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Master Thesis
Prerequisite: Students with the objective of writing a Master thesis, should have attended at least one profil-forming class at our professorship.
Application: Please hand in the following documents via email:
- Letter of motivation
- Current transcript (from STiNE)
- Student ID number, degree program and subject semester
Topics: You can either propose a topic or choose one from our list of topics (PDF) auszuwählen.
Guideline for writing academic works at the Professorship for Financial Economics (PDF)
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Contact: derivate.wiso[at]uni-hamburg[dot]de ( derivate.wiso "AT" uni-hamburg.de )
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Master of Science in Finance and Banking
Thesis titles.
MSc in Finance and Banking Theses sorted by year
Mehran Akbari, Performance assessment of dimension reduction techniques in market prediction in cross section of present values, Advisor: Prof. Gianluca Cubadda
Massimo Ziad Ammar , A Look into Variance Ratio: Are All Markets Becoming More Efficient with Time?, Advisor: Prof. Tommaso Proietti
Emanuel Andrei, Swap spread arbitrage strategy: a new approach using the Secured Overnight Financing Rate, Advisor: Stefano Herzel
Roberto Bauer , Machine Learning applied to dynamic Hedging strategies: a comparison between ANNs and linear regression models., Advisor: Prof. Alessandro Ramponi
Andrea Caputo, The Socially Responsible Funds, Advisor: Rocco Ciciretti
Stefano Caputo , Bitcoin Trading Strategy on Twitter Sentiment Analysis, Advisor: Prof. Vincenzo Farina
Andrei Carp , Machine Learning applications to predict stock prices based on technical indicators, Advisor: Prof. Alessandro Ramponi
Lorenzo Cianciullo, Investing in corporate socially responsible activities: a robust analysis of deletion event effects, Advisor: Rocco Ciciretti
Maria Ciobanu , Behaviour of Healthcare Index: A GARCH forecasting approach to predict volatility, Advisor: Prof. Tommaso Proietti
Domenico Roberto Curciarello, Does Bitcoin hedge inflation risk? A multivariate time series analysis, Advisor: Prof. Tommaso Proietti
Valerio D'Agostini , The Hard Landing of the Chinese Shadow Banking: how China’s printing machine and financial system practices may overwhelm its and other countries’ economy., Advisor: Prof. Ugo Pomante
Michele Dimartino , Legal and Ethical characteristics of Sukuk to be a Sharia Compliant Financial Instrument, Advisor: Prof. Amalia Diurni
Diana Andrea Dudas , Are Cat Bonds better than Reinsurance? A numerical study., Advisor: Prof. Katia Colaneri
Thiago Ely Tatsch, Does Alternative Data Improve Financial Forecasting? A series of cases, Advisor: Prof. Vincenzo Farina
Luciana Fauceglia, Portfolio selection with ESG score: a new "optimization" approach to include investors' ESG preferences, Advisor: Prof. Ugo Pomante
Fakhteh Ghalami, Mean-Variance efficient portfolio and skewed assets performance comparison, Advisor: Prof. Shmuel Baruch
Mihael Huzun , Portfolio Performance Analysis: Combining Cryptocurrencies with Traditional Assets, Advisor: Prof. Ugo Pomante
Fatemeh Khazaei , The Effect of Knowledge and Experience of Board of Companies on Mergers and Acquisitions , Advisor: Prof. Rocco Ciciretti
Eduard Andrei Kiss, Forecasting Exchange Rates: An Empirical Analysis, Advisor: Prof. Marianna Brunetti
Domenico Leone , Central bank, monetary policy and interest rates, Advisor: Prof. Stefano Herzel
Francesco Milani , The Integration of ESG Factors into the Investment Process: an application in the Portfolio Construction Model, Advisor: Prof. Ugo Pomante
Mirabela Cristina Niscoveanu, Can ESG investing do well while doing good? An analysis of the ESG European funds from 2000 to nowadays, Advisor: Prof. Rocco Ciciretti
Marco Piazza, Can the performance measurement influence mutual funds' valuation?, Advisor: Prof. Ugo Pomante
Davide Radicioni, The Black-Litterman Model: Rigorous Review, Implementation and Application to the Market, Advisor: Prof. Shmuel Baruch
Sebastian Richter , Neural Network assisted Option Pricing under Rough Volatility: An Empirical Validation., Advisor: Prof. Alessandro Ramponi
Paiman Sobati, GANs and their application in option pricing, Advisor: Prof. Alessandro Ramponi
Gianluca Varrenti, Correlation between assets during market down phases: analysis on the Dow Jones Index, Advisor: Prof. Shmuel Baruch
Assel Altynbek , European Cooperative Banking Group, Advisor: Prof. Stefano Caiazza
Riccardo Angeli , The Covid-19 Effect on Oil Spot and Futures Market and Potential Hedging Strategies, Advisor: Prof. Gianni Nicolini
Nils Anton Ludvig Anner , Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms, Advisor: Prof. Alessandro Ramponi
Masumeh Babaei , Empirical Analysis of the Cryptocurrencies and Bitcoin Price Dynamics, Advisor: Prof. Vincenzo Farina
Riccardo Bruno , Electricity Price Forecasting with Unobserved Components Models, Advisor: Prof. Tommaso Proietti
Giorgia Carena , Stochastic models for simultaneous trading in the lit market and a dark pool: a numerical study, Advisor: Prof. Katia Colaneri
Asia Ciaramella , Hedge Funds and Mutual Funds Performance: A Comparison Analysis, Advisor: Prof. Rocco Ciciretti
Gaetano Cipriani , Volatility Estimation in Presence of Microstructure Noise, Advisor: Prof. Davide Pirino
Lavinia Del Treste , The announcement effect of green bond issuers on their listed share price, Advisor: Prof. Rocco Ciciretti
Paola Di Stasi , Black Litteman Model and Risk Budgeting, Advisor: Prof. Ugo Pomante
Valentina Federici , Different Trends in SRI: The Case of Europe and Usa, Advisor: Prof. Rocco Ciciretti
Michela Fiore , Reinforcement Learning for Automatic Option Hedging, Advisor: Prof. Stefano Herzel
Gianluca Franceschini , The Effectiveness of Weather Derivatives as Risk Mitigating Tool in Wine Industry, Advisor: Prof. Gianni Nicolini
Emanuele Gatta , ESG Portfolios Premia: A Comparison Between Risks and Characteristics, Advisor: Prof. Rocco Ciciretti
Omar Gaye , ESG Factors and Performance in Portfolio Construction: Energy and Power Utility Sector, Advisor: Prof. Ugo Pomante
Saeid Hosseinzadehfarahami, On Rough Fractional Stochastic Volatility andthe Turbocharging Monte Carlo simulation for rBergomi model, Advisor: Prof. Alessandro Ramponi
Alessandra Iacobone , A Comparison Between Italian Health System and American Health System, Advisor: Prof. Maura Mezzetti
Mina Ibrahim Tawfik Ibrahim , CFD Trading in Financial Markets, Advisor: Prof. Gianni Nicolini
Alessio Incelli , An Advanced Application of Black-Litterman Model: The EBL Approach, Advisor: Prof. Ugo Pomante
Antonio Litterio , Detection of Structural Breaks in HAR Model, Advisor: Prof. Gianluca Cubadda
Daniele Maggio , Corporate Reputation: a Systematic ESG Risk Approach, Advisor: Prof. Rocco Ciciretti
Zaur Mammadov, Implied Volatility Surface: Difference Between Heston Model and SVI Parametrization, Advisor: Prof. Alessandro Ramponi
Daniele Martinelli , Reinforcement Learning for Trading Applications: The Q-Learning Algorithm, Advisor: Prof. Stefano Grassi
Laura Morrocchi , Risk-Return Optimization and ESG Opportunities in the Current Financial Market: an Empirical Study on Model Portfolios, Advisor: Prof. Ugo Pomante
Francesca Romana Multari , Quantile Dependence and Directional Predictability in Economic and Financial Time Series, Advisor: Prof. Tommaso Proietti
Tiara Fatin Binti Nasip , A Comparison of Methods for Sentiment Analysis of Private Companies: The Case of Recent Tweets about Tesla Inc., Advisor: Prof. Alessio Farcomeni
