The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently...

This second and final book in the exploration of the pioneers of financial economics examines the development of the discipline during the twentieth century. Specially commissioned essays discuss scholars from the early part of the century to the Nobel Prize winners of the last decade including:...

By the time The Wealth of Nations had appeared, financial economics featured a well developed body of scientific knowledge, covering subjects such as fixed income evaluation, life insurance and derivative securities. From beginnings which are traced back to the commercial arithmetic of the...

This paper compares the mean-variance and the mean-variance-skewness approaches to modelling expected utility. Attention is focused on a problem encountered in risk management: determining the optimal demand for a put option hedging the return on an asset with a negatively skewed return...