In the middle of the twentieth century, banks changed from 'closed' designs signifying wealth, security, and safety to 'open' designs signifying hospitality, honesty, and transparency as the perception of money changed from a passive physical substance to be slowly accumulated to an active...

This paper explores whether financial markets are games, using exchange traded derivatives, those quintessential speculative instruments, as the primary vehicle. The phrase 'gaming the system' usually means taking advantage of the system; that is to say, specifically turning something performing...

This paper identifies three 'folk' arguments for an intrinsic value implicit in the finance literature. The 'hindsight' argument states that if financial assets eventually have a value in the form of realised cash flows, then this reveals an intrinsic value that was always there. The...