This paper provides a general framework for pricing options with a constant barrier under spectrally one-sided exponential Lévy model, and uses it to implement of Carr's approximation for the value of the American put under this model. Simple analytic approximations for the exercise boundary...

Nonprofit Organisations (NPOs) receive their funding in three major types: government subvention, donations and fees collected for services provided. While the contributors do not normally act as the decision agents, the potential existence of agency problem has to be dealt with. This paper...