: Navaho Acquisitive Values . Richard Hobson.

Integrated Acquisitive Reorganizations

In this article, P is the purchasing or acquiring corporation, T is the target or acquired corporation, and S is a wholly owned P corporate subsidiary. In Rev. Rul. 2001-26,1 the IRS (building on case law2) stepped together (1) P’s acquisition of 51 percent of T’s stock by tender offer in exchange solely for P voting stock and (2) P’s preplanned acquisition of the remaining 49 percent of T’s st...

Acquisitive Crime: Imprisonment, Detection and Social Factors

Civitas is a registered charity (no. 1085494) and a company limited by guarantee, registered in England and Wales (no. 04023541) Independence: Civitas: Institute for the Study of Civil Society is a registered educational charity (No. 1085494) and a company limited by guarantee (No. 04023541). Civitas is financed from a variety of private sources to avoid over-reliance on any single or small gro...

Remembering Richard [Obituary, Richard A.Newton]

Putting the Hobson-Rogers model to the test

In this paper, we take the model of Hobson & Rogers (1998) for the movement of an asset, and we fit it to data. The model of Hobson & Rogers is a stochastic volatility model, where the volatility depends on the offset of the current log-price from its exponentially-weighted historical value. As such, the model is complete, and there are unique preference-independent prices. In the datasets we s...

Calibration of the Hobson&Rogers model: empirical tests

The path-dependent volatility model by Hobson and Rogers is considered. It is known that this model can potentially reproduce the observed smile and skew patterns of different directions, while preserving the completeness of the market. In order to quantitatively investigate the pricing performance of the model a calibration procedure is here derived. Numerical results based on S&P500 option pr...