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De ned contribution pension schemes and life <p> insurance contracts often have a minimum interest rate guar- <p> antee as an integrated part of the contract. This guarantee <p> is an embedded put option issued by the institution to the <p> individual, who is forced to hold the option in the portfolio. <p>...</p></p></p></p></p>

Abstract: Finding the mean-variance eÆcient frontier is <p> a quadratic programming problem with an analytical solu- <p> tion, whenever the portfolio choice is unrestricted. The an- <p> alytical solution involves an inversion of the covariance ma- <p> trix. When short-sale constraints are added to the...</p></p></p></p>

It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market....

The Danish housing market boomed from 1993 to the end of 2006. The house price increases from 2003 to 2006 were especially dramatic and cannot be explained satisfactorily by "fundamentals”. Moreover, the owner-occupiers are highly indebted; Denmark is the nation with the highest household...

New accounting standards require ¯rms to expense the costs of option-based compensation (OBC), but the associated valuations o®er many challenges for ¯rms. Earlier research has documented that ¯rms in the U.S. generally underreport the values of OBC by manipulating the inputs used for...

Abstract: This article presents an empirical analysis of board composition and financial performance using a unique sample of Danish listed firms. In 2002, a group consisting of four prominent business leaders formulated Denmark’s own code of good corporate governance, entitled the Nørby...

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This paper suggests a method for determining rigorous upper bounds on approximation errors of numerical solutions to infinite horizon dynamic programming models. Bounds are provided for approximations of the value function and the policy function as well as the derivatives of the value function....