Globalization has allowed construction companies to become part of the global economy. However, this economic survival is dependent on their ability to attain the levels of technology development, which can make them globally competitive. The UK Construction sector is a highly knowledge...

Difficult seasonal conditions during the last six years have placed many farms under significant financial pressure. Producers have been looking for enterprise changes which will quickly improve their profits. New breeds have increased the options available, but there is rarely any local...

In 1976 Black and Cox proposed a structural model where an obligor defaults when the value of its assets hits a certain barrier. In 2001 Zhou showed how the model can be extended to two obligors whose assets are correlated. In this paper we show how the model can be extended to a large number of...

One of the arguments often used against expensing employee stock options is that calculating their fair value at the time they are granted is very difficult. This article presents an approach to calculating the value of employee stock options that is practical, easy to implement, and...

Term-structure models are widely used to price interest rate derivatives, such as swap options and bonds with embedded options. We describe how a general one-factor model of the short rate can be implemented as a recombining trinomial tree and calibrated to market prices of actively traded...