Denmark has accepted refugees from a large variety of countries and for more than four decades. Denmark has also frequently changed policies and regulations concerning integration programs, transfer payments, and conditions for permanent residency. Such policy variation in conjunction with...

A valuation problem of the European style contingent claim in the market with daily price movement limit is studied. Unlike the one leading to the well known Black-Scholes formula, this problem depicts considerable conceptual difficulty and anomaly created by the presence of various arbitrage...

This paper concerns questions related to the regulation of liquidity risk, and proposes a definition of an acceptable portfolio. Because the concern is with risk management, the paper considers processes under the physical (rather than the martingale) measure. Basically, a portfolio is...

General polygyny -- near universal marriage and polygyny -- is common in Africa. But why would men marry n wives for 1/n:th of the time instead of monogamously? Downsides include prolonged bachelorhood and a high degree of step-parenting. We point to the African slave trade which...

Despite the enduring appeal of fair trade activism, little evidence exists on its effectiveness in improving producer welfare. This paper provides evidence on the direct effects of a fair trade premium on its target beneficiaries, using the case of the Penny-Per-Pound, a program that increased...

This paper concerns barrier options of American type where the underlying asset price is monitored for barrier hits during a part of the option’s lifetime. Analytic valuation formulas of the American partial barrier options are provided as the finite sum of bivariate normal distribution...

We study a discrete time hedging and pricing problem in a market with liquidity costs. Using Leland’s discrete time replication scheme [Leland, H.E., 1985. Journal of Finance, 1283–1301], we consider a discrete time version of the Black–Scholes model and a delta hedging strategy. We derive...