In this paper, we study leveraged ETFs, in particular, Ultra ETFs and UltraShort ETFs from the ProShares family. These Ultra (UltraShort) ETFs are designed to provide twice (twice the opposite) of the performance of the benchmark on a daily basis. We focus on the relation between long term...

This paper examines block transactions in Chinese equity market. We find that most of the block transactions are traded at prices at or below the closing price of the regular continuous auction market, and more than half are traded at or below the lowest price of the day. While the block...

To achieve sustainable development, the focus on power system efficiency should move from analysis of just economic benefits to environmental efficiency studies that assess both economic benefits and carbon emissions. Therefore, balancing the development of different generation forms is a...

Department: Industrial Engineering and Operations Research.

This paper investigates a market-valuation-based hypothesis for employee stock options (ESOs). It examines how market valuation has affected the decision to grant ESOs, the amount of options granted, and the distribution of options among executives and rankand- file employees. I find strong...

The objective of this work is to investigate the energy saving potential of HTHP&DW (high temperature heat pump coupling to desiccant wheel) system by means of comparative analysis based on reference technologies. A complete numerical model of HTHP&DW system is established and the iterative...

This paper demonstrates a new method of optimizing land-use patterns to reduce the negative impacts of urbanization on watershed stormwater systems. The Yong-Ding watershed in western Beijing, China, serves as a case study for this research. A regression model that estimates watershed hydrology...

This paper examines block transactions in the Chinese equity market. We find that most of the block transactions are traded at prices at or below the closing price of the regular continuous auction market, and more than half are traded at or below the lowest price of the day. Consistent with the...

This paper uses a market valuation model to explore why firms grant employee stock options. When insider managers and outside investors have different opinions about the future prospects of the firm, employee stock options can be used to capture future investor overvaluation and to save employee...

We present a dynamic model of corporate risk management and managerial career concerns. We show that managers with high (low) career concerns are more likely to speculate (hedge) early in their careers. In the later stage of their careers when managers have less career concerns, there is no...