In this paper we introduce a new financial product named Outperformance Certificates PLUS and we provide detailed descriptions of the product specifications. We show that the payoff of an Outperformance Certificates PLUS can be duplicated by the combination of a long position in the underlying...

In this study, an interesting aspect of the secondary market's pricing of the riskiness of insured municipal bonds is examined. Do secondary market investors still consider the underlying intrinsic credit quality of the issuer in pricing insured bonds? Is the pricing of this 'issuer effect'...

In this study, we document evidence of a quot;reversequot; weekend effect - whereby, Monday returns are significantly positive and they are higher than the returns on other days of the week - over an extended period of eleven years (from 1988 to 1998). We also find that the quot;traditionalquot;...