Alberto Noe’ , The Determinants of Italian Households Financial Planning, Advisor: Prof. Rocco Ciciretti
Saeedeh Ostovari , Investigating the Statistical Properties of the Hurst Exponent Estimator of Rough Volatility Model, Advisor: Prof. Tommaso Proietti
Dario Piperni , Green Minus Black: The Risk-adjusted Performance of SRI, Advisor: Prof. Vincenzo Farina
Meruyert Ramazanova, A review of volatility estimators for financial assets, Advisor: Prof. Davide Pirino
Matteo Ronci , Volatility Analysis of Bitcoin and Ethereum Before and After the Introduction of Futures, Advisor: Prof. Gianni Nicolini
Roberto Rosina , The Determinants of Financial Derivatives Use: an Empirical Analysis From European Banking Industry, Advisor: Prof. Gianni Nicolini
Edoardo Sabetta , Doing Well While Doing Good? A Performance Comparison Analysis of European Mutual Funds in Pandemic Times, Advisor: Prof. Vincenzo Farina
Flaminia Sarrantonio , Power market fundamental approach to study the dynamics of the electricity sector in Latin America, Advisor: Prof. Rocco Ciciretti
Roberta Maria Segatore , Estimation of a Structural Model for Stale Prices, Advisor: Prof. Davide Pirino
Noemi Viggiano , Does it matter to be green? The Effect of Green Investment on Corporate Behavior, Advisor: Prof. Stefano Herzel
Mario Viola , Tactical Asset Allocation : A Machine Learning Approach, Advisor: Prof. Ugo Pomante
Aizhan Yermekova , Determinants of M&A premium: evidence from quantile regression analysis, Advisor: Prof. Alessio Farcomeni
Faranak Alikhah , Time Reversibility of Financial Time Series, Advisor: Prof. Tommaso Proietti
Francesco Apa Eduardo , Integration between ethical activity and economic dynamics: the banking sector, Advisor: Prof. Amalia Diurni
Francesco Berretti , The Determinants of Italian Household Financial Planning, Advisor: Prof. Rocco Ciciretti
Andrea Bonelli , Forecasting Realized Volatility: Long vs Short Memory Processes, Advisor: Prof. Gianluca Cubadda
Ana Botorce , Corporate Social Responsibility in Canadian Firms, Advisor: Prof. Rocco Ciciretti
Marco Bruno , The determinants of the Reverse Takeovers: the case of Europe, Advisor: Prof. Vincenzo Farina
Andrea Bulla , Venture capital investments in cyber-security startups: a social network approach, Advisor: Prof. Vincenzo Farina
Veronica Cannas , What happens to options when the underlying returns are predictable?, Advisor: Prof. Stefano Herzel
Giulia Carbotti , A regime-switching cointegration approach to pairs trading, Advisor: Prof. Gianluca Cubadda
Andrea Carcani , Scenario analysis for the energy sector’s transition risk in the context of climate change, Advisor: Matteo Bissiri
Paolo Cianci , ESG rating and financial performance during the SARS-CoV-2, Advisor: Prof. Rocco Ciciretti
Antonio Colasanto , Monte-Carlo assessment of excess staleness estimators, Advisor: Prof. Davide Pirino
Gaia D'Angeli , DCC-NL: model validation for portfolio and risk management in a large dimensional setting, Advisor: Prof. Tommaso Proietti
Samy Zakria Moustafa El Hallag , Forecasting the Electricity Demand in the Italian Market through Supervised Learning Methods, Advisor: Prof. Gianluca Cubadda
Federico Fattinnanzi , Climate Change, Political Economy and Financial Distress, Advisor: Prof. Ugo Pomante
Eric Festuccia , Predictability of Expected Returns, Advisor: Prof. Stefano Herzel
Marco Fioravanti , Anticipating market volatility using google trends data, Advisor: Prof. Vincenzo Farina
Diego Oswaldo Floreano Dominguez , Style-based Value at Risk: an investigation of equity emerging market mutual funds, Advisor: Prof. Ugo Pomante
Emanuel Ignacio Gamboa Quintanilla , Pairs Trading Strategy Efficiency: Cointegration Analysis in Derivative Markets, Advisor: Prof. Gianni Nicolini
Yasaman Ghafarisomeh , Detecting Asymmetric Jumps and Semi-variation in Forecasting Realized Volatility, Advisor: Prof. Gianluca Cubadda
Fidan Huseynli , The Green Finance approach to financial performance, Advisor: Prof. Rocco Ciciretti
Edis Izejrosji , Measuring the connectedness between European stock indices with variance decomposition, Advisor: Prof. Tommaso Proietti
Lorenzo Lo Pinto , Multivariate Logit Models for Household Financial Hardship in Italy, Advisor: Prof. Maura Mezzetti
Marco Lorenzo , High-Dimensional Density Forecasting for Financial Time Series, Advisor: Prof. Tommaso Proietti
Veronica Lupi , Approximated MLE for diffusion models discretely sampled: Focus on Vasicek and CIR, Advisor: Prof. Davide Pirino
Irene Magni , Private Equity and Turnaround Funds: an Italian case study, Advisor: Prof. Vincenzo Farina
Francesco Marconi , A Model for Central Counterparty Risk with Stochastic Default Intensities, Advisor: Prof. Katia Colaneri
Simona Margareta Mare , Empirical Analysis of the Mortgage Market Granted to Italian Families, Advisor: Prof. Rocco Ciciretti
Gianluca Michienzi , ESG vs Blend Investments: Evidence from International Markets, Advisor: Prof. Ugo Pomante
Hamed Molaei Shebilouysofla , The influence of corporate governance and firm performance on CEO compensation: panel analysis from the Canadian corporate sector, Advisor: Prof. Rocco Ciciretti
Simone Mosconi , Artificial Neural Networks for Option Pricing: an application to the Heston model Calibration, Advisor: Prof. Alessandro Ramponi
Merfat Nofal , Modelling Credit Risk with Big Data, Advisor: Prof. Tommaso Proietti
Alessandro Olivieri , Merger and Acquisition operations in the global energy sector: assessing Efficient Market Hypothesis, Advisor: Prof. Rocco Ciciretti
Saverio Piacenti , Value Creation Effect: Spin Off vs. Equity Carve Out, Advisor: Prof. Vincenzo Farina
Leonardo Procoli , The impact of Coronavirus (COVID-19) on market volatility, Advisor: Prof. Vincenzo Farina
Alberto Rainieri , Collateralized Interest Rate Swaps, Advisor: Prof. Stefano Herzel
Mohammad Rashidi Ranjbar , Comparison of volatility models for Bitcoin, Advisor: Prof. Tommaso Proietti
Daniele Ruffa , The Private Equity funds performance, Advisor: Prof. Vincenzo Farina
Cesare Russo , Portfolio construction considering the impact of shocks on higher moments, Advisor: Prof. Stefano Grassi
Mahshid Teimouri Toulabi , Machine Learning Algorithms in Default Loans Prediction, Advisor: Prof. Tommaso Proietti
Oscar Gustav Anders Thelander , Currency Options: Analytical Tractability versus Empirical Misspecification, Advisor: Prof. Stefano Herzel
Riccardo Traglia , A dynamic approach to Black-Litterman: Implementing a M-GARCH derived covariance matrix , Advisor: Prof. Ugo Pomante
Duc Dieu Vinh Vu , Risk assessment with value at risk and expected shortfall during crises, Advisor: Prof. Tommaso Proietti
Chaotong Wang , The financial performance of professional manager succession in the family business-a case study in the Media group, Advisor: Prof. Luca Gnan
Calascibetta Francesco , Crypto Coin and Applycation of Financial Derivatives on the ICOs, Advisor: Prof. Gianni Nicolini
Capoano Lorenzo , Optimal Combination of realised volatility estimators: a forecasting approach, Advisor: Prof. Gianluca Cubadda
Carosi Annalisa , Modeling the evolution of market uncertainty. Hedge Fund returns and Volatility of Aggregate Volatility within a dynamic perspective, Advisor: Prof. Stefano Herzel
Cascioli Aurora , High Dimensional Covariance Matrices Estimation: a comparison between Orthogonal GARCH and Generalized Orthogonal GARCH, Advisor: Prof. Tommaso Proietti
Cesaretta Claudio , Private Equity and Portfolio Performance, Risk and Diversification, Advisor: Prof. Ugo Pomante
