bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Pricing of Options on Assets with Stochastic Volatilities
Authors: Hull John , White Alan 
Published: October 2023

Abstract
One option-pricing problem that has hitherto been unsolved is the pricing of a European call on an asset that has a stochastic volatility. This paper examines this problem. The option price is determined in series form for the case in which the stochastic volatility is independent of the stock price. Numerical solutions are also produced for the case in which the volatility is correlated with the stock price. It is found that the Black-Scholes price frequently overprices options and that the degree of overpricing increases with the time to maturity. One option-pricing problem that has hitherto remained unsolved is the pricing of a European call on a stock that has a stochastic volatility. From the work of Merton (1973), Garman (1976), and Cox, Ingersoll, and Ross (1985), the differential equation that the option must satisfy is known. The solution of this differential equation is independent of risk preferences if (a) the volatility is a traded asset or (b) the volatility is uncorrelated with aggregate consumption. If either of these conditions holds, the risk-neutral valuation arguments of Cox and Ross (1976) can be used in a straightforward way.
Stochastic Autoregressive Volatility:A Framework for Volatility Modeling
Authors: Andersen Torben G 
Published: October 2023

Abstract
This paper introduces a general class of stochastic volatility models that can serve as a basis for modeling and estimating simultaneous equation systems involving multivariate volatility processes. The class consists of processes obtained as monotone polynomial transformations of so-called stochastic autoregressive volatility (SARV) models. The class permits a flexible modeling of volatility and avoids strong distributional assumptions. Most of the standard stochastic volatility models are incorporated in the framework, including the lognormal autoregressive model and stochastic volatility generalizations of GARCH and EGARCH. General conditions for strict statinarity, ergodicity, and the existence of finite lower-order unconditional moments for SARV are established. Closed-form expressions for the lowerorder moments constitute the basis for the proposed generalized method of moments estimation procedure. As an illustration we consider an informationdriven model of the return volatility–trading volume system for financial assets. Parameters with structural interpretation are estimated and an extended Kalmanfilter procedure allows for the construction of volatility forecasts based on the bivariate return-volume series. Empirical results are based on daily NYSE data for IBM over 1973–1991.
Bayesian Analysis of Stochastic Volatility Models
Authors: Jacquier Eric , Polson Nicholas G , Rossi Peter E 
Published: October 2023

Abstract
New techniques for the analysis of stochastic volatility models in which the logarithm of conditional variance follows an autoregressive model are developed. A cyclic Metropolis algorithm is used to construct a Markov-chain simulation tool. Simulations from this Markov chain converge in distribution to draws from the posterior distribution enabling exact finite-sample inference. The exact solution to the filtering/smoothing problem of inferring about the unobserved variance states is a by-product of our Markov-chain method. In addition, multistep-ahead predictive densities can be constructed that reflect both inherent model variability and parameter uncertainty. We illustrate our method by analyzing both daily and weekly data on stock returns and exchange rates. Sampling experiments are conducted to compare the performance of Bayes estimators to method of moments and quasi-maximum likelihood estimators proposed in the literature. In both parameter estimation and filtering, the Bayes estimators outperform these other approaches.
Econometric Analysis of Realized Volatility and its use in Estimating Stochastic Volatility Models
Authors: Barndorff-Nielsen Ole E , Shephard Neil 
Published: October 2023

Abstract
Summary. The availability of intraday data on the prices of speculative assets means that we can use quadratic variation-like measures of activity in financial markets, called realized volatility, to study the stochastic properties of returns. Here, under the assumption of a rather general stochastic volatility model, we derive the moments and the asymptotic distribution of the realized volatility error—the difference between realized volatility and the discretized integrated volatility (which we call actual volatility). These properties can be used to allow us to estimate the parameters of stochastic volatility models without recourse to the use of simulation-intensive methods.
Time Series Regression with Long-range Dependence
Authors: Robinson P M , Hidalgo F J 
Published: October 2023

Abstract
We are very grateful for the comments of two referees and an Associate Editor on the first version of this chapter. One referee, in particular, showed how to considerably abbreviate our original proofs. Though the final version of the chapter substantially relaxes the conditions in the original version, we have made use of this referee’s techniques in doing so. We also thank Yoshihiko Nishiyama for carrying out the Monte Carlo simulations.
Oral Tradition
Authors: Woolf Daniel 
Published: October 2023

