Source: Dissertation Abstracts International, Volume: 61-04, Section: A, page: 1536.

Financial institutions around the world expected the millennium date change (Y2K) to cause an aggregate liquidity shortage. Responding to concerns about this liquidity shortage, the Federal Reserve Bank of New York auctioned Y2K options to primary dealers. The options gave the dealers the right...

The proposal for banks to issue contingent capital that must convert into common equity when the banks' stock price falls below a specified threshold, or 'trigger,' does not in general lead to a unique equilibrium in equity and contingent capital prices. Multiple or no equilibrium arises because...

Theories of investment suggest that the option value of waiting to invest is significant in many branches of economics, where investment is irreversible. The existing literature has generally failed to account for the general equilibrium feedback effects of lumpy investments on optimal...

The proposal for banks to issue contingent capital that must convert into common equity when the banks’ stock price falls below a specified threshold, or “trigger,” does not in general lead to a unique equilibrium in equity and contingent capital prices. Multiple or no equilibrium arises...