The Long-Term Capital Management (LTCM) debacle of 1998 created serious problems for a number of major financial institutions worldwide. The fund was run by some of the most illustrious scholars in economics and finance. Before 1998, stellar returns kept the investors happy and not questioning...

Mortgage refinancing activity reached unprecedented high levels during 1990–2001. Using GARCH to control for heteroskedasticity and separating the data into regimes to control for potential structural changes over time, we estimate a model explaining changes in mortgage refinancing activity...