On May 23, 2017, Prof. Da-Hsiang Lien from The University of Texas at San Antonio (UTSA) gave a report entitled "Topics in Futures Markets" at CEEP, BIT. The report was hosted by Dr. Xin Lv, some other teachers and students attended the report.

　　The talk is focused on the functions of futures markets, mainly hedging. In the lecture, Prof. Lien go through the basic ideas and the development of econometric methodologies. The topic of hedging illustrates the Bona fide hedge, the academic definition (risk reduction), the expected utility versus risk reduction (mean-variance analysis), and the measurement of risk (variance versus downside risk).

　　Prof. Lien is a world-renowned researcher who has published more than 250 papers in academic journals in the fields of economics, finance and statistics. He earned his Ph.D. from the California Institute of Technology. Prof. Lien is currently the Richard S. Liu Distinguished Chair in Business at UTSA. Prof. Lien's primary field of interest is in the futures market with supporting areas in econometrics and development economics. He has served as a reviewer for more than 50 academic journals and has twice received the President's Distinguished Achievement Award in Research from UTSA. His teaching honors include the Kemper Fellowship for Teaching Excellence and the Excellence in Teaching Award from the University of Kansas.