Two fundamental questions for social work are considered: one normative and one positive. First, is it possible for social work practice to be based on an objective that maximises social welfare; and second, does social work practice actually conform to some objective, which may or may not...

This paper compares the performance of artificial neural networks (ANNs) with that of the modified Black model in both pricing and hedging Short Sterling options. Using high frequency data, standard and hybrid ANNs are trained to generate option prices. The hybrid ANN is significantly superior...

Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers and inclusion in financial models. However, short positions in annuities can be replicated using life insurance and debt, permitting long positions in annuities to be offset,...

Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers and inclusion in financial models. However, short positions in annuities can be replicated using life insurance and debt, permitting long positions in annuities to be offset,...

This paper considers the impact of match results on the stock returns of English football clubs. We propose that the magnitude of the response to a given result depends on the importance of the game, which is measured in two ways. First, we consider the extent to which the clubs are close rivals...

In the UK and elsewhere, defined benefit (DB) schemes are being replaced by defined contribution (DC) schemes. However DC schemes have some substantial weaknesses, and a continuation of current policies will probably lead to another pensions crisis in a few decades. There is an alternative which...

The asset allocation decision is one of the most important decisions made by defined benefit pension schemes, with a major effect on the scheme contribution rate, funding ratio and financial position of the sponsoring company. We investigate the determinants of the equity allocation of UK...

Medieval bishops condemned and restricted the sale of corrodies (a type of annuity), partly on the grounds of their perceived unprofitability. The available data on the profitability of corrodies is limited and little analysed, and the episcopal condemnation of corrodies has been adopted by...

Defined benefit (DB) pension schemes involve substantial risks and costs for employers. So employers have frozen (or closed) their schemes. Using data on firms in the UK FTSE 100 index, we study the characteristics of employers who hard froze (no new members or accruals) their DB scheme, and the...

ABSTRACT Defined benefit (DB) pension schemes involve substantial risks and costs for employers. So employers have frozen (or closed) their schemes. Using data on firms in the FTSE 100 index, we study the characteristics of employers who hard froze (no new members or accruals) their DB scheme,...