This paper derives and draws on simple formulae for the upper and lower bounds to the value of a series of risky cash flows in order to provide some instructive insights in the impact of taxation on these bounds.The formulae are based on no-arbitrage conditions in a setting that is a...

This paper derives and draws on simple formulae for the upper and lower bounds tothe value of a series of risky cash flows in order to provide some instructive insights intothe impact of taxation on these bounds.The formulae are based on no-arbitrage conditions in a setting that is a...

This paper deals with life tables and mortality laws which are insurance businesses' basic techniques in lifetime modeling. It extends the logistic mortality law which has merits in describing the mortality of the oldest-old so that it allows to differentiate not only with respect to age but to...

This paper deals with how reasonable it is to accept the pure expectations hypothesis as a guide to the expected future development of the economy as indicated by the expected future short rate. At this aim it tries to extract short rate expectations from the observable term structure of...

We provide novel evidence that large-scale irrigation heterogeneously shifts the temperature distribution towards cooler temperatures during the months of the growing season relative to the rest of the year. We employ a triple-difference estimator using a 59-year-long panel of weather records...

This paper deals with dynamic asset allocation strategies which guarantee that an investor's terminal wealth will not fall short of a predetermined amount of money. It focuses on two strategies which do not require any information other than the current market price of the involved risky asset....

The objective of this paper is to contribute to a better understanding of rational expectations equilibria. These equilibria emerge from demand decisions of investors who try to extract Information about future market prices from current ones. Therefore from an eeonomisfs perspective it seems...