deviate unless she can pre-commit to follow them. We apply our results to the discrete hedging problem of derivatives when …Despite much work on hedging in incomplete markets, the literature still lacks tractable dynamic hedges in plausible … specialized to the Black-Scholes setting. We also generalize our results to richer settings to study dynamic hedging with Poisson …

will allocate cash flows into cash holdings if their hedging needs are high (i.e., if the correlation between operating … if their hedging needs are low. The empirical examination of debt and cash policies of a large sample of firms reveals … hedging needs have a strong propensity to save cash out of cash flows while leaving their debt positions unchanged. In …

errors of returns under serial correlation. The repeat sales methodology is generally used to construct an index of prices or …

assets - and Markowitz - who advocates diversification across assets. We rely on the concepts of ambiguity and ambiguity …

We study IPOs by focusing on the degree of portfolio diversification of the shareholders taking the company public. We … detailed at the stock level, for both private and public companies. We construct several proxies for portfolio diversification … predicted, the degree of diversification explains a significant (economically and statistically) part of the probability of …