dividend process of a risky asset. Under perfect information, the presence of risk-neutral arbitrageurs unambiguously reduces …

This paper examines how risk in trading activity can affect the volatility of asset prices. We look for this … swap spread tends to converge to a long-run level, although trading risk can sometimes cause the spread to diverge from … that level. -- convergence trading ; interest rate swaps ; swap spread ; repurchase contracts ; trading risk ; volatility …

model of college major choice, with which we estimate the relative importance of earnings and earnings uncertainty on the …

episodes of increased inflation uncertainty, our results suggest that these contracts are flexible both ex ante and ex post to …