English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese … textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper … demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature …

complete markets, which is equivalent to the unique existence of a risk-neutral measure. A single-period binomial-tree model …-free markets is a necessary condition for the legitimacy of risk-neutral pricing, and that a condition of complete markets is for … the uniqueness of a risk-neutral measure. The objective of this paper is to provide an intuitive interpretation of …

the normal level only after 2010. Secondly, the current risk of Chinese banks and banking industry is at lower level …. Thirdly, the surging of overnight rate in 2013 increased the risk level of commercial banks, which could increase more, of …-term risk of Chinese commercial banks. …

efficiency and cost growth rates for these banks. The results show that the average scale of these banks is larger than optimal … scale. It means that the increase of banks' scale has positive relationship to cost efficiency and allocation efficiency … generalized method of moment dynamic panel model results indicate that the cost growth rate of Taiwanese banks exhibits …

commercial banks and adopt Arellano and Bond's (1991) generalized method of moments approach to conduct our empirical analysis …

's markets for investment and credit. An ETPL's underlying is a standardised commercial bank loan. With loan issue it is ‘pieced … better lending decisions. ETPLs also offer the potential to better align the interests of banks stakeholders, leverage bank …

. Incentive of commercial banks to lower transaction costs is also very important. Although shifting business off balance sheet …

English Abstract: The authors review the availability and allocation of commercial credit in China, the investment … options presented to savers and the funding options available to Chinese banks. They highlight the markets intrinsic … deficiencies, vast externalities and tremendous potentials for moral hazard, that arise as banks push depositor funds into poorly …