With rapid technological change has come a blurring of boundaries between personal and workplace space. Employers are challenged to develop guidelines and policies to direct the appropriate use of technology to maintain a civil workplace. Because of the lack of shared understanding, or even...

The hedging problem is examined where futures prices obey the cost‐of‐carry model. The resultant hedging model explicitly incorporates maturity effects in the futures basis. Formulas for the optimal static and dynamic hedges are derived. Although these formulas are developed for the case of...

The issue of multiple series of stock purchase warrants by the same firm is an interesting financial structure not just in America, but is common in countries such as Switzerland, Malaysia, and Singapore. This paper derives valuation formulas for multiple series of outstanding warrants. The...

The correlation structure of asset returns is a crucial parameter in risk management as well as in theoretical finance. In practice, however, the true correlation structure between the returns of assets can easily become obscured by time variation in the observed correlation structure and in the...

It is widely believed that the conventional futures hedge ratio, is variance‐minimizing when it is computed using percentage returns or log returns. It is shown that the conventional hedge ratio is variance‐minimizing when computed from returns measured in dollar terms but not from returns...

We examine the problem of hedging a foreign exchange exposure when a futures contract on the foreign currency does not exist but there is does exist a futures contract on the value of the local currency in terms of the foreign currency. This situation is termed inverse currency futures hedging....