Chen Jinghui , The Effect of Horizon on Dynamic Asset Allocation without Parameter Uncertainty, Advisor: Prof. Stefano Herzel
Ciarletta Sara , Fintech: analysis of the relevance in the different activity’s areas of Italian Banks, Advisor: Prof. Vincenzo Farina
Corio Michele , Forecasting stock index volatility using the daily range of price, Advisor: Prof. Tommaso Proietti
Delghandi Maral , Impact of Political Events on Stock Market Returns: Empirical Evidence from Tehran Stock Exchange, Advisor: Prof. Vincenzo Farina
Di Geronimo Leonardo , Optimal financial resources for Central Counterparties. Introducing default dependence of clearing members: a mixed binomial approach, Advisor: Prof. Stefano Herzel
Di Lelio Andrea , An Investable Cryptocurrency Index: the CRT30 Index, Advisor: Prof. Ugo Pomante
Di Matteo Alessandro , Modeling and forecasting the Italian yield curve with a dynamic Nelson-Siegel approach., Advisor: Prof. Alessandro Ramponi
Isernia Luigi , Weather risk management for utilities & energy: methodologies for estimating exposure and managing risk, Advisor: Prof. Gianni Nicolini
Krajenbrink Menno-Jan , Lockup Expiration Effects, Advisor: Prof. Vincenzo Farina
Li Zuho , Econometric Analysis of Skewness and Risk Premia in Asset Returns, Advisor: Prof. Tommaso Proietti
Molinaro Gianluca , A Financial Stress Index for Turkey, Advisor: Prof. Gianluca Cubadda
Monti Michela , Shrinkage estimation of the covariance matrix for portfolio optimization: an empirical assessment, Advisor: Prof. Gianluca Cubadda
Novikovs Rihards , Governance factors determining FDI inflows in emerging countries: cross-regional comparative study., Advisor: Prof. Vincenzo Farina
Sabbi Federica , The sentiment analysis: an application with the Black Litterman Model, Advisor: Prof. Ugo Pomante
Saponaro Onofrio , Cointegrated market neutral portfolios: identification and performance analysis, Advisor: Prof. Gianluca Cubadda
Sorbo Michele , Risk volatility measures: a comparison., Advisor: Prof. Tommaso Proietti
Sperati Alfredo Paolo , The impacts of ESG Performances on Cost of Equity and Cost of Debt, Advisor: Prof. Vincenzo Farina
Stursa Zbynek , Thresholding for high-dimensional covariance matrix estimation, Advisor: Prof. Tommaso Proietti
Turmunkh Khongor , The use of Derivatives by Mutual funds, Advisor: Prof. Gianni Nicolini
Wang Yuming , Refining the father to son model with the cases of Chinese family firms, Advisor: Prof. Luca Gnan
Yusifli Parvana , Female Employees’ Job Burnout in Foreign Capital Enterprise in China, Advisor: Prof. Alessandro Hinna
Yusifzada Parviz , Professionalization and Managerialization in Small and Medium Family Firms, Advisor: Prof. Luca Gnan
Zeccolella Gianlorenzo , The effect of Mergers and Acquisitions on Bidder Default Risk in the Banking Sector, Advisor: Prof. Stefano Caiazza
Bardeli Aurel , Attribution of ex-ante performance and risk to market sectors, Advisor: Prof. Ugo Pomante
Bilardi Andrea , Dimension Reduction Methods and Har: forecasting analysis, Advisor: Prof. Prof. Gianluca Cubadda
Borin Carlo , A comparison of wrong-way risk Credit Value Adjustment using different techniques: change of measure, 2D Monte Carlo, Gaussian Copula resampling approach and Basel III, Advisor: Prof. Alessandro Ramponi
Caprasecca Mirko , Can market reaction on announcement date affect M&A failure? Evidence from financial deals in the U.S. market, Advisor: Prof. Stefano Caiazza
Ciolli Andrea , Target Cumulative Abnormal Return to M&As in US Banking Sector from 2000-2018, Advisor: Prof. Stefano Caiazza
Diaferia Savino , Merger Arbitrage: Profitability and Risk-Return Characteristic in the Italian Market, Advisor: Prof. Vincenzo Farina
Filippi Nicolò , The counterparty credit risk and its implication on profit and loss statement and regulatory capital, Advisor: Prof. Stefano Herzel
Forte Federica , Portfolio Optimization using Conditional Value at Risk: Application and Comparison with the Black-Litterman Model, Advisor: Prof. Ugo Pomante
Gurbanli Orkhan , The Impact of Training and Motivation on Organizational Performance, Advisor: Prof. Alessandro Hinna
Iovino Valeria , A zombie bank is in town! Empirical analysis about the health condition of the Eurozone banking system in the 20th century, Advisor: Prof. Stefano Caiazza
Orlova Victoria , Estimating probability of sovereign defaults, Advisor: Prof. Maura Mezzetti
Porcaro Tommaso , Financial Applications of Time-Varying Copulas, Advisor: Prof. Tommaso Proietti
Rezaeighasemkheili Ali , The impact of news on the US dollar index futures, Advisor: Prof. Gianni Nicolini
Serafino Barbara , Renewable Energy Derivatives and the securitization of cash-flows, Advisor: Prof. Gianni Nicolini
Smorra Luca , The Italian market of NPL: Banca IFIS case study, Advisor: Prof. Vincenzo Farina
Zhang Ge , Derivatives Usage and Gender Diversity of Board of Directors, Advisor: Prof. Gianni Nicolini
Cairone Simone , The inductive research of the change in decision-making of family business founder, Advisor: Prof. Tommaso Proietti
Genovese Jacopo , The Growth of Reits Market in East Asia, Advisor: Prof. Ugo Pomante
Gentile Cristina , Measures of Asymmetric Information in Financial Markets, Advisor: Prof. Davide Pirino
Novikov Yurii , What are the country specific factors that influence the foreign direct investment?, Advisor: Prof. Vincenzo Farina
Renzetti Francesco , Empirical analysis on the phenomenon of delisting, Advisor: Prof. Vincenzo Farina
Schiavo Edoardo , Financial crisis, Buyout investments, and Corporate performance: the Italian case, Advisor: Prof. Vincenzo Farina
Fu Yite , The inductive research of the change in decision-making of family business founder, Advisor: Prof. Luca Gnan
Vittiglio Emanuele , Cointegration and trading opportunities: an empirical analysis Advisor: Prof. Vincenzo Farina
Rognone Lavinia , Pricing interest rate derivatives in a negative yield environment, Advisor: Prof. Stefano Herzel
Melone Alessandro , Understanding and Forecasting Financial Market Volatility Over Long Horizons, Advisor: Prof. Tommaso Proietti
D'Aria Marianna , The Credit Valuation Adjustment: Regulation and Implementation, Advisor: Prof. Stefano Herzel
Cesaroni Giulia , Contingent Convertible Bonds - A Market-Conform Equity Derivative Model, Advisor: Prof. Stefano Herzel
Carrozi Stefano , Negative Rates in the SABR Model, Advisor: Prof. Stefano Herzel
Bernardi Cristiano , Four Moments Portfolio Optimization: an Empirical Test, Advisor: Prof. Ugo Pomante
Almonte Stefania , Assessing the predictive ability of financial variables through a mixed frequency approach: some evidence from the Italian case, Advisor: Prof. Gianluca Cubadda
Baggia Douglas , Succession Process In Family Owned Businesses in Honduras: Incorporating new young members, Advisor: Prof. Luca Gnan
Barrano Salvatore , The Implied volatility as a risk predictor: the case of Brexit, Advisor: Prof. Gianni Nicolini
Giacomazzi Consuelo , Optimization of CFDs portfolio implementing SMA technique, Advisor: Prof. Gianni Nicolini
Moradi Hadi , The Determinants and Investigating of CANSLIM Method Profitability for Evaluation of Tehran Stock Exchange Stocks, Advisor: Prof. Sandro Brunelli
Maino Andrea , Time Varying Dependence and Panic Copula model for Risk Measurements, Advisor: Prof. Stefano Herzel
Petrova Denitza ,On Psychological Barriers and Price Behaviors: Evidence from Eastern European Markets, Advisor: Prof. Gianni Nicolini
Riccardo Antonio , Vector Heterogeneous Autoregressive Index Model: an application on NYSE mahjor Banks'assets, Advisor: Prof. Gianluca Cubadda
Svetlomirova Biliana , Cryptocurrency:Nature and Features, Advisor: Prof. Williams De Ascaniis
