Leland J. Haworth

The Board of Trustees of the Leland

An Extension of Some Results Due to Cox and Leland

We investigate an optimal portfolio allocation problem between a risky and a risk-free asset, as in [1]. They obtained explicit conditions for path-independence and optimality of allocation strategies when the price of the risky asset follows a geometric Brownian motion with constant asset characteristics. This paper analyzes and extends their results for dynamic investment strategies by allowi...

The Performance of the Calibrated Leland - Toft Model Howard

A common wisdom about term structure models is that they predict much lower spreads than the observed spreads for investment-grade bond, and most of them tend to overpredict spreads for junk bonds. Among them, the Leland-Toft model is perhaps most controversial. Some studies show it always overpredict spreads, in some cases they can be as high as over 5000 bps, yet other studies show it generat...

CO - OPERATION OF LABOR . - OF - Senator Leland Stanford

Religion and Spirituality: Adam Smith versus J-J Rousseau

Adam Smith and J-J Rousseau share some common ground when it comes to religion, namely that they were born into  and educated in cultural contexts deeply shaped by Reformed Christianity. However, close consideration of their writings on religion reveal marked difference. This paper explores those differences and finds that Rousseau and Smith are radically at odds on this score. Smith has almost...