Abstract
It is Often overlooked that early modern antiquaries relied to a great extent not only on manuscript and archaeological material, but also on a variety of oral sources ranging from popular traditions to the personal recollections of the aged. The purposes of this final chapter are to examine more closely the uses to which oral traditions were put between 1500 and 1700; to explore the changing attitudes of the recorders to the content and sources of such traditions; and to offer an interpretation of their declining status as historical sources in the seventeenth century and their eventual exile to the wilderness of folklore and vulgar error. I shall argue that this decline can be attributed to a number of contemporaneous developments. These include changing attitudes to historical evidence as historical evidence (what historians of history are usually interested in); broader reconceptualizations of the nature of truth; the related, widening division between learned and popular cultures; and the evolving agenda of antiquarian research.
Edmund Plowden
Authors: Miola Robert S 
Published: October 2023

Abstract
A scholar at the Middle Temple and a steadfast Catholic, Edmund Plowden (1518–85) revolutionized the practice of law by providing thorough, detailed accounts of various legal arguments in his Commentaries (1571). Plowden enjoyed relative immunity from persecution as a Catholic because of his membership in the close-knit Inns of Court and his outstanding abilities. Plowden wrote his Treatise on Mary, Queen of Scots (1566) in response to John Hales’s manuscript tract (early 1560s) denying the claims of Catholic Mary, Queen of Scots, to the English throne. Plowden dismisses the common-law argument that prohibits inheritance by aliens.
Education and Public Policy
Authors: Dutta Jayasri , Sefton James , Weale Martin 
Published: October 2023

Abstract
Economists usually concentrate on the productive aspect of education; it is the most important way by which societies can, and do, invest in human capital. The fact that education increases the skill levels of individuals and contributes to the rise and spread of technological progress is beyond dispute. One may ask, nevertheless, how large these effects are, who pays the costs and who obtains the benefits. It is a type of investment where public financing is substantial, even in countries where the level of state participation in economic activity is otherwise low.
Introduction
Authors: Pestieau Pierre 
Published: October 2023

Abstract
Unquestionably, the welfare state is a fundamental and distinguishing feature of the European social model. A major achievement of post-war Europe, it has enabled societies to cope with tremendous economic and social upheavals and adaptations. Social cohesion, which is the basis and the outcome of the welfare state, is an objective of European Union member states as much now as it was in 1945, when the welfare state began. Yet, in recent years the welfare state has come under increasing attack. Although in Europe there continues to be a large degree of consensus that it is the responsibility of government to insure that nobody who is poor, sick, disabled, unemployed and old is left deprived, there are mounting calls to roll back spending on the welfare state. Two main charges are raised: that it fails to achieve some of its main objectives, and that it is responsible for a decline in economic performance.
Types of social protection
Authors: Pestieau Pierre 
Published: October 2023

Abstract
There does not exist a single model of welfare state in the European Union. Each country has its own model that is the result of its political and social culture and of its economic evolution. There exists a number of taxonomies of welfare states which focus on specific features of their functioning. We focus on a taxonomy based on two characteristics: the generosity and the redistributiveness of programs. The main interest of distinguishing among types of social protection programs is the different implications they have in terms of efficiency, equity and political sustainability. Most social protection systems include a mixture of transfers that differ by being either in cash or in kind, and by a type of benefit formula. One distinguishes three basic formulas: means-tested benefits, flat-rate benefits, and earnings-related benefits, to which one could add public subsidies for the purchase of private goods or services.
Social insurance and globalization
Authors: Pestieau Pierre 
Published: October 2023

Abstract
Europeans are divided on two opposite approaches regarding globalization. The first one, which is dominant and named pensée unique (one track view-point) in France, consists in viewing economic integration with mixed feelings of hope and resignation. That is, hope that globalization will ensure steady growth and full employment for years ahead, and resignation regarding the diminishing role of national governments in economic and social policy. The second approach, epitomized by the Lisbon Group’s Report (Petrella 1995), sees both globalization and competition as responsible for persistent unemployment, and implies the abdication of politics in favor of economics. This quite radical view presents the choice offered to European voters between the (German) social democratic model and the (American) capitalist model as equivalent to a choice between the plague and cholera.
Social versus private insurance
Authors: Pestieau Pierre 
Published: October 2023

Abstract
Up to now we have been mainly concerned with social insurance, neglecting the role of private insurance as an alternative means of protection. In this chapter, we look at the role of the public versus the private sector in the provision of insurance in light of recent economic and social developments. We believe that the comparison between those two types of insurance cannot be addressed in the same way as 50 years ago, when the welfare state started. Social insurance is now experiencing a number of difficulties. Some of these are linked to recent developments such as fiscal competition, the declining credibility of the state, evolving labor markets, public opinion resisting redistributive policy, and an increasing demand for protection. First, let us clarify some conceptual issues, and give some figures for the evolution and the relative strength of social versus private insurance.
Family allowances
Authors: Pestieau Pierre 
Published: October 2023

