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The Spring River Flows East a Film by Cai Chusheng and Zheng Junli
The Spring River Flows East A film by Cai Chusheng and Zheng Junli “How much sorrow can one man have to bear? As much as a river of spring water flowing east” Often cited as one of the masterpieces of Chinese cinema, The Spring River Flows East, made in 1947, is an epic and tragic melodrama set in Shanghai and Chungking around the time of the Second Sino-Japanese War. Newly restored by the China Film Archive, it will be released on DVD by the BFI on 20 February 2017 – the first time the film has ever been released in the UK. A film in two parts, part one, Eight War-Torn Years, tells the heart-rending story of a working-class couple, Sufen (Bai Yang), and Zhang Zhongliang (Tao Jin), whose marriage is torn apart when the war forces Zhongliang to flee from Shanghai to Chungking. Part two, The Dawn, sees Zhongliang return to Shanghai. His fortunes transformed, he has married into a wealthy bourgeois family, but his world is undone by a chance meeting with the now-destitute Sufen. Special features Newly restored by the China Film Archive A Stilted City. Chungking. China (1930, 1 min): a rare glimpse of the ancient city which sits on the banks of the Yangtze river Product details RRP: £19.99/ Cat. no. BFIV2104 / Cert 12 China / 1947 / black and white / Mandarin, with optional English subtitles / 179 mins / DVD9 / Original aspect ratio 1.33:1 / Dolby Digital 1.0 mono audio (192kbps) Press contact: Jill Reading, BFI Press Office Tel: (020) 7957 4759 E-mail: [email protected] Images are available to download at www.image.net > BFI > DVD/Blu-ray BFI releases are available from all good home entertainment retailers or by mail order from the BFI Shop Tel: 020 7815 1350 or online at www.bfi.org.uk/shop 12 January 2017 . -
Real Rainbow Options in Commodity Applications Valuing Multi-Factor Output Options Under Uncertainty
Real Rainbow Options in Commodity Applications Valuing Multi-Factor Output Options under Uncertainty A Thesis submitted to the University of Manchester for the Degree of Doctor of Business Administration in the Faculty of Humanities 2010 Jörg Dockendorf Manchester Business School Contents LIST OF TABLES ....................................................................................................... 4 LIST OF FIGURES ..................................................................................................... 4 ABSTRACT .................................................................................................................. 5 DECLARATION .......................................................................................................... 6 COPYRIGHT STATEMENT ..................................................................................... 7 ACKNOWLEDGEMENTS ......................................................................................... 8 1 INTRODUCTION ................................................................................................ 9 1.1 Research Objectives and Questions ............................................................. 11 1.2 Contributions to Knowledge ........................................................................ 12 1.3 Thesis Overview........................................................................................... 13 2 REVIEW OF RAINBOW OPTIONS AND THE COMMODITY CONTEXT ................................................................................................................. -
Congressional-Executive Commission on China Annual
CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2016 ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION OCTOBER 6, 2016 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov U.S. GOVERNMENT PUBLISHING OFFICE 21–471 PDF WASHINGTON : 2016 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Mar 15 2010 19:58 Oct 05, 2016 Jkt 000000 PO 00000 Frm 00003 Fmt 5011 Sfmt 5011 U:\DOCS\AR16 NEW\21471.TXT DEIDRE CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA LEGISLATIVE BRANCH COMMISSIONERS House Senate CHRISTOPHER H. SMITH, New Jersey, MARCO RUBIO, Florida, Cochairman Chairman JAMES LANKFORD, Oklahoma ROBERT PITTENGER, North Carolina TOM COTTON, Arkansas TRENT FRANKS, Arizona STEVE DAINES, Montana RANDY HULTGREN, Illinois BEN SASSE, Nebraska DIANE BLACK, Tennessee DIANNE FEINSTEIN, California TIMOTHY J. WALZ, Minnesota JEFF MERKLEY, Oregon MARCY KAPTUR, Ohio GARY PETERS, Michigan MICHAEL M. HONDA, California TED LIEU, California EXECUTIVE BRANCH COMMISSIONERS CHRISTOPHER P. LU, Department of Labor SARAH SEWALL, Department of State DANIEL R. RUSSEL, Department of State TOM MALINOWSKI, Department of State PAUL B. PROTIC, Staff Director ELYSE B. ANDERSON, Deputy Staff Director (II) VerDate Mar 15 2010 19:58 Oct 05, 2016 Jkt 000000 PO 00000 Frm 00004 Fmt 0486 Sfmt 0486 U:\DOCS\AR16 NEW\21471.TXT DEIDRE C O N T E N T S Page I. Executive Summary ............................................................................................. 1 Introduction ...................................................................................................... 1 Overview ............................................................................................................ 5 Recommendations to Congress and the Administration .............................. -
