Options on bonds: implied volatilities from affine short-rate dynamics

Annals of Finance - We derive an explicit asymptotic approximation for the implied volatilities of Call options written on bonds assuming the short-rate is described by an affine short-rate model....     

Fundraising efficiency in Buddhist temples in Thailand: An application of the stochastic frontier analysis model

Nonprofit religious organizations play an important role in enhancing social welfare in Buddhist countries. In Thailand, people are typically involved in Buddhist temples at many levels ranging from personal to communal to social. As a result, Buddhist temples in Thailand can conduct fund‐raising activities from donations or merit‐making activities from Thai Buddhists. This study examines the fundraising efficiency of Buddhist temples in Thailand by applying the stochastic frontier analysis model. Our results show that fundraising efficiency of Buddhist temples in Thailand is relatively low. In addition, the results show that government grants have a negative impact (the so‐called the crowding‐out effect) on fundraising efficiency. On the other hand, the use of information and communication technology improves fundraising efficiency of Buddhist temples in Thailand.