Since people can hold currency at a zero nominal interest rate, the nominal short rate cannot be negative. The real interest rate can be and has been negative, since low risk real investment opportunities like filling in the Mississippi delta do not guarantee positive returns. The inflation rate...

A firm's pension fund is legally separate from the firm. But because pension benefits are normally independent of fund performance, pension assets impact the firm very much as if they were firm assets. 2006 Morgan Stanley.

with a previously unpublished paper by the author and a new foreword by Edward Glaeser Fischer Black was known for his brilliance as well as for his sometimes controversial opinions. Highly respected for his scholarly writings in finance, with this book he moved into different territory,...