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 …

'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 …

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 …

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

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

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 …