Contents:

Design of Financial Systems: Towards a Synthesis of Function and Structure (R C Merton & Z Bodie)
Asset/Liability Management and Enterprise Risk Management of an Insurer (T S Y Ho)
It's 11pm ?Do You Know Where Your Liquidity Is? The Mean Variance Liquidity Frontier (A W Lo et al.)
Time Diversification (J L Treynor)
A Practical Framework for Portfolio Choice (R O Michaud)
A Markov Chain Monte Carlo Method for Derivative Pricing and Risk Assessment (S R Das & A Sinclair)
Active Risk and Information Ratio (E Qian & R Hua)
The Year-End Price of Risk in a Market for Liquidity (M D Griffiths & D B Winters)
Resampled Frontiers versus Diffuse Bayes: An Experiment (H M Markowitz & N Usmen)
Fund Managers May Cause Their Benchmarks to be Priced "Risks" (M Stutzer)