The aim of this paper is to illustrate for Germany the factors that may explain the U-shaped pattern of older men's labor force participation - from a long declining trend that began in the early 1970s to an increasing trend starting from the late 1990s - and at the same time the steady increase in older women's labor force participation. In a first step, we provide graphical evidence of the trends of various variables which may be relevant, with the aim of investigating the presence or absence of common patterns between these factors and labor force participation. Then, through a decomposition analysis, we provide an empirical estimate of the contribution of some of these factors to the overall evolution of labor force participation. Our preliminary conclusion is that much of the change in the trend of older men's labor force participation may be explained by changes in public pension regulations, and in particular by the phasing in of actuarial adjustments for early retirement. Regarding women, whether public pension rules play a role is unclear. Most probably, the secular change of women's role in society is the main driver of the steadily increasing labor force participation among German women.
Old-age Labor Force Participation in Germany: What Explains the Trend Reversal among Older Men? And What the Steady Increase among Women? -- by Axel Boersch-Supan, Irene Ferrari
↧
↧
Mr. MiFID on Financeâs Low-Fee Future
ESMA chairman Steven Maijoor may be the most powerful person in finance right now https://t.co/xlehhnJXyM via @business â Yves Hilpisch (@dyjh) November 27,â¦
↧
The Profit Motive Behind Financial Complexity
The Profit Motive Behind Financial Complexity https://t.co/ygb0SWSzJn â moneyscience (@moneyscience) November 27, 2017
↧
Pricing Derivatives under Multiple Stochastic Factors by Localized Radial Basis Function Methods. (arXiv:1711.09852v1 [q-fin.CP])
We propose two localized Radial Basis Function (RBF) methods, the Radial Basis Function Partition of Unity method (RBF-PUM) and the Radial Basis Function generated Finite Differences method (RBF-FD), for solving financial derivative pricing problems arising from market models with multiple stochastic factors. We demonstrate the useful features of the proposed methods, such as high accuracy, sparsity of the differentiation matrices, mesh-free nature and multi-dimensional extendability, and show how to apply these methods for solving time-dependent higher-dimensional PDEs in finance. We test these methods on several problems that incorporate stochastic asset, volatility, and interest rate dynamics by conducting numerical experiments. The results illustrate the capability of both methods to solve the problems to a sufficient accuracy within reasonable time. Both methods exhibit similar orders of convergence, which can be further improved by a more elaborate choice of the method parameters. Finally, we discuss the parallelization potentials of the proposed methods and report the speedup on the example of RBF-FD.
↧
Option pricing for Informed Traders. (arXiv:1711.09445v1 [q-fin.MF])
In this paper we extend the theory of option pricing to take into account and explain the empirical evidence for asset prices such as non-Gaussian returns, long-range dependence, volatility clustering, non-Gaussian copula dependence, as well as theoretical issues such as asymmetric information and the presence of limited arbitrage opportunities
↧
↧
Option Pricing with Orthogonal Polynomial Expansions. (arXiv:1711.09193v1 [q-fin.MF])
We derive analytic series representations for European option prices in polynomial stochastic volatility models. This includes the Jacobi, Heston, Stein-Stein, and Hull-White models, for which we provide numerical case studies. We find that our polynomial option price series expansion performs as efficiently and accurately as the Fourier transform based method in the affine case.
↧
November 27, 2017 - SS&C to Speak at Credit Suisse TMT Conference
↧
Mr. MiFID on Financeâs Low-Fee Future
ESMA chairman Steven Maijoor may be the most powerful person in finance right now https://t.co/xlehhnJXyM via @business â Yves Hilpisch (@dyjh) November 27,â¦
↧
Quantitative finance still needs mathematicians - Risk.net
Quantitative finance still needs mathematicians https://t.co/oeEXmkMrHl â moneyscience (@moneyscience) November 28, 2017
↧
↧
The big problem with DIY quants
Is there a problem with DIY quants? https://t.co/bKAjufFpsy â moneyscience (@moneyscience) November 28, 2017
↧
Holding Strong: Failed Breakdown a Boon for the Bitcoin Bulls?
Despite a dip to below $8,000 overnight, bitcoin once again approached record highs today and is holding at over $8,200.
↧
Hybrid ICO? Overstock's tZERO to Build Services Into Security Token
Overstock subsidiary tZERO is adding features to its upcoming security token, allowing investors to use the coin to purchase a handful of services.
↧
All-Time High: Ether Prices Pass $440 as Key Level Breached
Having hit a fresh all-time high of over $440 today, could high trading volumes push ether to new records over the weekend?
↧
↧
Online Bank Swissquote Launches Bitcoin Exchange-Traded Product
Online banking service Swissquote has launched a bitcoin exchange-traded certificate that it claims will curb the cryptocurrency's volatility.
↧
Brain Freeze? Parity Bug Continues With No Easy Solution in Sight
With $160 million in funds frozen on the ethereum blockchain, a search for solutions is ongoing â if not altogether promising so far.
↧
Bitcoin, Ether Prices Surge to Fresh All-Time Highs
The top two cryptocurrencies by market capitalization have continued their respective rallies, setting fresh record highs today.
↧
Here's What's Standing in the Way of a Tokenized Economy
The challenges of digital identity, AML/KYC and common technical standards must be overcome to deliver on the promise of blockchain technology.
↧
↧
Are Tokens Like Gold? Attorneys Ask Tough Questions on ICOs
The SEC and the CFTC? A panel of top ICO lawyers discussed pressing legal challenges in the sector on Tuesday.
↧
Bitcoin Price Passes $9,000 for the First Time Ever
The price of a bitcoin has continued to rise overnight, passing $9,000 for the first time this morning.
↧
Who Invented Pants? Why Crypto Creators' Identities Don't Matter
The identity or character of a creator has little bearing on the value of the creation â that's why the obsession with unmasking Satoshi was so silly.
↧
More Pages to Explore .....
