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This paper derives a closed-form solutin for the price of the European and semi-Amirican callable bond for two popular one-factor models of the term structure of interest rates which have been proposed by Vasicek as well as Cox, Ingersoll, and Ross. the price is derived by means of repeated use...

This paper deals with the question of the optimal capital structure for a banking firm. It considers a competitive bank as an insurer of unpredictable liquidity demanded by depositors in the sense described by Diamond and Dybvig. The model developed in this paper is able to explain the stylized...

In this paper, we introduce a new algorithm to estimate the term structure of interest rates. It is obtained from a constrained optimization, where the objective is to minimize the integral of squared first derivatives of the instantaneous forward interest rate subject to the condition that the...

This paper investigates the impact of land-use zoning such as building-height and building-density restrictions on housing rent, land rent, the design parameters of a building, and population density in a residential city. A theoretical land-use model with several new features is used. Building...