Endowment warrants are long-term call options with an exercise price that is reduced whenever dividends are paid on the options' underlying shares so that over the decade-long life of the option the exercise price could fall to zero if anticipated share dividend growth occurs. This paper derives...

This paper provides a method for testing for regime differences when regimes are long-lasting. Standard testing procedures are generally inappropriate because regime persistence causes a spurious regression problem - a problem that has led to incorrect inference in a broad range of studies...

Emerging market currencies tend to jump together, thus intensifying short-term risk, whereas developed market currency jumps and cojumps are much less prevalent. Emerging market currency jumps are considerably more severe, especially during crisis periods. Jumps represent a majority of emerging...

This authoritative Handbook provides a thorough account and analysis of the important issues relating to the globalization of the international economy.

This paper provides a method for testing for regime differences when regimes are long-lasting. Standard testing procedures are generally inappropriate because regime persistence causes a spurious regression problem - a problem that has led to incorrect inference in a broad range of studies...