This paper introduces a novel hypothesis in the context of share buybacks, proposing the existence of a "Free Lunch" phenomenon associated with the use of specific execution products. The hypothesis posits that these products can generate consistently positive fees, offering a consistent return...

This paper unveils the unexplored concept of a "Free Lunch" phenomenon within share buybacks, focusing on the inherent structure of buyback products. We propose a novel hypothesis, suggesting that the unique structural characteristics of share buyback transactions may create a consistent...

In February 2018, the VIX index has seen its largest ever increase and has lead to significant losses for some major volatility-related products. Despite many efforts, the precise underlying reasons are yet to be discovered. We study the role of linear causality in the VIX index and its...