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This book mainly addresses the general equilibrium asset pricing method in two aspects: option pricing and variance risk premium. First, volatility smile and smirk is the famous puzzle in option pricing. Different from no arbitrage method, this book applies the general equilibrium approach in explaining the puzzle. In the presence of jump, investors impose more weights on the jump risk than the volatility risk, and as a result, investors require more jump risk premium which generates a pronounced volatility smirk. Second, based on the general equilibrium framework, this book proposes variance risk premium and empirically tests its predictive power for international stock market returns

This book mainly addresses the general equilibrium asset pricing method in two aspects: option pricing and variance risk premium. First, volatility smile and smirk is the famous puzzle in option pricing. Different from no arbitrage method, this book applies the general equilibrium approach in explaining the puzzle. In the presence of jump, investors impose more weights on the jump risk than the volatility risk, and as a result, investors require more jump risk premium which generates a pronounced volatility smirk. Second, based on the general equilibrium framework, this book proposes variance risk premium and empirically tests its predictive power for international stock market returns.

Based on extensive original economic analysis, Chen examines key questions relating to corporate governance in China, including the relationship between ownership structure and corporate performance, the determinants of capital structure, and the nature of contemporary governance structures. It concludes that corporate performance is positively related to ownership concentration, but negatively related to state ownership, and that contemporary corporate governance structures are heavily dependent on previous structures in the centrally-planned economy and on the path of transition to the market economy.

This comprehensive study of China's experience during the Cold War, based on American and recently declassified Chinese sources, reveals the crucial role China played in the conflict between the U.S. and the Soviet Union.

Sex Without Friction focuses on Cheang Shu Lea's science fiction porno I.K.U. (2000) as provocation to think through the limitations of social and cultural criticism that is premised on mediation. Directed by Taiwan-born digital nomad Cheang, multimedia film I.K.U . features a gender-morphing human clone, programmed to collect sexual experiences for the future mass production of sex simulation pills. I.K.U . positions viewers as spectators, users, and interceptors in the display and transmission of images and information as we follow the clone's movements through a globally non-descript Tokyo in search of sexual data. The essay is organized into four sections or frames. The first section explores the debate on film's lost specificity in digital media convergence. The second looks at the structure of feeling that shapes postmodern criticism on the dehumanizing aesthetics of postindustrial capitalism. Section three contrasts machinic forms of sexuality with liberal and anti-liberal conceptions of sexuality as an object and technology of social regulation. And the last section questions the presumed alignment between spectator and media apparatus in phenomenological and psychoanalytic approaches to film and video. Each section relies on the multimedia, machinic world of I.K.U . to bring into relief constraints on the notion of mediation under discussion—technological, critical, sexual, or spectatorial. The conclusion argues hyperbolically for the abandonment of reductive economies of cultural visibility aimed merely at rehabilitating the racially and sexually normative human.