Convergence trades exploit temporary mispricing by simultaneously buying relatively underpriced assets and selling short relatively overpriced assets. This paper studies optimal convergence trades under both recurring and nonrecurring arbitrage opportunities represented by continuing and...

A district space heating and cooling system using geothermal energy from bearing piles was designed in Shanghai and will be installed in two years before 2010. This paper describes the pile-foundation heat exchangers applied in an energy pile system for an actual architectural complex in...

Chengdu, the capital city of Sichuan province in western China is the gateway to Tibet. It is also the major habitat for giant panda and the principal city with the largest total tourism economic output in western China. The energy requirement of tourism industry is calculated by combining the 7...

We study the consumption-investment problem of an agent with a constant relative risk aversion preference function, who possesses noisy information about the future prospects of a stock. We also solve for the value of information to the agent in closed form. We find that information can...

This research examines the relationship between mentoring functions received by employees and their organizational citizenship behavior (OCB), and the moderating effects of perceived quality relationships with mentoring function providers in China. Results of Study 1 from a sample of 385...

This paper investigates a mixed regular-singular stochastic control problem where the drift of the dynamics is quadratic in the regular control variable. More importantly, the regular control variable is constrained. The value function of the problem is derived in closed form via solving the...

We study how the market prices the default and liquidity risks incorporated into one of the most important credit spreads in the financial markets–interest rate swap spreads. Our approach consists of jointly modeling the Treasury, repo, and swap term structures using a general five-factor...

This paper studies the valuation of assets with debt tax shields when debt policy is a general time-dependent function of the asset’s unlevered cash flows, value, and history. In a continuous-time setting, it shows that the value of a project’s debt tax shield satisfies a partial...