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Derivatives Usage in Risk Management by US and German Non-Financial Firms : A Comparative Survey
Bodnar, Gordon M. - 1998
This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non … derivative usage is most common, followed closely by interest rate derivatives, with commodity derivatives a distant third. In … choice of instruments, and the influence of their market view when taking derivative positions. These differences appear to …
Persistent link: https://www.econbiz.de/10012472108
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Taxation
Kaplow, Louis - 2006
This Handbook entry presents a conceptual, normative overview of the subject of taxation. It emphasizes the relationships among the main functions of taxation -- notably, raising revenue, redistributing income, and correcting externalities -- and the mapping between these functions and various...
Persistent link: https://www.econbiz.de/10012466608
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Optimal Income Taxation and Charitable Giving
Kaplow, Louis - National Bureau of Economic Research - 2023
The philanthropic sector is highly consequential, particularly in the United States, and the most important policies directed toward this sector are tax policies. Yet most economic analysis of the optimal tax treatment of charitable giving is ad hoc, treating it as a subject unto itself. This...
Persistent link: https://www.econbiz.de/10014421177
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Behavioralize This! International Evidence on Autocorrelation Patterns of Stock Index and Futures Returns
Ahn, Dong-Hyun - 1999
This paper investigates the relation between returns on stock indices and their corresponding futures contracts in order to evaluate potential explanations for the pervasive yet anomalous evidence of positive, short-horizon portfolio autocorrelations. Using a simple theoretical framework, we...
Persistent link: https://www.econbiz.de/10012471575
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An Analysis of the Stabilizing and Welfare Effects of Intervention in Spot and Futures Markets
Campbell, Robert B. - 1985
This paper analyzes the effects of three alternative rules on the long-run distributions of both the spot and futures prices ina single commodity market, in which the key behavioral relationships are derived from the optimizing behavior of producers and speculators.The rules considered include:...
Persistent link: https://www.econbiz.de/10012477382
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Valuation and Optimal Exercise of the Wild Card Option in the Treasury Bond Futures Market
Kane, Alex - 1985
The Chicago Board of Trade Treasury Bond Futures Contract allows the short position several delivery options as to when and with which bond the contract will be settled. The timing option allows the short position to choose any business day in the delivery month to make delivery. In addition,...
Persistent link: https://www.econbiz.de/10012477467
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Regulatory Structure in Futures Markets : Jurisdictional Competition Among the SEC, the CFTC, and Other Agencies
Kane, Edward J. - 1984
This paper studies competition among alternative regulatory bodies for authority over innovative financial contracts. In the United States, this rivalry embraces not only the Commodity Futures Trading Commission and the Securities and Exchange Commission, but state and federal...
Persistent link: https://www.econbiz.de/10012477763
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A Note on the Derivation of Linear Homogeneous Asset Demand Functions
Friedman, Benjamin M. - 1979
Among the numerous familiar sets of specific assumptions sufficient to derive mean-variance portfolio behavior from more general expected utility maximization in continuous time, the assumptions of constant relative risk aversion and joint normally distributed asset return assessments are also...
Persistent link: https://www.econbiz.de/10012478803
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Heterogeneous-Expectations Model of the Value of Bonds Bearing Call Options
Bodie, Zvi - 1977
This paper develops a dynamic programming model of the optimal refunding strategy and the corresponding value of a callable bond. The model differs from previous work on this subject primarily in that it explicitly admits the possibility of differences between the issuer's expectations of future...
Persistent link: https://www.econbiz.de/10012478918
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On the Economic Consequences of Index-Linked Investing
Wurgler, Jeffrey - 2010
Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is...
Persistent link: https://www.econbiz.de/10012462280