Can Financial Engineering Cure Cancer?
研究了用资产证券化等金融工程方法为低成功率、长周期、高资本需求的癌症研究项目融资的可行性，通过构建“超级基金”组合和信用增级手段来改善风险调整后收益。
Traditional financing sources such as private and public equity may not be ideal for investment projects with low probabilities of success, long time horizons, and large capital requirements. Nevertheless, such projects, if not too highly correlated, may yield attractive risk-adjusted returns when combined into a single portfolio. Such “megafund” portfolios may be too large to finance through private or public equity alone. But with sufficient diversification and risk analytics, debt financing via securitization may be feasible. Credit enhancements (i.e., derivatives and government guarantees) can also improve megafund economics. We present an analytical framework and illustrative empirical examples involving cancer research.