For each S&P 500 stock, I calculate the rolling correlation between the VIX and the premium of butterfly at different strikes. The butterfly that co-moves most positively with VIX reveals the expectation of the stock’s return in the future market crash. I call this return the Butterfly Implied...

The geometric structures, energetic and electronic properties of global minima of the AlBe n ( n = 1–12) clusters have been systemically studied by using the hybrid density functional theory [B3LYP] and coupled cluster [CCSD(T)] methods. It is found that the impurity Al atom is externally...

This paper analyses Kantian cooperation of sustainability investments in a two-stage game. Firms’ behavior, Kantian cooperation versus competition, is independent at each stage. Our findings indicate that Kantian cooperation in sustainability investment results in lower sustainability levels,...

This paper analyzes the transfer pricing decision of the multinational firm (MNF). There are differences in profit tax rates between home-country and host-country. The MNF determines the transfer price to its overseas affiliate and delegates the responsibility of deciding on the final sales...

This paper investigates how network externalities affect parallel imports and profits. In a three-country model, a multinational manufacturer produces locally and sells through local distributors in two countries. Parallel imports between two countries are permitted by the manufacturer. The...

This paper incorporates the dividend recovery feature into the variable disaster model of Gabaix (2012). The recovery redistributes risk to the short end and volatility to the long end, leading to the following equity term structures: (1) for one-period return, the average slope is downward with...