This paper reviews the method of model-fitting via the empirical characteristic function. The advantage of using this procedure is that one can avoid difficulties inherent in calculating or maximizing the likelihood function. Thus it is a desirable estimation method when the maximum likelihood...

This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band....

This paper deals with the spatio-temporal structure of the concentration boundary layers at a membrane system. This structure is studied experimentally by means of the laser interferometric technique. Concentration profiles obtained on the basis of computer analysis of interferometric pictures...

This paper reports fairly accurate simulations of insurance-linked securities within an arbitrage-free framework, while accounting for catastrophic events and allowing for stochastic interest rates. Assessing these contingent claims exhibits features of instability rooted in the discontinuity of...

We prove that, given a closed set K and a controlled diffusion Xx,u, if, for all x[set membership, variant]K, there exists a control u such that the probability for Xx,u to stay some time in K is strictly positive, then K is viable for Xx,u.