Hedge fund industry has grown to be a key player in the financial markets. Just as large investment banks, the failure of this industry will greatly destroy the liquidity and stability of the whole system. However, contrast to regulated mutual funds, hedge funds are private and lightly regulated...

We entertain the hypothesis that leverage considerations are relevant in describing the evolution of asset returns both statistically and risk neutrally. Adopting a constant elasticity of variance formulation in the context of a general Levy process as the driving uncertainty we show that the...

Current literature on John Stuart Mill's writings about Asia has mainly focused on his influence in India because of Mill's 35-year career in the East India Company. Scholars in both China and the West have not paid attention to Mill's views on China. This paper delves into Mill's notion of...

In 2009 the government of China identified an essential drugs policy as one of five priority areas for health system reform. Since then, a national essential drugs policy has been defined, along with plans to implement it. As a large scale social intervention, the policy will have a significant...

Adopting a constant elasticity of variance formulation in the context of a general Levy process as the driving uncertainty we show that the presence of the leverage effect† in this form has the implication that asset price processes satisfy a scaling hypothesis. We develop forward partial...