Evaluation of American option prices in a path integral framework using Fourier–Hermite series expansions

In this paper we review the path integral technique which has wide applications in statistical physics and relate it to the backward recursion technique which is widely used for the evaluation of derivative securities. We formulate the pricing of equity options, both European and American, using the path integral framework. Discretising in the time variable and using expansions in Fourier–Hermite series for the continuous representation of the underlying asset price, we show how these options can be evaluated in the path integral framework. For American options, the solution technique facilitates the accurate determination of the early exercise boundary as part of the solution. Additionally, the continuous representation of the state variable allows the relatively accurate and efficient evaluation of the option prices and the delta hedge ratio.     

How Have Restaurant Firms Responded to Food Safety Crises? Evidence From Media Coverage

Media communication has become a crucial part of crisis communications due to the rapid dissemination of information along with its immense impact on consumers and other stakeholders. Based on a structured content analysis of electronic media reports on restaurant-associated food safety crises from 1993 to 2015, this study examined media reporting patterns focusing on three elements: instructing information, crisis response strategies, and stakeholders. This study also identified the effect of situational factors (severity of risk and crisis type) on the media reporting patterns using Chi-square tests. The results indicated that restaurant firms were more likely to use proactive than passive response strategies, and identified primary stakeholders during a food safety crisis such as regulatory agencies, victims, and customers. Finally, two situational factors were found to influence the pattern of media reporting. The media reporting patterns were found to vary by risk severity and crisis type.     

On delineating the domain of public sector consumer problems A comment on Young's paper in JCP, 1, 1977/3

Journal of Consumer Policy -     

How similar is the world in the internet era? A comparison of e‐business in China,Russia, and Sweden

Much has been written about how e‐business can serve as a strong homogenizing influence and essentially make the world into one market. Yet, little research has empirically investigated this question. This study seeks to describe e‐business activity in China, Sweden, and Russia to identify similarities and differences in the portfolios of e‐business applications in these countries. Our results indicate that different e‐business applications are emerging as more prevalent in different countries. © 2006 Wiley Periodicals, Inc.     

The Morality of “new” CEO Activism

Journal of Business Ethics - CEOs’ social and environmental activism attracts significant public and research interest. Positioned as an expression of personal morality, such activism is...     

Business Dilemmas and Religious Belief: An Explorative Study among Dutch Executives

This paper explores the relationship between religious belief and the dilemmas Dutch executives confront in daily business practice. We find that the frequency with which dilemmas arise is directly related to various aspects of religious belief, such as the belief in a transcendental being and the intensity of religious practice. Despite this relationship, only 17% of the dilemmas examined involve a religious standard. Most dilemmas originate from a conflict between moral and practical standards. We also find that 79% of the identified dilemmas stem from a conflict between two or more internalized standards of the executive.Johan Graafland is a Professor of Economics, Business and Ethics at Tilburg University and Director of the Centre for Corporate Social Responsibility at the Department of Philosophy of Tilburg University. He has published articles in The Journal of Business Ethics, Business Ethics: A European Review, Philosophia Reformatica, Journal of Corporate Citizenship, Applied Economics, Economics Letters, Oxford Bulletin of Economics and Statistics, Empirical Economics, Journal of Policy Modelling, Public Finances/Finances Publique, Economic Modeling, Journal of Public Economics and others. His current research interests are corporate social responsibility and philosophy of economics.Muel Kaptein is a Professor of Business Ethics and Integrity Management at the RSM Erasmus University, where he chairs the Department of Business-Society Management. Muel is also a Director at KPMG Integrity and Investigation Services. He has published articles in a number of journals, including The Journal of Business Ethics, Business & Society Review, Organization Studies, Academy of Management Review and European Management Journal. His most recent books are The Six Principles of Managing with Integrity (Spiro Press) and The Balanced Company (Oxford University Press). His research interests include the management of ethics, the measurement of ethics and the ethics of management. Muel is a Section Editor of the Journal of Business Ethics.Corrie Mazereeuw-van der Duijn Schouten is a senior researcher at the Centre for Corporate Social Responsibility at Tilburg University, the Netherlands. She has several years of experience as business consultant in the field of organizational change and group processes within organizations. Her research interests include leadership, religion and corporate social responsibility. She is currently working on a PhD thesis on religion and leadership.