This paper presents the case for modeling asset price processes as purely discontinuous processes of ̄nite variation with an in ̄nite arrival rate of jumps that have arrival rates completely monotone in the jump size. The arguments address both the empirical realities of asset returns and the implications of the economic principle of no arbitrage. Two classes of economic models meeting these con...

A widespread view is that executive perks exemplify agency problems—they are a route through which managers misappropriate a firm’s surplus. Accordingly, firms with high free cash flow, operating in industries with limited investment prospects, should offer more perks, and firms subject to more external monitoring should offer fewer perks. The evidence for agency as an explanation of perks is, ...

In purely infinite factors, P. de la Harpe proved that a normal subgroup of the unitary group which contains a non-trivial self-adjoint unitary contains all self-adjoint unitaries of the factor. Also he proved the same result in finite continuous factors. In a previous work the author proved a similar result in some types of unital AF-algebras. In this paper we extend the result of de la Harpe,...

Let (A, G, alpha) be a partial dynamical system. We show that there is a bijective corespondence between Ginvariant ideals of A and ideals in the partial crossed prroduct A xalpha, r G provided the action is exact and residually topologically free.

Brodal recently introduced the first implementation of imperative priority queues to support findMin, insert, and meld in O(1) worst-case time, and deleteMin in O(log n) worst-case time. These bounds are asymptotically optimal among all comparison-based priority queues. In this paper, we adapt Brodal’s data structure to a purely functional setting. In doing so, we both simplify the data structu...

When someone designs a new data structure, they want to know how well it performs. Previously, the only way to do this involves nding, coding and testing some applications to act as benchmarks. This can be tedious and time-consuming. Worse, how a benchmark uses a data structure may considerably a ect the e ciency of the data structure. Thus, the choice of benchmarks may bias the results. For th...