Annuities are contractual guarantees that promise to provide periodic income over the lifetime(s) of individuals. Standard insurance industry practice assumes independence of lives when valuing annuities where the promise is based on more than one life. This article investigates the use of...

We examine market efficiency before and after the 1987 Market Crash using the box spread strategy implemented with European-style S&P 500 Index (SPX) options. Before the Crash, apparent arbitrage opportunities were rare and simulated trades were unprofitable assuming a one-minute execution...

We analyze the intra-week evolution of bookie-quoted National Football League betting lines in New York City and its implications for market efficiency. Our unique data set includes three sequential lines: (i) an outlaw line set by a single agent at the beginning of the week; (ii) Tuesday's...