Abstract
In this chapter, we study the effect of family allowances on poverty within the European Union. While there appears to be a remarkably redistributive effect, family allowances are only one component of child policies. Their objective is not just poverty alleviation, they also aim at fostering female employment and fertility. Sharp differences exist in the level and pattern of child policies across European countries, the Nordic countries leading the pack in terms of generosity. Family allowances are available in all European countries, although their generosity and their benefit rule vary across countries. The share of expenditure on family allowances is far from being as important as that of the big two components of social spending, health and retirement. Yet, as this chapter shows, its incidence on income inequality and poverty is quite impressive. In that respect family allowances are likely to be one of the most efficient social programs in terms of Euros spent.
Family, Quality of Jobs, and Female Labour Force Patterns in Buenos Aires, Argentina
Authors: Cerrutti Marcela 
Published: October 2023

Abstract
Female labour force participation rates have been recently increasing in Argentina.2 The growing participation of women in the labour market has coincided with the adoption of structural adjustment and economic reform policies (Sautu 2000; Wainerman 2000). These policies-including a reduction in social expenditures, privatization of public services, deregulation of labour markets, and trade liberalization-had negative repercussions on labour conditions and employment generation (Cerrutti 2000a;Marshall 1998). Thus, the rising presence of women in the labour market has taken place at the same time labour instability increased and employment opportunities, particularly in the formal sector, decreased.
Fire, Vegetation Change, and Pastures, 1860–1880
Authors: Beinart William 
Published: October 2023

Abstract
Debates about environmental degradation were well established in colonial circles at the Cape by the early 1860s. They stemmed from the practical dilemmas of a pre-industrial society: the experience of transhumance, drought, or firewood shortage. They arose specifically from problems in competition for and use of natural resources, especially the grazing lands of the colony. Colonists, drawing on indigenous knowledge, had developed complex naming systems and modes of recognition for these resources. Many had opinions on the value of bushes and grass and on the impact of drought and fire. More explicitly, scientific classification drew on, and fed back into, such realms of environmental knowledge. By the mid-nineteenth century scientific endeavour was increasingly finding a local base. Environmental debates had become associated with attempts to intensify settlement and agriculture, as part of the broader priority of colonial development.
Prickly Pear in the Cape: Useful Plants and Invaders in the Livestock Economy, 1890–1950
Authors: Beinart William 
Published: October 2023

Abstract
The South African Department of Agriculture was an important site of applied scientific research in the first half of the twentieth century, not least in respect of the pastoral economy. At the same time, scientific understanding shaped approaches to agrarian problems and the conservation of natural resources. The spread of prickly pear presented a particular challenge, and required sophisticated and adaptable policy responses. It was very difficult for the state to organize a consensus on the question, even amongst white landowners. And the scientific resources of the Department, especially its Entomology Division, were tested to the limit. The outcome of intervention had ambiguous and complex implications for conservationist strategies.
The EC Regulation on Insolvency Proceedings
Authors: Fletcher Ian F 
Published: October 2023

Abstract
This chapter mainly deals with the EC Council Regulation 1346/2000 on Insolvency Proceedings, adopted on 29 May 2000. The chapter commences, however, with a brief account of the protracted saga culminating in the adoption of the Regulation, which came about only after a series of abortive efforts by the evolving membership of the European Union to conclude a convention regulating the conduct of insolvency proceedings as between themselves. Although the need for such arrangements was foreseen at the time of drafting the Foundation Treaty of the European Economic Community, and was indeed covered by the terms of a specific provision of that Treaty, successive initiatives between 1960 and 1996 failed to realize this goal, although at various times agreement seemed tantalizingly close.
Introduction
Authors: Boffey Julia 
Published: October 2023

Abstract
The late medieval taste for poems in the form of dreams responds to an extensive and significant tradition of writing of which examples can be cited from the Bible, from the Greek and Latin classics, and from the late antique and early medieval periods.1 Interest in the prophetic or symbolic potential of dreams is especially marked in ancient and classical writings (as in, for example, the biblical dreams interpreted by Joseph in Genesis, chapter 41; John’s dream as recounted in The Book of Revelation; the dream of the underworld in Book VI of Virgil’s Aeneid), and the body of Latin scholarship in which such dreams were discussed and categorized continued to be influential in the Middle Ages. Macrobius, whose commentary on the dream of Scipio dates from the fifth century, was still widely read and cited ten centuries after his death.2
Satirical Prints of Women and the London Art Market
Authors: Mccreery Cindy 
Published: October 2023

Abstract
Miss Bailey, whose picture, painted by Hoppner, was so much the admiration of the town, at the last exhibition, has been just married to a young gentleman of considerable fortune in the country. That lady, though of a genteel family, was quite unknown in the polite world, till her charms were exhibited upon canvas. The print of Love in a Coffinblished today—the family hath taken much pains to suppress everything on this subject—Lord Sackville took home his Culprit truant daughter I know no satire, no chastisement so severe against vice in people of fashion, as prints—for which I designed the above on Mrs. [?]Herbart.
Cymru yn Ewrop: Wales in Europe
Authors: Rawlings” Richard 
Published: October 2023

