A New Set of Financial Instruments

Capability-Based Financial Instruments

Every novel cooperative arrangement of mutually suspicious parties interacting electronically — every smart contract — effectively requires a new cryptographic protocol. However, if every new contract requires new cryptographic protocol design, our dreams of cryptographically enabled electronic commerce would be unreachable. Cryptographic protocol design is too hard and expensive, given our unl...

ACCOUNTING FOR FINANCIAL INSTRUMENTS FOR BANKS Joint Working Group of Banking Associations on Financial Instruments

Financial Instruments in Recommendation Mechanisms

Prices of financial instruments with stochastic volatility

This interim draft represents work in progress. It is submitted for discussion purposes at the Aggregation of Opinions conference sponsored by the Cowles Foundation, Yale University, September 15–17, 2006.

Technology-driven selection of financial instruments

Financial markets in the past decade witnessed an enormous interest of IPO based financing of technology-based business. At the same time large sums of venture capital were provided to technology-oriented enterprises. In this article we review recent developments in the provision of equity for technology-based enterprises. After a brief introduction in the possibilities for financing enterprise...