An Endless Leverage Certificate is a novel structured product that has become very popular among European retail investors. ELC-holders have the right to claim the difference between the value of underlying and a contractual financing level at any time during the unlimited life of the contract....

An Endless Leverage Certificate is a novel structured product that has become very popular among European retail investors. ELC-holders have the right to claim the difference between the value of underlying and a contractual financing level at any time during the unlimited life of the contract....

An endless leverage certificate (ELC) is a novel retail structured product that gives its holder the right to claim the difference between the value of an underlying security and an interest accruing financing level. An ELC ceases to exist if the underlying breaches a contractual knockout level,...

We propose the Volume Coefficient of Variation (VCV), the ratio of the standard deviation to the mean of trading volume, as a new and easily computable measure of information asymmetry in security markets. We use a microstructure model to demonstrate that VCV is strictly increasing in the...