We value UK executive stock options (ESOs) as American options that areawarded conditional on the probability of the holders achieving some performancecriteria. Unlike the standard Black and Scholes (BS) model, which is universally usedboth in the literature and practice, this provides a more...

We price European-style options on assets whose probability distributions have two unknown parameters. We assume a pricing kernel which also has two unknown parameters. When certain conditions are met, a two-dimensional risk-neutral valuation relationship exists for the pricing of these options:...

AbstractThe impact of universities on the economic wellbeing and innovative potential of regionshas been the object of intense scholarly and policy interest in the last years. Despite thisinterest, a clear picture is missing in relation to the roles universities are seen to play, thebenefits of...

The literature on Regional Systems of Innovation (RSI) has produced an extensivebody of research in recent years and has been used widely as a framework for thedesign and implementation of policies in a variety of regional contexts. However,certain lack of clarity remains in relation to the...

Increased complexity and rapid pace of change demand more from people responsible forregional development at various levels of activity. This paper has its roots in a belief that themore complex situations are the more regional development is dependent on the leadership andnetwork management...

This paper adopts the point of view that a crisis will face a person, organisation, region orcountry at some point in their life span or history. The question is how to prepare for thecrises and recover from them afterwards? Some of us recover better than others and in ashorter time. The concept...