Since the ideas of arbitrage free pricing were born, finance has changed radically both in theory and practice. Derivatives markets have evolved and options serve nowadays as underlyings and as hedging instruments. In this thesis, we consider some markets for equity derivatives. We start by statistical analysis of the markets for European options and variance swaps because these products are im...

The purpose of this paper is to find out which signaling factors enhance the probability of success in attracting equity crowdfunding. I examined the impact of venture quality (equity to date, debt to date and networks) on funding success. My data highlights that networks can be interpreted as an effective signal and therefore strongly impact the probability of funding success. Equity to date a...

Matthew Adler University of Pennsylvania Law School “Intergenerational Equity: Puzzles for Welfarists” This presentation will survey the issue of intergenerational equity from the perspective of welfarismthe normative framework undergirding welfare economics, and one also employed in much philosophical work on future generations, such as Derek Parfit's path-breaking analysis in Reasons and Pers...

This paper examines whether birth order can explain variation in financial household decisions. I document that firstborns are more likely to save, to participate in the stock market, and to hold higher conditional equity shares. Consistent with higher financial sophistication, firstborns gather more information when making financial decisions. But when they are optimistic, firstborns seem to a...

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, posttrading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs. Using balanced panel data from major equity...

In this paper we examine an aspect ofprofessional investment management which has not been adequately documented and studied; the extent to which equity mutualfund managers actively adjust their portfolio’s equity risk evosure over time. Estimates of a portfolio’s quarter-end beta are developed using the actual stock ho~~gs oft~~~ol~ at the quarter-end. Changes in these beta estimates fivm one ...

Chapter Outline Designing Broad-Based Taxes: The Economic Objectives 171 Ability to Pay: Theoretical Considerations 173 Two Preliminary Considerations 173 Horizontal Equity 174 From Horizontal Equity to the Ideal Tax Base 174 The Three Principles of Tax Design 174 People Bear the Tax Burden 174 Individuals Sacrifice Utility 174 The Ideal Tax Base as the Best Surrogate Measure of Utility 175 Hai...

This paper examines the direct private equity investment strategies across sovereign wealth funds and their relationship to the funds’ organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher, and invest abroad when foreign prices are higher. Funds see the industry P/E ratios of their home inve...

This paper argues that occasionally binding borrowing limits and non-trivial equity trading costs signi cantly increase the probability of a Sudden Stop post nancial liberalization, which in turn, signi cantly alters the long run external capital structure of an emerging market economy. Upon opening the capital account, agents in the emerging market have an incentive to accumulate debt and sell...

This paper develops and illustrates a revenue multiplier methodology to estimate brand equity that addresses two major drawbacks in extant brand equity measurement methods: (i) Our methodology requires data only from easily available secondary sources; and (ii) Marketing mix impacts are explicitly modeled so as to allow a more accurate estimate of brand equity. For each specific brand, brand eq...