We examine using the Stochastic Grid Bundling Method (SGBM) to price a Bermudan swaption driven by a one-factor LIBOR Market Model (LMM). Using a wellknown approximation formula from the finance literature, we implement SGBM with one basis function and show that it is around six times faster than the equivalent Longstaff–Schwartz method. The two methods agree in price to one basis point, and th...

The paper presents recent developments in Morfeusz – a morphological analyser for Polish. The program, being already a fundamental resource for processing Polish, has been reimplemented with some important changes in the tagset, some new options, added information on proper names, and ability to perform simple prefix derivation. The present version of Morfeusz (including its dictionaries) is ma...

Should an investor unwind his portfolio in the face of changing economic conditions? We study an investor’s optimal trading strategy with finite horizon and transaction costs in an economy that switches stochastically between two market conditions. We fully characterize the investor’s time dependent investment strategy in a ‘‘bull’’ market and a ‘‘bear’’ market. We show that when the market swi...

Objective Art business takes place in an institutional context and is highly reliant on the cultural, political, and social content of a society. Because of a variety of reasons such as the profitability of art industry in foreign market, low academic marketing knowledge, the opposing ideas to art economy according to its players, the high rate of graduate students in art disciplines and the n...

The stock exchange, as part of the capital market, in case of necessary conditions, can equip national capital and direct it towards economic growth. A secure environment for investment and information asymmetry are considered to be the features of a good business, in which managers are working towards stockholders. This research seeks to investigate whether information asymmetry of financial m...

This study investigates whether local economic conditions at entry into the labour market affect adult career outcomes. If the stage of the business cycle determines later outcomes, then there are long-term costs associated with entering the labour market in a recession. The focus is on the local unemployment rate (LUR) at entry at detailed regional level and its overall effects on earnings and...

Appropriate function of active management in common investment funds function depend on factors such as diversification, identification papers unrealistic pricing, market timing, and so on. Market timing are include changing the portfolio investment funds and market indices such as short-term bonds and make an asset depends on whether the market is expected in the whole of the assets to make be...