The PHBS Think Tank (北大汇丰智库) has released its latest economic report, offering an in-depth look at China’s macroeconomic performance in the first quarter of 2025. The findings point to a “strong start” for the year with Q1 GDP growth projected at 5.2%, driven by a stabilizing real estate sector, resilient momentum in emerging industries and a large scale of trade surplus. However, weak consumption ...

A recent study by Professor Seil Kim of the City University of New York and Professor Seungjoon Oh of Peking University HSBC Business School has been published in the September 2024 issue (Volume 29, Issue 3, pp. 2617–2649) of Review of Accounting Studies (RAST).

The Heston model, named after Steven L. Heston, is a representative continuous-time stochastic volatility (SV) model. It assumes that the volatility of an asset is evolving over time following the Cox-Ingersol-Ross (CIR) process rather than staying unchanged. While it is not the first SV model, it became popular in finance academia and industry thanks to its analytic property. For example, the option ...