International Pricing Strategy: Why Prices Rise and How Prices
... noteworthy differences in price for the Big Mac between developed and developing countries, although Big Mac prices in a given currency tend not to vary so considerably within a group of countries with about the same development. In view of the gap between practice and long-established theory, this ...
... noteworthy differences in price for the Big Mac between developed and developing countries, although Big Mac prices in a given currency tend not to vary so considerably within a group of countries with about the same development. In view of the gap between practice and long-established theory, this ...
The visible hand: ensuring optimal investment in electric power
... the analysis presented here can serve as a basis to examine (under)investment issues in other industries where participants must select capacity in the presence of significant demand variability and uncertainty and limited storage possibilities, for example telecommunications and transport networks ...
... the analysis presented here can serve as a basis to examine (under)investment issues in other industries where participants must select capacity in the presence of significant demand variability and uncertainty and limited storage possibilities, for example telecommunications and transport networks ...
Prospective Interest Rate Differential and Currency Returns
... Mishkin (1992)), this near nonstationarity makes it difficult to empirically estimate the persistence of short rates. In addition, if we estimate a simple auto-regression of short rates, it is likely that we will suffer the well-known “Hurwicz bias” that occurs when the sample size is small. This is ...
... Mishkin (1992)), this near nonstationarity makes it difficult to empirically estimate the persistence of short rates. In addition, if we estimate a simple auto-regression of short rates, it is likely that we will suffer the well-known “Hurwicz bias” that occurs when the sample size is small. This is ...
1606_CF Canlife Global High Yield Bond
... This indicator is based on historical data and may not be a reliable indication of the future risk profile of this Fund. The risk and reward profile shown is not guaranteed to remain the same and may shift over time. Fixed interest securities are affected by trends in interest rates and inflation. If i ...
... This indicator is based on historical data and may not be a reliable indication of the future risk profile of this Fund. The risk and reward profile shown is not guaranteed to remain the same and may shift over time. Fixed interest securities are affected by trends in interest rates and inflation. If i ...
QSplat: A Multiresolution Point Rendering System for Large Meshes Szymon Rusinkiewicz
... in viewpoint typical in our application, we have not found the absence of smoothing visually significant; other applications, however, might benefit from smoother transitions. Although screen-space area is the most popular metric for LOD control, other heuristics have been proposed for determining h ...
... in viewpoint typical in our application, we have not found the absence of smoothing visually significant; other applications, however, might benefit from smoother transitions. Although screen-space area is the most popular metric for LOD control, other heuristics have been proposed for determining h ...
FL High Yield Distribution AL
... based upon the guidelines recommended by the European Securities and Markets Authority (ESMA). Secondly, given that volatility is not the only indicator of a fund’s risk, Friends Life undertake additional research to identify any further risks that may impact the fund and therefore its final risk ra ...
... based upon the guidelines recommended by the European Securities and Markets Authority (ESMA). Secondly, given that volatility is not the only indicator of a fund’s risk, Friends Life undertake additional research to identify any further risks that may impact the fund and therefore its final risk ra ...
Transcriber`s Name: Satheesh kumar
... Similarly, node point of tail, we should return the tail of the list. Insert before, so, this is like the insert before node in the case of a singly linked list. So, here we are given a current node and we have to insert before a current node in the doubly linked list. Notice this was difficult in ...
... Similarly, node point of tail, we should return the tail of the list. Insert before, so, this is like the insert before node in the case of a singly linked list. So, here we are given a current node and we have to insert before a current node in the doubly linked list. Notice this was difficult in ...
Balanced Search Trees
... – A 2-node (has two children) must contain single data item greater than left child’s item(s) and less than right child’s item(s) – A 3-node (has three children) must contain two data items, S and L , such that • S is greater than left child’s item(s) and less than middle child’s item(s); • L is gre ...
... – A 2-node (has two children) must contain single data item greater than left child’s item(s) and less than right child’s item(s) – A 3-node (has three children) must contain two data items, S and L , such that • S is greater than left child’s item(s) and less than middle child’s item(s); • L is gre ...
Max Chickering at Microsoft Research
... tree Ti for node xi . We can transform Ti into a decision graph that represents all of the desired constraints by simply merging together any leaf nodes that contain sets that are equal. It is interesting to note that any equality constraint of the form given in Equation 3 can also be interpreted as ...
... tree Ti for node xi . We can transform Ti into a decision graph that represents all of the desired constraints by simply merging together any leaf nodes that contain sets that are equal. It is interesting to note that any equality constraint of the form given in Equation 3 can also be interpreted as ...
securitonomics ii/ cheat sheet on asset and mortgage backed lending
... But what does a rating signify? Ratings are given for a variety of different purposes. Ratings of companies are generally focused on the risk of default by that company on its debt or preferred stock. Ratings of a given security focus on the risk of default relative to that specific security, consid ...
