We provide a model for a futures clearinghouse to use for setting optimal levels of clearing margin, capital and price limits, which minimizes the costs to clearing firms and simultaneously protects the clearinghouse from default by clearing firms. We show how to estimate the capital requirement, which supports the clearinghouse s residual default risk that is not covered by the clearing margin...

We survey over 100 financial planners to assess their reasoning mode, intertemporal choices, risk aversion and preferences, and framing focus. Using the Cognitive Reflection Test, we find that financial planners are more analytical than the general population. Further tests show that the analytical planners are more financially patient and perform better in intertemporal choice problems. These ...

We examine pure no-load funds over a 5-year period. For equity funds, trading activity is negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio are positively related to return. For fixed income funds, trading activity is positively related to return. Expense ratios and tax cost ratios are negatively related t...

Abstract Portfolio performance measures using holdings data are panel regressions. The returns of a fund’s stocks regressed on its lagged portfolio weights. Stock fixed effects isolate average from time-series predictive ability. Control variables condition for fund the characteristics held. long-term drives some classical measures, while ability others. A “buy-and-hold drift,” where weights in...

Chinese banks have gradually expanded their financial services into overseas and trade transactions. The system is becoming more humanized intelligent with the global economy's rapid development progress. It improves quality of banks' plays a vital role in its construction product innovation. As an internal driving force for industry, innovation has vast extensive impact on economy. Because imp...

Many white dwarfs host disks of dust produced by disintegrating planetesimals and revealed infrared excesses. The disk around G29-38 was the first to be discovered is now well-observed, yet we lack a cohesive picture its geometry properties. Here model for time using radiative transfer calculations that account radial vertical temperature optical depth gradients. We arrive at set models can mat...