Verneau Guglielmo , Loss Estimation in Structured Credit Products, Advisor: Prof. Stefano Herzel
Taraborrelli Jessica , The Management of A Real Estate Fund, Advisor: Prof. Ugo Pomante
Scalia Roberto , Forecasting Real Estate Prices, Advisor: Prof. Tommaso Proietti
Sardo Simone , Sovereign CDS: how the default probability influence the market, Advisor: Prof. Gianni Nicolini
Santurelli Simone , The impact of reputation on banks liquidity risk: a study of italian listed banks, Advisor: Prof. Vincenzo Farina
Rinaldi Francesco , Portfolio construction and valuation: machine learning techniques applied to quantitative trading system, Advisor: Prof. Ugo Pomante
Procacci Pierfrancesco , Flexible Bayesian Framework in Portfolio Construction: Entropy Pooling, Advisor: Prof. Ugo Pomante
Petrilli Luka , Undirected Graphs for Large Scale Portfolios of European Stocks, Advisor: Prof. Tommaso Proietti
Maino Andrea , Behavioral risk modeling and Agency MBS valuation, Advisor: Prof. Stefano Herzel
Luzzi Francesco , News related to macroeconomic variable as risk factors on equity returns: evidence from Asian markets, Advisor: Prof. Rocco Ciciretti
Jiao Xuyang , Are There Tournaments in Mutual Funds?, Advisor: Prof. Stefano Herzel
Iasenzio Stefano , A Vector Heterogeneous Autoregressive Index Model for Realized Volatility: some empirical results for European Equity Indexes, Advisor: Prof. Gianluca Cubadda
Cortesini Alessandro , Test on Fama French factor on Hong Kong Singapore and India stock market, Advisor: Prof. Rocco Ciciretti
Cordiner Lorenzo , Statistical Arbitrage with Index Options: An Empirical Study of the European Option Market, Advisor: Prof. Marianna Brunetti
Carnevali Laura , An Empirical Analysis of the Italian attitude toward Mortagage Refinancing, Advisor: Prof. Rocco Ciciretti
Avoli Alessandro , The CDS spread and spread charge determinants in the US Market, Advisor: Prof. Marianna Brunetti
Arnone Raffaella , Econometric analysis of Value-at-Risk and Expected Shortfall, Advisor: Prof. Tommaso Proietti
Di Cosmo Marco , Calendar anomalies: Evidence from Real Estate Investment vehicles, Advisor: Prof. Gianluca Mattarocci
Fortuna Alice , Multiple bankin: the Italian case, Advisor: Prof. Marianna Brunetti
Korsaye Sofonias Alemu , Artificial Neural Networks for Implied Volatility Surface: Construction and Dynamics, Advisor: Prof. Cesare Robotti
Romaniello Christian , Central Couterparties: A numerical implementation of the default waterfall, Advisor: Prof. Stefano Herzel
De Michelis Francesco , Technical Anlysis, Advisor: Prof. Stefano Herzel
Torelli Edoardo , Convexity Correction for Interest Rate Derivatives, Advisor: Prof. Stefano Herzel
Aguilar Jauregui Catherine Stefany , Sustainability and outreach trade-off of Microfinance Institutions in Peru, Advisor: Prof. Leonardo Becchetti
Bologni Enrico , The effects of Microfinance on poverty reduction. The Case study of Buen Vivir, Ecuador, Advisor: Prof. Leonardo Becchetti
Borzi Chiara , Real Estate Factor Premium, Advisor: Prof. Gianluca Mattarocci
Brescia Mauro , The optimal capital structure of the firm with taxes, bankruptcy costs and stochastic volatility, Advisor: Prof. Stefano Herzel
Cavarretta Maria Chiara , Power Options in the Italian electricity market: an assessment of their potential in managing risk for the Italian operators, Advisor: Prof. Gianni Nicolini
Cea Lorenzo , A LIBOR Market Model with Multiple Curves, Advisor: Prof. Stefano Herzel
D'Orazio Gianpaolo , Portfolio construction and empirical testing of Black Litterman model, Advisor: Prof. Ugo Pomante
Goudarzi Mostafa , Dynamic Spillover Effect in Future Markets, Advisor: Prof. Gianni Nicolini
Leone Stefano , ALM logics for Pension Funds, Advisor: Prof.Ugo Pomante
Principe Claudia , Impact of International Cross-Listing on Stock Liquidity: Evidence from European Stock Exchanges, Advisor: Prof. Gianluca Mattarocci
Sajadi Zahra , A review on the impact of venture capital on family businesses, Advisor: Prof. Luca Gnan
Serafini Alberto , Comparative analysis of socially responsible and traditional investments, Advisor: Prof. Stefano Herzel
Turchetti Cristiano , An affine term structure for European interbank risk, Advisor: Prof. Stefano Herzel
Verico Marco , Eccomi!. The App for one-to-one volunteerism. From idea generation to fundraising, Advisor: Prof. Williams De Ascaniis
Amiraslanov Farid , A comparative analysis of the family business governance in UK, Canada and China, Advisor: Prof. Luca Gnan
Azzarelli Filippo , The impact of corporate governance on capital structure, Advisor: Prof. Vincenzo Farina
Bernardo Giuseppe , Lines of credit in corporate finance, Advisor: Prof. Gianluca Mattarocci Colarossi Daniele, Active management and returns dispersion, Advisor: Prof. Rocco Ciciretti
Di Mario Alessio , Prospectus content, investor attention and IPO first-day returns, Advisor: Prof. Vincenzo Farina
Ducci Lorenzo , Estimating the probability of default with balance sheet information: an empirical analysis on US SMES during the last financial crisis, Advisor: Prof. Marianna Brunetti
Febo Angelo W. , Liquidity, market impact and optimal trading strategies, Advisor: Prof. Stefano Herzel Formichella Valentina, The credit value adjustment, Advisor: Prof. Stefano Herzel
Giosi Pierluigi , Pricing variance swap contracts, Advisor: Prof. Stefano Herzel
Gomez Walter Alexandar , Return based style analysis of globally invested flexible mutual funds, Advisor: Prof. Ugo Pomante
Klimovich Sergey , An analysis of co-integration of financial derivative markets in a worldwide perspective, Advisor: Prof. Gianni Nicolini
Li Yanjun , Credit cycle and macroprudential policy, Advisor: Prof. Luisa Corrado
Maccari Laura , The creditworthiness evaluation through the rating system: an empirical application to the construction industry, Advisor: Prof. Gianluca Mattarocci
Malek Mohammadi M. , Portfolio optimization with parametric quadratic programming, Advisor: Prof. Stefano Herzel
Mao Wenli , The influence of venture capital on family governance system, Advisor: Prof. Luca Gnan
Mtengwa Nyashadzashe , Impact investing: an advanced market capital allocation framework, Advisor: Prof. Ugo Pomante
Piccirelli Alessia , How diversification affects idiosyncratic and overall risk of open-end equity funds, Advisor: Prof. Rocco Ciciretti
Quaranta Nicoletta , CSR and idiosyncratic volatility, Advisor: Prof. Rocco Ciciretti
Ranalli Giulia , Minibond. What kind of issuers are SMES? Evidence from the financial statement analysis, Advisor: Prof. Ugo Pomante
Setaro Arianna , Short term inflation density forecasting with a Bayesian Var, Advisor: Prof. Tommaso Proietti
Stragapede Michele , Portfolio value at risk with jumps, Advisor: Prof. Stefano Herzel
Strauss Magdalena , A discussion of a matrix exponential model for spatially correlated data, Advisor: Prof. Maura Mezzetti
Tamburri Matteo , A comparison of forecasting performances between random walk, Garch-m and Egarch-m, Advisor: Prof. Marianna Brunetti
Totev Aleksandar , Corporate ownership of American and German companies: a comparative analysis of dual-class shares. Market performance and tendencies, Advisor: Prof. Luca Gnan
Troiano Federica , Labor market differences between natives and immigrants, Advisor: Prof. Franco Peracchi
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Derivatives: Benefits, Risks, and Regulations
Nguyen, Kristopher (2016) Derivatives: Benefits, Risks, and Regulations. Undergraduate thesis, under the direction of Bonnie Van Ness from Finance, University of Mississippi.
