Rescission, Restitution, and the Principle of Fair Redress: A
... broad rights of rescission even if damages for breach “were fully compensatory and costless to enforce.”8 While they oppose rescission where the promisee acts opportunistically to avoid unfavorable bargains, Brooks and Stremitzer contend that the existence of a buyer’s expanded ability to rescind af ...
... broad rights of rescission even if damages for breach “were fully compensatory and costless to enforce.”8 While they oppose rescission where the promisee acts opportunistically to avoid unfavorable bargains, Brooks and Stremitzer contend that the existence of a buyer’s expanded ability to rescind af ...
Option Trading: Information or Differences of
... Schwartz and Subrahmanyam, 2008). However, equally convincing evidence was also presented by other authors who showed that 1) informed trading doesn’t exist in options (Vijh, 1990), 2) the option volume does not lead stock prices (Chan, Chung and Johnson, 1993; and Chan, Chung and Fong, 2002), and ...
... Schwartz and Subrahmanyam, 2008). However, equally convincing evidence was also presented by other authors who showed that 1) informed trading doesn’t exist in options (Vijh, 1990), 2) the option volume does not lead stock prices (Chan, Chung and Johnson, 1993; and Chan, Chung and Fong, 2002), and ...
Hong Kong Contracts
... which they are responsible for servicing the product, or guaranteeing it for a period. They will make contracts with carriers to transport their goods. Carriage contracts are highly developed and complex, particularly if the goods are going abroad, whether by land, sea or air. In connexion with thes ...
... which they are responsible for servicing the product, or guaranteeing it for a period. They will make contracts with carriers to transport their goods. Carriage contracts are highly developed and complex, particularly if the goods are going abroad, whether by land, sea or air. In connexion with thes ...
View/Open
... price per unit regardless of when and to whom their grain was sold. With the pool, producers received an initial payment when deliveries were made to the grain handling facility and additional payments as sales were completed throughout the crop year. The final pool price was known only after the en ...
... price per unit regardless of when and to whom their grain was sold. With the pool, producers received an initial payment when deliveries were made to the grain handling facility and additional payments as sales were completed throughout the crop year. The final pool price was known only after the en ...
What Does Accepted for Value Mean?
... UCC 1-201(44) generally says that a person gives value. He gives value to get rights. If one person is giving value, another person is asked to give rights in exchange. Both giving value and giving rights meet the element of consideration. The question has to be - What constitutes value? In today’s ...
... UCC 1-201(44) generally says that a person gives value. He gives value to get rights. If one person is giving value, another person is asked to give rights in exchange. Both giving value and giving rights meet the element of consideration. The question has to be - What constitutes value? In today’s ...
Interacting Limit Order Demand and Supply Curves
... persistently “agree to disagree” about the fundamental values of financial assets, as surveyed in Hong and Stein (2007). This has implications for asset pricing and trading volume (Wang, 1994; Kandel and Pearson, 1995; Hong and Stein, 2003; Fama and French, 2007; Banerjee and Kremer, 2010), includin ...
... persistently “agree to disagree” about the fundamental values of financial assets, as surveyed in Hong and Stein (2007). This has implications for asset pricing and trading volume (Wang, 1994; Kandel and Pearson, 1995; Hong and Stein, 2003; Fama and French, 2007; Banerjee and Kremer, 2010), includin ...
Does Supply Curve Inelasticity Explain Abnormal Long
... because they reduce the pool of investors and change the marginal shareholder to one with a higher reservation price. Prices rise following these repurchases because the supply curve for shares is inelastic. Open market repurchases are smaller than Dutch auctions but also permanently reduce the pool ...
... because they reduce the pool of investors and change the marginal shareholder to one with a higher reservation price. Prices rise following these repurchases because the supply curve for shares is inelastic. Open market repurchases are smaller than Dutch auctions but also permanently reduce the pool ...
Not Just One Man - Barings I. How Leeson Broke Barings II. Lessons
... account '92000&' that these had taken place at different times during the day. This was necessary to deceive Barings Securities Japan into believing the reported profitability in account '92000' was a result of authorised arbitrage activity. The effect of this manipulation was to inflate reported pr ...
... account '92000&' that these had taken place at different times during the day. This was necessary to deceive Barings Securities Japan into believing the reported profitability in account '92000' was a result of authorised arbitrage activity. The effect of this manipulation was to inflate reported pr ...
