In 1908, Vinzenz Bronzin, a professor of mathematics at the Accademia di Commercio e Nautica in Trieste, published a booklet in German entitled Theorie der Prämiengeschäfte (Theory of Premium Contracts) which is an old type of option contract. Almost like Bachelier`s now famous dissertation...

Central counterparty clearing houses (CCPs) provide risk management for OTC transactions. Using a global sample of sovereign credit default swaps (CDS) issued between 2010 and 2017, this paper analyzes the impact of the global structural shift from over-the-counter to voluntary CCP clearing of...

We analyze Chicago based daily wheat price volatility over more than 140 years using a novel data set of daily high and low futures prices starting in 1877. We identify five long-run regimes and find that that volatility shifts between regimes are statistically more pronounced than fluctuations...

We use the Gordon (Rev Econ Stat 41(2):99-105, 1959) constant growth model to gauge the effects from innovations in implied growth versus discount rates. During the COVID-19 downturn and the Global Financial Crisis (GFC), stock returns were largely affected by a change in the long-run implied...

The league table approach to rank ordering health care programs according to the incremental cost-effectiveness ratio is a common method to guide policy makers in setting priorities for resource allocation. In the presence of uncertainty, however, ranking programs is complicated by the degree of...

This paper addresses the relationship between aggregate dividend payments and maiket capitalization as related to the firm's dividend decision. Most previous work concentrates on the US; we extend these studies to the different institutional framework represented by West Germany, France, the UK,...