This paper explores much preexisting research and history about derivatives. Derivative contracts can be used to hedge risk and to speculate in markets. To find the affects of hedging and speculating, I explored what other researches had found in studies and documented in history. Through out history, the regulations of derivatives have changes. I further explore some of the most recent changes in legislation and included those changes and some of the affects in this paper. Based upon the research of others I find that when non-financial firms hedge, those firms receive a lower cost of equity and cost of debt than firms that do not hedge. Firms that use derivatives also can experience savings in tax liabilities. Many studies find that non-financial firms that hedge experience a higher firm valuation than firms that did not hedge. However, there were a few studies that did not find any significant affect on firm value from derivative usage. By reading research, books, and other historical information on the Tulipmania, South Sea Company, and Subprime Mortgage Crisis, I find that speculation increases risk. Price risk, liquidity risk, counterparty risk, and systemic risk are some examples of risk that increases when derivative users speculate. When the markets took a turn in each of these historical examples speculators realized these increased risks. I also find that deregulation of industries including the financial industry is part of the reason why derivatives began growing so much around the 1970’s in the United States. Regulators tried to regulate swap contracts, but they ended up backing off when dealers moved overseas. The lack of investor protections and regulations of swaps hurt investors during subprime mortgage crises. After the crises, countries with major economies and emerging economies came together to increase regulations on derivatives. I conclude that hedging with derivatives is beneficial for firms and can allow firms to increase firm value in different ways, and that speculation increases risk. Even though speculation increases risk, these risks may not be as severe in the future now that countries are coming together to regulate derivatives.
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Samson's MIT Master's Degree Thesis: "Multi-Agent Deep Reinforcement Learning and GAN-Based Market Simulation for Derivatives Pricing and Dynamic Hedging".
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Samson qian's mit master's thesis.
"Multi-Agent Deep Reinforcement Learning and GAN-Based Market Simulation for Derivatives Pricing and Dynamic Hedging"
Thesis submitted to the MIT Sloan School of Management in partial fulfillment of the requirements for the degree of Master of Finance at the Massachusetts Institute of Technology.
Advisor: Professor Leonid Kogan
Advancements in computing capabilities have enabled machine learning algorithms to learn directly from large amounts of data. Deep reinforcement learning is a particu- larly powerful method that uses agents to learn by interacting with an environment of data. Although many traders and investment managers rely on traditional statistical and stochastic methods to price assets and develop trading and hedging strategies, deep reinforcement learning has proven to be an effective method to learn optimal policies for pricing and hedging. Machine learning removes the need for various para- metric assumptions about underlying market dynamics by learning directly from data. This research examines the use of machine learning methods to develop a data-driven method of derivatives pricing and dynamic hedging. Nevertheless, machine learning methods like reinforcement learning require an abundance of data to learn. We explore the implementation of a generative adversarial network-based approach to generate realistic market data from past historical data. This data is used to train the rein- forcement learning framework and evaluate its robustness. The results demonstrate the efficacy of deep reinforcement learning methods to price derivatives and hedge positions in the proposed systematic GAN-based market simulation framework.
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Electronic graduate theses and dissertations from Utah State University.
Students requesting changes to thesis/dissertation:
Upon final deposit in the Institutional Repository (IR), a thesis/dissertation becomes part of the student’s official academic record. No changes may be made to the thesis or dissertation after it has been approved by the School of Graduate Studies.
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A Study of Controlled Attention in Children With and Without Developmental Language Disorder , Logan Alva
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Understanding Parent-Adolescent Transmission of Values , Jesse P. Higgins
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Quantifying the Dynamics of an Idealized Oil-Plume in Stratified Environment Using Direct Numerical Simulations , Jasmin Ahmed
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Comparative Studies in Rangeland Management: Examining the Foundational Assessments Relationship to the Greater Sage-Grouse Habitat Assessment Framework and Assessment of Predicted Cattle Distributions Using GPS Collars in Rich County, Utah , Michael T. Anderson
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Carbon Sinks and Sources in Great Salt Lake: Consequences of Declining Lake Levels , Melissa Cobo Arias
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Integrated Concept Mapping as a Method for Democratically Evaluating a Teacher Preparation Program in the Area of Classroom Assessment Proficiency , Carrie Elizabeth Ashcraft
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Sustain Water Conservation Behaviors Using Nonparametric Ranking and Social Marketing , Mahmudur Rahman Aveek
Assessing the Role of Magnetite in Municipal Wastewater Treatment , Patricia Ayaa
A Computer Programming Intervention for Second Grade Math Students , Eric B. Bagley
Design of Environment Aware Planning Heuristics for Complex Navigation Objectives , Carter D. Bailey
The Influence of a Values Affirmation Intervention on Students' Mathematical, Social, and Epistemological Empowerment , Carrie Olson Bala
Increasing Production of Therapeutic mAbs in CHO Cells Through Genetic Engineering , Charles Barentine
Validation and Exploration of the Multidimensional Psychological Flexibility Inventory with a Sample of Adolescents , John Barr
Upstream Methods for Enhancing Engineered Curcumin Biosynthesis , Caleb D. Barton
Advancing Data Collection, Management, and Analysis for Quantifying Residential Water Use via Low Cost, Open Source, Smart Metering Infrastructure , Camilo J. Bastidas Pacheco
Old-Growth Forest Dynamics After Fire and Drought in the Sierra Nevada, California, USA , Kendall M.L. Becker
Developing Confidence and Interest in Teaching Relevant Mathematical Modeling Lessons , Jacy Beck
Nest‐Site Selection, Success, and Response to Predators by Cinnamon Teal and Other Ground‐Nesting Ducks in the Wetlands of Great Salt Lake, Utah , Mark E. Bell
Refining, Testing, and Applying Thermal Species Distribution Models to Enhance Ecological Assessments , Donald J. Benkendorf
Predictors of Special Education Inequity in Rural Rocky Mountain West Schools , Jac'lyn Bera
Contributions to Random Forest Variable Importance with Applications in R , Kelvyn K. Bladen
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Pedestrian Behavior at Signalized Intersections Throughout Utah , Sadie Boyer
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Artificial Intelligence and Deep Reinforcement Learning Stock Market Predictions , Andrew W. Brim
Changes in Voting Behavior Along Partisan Lines Due to Extreme Weather Events Linked to Climate Change , Daniel Brinkerhoff
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Nutrient Uptake and Water Quality in Great Salt Lake Wetland Impoundments , Rachel L. Buck
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Masculinity, Affirmations, Belongingness, and Resiliency in Male Adolescents: Effects on School Engagement , Kelsey Burt
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Event-Based Obstacle Detection with Commercial Lidar , Chaz Cornwall
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This thesis consists of a collection of studies investigating various aspects of the interplay between the markets for derivative securities and their respective underlying assets in the presence of market imperfections. The classic theory of derivative pricing and hedging hinges on three rather unrealistic assumptions regarding the market for the underlying asset. Markets are assumed to be perfectly elastic, complete and frictionless. This thesis studies some effects of relaxing one or more of these assumptions. Chapter 1 provides an introduction to the thesis, details the structure of what follows, and gives a selective review of the relevant literature. Chapter 2 focuses on the effects that the implementation of hedging strategies has on equilibrium asset prices when markets are imperfectly elastic. The results show that the feedback effect caused by such hedging strategies generates excess volatility of equilibrium asset prices, thus violating the very assumptions from which these strategies are derived. However, it is shown that hedging is nonetheless possible, albeit at a slightly higher price. In Chapter 3, a model is developed which describes equilibrium asset prices when market participants use technical trading rules. The results confirm that technical trading leads to the emergence of speculative price "bubbles". However, it is shown that although technical trading rules are irrational ex-ante, they turn out to be profitable ex-post. In Chapter 4, a general framework is developed in which the optimal trading behaviour of a large, informed trader can be studied in an environment where markets are imperfectly elastic. It is shown how the optimal trading pattern changes when the large trader is allowed to hold options written on the traded asset. In Chapter 5, the results of the preceding chapter are used to study the interplay between options markets and the markets for the underlying assets when prices are set by a market maker. It turns out that the existence of the option creates an incentive for the informed trader to manipulate markets, which implies that equilibrium on both markets can only exist when option prices are adjusted to reflect this incentive. This requirement of price alignment explains the "smile" pattern of implied volatility, an empirically observed phenomenon that has recently been the focus of extensive research. Chapter 6 finally addresses recent proposals by some researchers suggesting that central banks should issue options in order to stabilise exchange rates. The argument, in line with the findings of Chapter 2, is based on the fact that hedging a long option position requires countercyclical trading that would reduce volatility. However, the results of Chapter 6 show that the option creates an incentive for market manipulation which, rather than protecting against speculative attacks, in fact creates an additional vehicle for such attacks. Chapter 7 concludes.
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How to apply to do a masters thesis in the US or Canada when departments don't post specific positions?
I am enrolled in a Master's program (Computational Science and Engineering) in Germany and currently I am looking for a Master's Thesis abroad, preferably in the US or in Canada. Unfortunately, I am not sure how to apply for a thesis and to be honest I am walking around in a vicious circle.
