Current Research Proposal 1:
Title: Exchange Traded Funds (ETFs) Pricing Efficiency – using Time Series Analysis approach
March 2003

Current Research Proposal 2:
Title: Stock price analysis on Agere Systems Class A and Class B shares
November 2003

        This paper was advised by Professor Gilbert W. Bassett Jr., Dept. Head of 
        Finance at the University of Illinois at Chicago and was written as a term 
        paper, in partial fulfillment for the requirements of his Empirical Issues 
        in Finance course. I am grateful to Mr. Wen Lo, Managing Director and 
        Mr. Scott Davidson, Director of Research in the CDC Asset Management Asia, 
        for their research assistance and helpful comments. All opinions expressed 
        and any errors or omissions are those of the author.

        The CDC Europe Equities Mutual Fund's data used in this paper is confidential
        and was released by CDC Asset Management for use solely in conjunction with 
        this paper. It should not be quoted, referred to or used in any other manner 
        without the express prior permission of CDC Asset Management.

        Recent empirical research suggests that global sector factors dominate the country 
        factors in determining equity returns and providing risk diversification of global 
        equity portfolios. This study uses the country factor model and the global sector 
        factor model respectively to decompose both CDC Europe Equities Mutual Fund and 
        MSCI Europe Index and to detect the factors contributing to the superior performance 
        of the CDC Mutual Fund. The Regression quantiles model is used to complement the 
        least squares analysis and provides a broader view in terms of identifying the impact
        of factors on the portfolio's entire return distribution.