Substantial progress has been made in developing more realistic option pricing models.
Empirically, however, it is not known whether and by how much each generalization improves …

This article tests how demographic changes affect capital markets. The life-cycle investment
hypothesis states that at an early stage an investor allocates more wealth in housing and …

Which market attracts informed investors prior to extreme informational events? We examine
the information embedded in the stock and option markets prior to takeover announcements…

In existing theory, wealth is no more valuable than its implied consumption rewards. In reality
investors acquire wealth not just for its implied consumption, but for the resulting social …

Any admissible portfolio performance measure should satisfy four minimal conditions: it
assigns zero performance to each reference portfolio and it is linear, continuous, and nontrivial. …

Do long-term and short-term options contain differential information? If so, can long-term
options better differentiate among alternative models? To answer these questions, we first …

Ethnopharmacological relevance Bufo gargarizans (Cantor, 1842) (BGC), a traditional
medicinal animal distributed in many provinces of China, is well known for the pharmaceutical …

We develop a measurement theory of market integration, based on two notions of “integrated
markets”. First, two markets cannot be perfectly integrated in any sense if one can construct …

Ionic liquids, as a kind of liquid conductors with the unique inherent abilities of rapid self-healing,
highly adaptive deformation, reconstruction, as well as high ionic conductivity, have …

Single-crystalline Bi 4 Ti 3 O 12 nanosheets with rectangular shape and exposed {0 0 1} facets
were successfully synthesized via a sol–gel hydrothermal process for the first time. Their …