What I've done so far: My first step was to visit the international office at our university. The lady there told me that I should have a look at some university/institute websites, look for specific research areas/topics of my interest and write application letters to the respective persons.
Additionally, I went to one of my professors who gave me a list of people that he has worked with in the past and which probably might have interesting topics available. However, after carefully working through the list and writing down what looked interesting to me he told me that there's a 99% chance that my application will be ignored or denied if I don't explicitly describe what work I want to do. So actually his attempt to help was not of much use to me.
My main concern is: How can I know what I want to do if I don't know what is being offered? Most departments do not explicitly offer positions, in particular I haven't found a single offer for a master thesis at US/Canada department sites.
My area of interests involves fields such as the numerical treatment of partial differential equations (e.g. finite elements, solvers for hyperbolic problems...), numerical linear algebra, etc. However, if there is no disclosure of potential necessities for a master student I don't see a chance to describe my interests more specific than that. On the other hand, I am afraid that my applications will be interpreted as "bulk letters" if I just write down everything that I would like to work with.
I also thought of reading through some publications/papers of the respective persons, which would be very time consuming. But regarding the fact that I can have at most a slight insight into the respective topics and that I don't even know if there is any need for further work at a master student's level I don't think it is reasonable to spend too much time with that without a gleam of any success.
I would appreciate if someone could help me with some hints on how to come across that. It would be even better if someone who faced the same situation and succeeded could share her/his approach.
- application
- united-states

- 4 You need to tell why you must do your master thesis in US/Canada. – Nobody Nov 18, 2014 at 10:00
- 1 I did part of my own Master's work in the US (coming from Austria). In my case, I arranged to do a thesis with a professor at my university who then offered this possibility (it may be worth noting that the topic of my thesis was really only decided upon after I came to the US). I think this kind of “unofficial” path may often be easier than to apply on your own. That said, my current boss (back in Austria) does take unsolicited applications from abroad seriously also for prospective Master's students, and has invited applicants for interviews. – xebtl Nov 18, 2014 at 10:13
- 4 @scaaahu Besides personal interest there is no actual need for doing it there. I want to broaden my cultural horizon and have the opportunity to see how research works in other countries. But doesn't that hold for almost every exchange activity? I mean, there is also no "need" for doing an exchange semester, still a lot of people do it. But I will think more about it, thank you. – andreee Nov 18, 2014 at 10:16
- 1 My two cents Re "broaden my cultural horizon", as a French student who has spent one year in the US (albeit at the undergrad level), I haven't found it very different culturally. My three months in Japan have been much more instructive in that regard. – fkraiem Nov 18, 2014 at 16:03
- 1 in the US, when people enter graduate school (i.e., the program to get a Master's or PhD), it is not necessarily decided yet whether they will do a Master's, or directly a PhD — This varies significantly from one department to another. It is true that in the US as a whole it is not necessarily decided, but in many US departments , transferring from MS to PhD or vice versa is difficult to impossible. – JeffE Nov 18, 2014 at 17:17
2 Answers 2
Master's have a different meaning in North-America than in Germany. While the Master's thesis typically closes the university studies in Germany, it is considered 'graduate studies' in North America (the Bachelor is considered the 'university degree' and the majority of students join the workforce with it). Masters are either specializations or given to graduate students who wish or have to stop graduate school before completing a PhD. That is the reason why you didn't find any offers for 'Master's theses' on institution websites there.
You approach of asking a local faculty for contacts is probably your best shot, don't give up. Narrow down to a few options and write them an email, explaining your skills, interests and field of study. Ask if they can think of a possible project for you. In your inquiries explain the requirements for a foreign Master thesis host at your university . Stress out the fact that you are merely asking for the right to use the local facilities and a co-supervision of your work. In my case, a professor told me about a project he had in mind, and I expanded it in a short proposal that was accepted by the local faculty and my program.
North-American professors have to worry about funding for their local Master students. You have to make clear that you want to be a visiting student and thus you will most likely be able to waive tuition fees (with some exceptions, like MIT). Along that line, explain that like Masters students in Germany, you will pay for your ramen noodles yourself and don't necessarily need a stipend if it can't be provided (on that note, Canada and the USA require that you prove you have sufficient means to support yourself while on their territory, so start a piggy bank).
With this in mind, there are few reasons for a group leader abroad not to consider your project, since you might contribute to their research while not costing anything. These few reasons include: too much supervision burden already.

- Thank you very much for your answer! I didn't know about this particular circumstance regarding the Master. I will try to consider the points you mentioned, especially in the last paragraph. Let me give it a first try before I mark the answer as accepted though. – andreee Nov 19, 2014 at 18:28
- 2 I had an appointment with my professor last week and he gave me different options. So we discussed about pros and cons and eventually decided that he would write an email to a colleague in the US. The US professor almost immediately replied and seemed very willing to support me with my plans. He told us that he will start gathering information about organizational things that might need to be accomplished. As by now we haven't talked about a specific topic, but as soon as I have more information I will post it here. – andreee Jan 30, 2015 at 18:15
- @andreee, is everything went well? let us know what happened after that? I am also in the same situation. Let me know if that works for you. – Jyotirmay Jan 22, 2019 at 1:00
I recently applied for my final Master's thesis at institutions in the US and got accepted at the MIT. Without having a warm contact such a professor giving you an introduction to some former research collaborators abroad it is definitely a more challenging task. As I didn’t have these strong ties in the research area of my interest, approaching the research faculty was the option I chose. It is important to note that writing your thesis in US/CA is formally being a visiting researcher / visiting scholar. That’s what you should refer to in your application.
In general what you want to do is to draft tailored messages to members of the faculty and show that you are interested in THEIR particular research AND why your could be valuable for him.
In general my application approach was the following:
- Find a research area of interest: I identified a broad research area that I am passionate about and a few sub branches that would provide room for thesis topics.
- Choose some preferred universities: For the first application round I chose 3-5 different Universities in the US and UK. I was planning to do the following steps iteratively but got a positive response in the first round.
- Identify research groups: I browsed through the websites of the different chairs and research groups of the preferred universities to find out which group was working recently on topics in the research area of my interest. Mainly the section of publications combined with Google Scholar and current projects they are working on were helpful here.
- Find a topic: Based on their research, I came up with rather broad topic. Inspiration can come from “future work” section in their published papers.
Identify potential advisors: Within the research group I looked for specific persons working on the topics. Usually, there is a staff website or a list of names on published papers. As professors are usually super busy, my main focus were PhD students or Post Docs, who usually are also the main authors of the papers.
Hand-craft an individual email: Faculty members at reputable universities get hundreds of emails every week from students all around the world wanting to collaborate. So the message really needs to be individual (not a mass email) and short (quick to read). I tried to show that I familiarized myself with his specific research. Aspects of the message were mainly motivation, the research idea/topic and how I can contribute. As already mentioned your chances increase significantly if you state that they don’t need to fund you.
Of course this is not an easy process and you might need a few tries to get a response. But if you convince them about the value you can create being a free research support is a good value proposition. Once I got my acceptance I looked for supportive professors in similar / adjacent research areas at my universities who would possibly supervise it.
- Astroturfing is frowned upon here . I've removed the link from your (quite comprehensive) post. – eykanal Mar 11, 2019 at 16:47
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Study on the Determinants of Financial Derivatives
Info: 5443 words (22 pages) Dissertation Published: 6th Dec 2019
Reference this
Tagged: Finance
Introduction
Our research article is ‘Determinants of Financial Derivatives’. Before moving towards the definition of main purpose and significance of our research article, we want to give a brief introduction of the core keywords of our research article which are ‘Financial Derivatives’.
1.1. Introduction
A derivative is a financial instrument (or more simply, an agreement between two people/two parties) that has a value determined by the future price of something else. Derivatives can be thought of as bets on the price of something. Suppose you bet with your friend on the price of a bushel of corn. If the price in one year is less than $3 your friend pays you $1. If the price is more than $3 you pay your friend $1. Thus, the underlying in the agreement is the price of corn and the value of the agreement to you depends on that underlying.[1]
So derivatives are the collective name used for a broad class of financial instruments that derive their value from other financial instruments (known as the underlying), events or conditions. Essentially, a derivative is a contract between two parties where the value of the contract is linked to the price of another financial instrument or by a specified event or condition.
