Perhaps the single most controversial question in modern finance is whether markets are
efficient. Prior to the 1980s a strong case (albeit indirect using low power tests) could be made …

This paper examines the forecasting power of German, UK and French iShares for the next
day returns of the underlying Morgan Stanley country equity indexes and assesses whether …

Purpose – This paper aims to show that tax‐motivated early exercise of US employee stock
options can be, in principle, rationalized for bullish executives. The paper aims to show …

Glucocorticoids are the most commonly prescribed anti-inflammatory/immunosuppressant
medications worldwide. This article highlights the risk of clinically significant and sometimes …

Transfer tax valuation rules for interests in family businesses include a minimum value to
reflect the option value of “junior” equity interests transferred to family members. We examine …

A persistent anomaly in option pricing is the volatility skew. Many have attempted to explain
it with stochastic volatility and/or jump diffusion models with mixed results. We propose a …

… In 1888, Maximilian Sternberg posited the existence of a … leaks, radiographic evidence of
Sternberg's canal in the general … is to determine the incidence of Sternberg's canal in vivo, in a …

Owners of employee stock options can convert future stock appreciation from ordinary
income to long-term capital gains if they exercise their options and subsequently hold the …

Closed-end funds have presented somewhat of an enigma to the finance profession. These
funds, which generally can only be purchased or sold in the open market, tend to trade at …

A persistent anomaly in option pricing is the volatility skew. Many have attempted to explain
it with stochastic volatility and/or jump diffusion models with mixed results. We propose a …