Robert C. Merton is the School of Management Distinguished Professor of Finance at Massachusetts Institute of Technology, and the John and Natty McArthur University Professor Emeritus at Harvard University. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new...

The BSM Formula can be derived according to various generic approaches, including a simple binary taxonomy (T) regarding use and not of the BSM Equation as a partial differential equation (PDE) as an intermediate step. Namely, (T1) using the PDE and (T2) not using the PDE. While Wurts (2020 BSM,...

With dozens of business subsidiaries and tens of thousands of employees at present, Ciputra Group has ventured outside property into business lines from telecommunications to health care, brokerage and the media. Ergo, the continuing development progress of this group reinforces concerns over...

John Maynard Keynes war ein Ökonom, der stets zwischen der Welt der Theorien und der Realität pendelte, er prüfte und verwarf theoretische Annahmen aufgrund seiner Beobachtungen, die er wiederum als Ausgangspunkte für die Entwicklung neuer Theorien nutzte. Gleichzeitig betrieb er als...

In this study I make an effort to prove that market price signals are less subject to individual behavioural distortion than those sharing the idea of prevailing irrational investor behaviour, and that intrinsic value plays a major role in the market price. With stock market bubbles, the balance...

This paper analyses the evolution of the safety and soundness of the European banking sector during the various stages of the Basel process of capital regulation. In the first part we document the evolution of various measures of systemic risk as the Basel process unfolds. Most strikingly, we...

The aim of the present article is twofold. Firstly, to put the German Federal Constitutional Court (i.e., the BverfG ) judgment into the context of a drawn-out conflict between the German Republic and the European Union regarding the setting up of a crisis management tool in the area of monetary...