Convertible bonds are complex hybrid securities subject to multiple sources of risk. Many exhibit exotic path dependent features. Monte Carlo simulation methods are usually the favorite choice for solving high-dimensional problems and pricing path dependent securities. This paper breaks away...

This paper represents the first study of retail deposit spreads of UK financial institutions using stochastic interest rate modelling and the market comparable approach. By replicating quoted fixed deposit rates using the Black Derman and Toy (1990) stochastic interest rate model, we find that...

In this paper, we analyse the determinants of child work and schooling in rural India within a bivariate probit framework. Our sample consists of 93,825 children (6-15 year olds) from the 50th Round of the NSS in India. Our primary focu8s is whether an increase in the wages earned by fathers and...

Economics and particularly economic policy often seems to focus almost exclusively on the growth of income and creation of wealth. However economists have always viewed Gross National Product (GNP) as an imperfect measure of human welfare. Recent research on subjective well-being (happiness)...

This paper examines strategies used by durable goods retailers to create a mass market in interwar Britain, via a case-study of domestic furniture. Interwar demand for new furniture witnessed particularly rapid growth - mainly owing to the extension of the market to lower-income groups. A number...

Entrepreneurship is a missing component of several leading theories of the firm. Entrepreneurship is key to the growth and survival of firms in a volatile environment, because ent repreneurial judgement is necessary to success in making complex decisions under uncertainty. The addition of...