Growth Options, Limited Risk Sharing, and Asset Prices
... elasticity of intertemporal substitution (EIS) is larger than one.7 In such cases, a rise in uncertainty induces experts to invest less in firms’ assets today and more in the future, since their desire for a better investment environment dominates that for consumption smoothing. The interest rate te ...
... elasticity of intertemporal substitution (EIS) is larger than one.7 In such cases, a rise in uncertainty induces experts to invest less in firms’ assets today and more in the future, since their desire for a better investment environment dominates that for consumption smoothing. The interest rate te ...
Is There Price Discovery in Equity Options?
... the price disagreement events in our primary sample are potentially profitable opportunities for exchange members. These violations are interesting and informative because they are cases in which it is clear that the option and stock markets disagree about the value of the underlying stock,3 and th ...
... the price disagreement events in our primary sample are potentially profitable opportunities for exchange members. These violations are interesting and informative because they are cases in which it is clear that the option and stock markets disagree about the value of the underlying stock,3 and th ...
Commodity Market Capital Flow and Asset Return Predictability ∗ Harrison Hong
... which starts in November 1978. Data for crude oil are available only since March 1983. Livestock consists of five commodities, and metals consists of six commodities. A potential concern with using a broad set of commodities is that not all contracts are liquid. In results that are not reported here, ...
... which starts in November 1978. Data for crude oil are available only since March 1983. Livestock consists of five commodities, and metals consists of six commodities. A potential concern with using a broad set of commodities is that not all contracts are liquid. In results that are not reported here, ...
contracts outline
... 6. Case- Illinois Central R.R. v. Crail, (U.S. 1930)- P/Coal dealer filed suit v. Def/carrier for an unexplained shortage of 5,500 lbs in the 88,000 lb coal delivery. P had purchased the coal in transit and was planning on adding the coal to its inventory; No resale contract (for P’s business) was a ...
... 6. Case- Illinois Central R.R. v. Crail, (U.S. 1930)- P/Coal dealer filed suit v. Def/carrier for an unexplained shortage of 5,500 lbs in the 88,000 lb coal delivery. P had purchased the coal in transit and was planning on adding the coal to its inventory; No resale contract (for P’s business) was a ...
Consideration - 2012 Book Archive
... Aspen, 1973), 46. In short, “courts do not inquire into the adequacy of consideration.” Of course, normally, parties to contracts will not make such a one-sided deal as Scrooge and Caspar’s. But there is a common class of contracts in which nominal consideration—usually one dollar—is recited in prin ...
... Aspen, 1973), 46. In short, “courts do not inquire into the adequacy of consideration.” Of course, normally, parties to contracts will not make such a one-sided deal as Scrooge and Caspar’s. But there is a common class of contracts in which nominal consideration—usually one dollar—is recited in prin ...
CREDIT RISK Credit risk modeling theory and applications
... On the other hand, some of the rating-based models that we will encounter are of practical use but they do not change our way of thinking about corporate debt or derivatives. The fact is that in real markets there are rating triggers and other ratingrelated covenants in debt contracts and other finan ...
... On the other hand, some of the rating-based models that we will encounter are of practical use but they do not change our way of thinking about corporate debt or derivatives. The fact is that in real markets there are rating triggers and other ratingrelated covenants in debt contracts and other finan ...
Annual report 2015
... during the year. In June 2015, the Dutch Supreme Court held that splitting the company was not in violation of EU law. DELTA must now complete this process by 1 July 2017. In 2016 we will, in consultation with our stakeholders, decide on the precise details of the split-up and how we are going to en ...
... during the year. In June 2015, the Dutch Supreme Court held that splitting the company was not in violation of EU law. DELTA must now complete this process by 1 July 2017. In 2016 we will, in consultation with our stakeholders, decide on the precise details of the split-up and how we are going to en ...
sales and leases
... b. Conforming goods must be in accordance with contract requirements 2. Shipment of non-conforming goods is an acceptance and a breach BUT a. If seller ships non-conforming goods AND b. Seasonably (Timely) notifies buyer that the goods are an accommodation c. THEN there is no acceptance i. Buyer can ...
... b. Conforming goods must be in accordance with contract requirements 2. Shipment of non-conforming goods is an acceptance and a breach BUT a. If seller ships non-conforming goods AND b. Seasonably (Timely) notifies buyer that the goods are an accommodation c. THEN there is no acceptance i. Buyer can ...