Abstract
‘A pluralist Europe is not inconsistent with a commitment to internationalism. Cultural diversity is valuable in its own right and is a basic strength of the European enterprise . . . Systems and processes which work in one Member State may be largely ineffectual in others and effectiveness in the real, grass roots, sense provides the strongest of arguments for pluralism.’
George III and the Artists1
Authors: Hoock Holger 
Published: October 2023

Abstract
Throughout the imperial and domestic crises of the 1760s, George III was easy prey for satirists and caricaturists. Though many had warmly greeted the accession of the young king, soon his lack of experience, his haughty and stubborn manner, and his often politically unwise conduct were translated into bitterly satirical prints. These depicted George variously as a blind man or a tractable child led astray by the pernicious influence of his mother and her putative lover the Scottish Earl of Bute, or, less frequently at first, as a scheming despot.
Envisioning (Black) Male Feminism: A Cross-Cultural Perspective
Authors: Adu-Poku Samuel 
Published: October 2023

Abstract
The question of men’s presence in feminism has always been a controversial one. Some feminists have portrayed men’s intrusion in feminism as an attempt to appropriate women’s experiences and discursive spaces to sustain patriarchal representations of women as ‘other’ (Klein, 1983; Smith, 1987). The presence of black men in feminism is a complex and conflicting issue, particularly in a Euro-Canadian/ American context. A black man’s place in (black) feminist criticism has been a questionable one, emanating from a traditional patriarchal perspective on gender and culture. ‘Why then would men want to be in feminism if it’s about struggle [against patriarchy]? What do men want to be in—in pain? (Jardine, 1987, p. 58).
The Spectator Turned Reader: Printed Text at the Galleries
Authors: Calè Luisa 
Published: October 2023

Abstract
The translation of the images of poetry from the ear to the eye, is an undertaking at all times regarded with general favour. Those delightful and instructive ideas, which long and laborious diligence alone can otherwise unfold to the solitary and the studious, are thus rendered the easy objects of intuitive attainment, amidst the chambers of gaiety and in the cheerful hours of converse and recreation.
The Reader Turned Spectator: Visual Narratives
Authors: Calè Luisa 
Published: October 2023

Abstract
Chapter 2 used Iser’s reader response to analyse the role and trans- formation of texts at exhibitions. That analysis is here pushed further as we move from the catalogue to the pictures. Much as gallery catalogues exemplify the ways in which texts construct their implied readers, so do literary galleries construct their implied spectators. This chapter sets the visual narrative explored by theorists alongside dictionary entries, developments in museum layouts as well as the visual spectacles of the day: magic lanterns, panoramas, and the Eidophusikon. In The Shows of London (1978), R. D. Altick offered a ground-breaking inventory of London’s spectacles. Eighteenth-century spectacles and viewing practices went across the barriers preserving high art and literature from what now falls in the precincts of popular culture. In order to reconstruct how language and painting turned readers into spectators in late eighteenth-century London, we need to explore the ways in which aesthetic experience was shaped by visual technologies as a series of integrated cultural practices. This chapter focuses on how reading shaped the experience of exhibitions and ends with an analysis of literary gallery narratives, culminating in a montage reading of Fuseli’s Milton Gallery.
Protesting and Preaching
Authors: Fissell Mary E 
Published: October 2023

Abstract
In the 1640s England was torn apart by civil war. For the first time since the Wars of the Roses two centuries earlier, Englishmen faced their brothers, cousins, and neighbours on the field of war. Traumatic as those battles were, they pale in comparison with the larger social upheavals of the decade. ‘The world turned upside down’ is the way a contemporary commentator tried to describe how all kinds of social truths were questioned, inverted, or discarded. In 1649 the very pinnacle of the social hierarchy tumbled: King Charles I was executed after a trial for treason. England became a republic, governed by Parliament and a Lord Protector, Oliver Cromwell. By 1660 the political experiment had failed, and the King’s son was crowned as Charles II.
The European Economic and Social Committee1
Authors: Smismans Stijn 
Published: October 2023

Abstract
The first form of functional participation that will be analysed in detail is the European Economic and Social Committee (EESC). The analysis follows the structure set out at the start of this book, namely I will first look at the context in which the EESC has been created (I). Subsequently, I will analyse the legal provisions concerning this institution and will give an initial description of its functioning (11). Based on this initial analysis, I will identify the normative foundations on which such an institutionalized form of functional participation seems to be built, i.e. the foundational legitimacy of the EESC (III). In the following section I will analyse to what extent the daily working of the EESC corresponds to the expectations of the normative model.