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- Explanation of Derivatives
- There are two types of derivatives: linear derivatives and non-linear derivatives. A linear derivative is one whose payoff function is a linear function. For example, a futures contract has a linear payoff in that every one-tick movement translates directly into a specific dollar value per contract. A non-linear derivative is...
- White papers
- Economic Catastrophe Bonds
- The central insight of asset pricing is that a security's value depends on both its distribution of payoffs across economic states and state prices. In fixed income markets, many investors focus exclusively on estimates of expected payoffs, such as credit ratings, without considering the state of the economy in which...
- White papers 2007-06-01
- The IPO Market As A Screening Device And The Going Public Decision
- The authors analyze the decision of some owners to sell the firm privately or to sell following an IPO (Initial public offering) as well as the payoffs to these one- and two-stage sales. The factors that affect the decision of selling in one or two-stages is analyzed and two key...
- White papers 2006-07-26
- Maximizing Joint Gains: Transaction Utility Within And Between Groups
- In a choice between equal payoffs and more lucrative but disadvantageously unequal payoffs, individuals willingly trade disadvantageous inequality for extra profit, choosing the more lucrative but disadvantageously unequal payoff. The present analysis, however, explores how the transaction utility, the perceived value of such "Deals," depends on whether allocation recipients come...
- White papers 2006-02-17
- Bargaining Power in Sequential Contracting
- Bargaining power affects the terms of trade negotiated between agents in the economy. When multiple agents with interrelated payoffs negotiate contracts, the outcome of each negotiation depends on all agents' bargaining powers. In a model in which a buyer negotiates in sequence with two sellers, one finds that the buyer's...
- White papers 2004-10-01
- Leadership With Commitment to Mixed Strategies
- A basic model of commitment is to convert a game in strategic form to a "leadership game" with the same payoffs, where one player commits to a strategy to which the second player chooses a best reply. This paper studies such leadership games for the mixed extension of a finite...
- White papers 2004-08-30
- Measuring a System's Attack Surface
- This white paper proposes a metric to determine whether one version of a system is relatively more secure than another with respect to the system's attack surface. The paper defines an attack surface in terms of the system's actions that are externally visible to its users and the system's resources...
- White papers 2004-01-01
- Market Selection and Survival of Investment Strategies
- The paper analyzes the process of market selection of investment strategies in an incomplete market of short-lived assets. In the model understudy, asset payoffs depend on exogenous random factors. Market participants use dynamic investment strategies taking account of available information about current and previous events. It is shown that an...
- White papers 2001-10-01
- Avoid Delays: The Sometimes-Neglected Art of Uneventful Mortgage payoffs
- Article elucidates that when any borrower closes a new mortgage loan, many small problems can arise. Sometimes one of those problems will delay or even derail the transaction. Of all the possible small problems, perhaps one of the most common, yet the most surprising, is the process of paying...
- White papers 2000-01-01
Additional Resources
- Do the Maths - Project Portfolio Management
- Demonstrating IT value is the key to getting new projects off the ground (and keeping old ones going in these tough economic times). Project portfolio management lets CIOs control their IT investments as one set of activities in one place. A portfolio helps ensure that IT investments are well-balanced in...
- White papers 2001-10-01
- Exotic Swaps
- Just as the financial engineers at banks all over the world have developed exotic options that have specifically tailored payoff profiles that differ specifically from the payoff profile of plain vanilla options, these same groups have come up with new products in the swap market. Whether the evolution of these...
- White papers
- A Technique for Selecting Emerging Technologies for a Fleet of Commercial Aircraft to Maximize R&D Investment
- The paper describes a technique whereby high payoff technologies can be identified across multiple platforms to quantitatively justify resource allocation decisions and investment opportunities. A proof of concept investigation was performed on a fleet of subsonic, commercial aircraft. A solid business case is highly dependent upon a strategic technology research...
- White papers 2001-07-16
- A Market Microstructure Analysis of Foreign Exchange Intervention in Canada
- This paper clarifies the role and the impact of foreign exchange dealers in the relationship between foreign exchange intervention and nominal exchange rates using a unique dataset that disaggregates trades by dealer and by type of trade. The paper tests a number of market microstructure hypotheses. Results suggest that central...
- White papers 2002-06-01
- “Being a Productive Leader” - One Leader’s Perspective
- People are being “pulled” in many directions and many as “a precious commodity” consider time. This article discusses how person can become a more productive leader. In many surveys, business people commonly list the activities as their greatest time wasters like telephone calls, meeting schedules etc. Two main activities consume...
- White papers 2003-01-01
- Three Principles of Competitive Nonlinear Pricing
- This article talks about the theory of contracting under asymmetric information. It focuses on three main principle of the theory such as: 1. It establish a competitive analog to the revelation principle which is known as an implementation principle. This principle provides a complete characterization of all incentive compatible, indirect...
- White papers 2002-06-01
- Hedge Fund Performance 1990-2000: Do The ‘Money Machines’ Really Add Value?
- This paper investigates the claim that hedge funds offer investors a superior risk-return tradeoff by using a continuous time version of Dybvig’s (1988a, 1988b) payoff distribution pricing model. The evaluation model, which does not require any assumptions with regard to the return distribution of the funds to be evaluated, is...
- White papers 2001-12-06
- The Big payoff
- When it comes to executive compensation, 2003 was a big disappointment - for those seeking reform. Paychecks became even larger for many. Even the consultants who help justify the hefty pay packages were sounding the alarm that executive pay disclosures for the previous year would be unusually large due to...
- White papers 2004-06-18
- Derivatives Explained
- The key to understanding derivatives is the notion of a premium. Some derivatives are compared to insurance. Just as you pay an insurance company a premium in order to obtain some protection against a specific event, there are derivative products that have a payoff contingent upon the occurrence of some...
- White papers
- Disability Management: A Good Business Decision
- The payoff for efforts towards disabled workers is higher productivity, reduced lost-work time, a decline in litigation, and an increase in dedicated and motivated employees. Besides, this article also states that returning to work may help employees to get healthier more quickly. In fact, education of the injured employee as...
- White papers 2003-01-01
- Playing With Fire
- From the executive summary: 'The hardest part of risk, especially for CIOs, is that it does not provide concrete answers. Risk analysis will not tell which project to do. But, it will indicate, which ones fall into a certain level of risk and payoff.' Likewise, portfolio management also helps in...
- White papers 2003-07-01
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