The market enthusiasm generated around investment in CRM technology is in stark contrast to the naysaying by many academic and business commentators. This raises an important research question concerning the extent to which companies should continue to invest in building a CRM capability. Drawing on field interviews and a survey of senior executives, the results reveal that a superior CRM capab...

We examine using the Stochastic Grid Bundling Method (SGBM) to price a Bermudan swaption driven by a one-factor LIBOR Market Model (LMM). Using a wellknown approximation formula from the finance literature, we implement SGBM with one basis function and show that it is around six times faster than the equivalent Longstaff–Schwartz method. The two methods agree in price to one basis point, and th...

The paper presents recent developments in Morfeusz – a morphological analyser for Polish. The program, being already a fundamental resource for processing Polish, has been reimplemented with some important changes in the tagset, some new options, added information on proper names, and ability to perform simple prefix derivation. The present version of Morfeusz (including its dictionaries) is ma...

Term structure models give the dependence of time to maturity of a discount bond and its present price. One-factor models are often formulated in terms of a stochastic differential equation for the instantaneous interest rate (short rate). In the theory of nonarbitrage term structure models the bond prices (yielding the interest rates) are given by a solution to a parabolic partial differential...

Abstract This paper studies arbitrage-free financial markets with bid-ask spreads whose super-hedging prices are submodular. The submodular assumption on the price, or supermodularity usually assumed utility functions, is formal expression of perfect complementarity, which dates back to Fisher, Pareto, and Edgeworth, according Samuelson (J Econ Lit 12:1255–1289, 1974). Our main contribution pro...

This paper studies the impact of external claim-holders heterogeneity on entrepreneurial risk-taking. We show that risk-taking by entrepreneurs and demand for risky securities by risk-neutral traders (e.g. fund managers or proprietary traders) are mutually reinforcing. Market discipline is the mechanism by which the adjustment of cost of capital to the level of risk feeds into managerial incent...

Using a hand-collected dataset containing bullish, neutral, and bearish predictions for Bitcoin published by crypto experts, we show that neutral are followed negative abnormal returns whereas bullish not associated with nonzero returns. Based on all outstanding predictions, compute prediction revisions relative to (i) the latest issued (ii) consensus prediction. Downward We conclude experts sk...

after the collapse of the left extreme ideological camp (communism) in leadership with soviet :union: in 90’s; that must be consider along the collapse of the right extreme ideological camp (fascism) in the mid of twentieth century; the middle right ideological camp (liberalism) in leadership of industrial world countries, to celebrate this victory along with globalization age. in the meantime,...

Title of Dissertation: ESSAYS IN BEHAVIORAL ECONOMICS: APPLYING PROSPECT THEORY TO AUCTIONS Anmol Ratan, Doctor of Philosophy, 2010 Directed By: Prof. Andreas Lange Department of Agricultural and Resource Economics I explore the implications of reference-dependent preferences in sealed-bid auctions. In the first part, I develop a Prospect theory based model to explain bidding in first-price auc...