Derivatives are usually broadly categorized by the:
- Relationship between the underlying and the derivative (e.g. forward, option, swap)
- Type of underlying (e.g. equity derivatives, foreign exchange derivatives, interest rate derivatives, commodity derivatives or credit derivatives)
- Market in which they trade (e.g., exchange traded or over-the-counter)
- Pay-off profile (Some derivatives have non-linear payoff diagrams due to embedded optionality)
Another arbitrary distinction is between:
Vanilla derivatives (simple and more common) and
Exotic derivatives (more complicated and specialized)
There is no definitive rule for distinguishing one from the other, so the distinction is mostly a matter of custom.
Derivatives are used by investors to
Provide leverage or gearing, such that a small movement in the underlying value can cause a large difference in the value of the derivative
Speculate and to make a profit if the value of the underlying asset moves the way they expect (e.g. moves in a given direction, stays in or out of a specified range, reaches a certain level)
Hedge or mitigate risk in the underlying, by entering into a derivative contract whose value moves in the opposite direction to their underlying position and cancels part or all of it out
Obtain exposure to underlying where it is not possible to trade in the underlying (e.g. weather derivatives)
Create optionability where the value of the derivative is linked to a specific condition or event (e.g. the underlying reaching a specific price level)
Hedging is a technique that attempts to reduce risk. In this respect, derivatives can be considered a form of insurance.
Derivatives allow risk about the price of the underlying asset to be transferred from one party to another. For example, a wheat farmer and a miller could sign a futures contract to exchange a specified amount of cash for a specified amount of wheat in the future. Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, the availability of wheat. However, there is still the risk that no wheat will be available because of events unspecified by the contract, like the weather, or that one party will renege on the contract. Although a third party, called a clearing house, insures a futures contract, not all derivatives are insured against counter-party risk.
From another perspective, the farmer and the miller both reduce a risk and acquire a risk when they sign the futures contract: The farmer reduces the risk that the price of wheat will fall below the price specified in the contract and acquires the risk that the price of wheat will rise above the price specified in the contract (thereby losing additional income that he could have earned). The miller, on the other hand, acquires the risk that the price of wheat will fall below the price specified in the contract (thereby paying more in the future than he otherwise would) and reduces the risk that the price of wheat will rise above the price specified in the contract. In this sense, one party is the insurer (risk taker) for one type of risk, and the counter-party is the insurer (risk taker) for another type of risk.
Hedging also occurs when an individual or institution buys an asset (like a commodity, a bond that has coupon payments, a stock that pays dividends, and so on) and sells it using a futures contract. The individual or institution has access to the asset for a specified amount of time, and then can sell it in the future at a specified price according to the futures contract. Of course, this allows the individual or institution the benefit of holding the asset while reducing the risk that the future selling price will deviate unexpectedly from the market’s current assessment of the future value of the asset.
Derivatives traded at the Chicago Board of Trade.
Derivatives serve a legitimate business purpose. For example, a corporation borrows a large sum of money at a specific interest rate.[2] The rate of interest on the loan resets every six months. The corporation is concerned that the rate of interest may be much higher in six months. The corporation could buy a forward rate agreement (FRA). A forward rate agreement is a contract to pay a fixed rate of interest six months after purchases on a notional sum of money.[3] If the interest rate after six months is above the contract rate the seller pays the difference to the corporation, or FRA buyer. If the rate is lower the corporation would pay the difference to the seller. The purchase of the FRA would serve to reduce the uncertainty concerning the rate increase and stabilize earnings.
Speculation and arbitrage
Derivatives can be used to acquire risk, rather than to insure or hedge against risk. Thus, some individuals and institutions will enter into a derivative contract to speculate on the value of the underlying asset, betting that the party seeking insurance will be wrong about the future value of the underlying asset. Speculators will want to be able to buy an asset in the future at a low price according to a derivative contract when the future market price is high, or to sell an asset in the future at a high price according to a derivative contract when the future market price is low.
Individuals and institutions may also look for arbitrage opportunities, as when the current buying price of an asset falls below the price specified in a futures contract to sell the asset.
Speculative trading in derivatives gained a great deal of notoriety in 1995 when Nick Leeson, a trader at Barings Bank, made poor and unauthorized investments in futures contracts. Through a combination of poor judgment, lack of oversight by the bank’s management and by regulators, and unfortunate events like the Kobe earthquake, Leeson incurred a $1.3 billion loss that bankrupted the centuries-old institution.
Types of derivatives
Otc and exchange-traded.
Broadly speaking there are two distinct groups of derivative contracts, which are distinguished by the way they are traded in the market:
Over-the-counter (OTC) derivatives are contracts that are traded (and privately negotiated) directly between two parties, without going through an exchange or other intermediary. Products such as swaps, forward rate agreements, and exotic options are almost always traded in this way. The OTC derivative market is the largest market for derivatives, and is largely unregulated with respect to disclosure of information between the parties, since the OTC market is made up of banks and other highly sophisticated parties, such as hedge funds. Reporting of OTC amounts are difficult because trades can occur in private, without activity being visible on any exchange. According to the Bank for International Settlements, the total outstanding notional amount is $684 trillion (as of June 2008).[5] Of this total notional amount, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they are subject to counter-party risk, like an ordinary contract, since each counter-party relies on the other to perform.
Exchange-traded derivative contracts (ETD) are those derivatives instruments that are traded via specialized derivatives exchanges or other exchanges. A derivatives exchange is a market where individuals’ trade standardized contracts that have been defined by the exchange. A derivatives exchange acts as an intermediary to all related transactions, and takes Initial margin from both sides of the trade to act as a guarantee. The world’s largest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists a wide range of European products such as interest rate & index products), and CME Group (made up of the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade and the 2008 acquisition of the New York Mercantile Exchange). According to BIS, the Scombined turnover in the world’s derivatives exchanges totaled USD 344 trillion during Q4 2005. Some types of derivative instruments also may trade on traditional exchanges. For instance, hybrid instruments such as convertible bonds and/or convertible preferred may be listed on stock or bond exchanges. Also, warrants (or “rights”) may be listed on equity exchanges. Performance Rights, Cash xPRTs and various other instruments that essentially consist of a complex set of options bundled into a simple package are routinely listed on equity exchanges. Like other derivatives, these publicly traded derivatives provide investors access to risk/reward and volatility characteristics that, while related to an underlying commodity, nonetheless are distinctive.
Common derivative contract types
There are three major classes of derivatives:.
Futures/Forwards are contracts to buy or sell an asset on or before a future date at a price specified today? A futures contract differs from a forward contract in that the futures contract is a standardized contract written by a clearing house that operates an exchange where the contract can be bought and sold, while a forward contract is a non-standardized contract written by the parties themselves.
Options are contracts that give the owner the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an asset. The price at which the sale takes place is known as the strike price, and is specified at the time the parties enter into the option. The option contract also specifies a maturity date. In the case of a European option, the owner has the right to require the sale to take place on (but not before) the maturity date; in the case of an American option, the owner can require the sale to take place at any time up to the maturity date. If the owner of the contract exercises this right, the counter-party has the obligation to carry out the transaction.
Swaps are contracts to exchange cash (flows) on or before a specified future date based on the underlying value of currencies/exchange rates, bonds/interest rates, commodities, stocks or other assets.
More complex derivatives can be created by combining the elements of these basic types. For example, the holder of a swaption has the right, but not the obligation, to enter into a swap on or before a specified future date.
1.2. PROBLEM STATEMENT:
The problem statement on which we are doing research is as follows:
What are the Determinants that define the activities towards Financial Derivatives?
1.3. OBJECTIVE OF THE STUDY:
The main objective of our research is that which one of this independent variable like Risk, Yield Spread etc affects the financial derivatives the most or which one of the following indicates the most involvement in financial derivative.
1.4. Limitations:-
There are few limitations which are as under.
The data which we are considering is only from Islamabad stock exchange.
Out of numerous variables we have selected only four.
1.5. Plan:-
Rest of the thesis is organized as fallows. In chapter II we have produced a literature review. In chapter III Data is collected and statistical tools are applied. In chapter IV the results are interpreted. In chapter V conclusions and recommendations are given.
Literature Review
Credit derivatives and risk aversion in this article author discuss the valuation of credit derivatives in extreme regimes such as when the time-to-maturity is short, or when payoff is contingent upon a large number of defaults, as with senior trenches of collateralized debt obligations. In these cases, risk aversion may play an important role, especially when there is little liquidity, and utility-indifference valuation may apply. Specifically, we analyze how short-term yield spreads from default able bonds in a structural model may be raised due to investor risk aversion.
