Despite widespread media interest in bull and bear markets, academic research that seeks to formally define bull markets is almost non-existent. This paper defines bull and bear markets in relation to a simple model of mean return regimes, and implements the definition using two formal turning...

Endowment warrants are long-term call options with an exercise price that is reduced whenever dividends are paid on the options' underlying shares so that over the decade-long life of the option the exercise price could fall to zero if anticipated share dividend growth occurs. This paper derives...