The Inter-Regional Targeted Assistance Program (ITAP) was established since the founding of the People's Republic of China (PRC) by the central government in order to connect the economically and culturally advanced provinces and regions with selected less developed provinces and regions, and to...

Under the leadership of Xi Jinping, the General Secretary of the Communist Party of China (CPC), China has entered a new stage of development. With the policy of further ‘reform and opening-up', it is the aim and motivation of the Chinese government to make all Chinese people benefit from the...

The Pearl River Delta, one of the main regions of China's export-oriented economy, has benefited from its traditional economic structure for three decades which in turn appeared to hinder further economic development recently. To advance industrial restructuring and upgrading, the governments...

In this paper we are concerned with backward stochastic differential equations with random default time and their applications to default risk. The equations are driven by Brownian motion as well as a mutually independent martingale appearing in a defaultable setting. We show that these...

The Pearl River Delta, one of the main regions of China’s export-oriented economy, has benefited from its traditional economic structure for three decades which in turn appeared to hinder further economic development recently. To advance industrial restructuring and upgrading, the governments...

Macroeconomic fluctuations affect corporations’ performance through demand and cost conditions. Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences if management is unable to forecast macroeconomic fluctuations or...

Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences on remuneration. These influences can be seen as reflecting luck from the CEO’s perspective. In this chapter we present a model for how to avoid compensating CEO for...

Macroeconomic fluctuations such as interest rate and exchange rate can be considered sources of good or bad “luck” for corporate performance. Incentive effects of performance-based compensation for management may be weakened or biased by macroeconomic influences depending on the ability of...