This book is a collection of articles by academics, practitioners, and regulators from around the world who were asked to give their perspective on the future of banking. The chapters cover such diverse topics as banking and microcredits in developing countries, deregulation and community banks,...

In this paper, we present an index option pricing equation that is theoretically superior to prior models. Specially, we develop an analytic index option pricing equation assuming each security underlying the index follows geometric Brownian motion. We compare our model to the standard index...

In this paper, we develop a model for pricing default-risky interest rate swaps in a partial equilibrium framework by treating them as an exchange of two hypothetical securities. We provide an empirical look at the various factors that make up the bid-ask rates quoted by the swap dealers. We...

We find evidence that executives use private information in exercising stock options. The most informed executives exercise early, exercise after the vest date rather than at the vest date, do not exercise in anticipation of dividends, exercise a high percentage of their options, sell a large...