In this paper, I present a case for universal health care in the United States by arguing that government policies related to employee health care, payment system and regulation on health care insurance are the main reasons that contribute to skyrocketing cost of health care. I also argue that...

Traditional finance teaching on derivatives suggests that they can be utilized to reduce portfolio and market risk. Such outcome hinges on the assumption that derivatives are used as risk management tools and there is at least one true hedger in the transaction. In the absence of hedgers,...

In this teaching note, I demonstrate how literal application of the Modern Portfolio Theory (MPT) could lead to inconsistent performance by using data from the U.S. stock markets. The demonstration shows that it is impossible to construct a forecast of an efficient frontier by static analysis of...

This pedagogical note introduces The Essays of Warren Buffett: Lessons for Corporate America. We find the Essays are insightful and useful in the classroom. We also share our lesson plan in using the material for discussion on corporate governance and other issues. A survey result also reveals...

Empirical studies support evidence of major financial markets affecting minor markets. During the Asian Crisis, however, major markets, such as the US and Japan, reacted to the problems in smaller markets such as Hong Kong and Singapore. In this paper we apply a VAR model to capture the changes...

Before the return of Hong Kong to China there has been speculations that the change will reduce the role of Hong Kong as the financial center in Southeast Asia. It is also suggest that Singapore will take over such role. In this paper we study the change in information flows between the stock...

On November 20, 1998, the Hong Kong Futures Exchange started opening its markets fifteen minutes earlier than the opening time and closes its markets fifteen minutes later than the closing time of the Hong Kong Stock Exchange. In this paper we utilize the Geweke feedback measures to examine the...

In this note, I derive a new formula for PEG ratio, utilizing the insight from Farina's (1969) original equation and Lynch's (1989) assertion that for a stock to be fairly valued, the PEG and earnings growth rate has to be the same. After deriving the new formula, I demonstrate how the new...