We consider a multinational firm that seeks to maximize its total amount of interest tax shield while following a constant debt ratio policy on a global level. The firm's total interest tax shield can then be considered as a piecewise-linear increasing function that is concave with respect to...

We examine quarterly oil price forecasts from the Survey of Professional forecasters by the European Central Bank. We find statistical evidence at short forecast horizons that oil price volatility observed ex post explains ex-ante disagreement between oil price forecasters of the ECB's...

Modeling and forecasting crude oil price volatility is crucial in many financial and investment applications. The main purpose of this paper is to review and assess the current state of oil market volatility knowledge. It highlights the properties and characteristics of the oil price volatility...