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  1. Contingent claims analysis and life-cycle finance
    Author: Bodie, Zvi; Ruffino, Doriana; Treussard, Jonathan
    Published: 2008
    Publisher:  MIT Sloan School of Management, Cambridge, Mass.

    This paper explores the application of contingent claims analysis (CCA) to two quot;hotquot; issues in life-cycle finance: (1) investing for retirement and (2) deciding when, if ever, to switch careers. Participants in individual retirement accounts... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 67 (4676)
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    This paper explores the application of contingent claims analysis (CCA) to two quot;hotquot; issues in life-cycle finance: (1) investing for retirement and (2) deciding when, if ever, to switch careers. Participants in individual retirement accounts do not have the time or the knowledge to make their own investment decisions. Today they are defaulted into life-cycle mutual funds that pass all risk directly through to the participant. We use CCA to demonstrate how financial firms can design and produce guaranteed contingent benefit contracts that improve participant welfare at no additional cost to the system. In exploring the career-choice issue in the second part of the paper, we use CCA in a somewhat different way. The decision to switch careers is analogous to deciding when to exercise an American-style option to swap one asset for another. By applying the methods used to analyze the option-exercise decision to the career-switching problem, we gain some new insights beyond those derived from the traditional dynamic programming approaches

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 1721.1/65617
    Edition: Rev.
    Series: Sloan working papers ; 4676,08
    MIT Sloan Research Paper ; No. 4676-08
    Subjects: Optionspreistheorie; Altersvorsorge; Transaktionskosten; Karriereplanung; Theorie
    Scope: Online-Ressource (12 S., 273,78 KB), graph. Darst.
  2. New frontiers of real options
    rational life-cycle decisions under uncertainty
    Author: Ruffino, Doriana
    Published: 2008

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    B 405706
    Inter-library loan:
    Unlimited inter-library loan, copies and loan
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Print
    Subjects: Ersatzinvestition; Wettbewerbsstrategie; Duopol; Theorie; Optionspreistheorie; Humankapital; Karriereplanung; Portfolio-Management; Entscheidung unter Unsicherheit; Theorie
    Scope: xi, 235 Seiten, Illustrationen
    Notes:

    Enthält 3 Beiträge

    Dissertation, Boston University, 2008