We examine the forecast quality of Chicago Board Options Exchange (CBOE) implied volatility indexes based on the Standard and Poor's 100 and Nasdaq 100 stock indexes. We find that the forecast quality of CBOE implied volatilities for the Samp;P 100 (VIX) has significantly improved in recent...

The academic literature generally concludes that the Black-Scholes model overstates the value of employee stock options (ESOs). In particular, because ESOs cannot be traded, employee risk aversion often elicits premature exercise. As a result, the ESO is less valuable than a traded option. An...

In the United States, the lowest interest rate cap on small-dollar installment loans 17 percent is in Arkansas. No small-dollar installment lenders operate within Arkansas, while they do in all six states bordering Arkansas providing a natural experiment to examine the effects of a binding...

We introduce a decomposition showing precisely how actively-managed portfolio returns can be separated into three measurable components that we call Opportunity, Foresight, and Active Management Risk. Opportunity reflects the degree to which the investment opportunity set contains exploitable...

This case is based on actual events from one of the author’s experiences as a U.S. Air Force Lieutenant, deployed to Kuwait in support of Operation ENDURING FREEDOM (Afghanistan Theater) and IRAQI FREEDOM (Iraq Theater). This case is about an ontological approach to leadership development....

In this paper, we report the first empirical tests concerning the performance of international investment strategies recommended by a panel of investment houses from 1982 through 2001. The data for this study comes from surveys published in the Financial Report, a confidential newsletter...

A central question in finance is how to measure portfolio performance. We assert that foresight (i.e., the ability of managers to forecast relative returns) and commitment (i.e., the aggressiveness with which managers act on their foresight) are necessary ingredients to generate portfolio...

In this paper, we report the first empirical tests concerning the international investment strategies of a panel of investment houses from 1982 through 1999. The previously untapped data for this study comes from surveys published in the Financial Report, a confidential newsletter purchased by...