It has become increasingly popular to advise investors to relocate their funds from a
primarily stock portfolio to a primarily bond portfolio as they get older. However, the well-known …

This paper gives a long-term assessment of intraday price reversals in the US stock index
futures market following large price changes at the market open. We find highly significant …

… Martell Avner S. … Avner S. Wolf is an Associate Professor, Department of Economics
and Finance at Bernard Baruch College, The City University of New York. …

Import or export decisions are made, in general, under conditions of uncertainty about changes
in the exchange rate during the period relevant to the decisions. Also, an importing firm …

… Jacob Paroush Avner Wolf … Avner Wolf is an Associate Professor of Finance at the
Department of Economics and Finance, Baruch College, The City University of New York. …

This paper explores the use of commodity options as risk management tools in incomplete
markets with particular attention to alternative hedging strategies in the presence of basis and …

… Ayner Wolf … Avner 燃 a Ph.D, student at Columbia University, … Edwards of the
Graduate School of Business, Columbia University, Rachel Wolf, and an anonymous referec. …

This paper is concerned with a perfectly competitive firm which faces price uncertainty in one
of its inputs. For example, consider a firm which imports one of its inputs where the price of …

Empirical researchers should recognize that opening and closing prices are not simple
reflections of underlying fundamental values, as studies of stock price behavior have …

The basis between a futures contract and its underlying instrument is an important measure
of the cost of using the futures contract to hedge. In a cross‐hedge, the relative size of the …