Good morning,ladies and gentleman.Welcome to Harbin,a beautiful northland ice city of China.I’m ABC,from school of economics and management of HIT.Its a very very great pleasure to participate in the 5TH International Finance Conference as the chairman,its my first time to do so.And I really really enjoy being stay here with you this morning.The International Finance Conference has been held 4th times by CFA institute since 1998. The purpose of the conference is to share our experiences and knowledge in regard to the theory, frontier developments and reaserches, as well as possible applications of them in solving practical problems A lot of current issues have been discussed,and some of them have been effectively soluted..

Today,as the first time of the conference debut in this city,we’ll have a unique session.The topic of prepared presentations is the application of quantitative methods in Finance ,Today’s speakers will share their thoughts on how to effectively run models in different issues and give a reasonable answer.Then,we’ll have a Q&A session,which allows the everyone to ask some questions you may be interested. I am sure that you will find some topics to be presented both interesting and informative. Now,Let me introduce the first speaker,who is very very rich,not in dollars,but in knowledges and experiences,He got his Ph.D in financial economics at the UCB,followed by a series of teaching and research positions at MIT and Harvard. Please dont hesitate to join me in welcoming our first speaker, Prof.SYC, whose topic is entitled threshold effect between the scale of shadow banking and the stability of the banking system. Welcome.

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