index, can be hard to measure with accuracy due to the lack of precise prices for options with strikes in the tails of the …

financed with equity and zero-coupon bonds. By no-arbitrage, pseudo bonds are equivalent to Treasuries minus put options on …

this hypothesis by studying the response of the stock market values of gold mining companies to changes in gold prices. The … we find that the stock values of many gold mining companies are concave in the price of gold. We show that this is …

The paper is a study of the price level and relative price effects of a policy to monetize gold and fix its price at a … gold standard and during the post-monetization period. The paper also explores the adjustments to fiat money which are … necessary to ensure that this type of gold monetization is non-inflationary. Finally, some conditions which produce a run on the …

From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the … gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly … different from zero. These negligible covariances suggest that gold's expected real rate of return--which includes an unobserved …

We model the demand-pressure effect on prices when options cannot be perfectly hedged. The model shows that demand … options, especially out-of-money puts, which helps explain their apparent expensiveness and the smirk. Second, demand patterns … help explain the prices of single-stock options …

options. These two measures capture the ex-ante risk assessed by investors. We find that both components of risk vary …

effect, the leader secures options on votes. Given uncertainty, buying vote options yields two outcomes in conceivably …

one-day ahead forecast of derivative price distributions and minimum variance hedge ratios. Empirical results suggest that …-of-the-money S&P500 index options, such as Black-Scholes or historical minimum variance hedging, are inferior to the EPK hedging … options …