The uncertain volatility approach to financial derivatives is extended to American options (which allow early exercise before expiry). The requirement to model at the portfolio level made necessary by the non-linearity of the approach is found to lead to a recursive structure to the exercise...

<DIV>Adam Smith's <I>The Wealth of Nations</I> was recognized as a landmark of human thought upon its publication in 1776. As the first scientific argument for the principles of political economy, it is the point of departure for all subsequent economic thought. Smith's theories of capital accumulation,...</i></div>

We elucidate the tradeoffs between transparency and confidentiality in the context of financial regulation. The structure of information in financial contexts creates incentives with a pervasive effect on financial institutions and their relationships. This includes supervisory institutions,...

This paper examines joint development projects' ability to generate revenue for transit agencies. Using interviews, and primary and secondary text, the paper studies five joint development projects nation-wide and finds that revenue yield and stability from joint development projects vary...

A scholarly edition of a work by Adam Smith. The edition presents an authoritative text, together with an introduction, commentary notes, and scholarly apparatus.

A scholarly edition of a work by Adam Smith. The edition presents an authoritative text, together with an introduction, commentary notes, and scholarly apparatus.

We study the relationship between industry-level investments in intangible capital (IC) and three key economic indicators in China. We find that investments in IC are productivity-enhancing among Chinese enterprises—more so in domestically owned than in foreign invested enterprises. Consistent...