The Promise and Peril of Real Options
1 The Promise and Peril of Real Options Aswath Damodaran Stern School of Business 44 West Fourth Street New York, NY 10012 [email protected] 2 Abstract In recent years, practitioners and academics have made the argument that traditional discounted cash flow models do a poor job of capturing the value of the options embedded in many corporate actions. They have noted that these options need to be not only considered explicitly and valued, but also that the value of these options can be substantial. In fact, many investments and acquisitions that would not be justifiable otherwise will be value enhancing, if the options embedded in them are considered. In this paper, we examine the merits of this argument. While it is certainly true that there are options embedded in many actions, we consider the conditions that have to be met for these options to have value. We also develop a series of applied examples, where we attempt to value these options and consider the effect on investment, financing and valuation decisions. 3 In finance, the discounted cash flow model operates as the basic framework for most analysis. In investment analysis, for instance, the conventional view is that the net present value of a project is the measure of the value that it will add to the firm taking it. Thus, investing in a positive (negative) net present value project will increase (decrease) value. In capital structure decisions, a financing mix that minimizes the cost of capital, without impairing operating cash flows, increases firm value and is therefore viewed as the optimal mix. -
Options Trading Strategies: Complete Guide to Getting Started and Making Money with Stock Options
Options Trading Strategies Complete Guide to Getting Started and Making Money with Stock Options Scott J. Danes Dylanna Publishing Copyright © 2014 by Scott J. Danes All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review. Dylanna Publishing First edition: 2014 Disclaimer This book is for informational purposes only. The views expressed are those of the author alone, and should not be taken as expert, legal, or medical advice. The reader is responsible for his or her own actions. Every attempt has been made to verify the accuracy of the information in this publication. However, neither the author nor the publisher assumes any responsibility for errors, omissions, or contrary interpretation of the material contained herein. Neither the author or the publisher assumes any responsibility or liability whatsoever on the behalf of the reader or purchaser of this material. Contents Introduction Options 101 What Are Options? Buying and Selling Options Advantages of Options Trading Leverage Risk Limitation—Hedging Disadvantages of Options Trading Levels of Risk Intrinsic Value Time Decay Taxes Types and Styles of Options Call Options Put Options Using Call and Put Options to Make a Profit Styles of Options American Options European Options Exotic Options LEAPS Index Options Option Prices and Valuation In-The-Money (ITM) At-The-Money (ATM) Out-of-The-Money (OTM) Intrinsic Value versus -
Term Structure Models of Commodity Prices
TERM STRUCTURE MODELS OF COMMODITY PRICES Cahier de recherche du Cereg n°2003–9 Delphine LAUTIER ABSTRACT. This review article describes the main contributions in the literature on term structure models of commodity prices. A first section is devoted to the theoretical analysis of the term structure. It confines itself primarily to the traditional theories of commodity prices and to their explanation of the relationship between spot and futures prices. The normal backwardation and storage theories are however a bit limited when the whole term structure is taken into account. As a result, there is a need for an extension of the analysis for long-term horizon, which constitutes the second point of the section. Finally, a dynamic analysis of the term structure is presented. Section two is centred on term structure models of commodity prices. The presentation shows that these models differ on the nature and the number of factors used to describe uncertainty. Four different factors are generally used: the spot price, the convenience yield, the interest rate, and the long-term price. Section three reviews the main empirical results obtained with term structure models. First of all, simulations highlight the influence of the assumptions concerning the stochastic process retained for the state variables and the number of state variables. Then, the method usually employed for the estimation of the parameters is explained. Lastly, the models’ performances, namely their ability to reproduce the term structure of commodity prices, are presented. Section four exposes the two main applications of term structure models: hedging and valuation. Section five resumes the broad trends in the literature on commodity pricing during the 1990s and early 2000s, and proposes futures directions for research. -
