The volatility surface implied by option prices presents a structure that changes over time. The aim of this study is to present a framework to model the implied volatility of the FTSE options in real time, and to present a prototype application that implements this framework. We adapt the parametric models presented in Dumas et al (1998) to estimate the surfaces across moneyness instead of acr...

Copyright 1999 by Alon Brav and Ernst Maug. All rights reserved. No part of this lecture may be reproduced without the permission of the authors. In this lecture we analyze the firm's capital structure and its impact on the value and returns of a company. Capital structure is defined as the composition of all the securities the firm issues in order to finance its operations. These securities ca...

In presenting this thesis in partial fulfillment of the Bachelor’s Degree from the Departments of Geology & Geophysics and Astronomy, Yale University, I agree that the departments may make copies or post it on the departmental websites so that others may better understand the undergraduate research of the departments. I further agree that extensive copying of this thesis is allowable only for s...

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Many entrepreneurs who close a business are actually willing to venture anew. However, to realize a restart is not only a matter of willingness on the part of the entrepreneur but also of its feasibility. Regarding the feasibility of a restart, the aspect of capital acquisition might be particularly precarious for renascent entrepreneurs since business closures are likely to come up with financ...

There is overwhelming evidence that the continued and widespread use of untested spreadsheets in business gives rise to regular, significant and unexpected financial losses. Whilst this is worrying, it is perhaps a relatively minor concern compared with the risks arising from the use of poorly constructed and/or untested spreadsheets in medicine, a practice that is already occurring. This artic...

Based on survey data for Switzerland, new empirical findings on direct democracy are presented. In the first part, we show that, on average, public employees receive lower financial compensation under more direct democratic institutions. However, top bureaucrats are more constrained in direct democracies and have to be compensated by higher wages for that loss of power. In the second part, we d...