This paper uses the term structure of interest rates to explain the variations of stock prices and stock returns. It shows that interest rates have an important impact on stock returns, especially at long horizons. The hypothesis that expected stock returns move one-for-one with ex ante interest rates...

If stock prices do not follow random walks, what processes do they follow? This question is important not only for forecasting purpose, but also for theoretical analyses and derivative pricing where a tractable model of the movement of underlying stock prices is needed. Although several models ha...

The payoffs of path-dependent options depend not only on the final values, but also on the sample paths of the prices of the underlying assets. A rigorous modeling of the underlying asset price processes which can appropriately describe the sample paths is therefore critical for pricing path-dependent o...

We model the effects on banks of the introduction of a market for credit derivatives--in particular, credit default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans would trigger the bank's financial distress....

Evaluating default correlations and the probabilities of multiple defaults is an important task in credit analysis and risk management, but it has never been an easy one because default correlations cannot be measured directly. This paper provides, for the first time, an analytical formula for calcul...

This book grows out of a five-year collaborative research project undertaken by the authors in East Asia. They have worked with firms and institutions in Korea, Taiwan, Singapore and Malaysia, to inquire into the micro-processes of firm-level organizational learning that underpin technology lev...

Traditionally, a nation's international competitiveness has been explained by international trade theories originating from Adam Smith. However, today's global economy is too complicated to be explained by the traditional trade theories. Recently, Michael Porter of the Harvard Business School...

Designer will, without doubt, have to toil to turn the 21st century into their era. The management field showed potential in the early 20th century, but it was only through a century of hard work by countless management practitioners and scholars that the art of management was transformed into ...

With Foreword by Michael Porter This book deals with important theories of international competitiveness and their strategic implications and practical applications. The theories range from classical theories such as Adam Smith's absolute advantage to new theories such as Michael Porter's ...

《技术撬动战略:21世纪产业升级之路》主要讲述了：东亚芯片产业等高技术产业的兴起，是20世纪最后20年的一场伟大的工业变革。最初研发出这些产品的公司，如英特尔、摩托罗拉等，是世界上最具竞争力的企业。然而当今，东亚已经成为该产业领域中的重要玩家，成为新型市场中的样板。尤其在亚洲金融风暴的危机中，东亚最发达的半导体企业经...

《基于ser-M模型的竞争力研究》作者赵东成教授联合韩国国立首尔大学、高丽大学、产业政策研究院、首尔科学综合研究生院等高校和研究机构的学者，利用各种传统的竞争力模型以及九要素模型、“ser-M”模型等原创的模型，对国家、产业、企业等各个层次的竞争力进行深入的探讨，并将这一系列研究集结成册。这些文章中严谨的理论框架构建...

《决定女人一生的两种选择》主要内容包括：一年后的营销风波、打算考研、去见成教授、回忆、先来的客人、玫瑰与蔷薇、思考、烦人的工作、关于诚信等等。生活就像交叉小径的花园，一条道路盛开着蔷薇，一条小径的深处怒放着玫瑰。