EC3070 FINANCIAL DERIVATIVES GLOSSARY Ask Price the Bid Price
EC3070 FINANCIAL DERIVATIVES GLOSSARY Ask price The bid price. Arbitrage An arbitrage is a financial strategy yielding a riskless profit and requiring no investment. It commonly amounts to the successive purchase and sale, or vice versa, of an asset at differing prices in different markets. i.e. it involves buying cheap and selling dear or selling dear and buying cheap. Bid A bid is a proposal to buy. A typical convention for vocalising a bid is “p for n”: p being the proposed unit price and n being the number of units or contracts demanded. Backwardation Backwardation describes a situation where the amount of money required for the future delivery of an item is lower than the amount required for immediate delivery. Backwardation is a signal that the item in question is in short supply. The opposite market condition to backwardation is known as contango, which is when the spot price is lower than the futures price. In fact, there is some ambiguity in the usage of the term. According to the definition above, backwardation is when Fτ|0 <S0, where Fτ|0 is the current price for a delivery at time τ and S0 is the current spot price. In an alternative definition, backwardation exists when Fτ|0 <E(Fτ|t) with 0 <t<τ, which is when the expected future price at a later date exceeds the futures price settled at time t = 0. In modern usage, this is called normal backwardation. Buyer A buyer is a long position holder who has agreed to accept the delivery of a commodity at some future date. -
Fashioning Appearances: Feminine Beauty in Chinese Communist Revolutionary Culture Author(S): Hung-Yok Ip Source: Modern China, Vol
Fashioning Appearances: Feminine Beauty in Chinese Communist Revolutionary Culture Author(s): Hung-Yok Ip Source: Modern China, Vol. 29, No. 3 (Jul., 2003), pp. 329-361 Published by: Sage Publications, Inc. Stable URL: http://www.jstor.org/stable/3181296 . Accessed: 25/10/2011 12:47 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Sage Publications, Inc. is collaborating with JSTOR to digitize, preserve and extend access to Modern China. http://www.jstor.org FashioningAppearances FeminineBeauty in Chinese CommunistRevolutionary Culture HUNG-YOKIP OregonState University Studying the Communist revolution, scholars of China have generally assumed that the revolutionary era andpre-Cultural Revolution stage of the Communist regime were dominated by asceticism, androgynous clothing, or both. This article seeks to demonstrate that an interest in female beauty was always pres- ent in the revolutionary process. The author analyzes how revolutionaries sus- tained that interest by employing self-beautification practices and women's beauty politically and how social interactions reinforced the perception that female beauty was rewarding, underscoring that Communists accepted the practice of self-adornment. After examining the revolutionary aesthetics of femininity developed by women activists, the article briefly explores the legacy offemale beauty in the Communist regime. -
Congressional-Executive Commission on China
CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2017 ONE HUNDRED FIFTEENTH CONGRESS FIRST SESSION OCTOBER 5, 2017 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov VerDate Nov 24 2008 16:24 Oct 04, 2017 Jkt 000000 PO 00000 Frm 00001 Fmt 6011 Sfmt 5011 U:\DOCS\26811 DIEDRE 2017 ANNUAL REPORT VerDate Nov 24 2008 16:24 Oct 04, 2017 Jkt 000000 PO 00000 Frm 00002 Fmt 6019 Sfmt 6019 U:\DOCS\26811 DIEDRE CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2017 ONE HUNDRED FIFTEENTH CONGRESS FIRST SESSION OCTOBER 5, 2017 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov U.S. GOVERNMENT PUBLISHING OFFICE 26–811 PDF WASHINGTON : 2017 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 16:24 Oct 04, 2017 Jkt 000000 PO 00000 Frm 00003 Fmt 5011 Sfmt 5011 U:\DOCS\26811 DIEDRE CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA LEGISLATIVE BRANCH COMMISSIONERS Senate House MARCO RUBIO, Florida, Chairman CHRISTOPHER H. SMITH, New Jersey, JAMES LANKFORD, Oklahoma Cochairman TOM COTTON, Arkansas ROBERT PITTENGER, North Carolina STEVE DAINES, Montana TRENT FRANKS, Arizona TODD YOUNG, Indiana RANDY HULTGREN, Illinois DIANNE FEINSTEIN, California MARCY KAPTUR, Ohio JEFF MERKLEY, Oregon TIMOTHY J. WALZ, Minnesota GARY PETERS, Michigan TED LIEU, California ANGUS KING, Maine EXECUTIVE BRANCH COMMISSIONERS Department of State, To Be Appointed Department of Labor, To Be Appointed Department of Commerce, To Be Appointed At-Large, To Be Appointed At-Large, To Be Appointed ELYSE B. -
