Leland Shanor, 1914–1993

The Board of Trustees of the Leland

An Extension of Some Results Due to Cox and Leland

We investigate an optimal portfolio allocation problem between a risky and a risk-free asset, as in [1]. They obtained explicit conditions for path-independence and optimality of allocation strategies when the price of the risky asset follows a geometric Brownian motion with constant asset characteristics. This paper analyzes and extends their results for dynamic investment strategies by allowi...

The Performance of the Calibrated Leland - Toft Model Howard

A common wisdom about term structure models is that they predict much lower spreads than the observed spreads for investment-grade bond, and most of them tend to overpredict spreads for junk bonds. Among them, the Leland-Toft model is perhaps most controversial. Some studies show it always overpredict spreads, in some cases they can be as high as over 5000 bps, yet other studies show it generat...

CO - OPERATION OF LABOR . - OF - Senator Leland Stanford

Reply to Leland B . Yeager on " Mises and Hayek on Calculation and Knowledge

I n this article on "Mises and Hayek on Calculation and Knowledge ," Leland Yeager argues against the view recently propounded by Murray Rothbard, Jeffrey Herbener, and myself that calculation and knowledge constitute separate and distinct problems of economic organization and that Ludwig von Mises attributed the impossibility of socialism exclusively to its inability to solve the former proble...