Download or read book Three Essays in Financial Markets The Bright Side of Financial Derivatives Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Download or read book Essays on Financial Derivatives written by Atilim Murat and published by . This book was released on 2007 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Derivatives written by Don M. Chance and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the updated second edition of Don Chance’s well-received Essays in Derivatives, the author once again keeps derivatives simple enough for the beginner, but offers enough in-depth information to satisfy even the most experienced investor. This book provides up-to-date and detailed coverage of various financial products related to derivatives and contains completely new chapters covering subjects that include why derivatives are used, forward and futures pricing, operational risk, and best practices.
Download or read book Essays on Derivatives Risk Management written by Ronnie Söderman and published by . This book was released on 2001 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in the Corporate Use of Financial Derivatives written by Long Phi Tran and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Merton Miller on Derivatives written by Merton H. Miller and published by John Wiley & Sons. This book was released on 1997-08-25 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dieses Buch ist die sorgfältig umgeschriebene und redigierte Bearbeitung von Reden und Aufsätzen des Nobelpreisträgers Merton Miller, die seine persönlichen Einschätzungen des Marktes widerspiegeln. Gut verständlich wird die Problematik der Derivative sowie wichtige Themen der modernen Finanzwelt - jedoch ohne mathematische Formeln - erörtert. (10/97)
Download or read book Three Essays on Accounting Information and Financial Derivatives written by Yubin Li and published by . This book was released on 2015 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation comprises of three essays: 1) Accounting information and financial derivatives: a literature review 2) The Effect of Option Transaction Costs on Informed Trading in the Option Market around Earnings Announcements; and 3) The Effects of Credit Default Swaps trading on Analyst Forecast Properties. The first essay surveys the previous researches on accounting information and financial derivatives. The financial derivate instruments we mainly focus on are stock option and credit default swaps. Then we also identify some research gaps for future research. The second essay investigates the effect of transaction costs related to trading options on the directional and volatility informed trading in the option market. We find that both forms of informed trading are significantly stronger among firms with lower option bid-ask spread. Importantly, the effect of transaction costs is significant around earnings announcements, but not significant (on average) around randomly chosen dates with no events of consequence. This suggests that transaction costs play a particularly important role during information intensive periods. Trading strategies based on directional informed trading and option transaction costs earn monthly abnormal returns of 1.39% to 1.91%. The third essay investigates whether the initiation of credit default swaps (CDSs) trading can affect analysts' forecast properties. Using a difference-in-difference research design, we find that the onset of CDS trading help analysts to increase forecast accuracy, which is consistent with notion that a new financial market facilitate information discovery and dissemination. This effect is more pronounced for firms with greater information asymmetry and higher leverage. We also find that CDS initiation can depress analysts' strategic forecast optimism. Relying on several proxies for analysts' strategic optimism, we find that the depressing effect is more pronounced for subsamples with higher optimism level. In addition, we find that the depressing effect is stronger when bad news is realized ex post in the earnings announcement date.
Download or read book Are financial derivatives good or bad Benefits and threats of using financial derivatives written by Sinan Tunbek and published by GRIN Verlag. This book was released on 2019-06-04 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2016 in the subject Economics - Finance, grade: 2,7, University of Mannheim, course: The Evolution of Financial Markets, language: English, abstract: In the essay the author discusses some of the most important risks and threats of using financial derivatives by explaining them. The essay deals with questions like: Are financial derivatives really a threat for firms and, worse, for the whole economy? Do they increase welfare? If yes, who benefit the most? Are there losers? Warren Buffet, without any doubt one of the most famous investors of the world, once referred to financial derivatives as “Financial weapons of mass destruction”. Ed Murray, practicing lawyer and senior member of the Allen & Overy team advising ISDA (International Swaps and Derivatives Association), states that derivatives played an important role and worsened the Financial Crisis. Many more influential people seem to point accusing fingers to financial derivatives, stating that derivatives may bear significant problems people are underestimating. Since the derivatives market have been growing immensely since the 1970s to todays unbelievable estimated notional value of 1,2 quadrillion US dollars, more than ten times the gross world product (107,5 trillion US dollars), financial derivatives play an extremely important and growing role in todays financial system. Therefore we should be aware of the problems, risks and threats coming with the usage of derivatives instrument.
Download or read book Three Essays on the Use of Financial Derivatives by Latin American Banks in Brazil Chile and M xico written by Andrés E. Rivas-Chávez and published by . This book was released on 2003 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Empirical Essays on Inferring Information from Options and Other Financial Derivatives written by Jackie Zhang and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Derivatives written by Don M. Chance and published by . This book was released on 1998 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Derivatives Pricing in Incomplete Financial Markets written by Qimou Su and published by . This book was released on 2007 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not available.
Download or read book Essays in Stigma and Derivatives During a Financial Crisis written by Sriya Anbil and published by . This book was released on 2015 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Empirical Essays on Financial Markets Firms and Derivatives written by Niclas Hagelin and published by . This book was released on 2000 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Derivatives Text Cases written by Prakash Yaragol and published by Vikas Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Derivatives—Text and Cases has been written primarily for the students of MBA, MCom, MFC, MIB and so on, who wish to study the subject as a part of their specialization in the area of finance. It will also be useful to finance professionals. It is written in a very simple language and presented in a neat style, covering the entire spectrum ranging from basics to advanced aspects of financial derivatives. The focus is on recent developments in the area.The book sets the direction of every chapter by laying down course outcomes at the beginning of each chapter. Judicially supplementing and substantiating the main text are figures and charts, tables, numerical illustrations, different types of questions such as fill in the blanks, true/false, short answer questions and essay type questions. Every chapter ends with a brief summary of the entire text of the chapter which helps the reader to grasp its important aspects.
Download or read book Financial Derivatives Pricing Selected Works Of Robert Jarrow written by Robert A Jarrow and published by World Scientific. This book was released on 2008-10-08 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of original papers by Robert Jarrow that contributed to significant advances in financial economics. Divided into three parts, Part I concerns option pricing theory and its foundations. The papers here deal with the famous Black-Scholes-Merton model, characterizations of the American put option, and the first applications of arbitrage pricing theory to market manipulation and liquidity risk.Part II relates to pricing derivatives under stochastic interest rates. Included is the paper introducing the famous Heath-Jarrow-Morton (HJM) model, together with papers on topics like the characterization of the difference between forward and futures prices, the forward price martingale measure, and applications of the HJM model to foreign currencies and commodities.Part III deals with the pricing of financial derivatives considering both stochastic interest rates and the likelihood of default. Papers cover the reduced form credit risk model, in particular the original Jarrow and Turnbull model, the Markov model for credit rating transitions, counterparty risk, and diversifiable default risk.
Download or read book Financial Derivatives Pricing written by Robert A. Jarrow and published by World Scientific. This book was released on 2008 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of original papers by Robert Jarrow that contributed to significant advances in financial economics. Divided into three parts, Part I concerns option pricing theory and its foundations. The papers here deal with the famous Black-Scholes-Merton model, characterizations of the American put option, and the first applications of arbitrage pricing theory to market manipulation and liquidity risk.Part II relates to pricing derivatives under stochastic interest rates. Included is the paper introducing the famous Heath?Jarrow?Morton (HJM) model, together with papers on topics like the characterization of the difference between forward and futures prices, the forward price martingale measure, and applications of the HJM model to foreign currencies and commodities.Part III deals with the pricing of financial derivatives considering both stochastic interest rates and the likelihood of default. Papers cover the reduced form credit risk model, in particular the original Jarrow and Turnbull model, the Markov model for credit rating transitions, counterparty risk, and diversifiable default risk.
