Private vs. public efficiency in the securities industry

Article Abstract:

Article discusses in general terms efficiency issues related to the structure of securities markets, firms in the industry and financial products and services. A common theme connecting these topics involves the nature of transaction costs and the practice of traders and firms to free-ride on public and private institutions. Examples related to this topic include the view that 'transaction costs' inhibit the direct trade between parties and secondly, one that involves the holding of liquid securities by investment banking houses.

Security brokers and dealers, Evaluation, Securities industry, Industrial efficiency, Economic efficiency, Panel Discussion

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Unspanned stochastic volatility and fixed income derivatives pricing

Article Abstract:

An 'unspanned stochastic volatility' model of the term structure is presented, and its effects on fixed income option prices are studied.

United States, Commodity & service prices, Financial Services, Finance and Insurance, DEPOSITORY INSTITUTIONS, Analysis, Financial services industry, Prices and rates, Stochastic processes, Company pricing policy

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