This essay explores the use of financial instruments and the way such instruments discipline actors to envisage time, the future, and its possibilities. Through the construction of a contrastive theological account of futurity, using the Christian Discourses of the Danish theologian-philosopher...

FX rates are increasingly volatile in recent macroeconomic and geopolitical times of uncertainty. FX risk if not dealt with properly can pose existential threads to companies. Especially fast-growing companies, that have previously not hedged FX risks due to insignificance, need to build up a...

To analyze day trading dynamics for Nifty Index futures and options contracts, a detailed study is steered to understand the quantum of volume traded and how volume traded affects the underlying volatility. Day trades are about 30% and 46% of the total trades for futures and options contracts,...

This analysis is the first to investigate the influence of index futures trading volume on spot market volatility for the Ho Chi Minh Stock Exchange (HOSE). The data utilized in this study are the daily VN30-Index futures contract trading volume starting at the inception date for the VN30-Index...

It is well established that investors price market liquidity risk. Yet, there exists no financial claim contingent on liquidity. We propose a contract to hedge uncertainty over future transaction costs, detailing potential buyers and sellers. Introducing liquidity derivatives in Brunnermeier and...

This paper examines the role of information from the options market in forecasting the equity premium. We provide empirical evidence that the equity premium is predictable out-of-sample using a set of CBOE strategy benchmark indices as predictors. We use a range of econometric approaches to...

Firms use derivatives to achieve various stated goals ranging from enhancing risk management, alleviating under-investment, and information asymmetry, reducing the financial distress costs and tax burden, as well as maximizing firm value. Using a sample of 47,191 year-firm observations spanning...

We propose a counter-cyclical initial margin model for option portfolios. Our model explores the intrinsic netting within a given portfolio of European options and outputs a constant upper bound of the maximum possible loss. This feature would allow option clearinghouses and regulators to gauge...