Market Design with Blockchain Technology
... disruption on the regulation of financial markets. Yermack (2016) discusses the potential implications of blockchain-based trading on corporate governance. A core feature of blockchain technology is that it, arguably, simplifies the clearingand-settlement process; for theoretical work on the importa ...
... disruption on the regulation of financial markets. Yermack (2016) discusses the potential implications of blockchain-based trading on corporate governance. A core feature of blockchain technology is that it, arguably, simplifies the clearingand-settlement process; for theoretical work on the importa ...
4 P : F ,
... price ceiling by making their exchanges under the table. For example, some buyers may offer some sellers more than $8 per unit for good X. No doubt, some sellers will accept the offers. But why would some buyers offer more than $8 per unit when they can buy good X for $8? Because not all buyers can ...
... price ceiling by making their exchanges under the table. For example, some buyers may offer some sellers more than $8 per unit for good X. No doubt, some sellers will accept the offers. But why would some buyers offer more than $8 per unit when they can buy good X for $8? Because not all buyers can ...
The Role of Size and Book-to-Market Ratio as Proxies for
... enhance market efficiency. Finally, there has been a lot of country-specific political and economic instability leading to frequent market upturns and downturns most of which are not caused by common information flows among world markets. Thus, we expect to observe positive HML and SMB risk premiums ...
... enhance market efficiency. Finally, there has been a lot of country-specific political and economic instability leading to frequent market upturns and downturns most of which are not caused by common information flows among world markets. Thus, we expect to observe positive HML and SMB risk premiums ...
Heterogeneous Beliefs, Speculation, and the Equity Premium ∗
... The representative agent paradigm with identical agents fails to take into account speculative behavior among different agents in the economy. Under this paradigm, aggregate measures of fundamentals are sufficient to measure the risks faced by agents. Given the smoothness of these aggregate variabl ...
... The representative agent paradigm with identical agents fails to take into account speculative behavior among different agents in the economy. Under this paradigm, aggregate measures of fundamentals are sufficient to measure the risks faced by agents. Given the smoothness of these aggregate variabl ...
Limit Order Strategic Placement with Adverse Selection
... time scales. Models for these strategies are now well known (see [Guéant et al., 2013] and [Guéant et al., 2012] for a common framework involving limit orders for market makers and investors). For obvious reasons, the focus of papers about optimal trading strategies has been risk control. In pract ...
... time scales. Models for these strategies are now well known (see [Guéant et al., 2013] and [Guéant et al., 2012] for a common framework involving limit orders for market makers and investors). For obvious reasons, the focus of papers about optimal trading strategies has been risk control. In pract ...
Filling Gaps in the Close Corporation Contract: A Transaction Cost
... view to maximizing the value of such resources.' 8 Thus, if rational individuals choose to become shareholder-employees of a closely held corporation, they do so in the rational belief that such choice will maximize the value of their human and money capital. This Part provides a transaction cost ex ...
... view to maximizing the value of such resources.' 8 Thus, if rational individuals choose to become shareholder-employees of a closely held corporation, they do so in the rational belief that such choice will maximize the value of their human and money capital. This Part provides a transaction cost ex ...
Liquidity and the Law of One Price: The Case of the Futures/Cash
... Because their trading characteristics might differ from ordinary equities, certificates, ADRs, shares of beneficial interest, units, companies incorporated outside the U.S., Americus Trust components, closed-end funds, preferred stocks, and REITs are expunged.10 ...
... Because their trading characteristics might differ from ordinary equities, certificates, ADRs, shares of beneficial interest, units, companies incorporated outside the U.S., Americus Trust components, closed-end funds, preferred stocks, and REITs are expunged.10 ...
Creating and Working with Custom Asset Classes in Morningstar
... Each time an asset class is added to a set of market assumptions, the correlation suitability test is performed for the overall matrix. In order for both the Monte Carlo simulation and auto-allocation features for an investment plan to function properly, the correlation matrix must pass the test. Na ...
... Each time an asset class is added to a set of market assumptions, the correlation suitability test is performed for the overall matrix. In order for both the Monte Carlo simulation and auto-allocation features for an investment plan to function properly, the correlation matrix must pass the test. Na ...