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Market index depository liabilities: Analysis, interpretation, and performance
This paper examines a new financial instrument, the market index CD. This deposit offers an interest rate equal to a specified fraction of the change...
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Option Valuation: Theory and Empirical Evidence
This paper reviews option valuation theory and the empirical evidence. The rapid growth of interest in option theory is probably due to the abundance... -
Heterogeneity in Risk Classification
The traditional method of pricing insurance divides risks into various classes for the purposes of collecting statistics, estimating loss...