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An option is a contract between two parties by which party A grants party B the right to buy from or sell to A, at B's discretion, a given asset at a fixed price until a fixed date after which any rights or obligations expire. The party having the discretionary right to buy or sell is the buyer...
A respectable theory which accounts for investor behaviour needs to start from a statement of investor objectives. The objective may be generally stated as the maximisation of utility von Neumann & Morgenstern 1953, though of itself utility is difficult to measure. In order to operationalise the...
During the last decade or so there has been a huge outpouring of empirical studies of the efficient capital market hypothesis ECMH. These studies are of potential use to the financial manager, not just as indicators of the extent to which capital markets are efficient, but more importantly as...
The use of leasing as a means of obtaining business assets has grown spectacularly in recent years in the UK and other countries. This means that many managers have perceived, or been persuaded of, particular benefits which leasing confers. It is necessary, therefore, to understand the issues...
In financial markets investors and borrowers are faced with a whole structure of prices and interest rates on financial instruments. The determination of equilibria in these markets is a complex process and presents a challenge to researchers and practitioners alike. In this article we are...
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