This paper proves that the optimal exercise time for the holder of an American option depends upon the physical drift of the underlying asset and the utility of the option holder. We illustrate our results by applying them to several families of utility functions, namely the CARA, the HARA, and the expected return. While the option holder maximises his utility, the issuer gains from the di eren...

when shareholders have agreement about divestiture of company’s share in stock exchange, they decide to change and improve their business ownership structure and the presence of a large shareholder to help divestiture. the present study was aimed to investigate the effect of presence of large shareholder to tends firm to divestiture by a new approach. for this purpose, the propensity score a sa...

The reset right embedded in a derivative refers to the feature that the holder can alter certain terms in the derivative contract according to some preset rules. In this paper, we consider options that allow the holder to reset the strike price with preset number of times at any moment during the life of the option. The determination of the optimal reset policies adopted by the holder leads to ...

Keywords can be used as attributes for mining rules or a basis measuring the similarity of new (unclassified) documents with existing (classified) ones. The focus is on problem extracting keywords from document collection in order to use them classification. Document classification hot topic machine learning. Typical approaches extract “features,” generally words, document, and feature vectors ...

Abstract   Fiber-metal laminates (FMLs) are new type of composite materials which could improve defects of traditional composites in ductility, formability, impact and damage tolerance. Drawing behavior of a thermoplastic based FML was investigated consisting of glass-fiber reinforced polypropylene composite laminate and aluminum AA1200-O as the core and skin layers, respectively. The effects o...