Copyrighted Material
k Trim Size: 6in x 9in Sinclair583516 bindex.tex V1 - 05/04/2020 9:51 P.M. Page 219 INDEX Bid-ask spreads (total cost component), 200 A Bitcoin, 172–173, 172f Acceleration, 60 Black-Scholes-Merton (BSM) Adjustment repair, 86 assumptions/equation/model, 2–4, 6, Alpha decay, 15–16 Anchoring, 19 108, 113, 115, 183, 192 Arbitrage counterparty risk, 178–179 Black-Scholes-Merton (BSM) PDE, 5, 116 Arbitrage pricing theory (APT), 63 Bonds, 49–50 Bonferroni’s correction, usage, 23 k ASPX option profits, taxation, 187 219 k Asymmetric implied volatility skew, 191 Broken wing butterflies/condors, 99–100 ATM, 104, 106t, 123, 131t, 137 Butterflies, 95–100, 96f, 98t At-the-money covered call, delta level, 135 BXMD/BXM/BXY, 133, 134t Autocorrelation, 73f, 91 Availability heuristic, 19 C Average return, calculation, 24 Calendar spread, 100–102 Calls, 55f, 129–136, 129f, 132f, 142 B call spread, 130f, 131t, 142f, 143t Back-tested rules, performer sample, 23 implied volatility, level (example), 140t Backwardation, 61, 62 put-call parity/relationship, 95, 115, 116 Badly priced butterfly, returns (summary strike call, 118f, 120f statistics), 98t Capital asset pricing model (CAPM), Badly priced condor, returns (summary development, 63 statistics), 98t Cash flows, taxation rate, 6 Bankruptcy, risk (increase),COPYRIGHTED66 Catastrophe MATERIAL theory, 20 Bayesian model, usage, 30 Chicago Board Options Exchange (CBOE), 16, Behavioral biases, inefficiency, 67–68 36, 45–46, 133, 134f Behavioral finance, 16–21 CNDR index, 45, 45f Best, defining (possibility), 121 Commissions (total cost component), 200 Beta, 67–68, 68t, 82, 196 Commodities, 47–49, 48t, 49t BFLY index, 45, 46f Condors, 95–100, 96f, 97f, 98t, 104t Biases, 18–20, 23, 30, 113 Confidence, 61–62, 71–75, 80 k k Trim Size: 6in x 9in Sinclair583516 bindex.tex V1 - 05/04/2020 9:51 P.M. -
Analytical Finance Volume I
The Mathematics of Equity Derivatives, Markets, Risk and Valuation ANALYTICAL FINANCE VOLUME I JAN R. M. RÖMAN Analytical Finance: Volume I Jan R. M. Röman Analytical Finance: Volume I The Mathematics of Equity Derivatives, Markets, Risk and Valuation Jan R. M. Röman Västerås, Sweden ISBN 978-3-319-34026-5 ISBN 978-3-319-34027-2 (eBook) DOI 10.1007/978-3-319-34027-2 Library of Congress Control Number: 2016956452 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover image © David Tipling Photo Library / Alamy Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland To my soulmate, supporter and love – Jing Fang Preface This book is based upon lecture notes, used and developed for the course Analytical Finance I at Mälardalen University in Sweden. -
Essays in Risk Management for Crude Oil Markets
Essays in Risk Management for Crude Oil Markets by Abdullah Al Mansour A thesis presented to the University of Waterloo in fulfillment of the thesis requirement for the degree of Doctor of Philosophy in Applied Economics Waterloo, Ontario, Canada, 2012 c Abdullah Al Mansour 2012 I hereby declare that I am the sole author of this thesis. This is a true copy of the thesis, including any required final revisions, as accepted by my examiners. I understand that my thesis may be made electronically available to the public. ii Abstract This thesis consists of three essays on risk management in crude oil markets. In the first essay, the valuation of an oil sands project is studied using real options approach. Oil sands production consumes substantial amount of natural gas during extracting and upgrading. Natural gas prices are known to be stochastic and highly volatile which introduces a risk factor that needs to be taken into account. The essay studies the impact of this risk factor on the value of an oil sands project and its optimal operation. The essay takes into account the co-movement between crude oil and natural gas markets and, accordingly, proposes two models: one incorporates a long-run link between the two markets while the other has no such link. The valuation problem is solved using the Least Square Monte Carlo (LSMC) method proposed by Longstaff and Schwartz (2001) for valuing American options. The valuation results show that incorporating a long-run relationship between the two markets is a very crucial decision in the value of the project and in its optimal operation.