... But what does a rating signify? Ratings are given for a variety of different purposes. Ratings of companies are generally focused on the risk of default by that company on its debt or preferred stock. Ratings of a given security focus on the risk of default relative to that specific security, consid ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... taining large capital outflows, such as liquidity requirements, margin requirements, or value-at-risk collateralization, can be counterproductive because they can increase the likelihood or severity of sudden stops. Second, because the paper shows that the resources needed to resolve or prevent a su ...
... taining large capital outflows, such as liquidity requirements, margin requirements, or value-at-risk collateralization, can be counterproductive because they can increase the likelihood or severity of sudden stops. Second, because the paper shows that the resources needed to resolve or prevent a su ...
advanced cotton futures and options strategies
... from negative price fluctuations. This does not mean however, that all risk is eliminated as basis (the difference between the local cash price and futures price) can still fluctuate (Anderson, et al., 1999). For some, this amount of risk is unacceptable. For others, margin calls or high premium val ...
... from negative price fluctuations. This does not mean however, that all risk is eliminated as basis (the difference between the local cash price and futures price) can still fluctuate (Anderson, et al., 1999). For some, this amount of risk is unacceptable. For others, margin calls or high premium val ...
The Expectations Theory of the Term Structure and Short
... if the population means of R~, Rt and rt are known or if the sample variances are corrected for degrees of freedom when the population means are unknown. However, this latter correction will result in unbiased estimates only if the observations in the sample are not serially correlated. Flavin has a ...
... if the population means of R~, Rt and rt are known or if the sample variances are corrected for degrees of freedom when the population means are unknown. However, this latter correction will result in unbiased estimates only if the observations in the sample are not serially correlated. Flavin has a ...
NBER WORKING PAPER SERIES FINANCIAL INNOVATION, MARKET PARTICIPATION AND ASSET PRICES Laurent Calvet
... participation structure are jointly determined in equilibrium. The model is computationally tractable and leads to a closed-form system of equilibrium equations in the CARA-normal case. As mentioned earlier, three new mechanisms arise in this economy. First, the introduction of non-redundant instrum ...
... participation structure are jointly determined in equilibrium. The model is computationally tractable and leads to a closed-form system of equilibrium equations in the CARA-normal case. As mentioned earlier, three new mechanisms arise in this economy. First, the introduction of non-redundant instrum ...
PDF
... markets facing catastrophic risk. We adopt this modeling framework but modify and extend it in several directions. First, we consider index-based insurance instead of traditional crop insurance. Thus, we have to allow for the analysis of basis risk, which is an important issue for farmers’ demand fo ...
... markets facing catastrophic risk. We adopt this modeling framework but modify and extend it in several directions. First, we consider index-based insurance instead of traditional crop insurance. Thus, we have to allow for the analysis of basis risk, which is an important issue for farmers’ demand fo ...
Oil price shocks and volatility do predict stock market regimes
... are considered to be positive news, whereas, (c) oil specific demand shocks tend to exercise a negative effect. Some notable papers of authors who have considered the different origin of oil price shocks in their studies, are those by Baumeister and Peersman (2012), Basher et al. (2012), Lippi and N ...
... are considered to be positive news, whereas, (c) oil specific demand shocks tend to exercise a negative effect. Some notable papers of authors who have considered the different origin of oil price shocks in their studies, are those by Baumeister and Peersman (2012), Basher et al. (2012), Lippi and N ...
Presentation
... Qualitative versus Quantitative • Valuation debates have been largely been about qualitative characteristics of rules • Without a framework for quantified comparison, debates can go on for ever – People don’t change their minds – Theories are supposed to die only with their proponents (“science adv ...
... Qualitative versus Quantitative • Valuation debates have been largely been about qualitative characteristics of rules • Without a framework for quantified comparison, debates can go on for ever – People don’t change their minds – Theories are supposed to die only with their proponents (“science adv ...
The Equity Premium: Why Is It a Puzzle? Rajnish Mehra
... The equity premium, Et(Re,t+1) – Rf,t+1, can thus be easily computed. Expected asset returns equal the risk-free rate plus a premium for bearing risk, which depends on the covariance of the asset returns with the marginal utility of consumption. Assets that covary positively with consumption— that i ...
... The equity premium, Et(Re,t+1) – Rf,t+1, can thus be easily computed. Expected asset returns equal the risk-free rate plus a premium for bearing risk, which depends on the covariance of the asset returns with the marginal utility of consumption. Assets that covary positively with consumption— that i ...
Lattice model (finance)
For other meanings, see lattice model (disambiguation)In finance, a lattice model [1] is a technique applied to the valuation of derivatives, where, because of path dependence in the payoff, 1) a discretized model is required and 2) Monte Carlo methods fail to account for optimal decisions to terminate the derivative by early exercise. For equity options, a typical example would be pricing an American option, where a decision as to option exercise is required at ""all"" times (any time) before and including maturity. A continuous model, on the other hand, such as Black Scholes, would only allow for the valuation of European options, where exercise is on the option's maturity date. For interest rate derivatives lattices are additionally useful in that they address many of the issues encountered with continuous models, such as pull to par.