finance
Financial market
Monetary Banking
Corporate Finance
Financial Securities
Finance and Taxation
Financial Engineering
Investment Economics
International Finance
Mathematical Finance

Statistics
Theoretical Statistics
Mathematical Statistics
Descriptive Statistics
Inferential Statistics / Statistical Inference
Statistics in Society
Applied and Interdisciplinary Statistics
Computational and Graphical Statistics
Biostatistics
Medical Statistics
Pharmaceutical Statistics
Spatial Statistics
Agricultural Statistics
Environmental and Ecological Statistics
Teaching Statistics
Data Management and Data Analysis
Correlation Analysis
Regression Analysis
Random Variables
Misuse of Statistics
History of Statistics

General Chairs


Prof. Dr. Wai Keung Li, Chair Professor, Department of Statistics and Actuarial Science, University of Hong Kong, Hong Kong

Prof. Dr. Shiqing Ling, Professor of Statistics, Department of Mathematics, Hong Kong University of Science and Technology, Hong Kong

Prof. Dr. Michael McAleer, University Distinguished Chair Professor, Professor of Quantitative Finance, National Tsing Hua University, Taiwan

Scientific Program Chairs


Prof. Dr. Chia-Lin Chang, University Distinguished Professor, Professor of Economics and Professor of Finance, National Chung Hsing University, Taiwan

Prof. Dr. Philip Hans Franses, Desiderius Erasmus Distinguished Chair in Economics, Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands
Prof. Dr. Marc Paolella, Department of Banking and Finance, University of Zurich, Switzerland

Steering Committee Chairs


Prof. Dr. Esfandiar Maasoumi, Arts & Sciences Distinguished Professor of Economics, Emory University, USA

Prof. Dr. Stefan Mittnik, Chair of Financial Econometrics, Institute of Statistics, University of Munich, Germany

Prof. Dr. Robert Taylor, Department of Economics, University of Essex, UK

Technical Programme Committee Chairs


Prof. Dr. Kazumitsu Nawata, Department of Technology Management for Innovations, Graduate School of Engineering, University of Tokyo, Japan


Prof. Dr. Kazuo Nishimura, Research Institute for Economics and Business Administration, Kobe University, Japan

Organizing Committee


Prof. Dr. Chia-Lin Chang, University Distinguished Professor, Professor of Economics and Professor of Finance, National Chung Hsing University, Taiwan

Prof. Dr. Michael McAleer, University Distinguished Chair Professor, Professor of Quantitative Finance, National Tsing Hua University, Taiwan

Prof. Dr. Marc Paolella, Department of Banking and Finance, University of Zurich, Switzerland

Dr. Xiao-Guang Yue, International Engineering and Technology Institute, Hong Kong

Technical Programme Committee


Prof. Dr. Moawia Alghalith, Department of Economics, University of the West Indies, Trinidad-and-Tobago

Prof. Dr. David Edmund Allen, Department of Mathematics and Statistics, The University of Sydney, Australia

Prof. Dr. Teodosio Pérez Amaral, Department of Quantitative Economics, Complutense University of Madrid, Spain

Prof. Dr. Manabu Asai, Faculty of Economics, Soka University, Japan

Dr. Thanchanok Bejrananda, Faculty of Economics, Dhurakij Pundit University, Thailand

Prof. Dr. Wai-Sum Chan, Department of Finance, School of Business, The Chinese University of Hong Kong, Hong Kong

Associate Prof. Dr. Valentina Della Cort, Department of Economics, Management, Institutions, Federico II Universityof Naples, Italy

Prof. Dr. José Angelo Divino, Department of Economics, Catholic University of Brasilia, Brazil

Dr. Kin-Yip Ho, Lecturer, College of Business and Economics, The Australian National University, Australia

Prof. Dr. Masahito Kobayashi, Faculty of Economics, Yokohama National University, Japan

Prof. Dr. Coenraad Labuschagne, Department of Finance and Investment Management, University of Johannesburg, South Africa

Dr. Candy Lu, Senior Lecturer, Department of Marketing and Management, Macquarie University, Australia

Associate Prof. Dr. Francisco Gallego Lupiáñez, Department of Geometry and Topology, Faculty of Mathematics, University Complutense of Madrid, Spain

Prof. Dr. Shelton Peiris, School of Mathematics and Statistics, The University of Sydney, Australia

Prof. Dr. María Antonia Navascués, Department of Applied Mathematics, University of Zaragoza, Spain

Associate Prof. Dr. Massimo Pollifroni, Department of Management, University of Turin, Italy

Prof. Dr. Guillermo Felipe López Sánchez, Faculty of Sports Sciences, University of Murcia, Spain

Prof. Dr. Ramalingam Shanmugam, School of Health Administration, Texas State University, USA

Prof. Arturo Díaz Suárez, Dean of Faculty of Sports Sciences, University of Murcia, Spain

Prof. Dr. Daniel J. Slottje, Department of Economics, Southern Methodist University, USA

Prof. Dr. Yuk-Chow So, Jacky, Chair Professor of Finance, Faculty of Business Administration, University of Macau, Macau

Prof. Dr. Jiří Strouhal, Department of Business Economics, University of Economics Prague, Czech Republic

Associate Prof. Dr. Renu Sukharomana, Vice President for Research Affairs and Director of the Institute for Social and Economic Sciences, Dhurakij Pundit University, Thailand

Prof. Dr. Hari Mohan Srivastava, Department of Mathematics and Statistics, University of Victoria, Canada

Associate Prof. Dr. Roengchai Tansuchat, Faculty of Economics, Chiang Mai University, Thailand

Prof. Dr. Alan (Tze-Kin) Wan, Department of Management Sciences, City University of Hong Kong, Hong Kong

Associate Prof. Dr. Clinton Watkins, Graduate School of Economics, Kobe University, Japan

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