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This simple question does not have a simple answer. The boundary of such an interdisciplinary area is always moot and any attempt to give a formal definition is unlikely to be successful. Broadly speaking, financial econometrics is to study quantitative problems arising from finance. It uses statistical techniques and economic theory to address a variety of problems from finance. These include building financial models, estimation and inferences of financial models, volatility estimation, risk management, testing financial economics theory, capital asset pricing, derivative pricing, portfolio allocation, risk-adjusted returns, simulating financial systems, hedging strategies, among others. Technological invention and trade globalization have brought us into a new era of financial markets. Over the last three decades, enormous number of new financial products have been created to meet customers demands. For example, to reduce the impact of the fluctuations of currency exchange rates on a firms finance, which makes its profit more predictable and competitive, a multinational corporation may decide to buy the options on the future of foreign exchanges; to reduce the risk of price fluctuations of a commodity (eg lumbers, corns, soybeans), a farmer may enter into the future contracts of the commodity; to reduce the risk of weather exposures, amuse parks (too hot or too cold reduces the number of visitors) and energy companies may decide to purchase the financial derivatives based on the temperature. An important milestone is that in the year 1973, the worlds first options exchange opened in Chicago. At the very same year, Black and Scholes (1973

In this note we show that one open 4-dimensional ellipsoid embeds symplectically into another if and only if the ECH capacities of the first are no larger than those of the second. This proves a conjecture due to Hofer. The argument uses the equivalence of the ellipsoidal embedding problem with a ball embedding problem that was recently established by McDuff. Its method is inspired by Hutchings’ recent results on embedded contact homology (ECH) capacities but does not use them.

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It was in the early nineteen thirties that Douglas and Radd solved the Plateau problem for a rectifiable Jordan curve in Euclidean space. The minimal surfaces that they obtained are realized by conformal harmonic maps from the unit disk. In 1948 Morrey generalized the theorem of Douglas and Radd to minimal surfaces in a homogeneously regular Riemannian manifold. In both cases the solutions are defective as they may possess branch points. It was not until 1968 that Osserman [-24] was able to prove that interior branch points do not exist on the Douglas-Radd-Morrey solution.(Osserman's theorem in this full generality was proved by Alt [-2, 3] and Gulliver [8].) If the Jordan curve is real analytic, Gulliver and Lesley [9] showed that the solution surface is free of branch points even on its boundary. Hence, at least in this case, we know that the Douglas-Radd-Morrey solution is an immersion and represents a