We test whether life-contingent annuity prices promptly and fully adjust to changes in interest rates; a standard assumption made implicitly or explicitly in a growing annuity literature. Using a unique database consisting of over 3 million U.S. annuity quotes, we find that prices do not move as...

This book project grew out of the deep frustration two of the three authors have experienced for many years, trying to teach a practical yet rigorous course on personal - in contrast to corporate or investment - finance, to undergraduate and graduate students at Canadian business schools....

Purpose – The purpose of this paper is to provide a brief review of three strands of the literature on exchange‐traded funds. Design/methodology/approach – The paper starts with a review of the history of the growth of exchange‐traded funds and their characteristics. The paper then...