Using derivatives to manage risk this Refers to some well-publicized failures with derivatives, and seeks explanations for these problems; points to the role of the US treasury department as a profit centre, and presents a three-phase risk management framework for the successful use of derivatives risk identification/determination of the desired risk profile, implementation (to include factors such as the role of the board in the co-ordination of resources), evaluation/feedback. Shows how three celebrated cases of derivatives fiasco failed in respect of various aspects of this framework (these being Gibson Greetings, Procter & Gamble and Metallgesellschaft AG).
Petersen and Thiagarajan (2000) Estimates and compares the risk exposure of two firms operating in the gold mining industry. Suggests that the difference between the two firms lies in the risks that they choose to manage and the tools that they use. It presents an extensive analysis of the building blocks underlying the effects of risk management including operating cash flows, taxable income, investment opportunities and equity risk exposure. Shows how one uses adjustments to the quality of ore extracted as a partial hedge against gold price fluctuations, whilst the other uses derivatives to reduce the fluctuations in its revenues and therefore operating cash flows. Comments on the incentives for risk reduction and their effect on the management of gold price risk, noting that compensation strategies can lead to differing managerial objectives. Argues that the use of alternative forms of risk management is a conscious choice by firms and that the use of derivatives should be seen against the alternative tools available.
Alister and Mansfield (1980) states that Derivatives have been an expanding and controversial feature of the financial markets since the late 1980s. They are used by a wide range of manufacturers and investors to manage risk. This paper analyses the role and potential of financial derivatives investment property portfolio management. The limitations and problems of direct investment in commercial property are briefly discussed and the main principles and types of derivatives are analysed and explained. The potential of financial derivatives to mitigate many of the problems associated with direct property investment is examined.
The management of foreign currency risk: derivatives use and the natural hedge of geographic diversification Summer 1999 Notes the lack of evidence of large companies’ use of foreign exchange derivatives (FXDs), related to the geographical diversification natural hedge, an alternative method of avoiding risk. Builds a model of company behavior, sampling 309 US companies by industry, including FXD, foreign sales, a sales-based Herfindahl index, and market value. Finds a significant and positive relationship between the use of FXDs and the level of foreign exchange exposure; and a negative relationship between geographic dispersion and FXD. Shows that there are economies of scale in FXD use, and that the findings are robust to industry membership and geographic diversification.
Emory presents evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings. Using 1994-1996 data for a sample of Fortune5 00 firms, I estimate a set of simultaneous equations that captures managers’ incentives to maintain a desired level of earnings volatility through hedging and accrual management. These incentives include increasing managerial compensation and wealth, reducing corporate income taxes and debt financing costs, avoiding underinvestment and earnings surprises, and mitigating volatility caused by low diversification. After controlling for such incentives,
I find a significant negative association between derivatives’ notional amounts and proxies for the magnitude of discretionary accruals.
Gay and Nam analyzed the underinvestment problem as a determinant of corporate hedging policy. We find evidence of a positive relation between a firm’s derivatives use and its growth opportunities, as proxied by several alternative measures. For firms with enhanced investment opportunities, derivatives use is greater when they also have relatively low cash stocks. Firms whose investment expenditures are positively correlated with internal cash flows tend to have smaller derivatives positions, which suggest potential natural hedges. Our findings support the argument that firms’ derivatives use may partly be driven by the need to avoid potential underinvestment problems.
Patil (2008) states that the Reserve Bank of India’s Working Group on Rupee Derivatives has, interalia, recommended introduction of exchange traded derivatives to supplement OTC derivatives. But before we introduce exchange traded interest rates futures it is necessary to be fully aware of the ground realities. The basic issue is the healthy development of the market and abolition of the regulations that artificially protect the interests of a set of intermediaries whose role and functions have got significantly reduced with massive induction of IT applications into the capital and financial markets. Regulatory reforms should facilitate continuous reduction in transaction costs and up gradation of transactional efficiency across different segments of the market. A regulatory regime that ends up protecting the role of certain players merely because they played a useful role in the past in the development of some segments of the markets would be doing a disservice
Hentschel and Kothari makes Public discussion about corporate use of derivatives focuses on whether firms use derivatives to reduce or increase firm risk. In contrast, empirical academic studies of corporate derivatives use take it for granted that firms hedge with derivatives. Using data from financial statements of 425 large U.S. corporations, we investigate whether firms systematically reduce or increase their riskiness with derivatives. We find that many firms manage their exposures with large derivatives positions. Nonetheless, compared to firms that do not use financial derivatives, firms that use derivatives display few, if any, measurable differences in risk that are associated with the use of derivatives.
Brinson, Randolph Hood and Beebower (1986), states that in order to delineate investment responsibility and measure performance contribution, pension plan sponsors and investment managers need a clear and relevant method of attributing returns to those activities that compose the investment management process- investment policy, market timing and security selection. The authors provide a simple framework based on a passive, benchmark portfolio representing the plan’s long-term asset classes, weighted by their long-term allocations. Returns on this “investment policy” portfolio are compared with the actual returns resulting from the combination of investment policy plus market timing (over or underweighting asset classes relative to the plan benchmark) and security selection (active selection within an asset class). Data from 91 large U.S. pension plans over the 1974-83 period indicate that investment policy dominates investment strategy (market timing and security selection), explaining on average 93.6 per cent of the variation in total plan return. The actual mean average total return on the portfolio over the period was 9.01 per cent, versus 10.11 per cent for the benchmark portfolio. Active management cost the average plan 1.10 per cent per year, although its effects on individual plans varied greatly, adding as much as 3.69 per cent per year. Although investment strategy can result in significant returns, these are dwarfed by the return contribution from investment policy-the selection of asset classes and their normal weights.
Markides (1995) concluded that there is increasing evidence (especially in the business press) that over the past decade, many U.S. corporations have ‘restructured.’ For example, Lewis (1990: 43) estimates that ‘nearly half of large U.S. corporations have “restructured” in the 1980s.’ Similarly, a special report on corporate restructuring published in the Wall Street Journal (1985: 1) found that out of the 850 of ‘North America’s largest corporations,’ 398 (47%) of them restructured. A major problem with many of these studies on restructuring is that they do not define exactly what is meant by restructuring. Corporate actions such as share repurchasing, refocusing, alliances, consolidations and leveraged recapitalizations can all fall under the general term ‘restructuring;’ therefore, a researcher needs to look at these forms of restructuring separately if any generalizations are to be made. In this study, we focus on one specific type of restructuring, namely corporate refocusing. By this we mean the voluntary or involuntary reduction in the diversification of U.S. firms-usually, but not necessarily, achieved through major divestitures-what Bhagat, Shleifer, and Vishny (1990) call ‘the return to corporate specialization.’
We focus on this type of restructuring because according to the existing evidence it is by far the most common and most beneficial form of restructuring undertaken by firms (e.g., Lewis, 1990; Wall Street Journal, 1985). According to existing evidence, a significant proportion of major diversified firms in the U.S. have reduced their diversification in the 1980s by refocusing on their core businesses (for statistical evidence, see Lichtenberg, 1990; Mark- ides, 1990; Porter, 1987; Williams, Paez and Sanders, 1988). For example, Markides (1993) reported that at least 20 percent and as many as 50 percent of the Fortune 500 firms refocused in the period 1981-87. He also found that refocusing is a 1980s phenomenon: using the Rumelt (1974) strategic categories of diversification, he reported that whereas only 1 percent of the Fortune 500 firms were refocusing in the 1960s, more than 20 percent were doing so in the 1980s. Other studies have shown that these refocusing firms are characterized by high diversification and poor profitability relative to their industry counter- parts, and that refocusing is associated ex-ante with improved stockmarket value (e.g., Comment and Jarrell, 1991; Markides, 1992a,b; Montgom- ery and Wilson, 1986). Yet, as Shleifer and Vishny (1991: 54) argue, there is very little ex- post evidence that refocusing is associated with profitability improvements.
Doukas and Lang In this study they present evidence that geographic diversification increases shareholder value and improves long-term performance when firms engage in core-related foreign direct (greenfield) investments. Non-core-related foreign investments are found to be associated with both short-term and long-term losses. Our results suggest that the synergy gains stemming from the internalization of markets are rooted in the core business of the firm. Geographic diversification outside the core business of the firm bears strongly against the prediction of the internalization hypothesis. The analysis also shows that, regardless of the industrial structure of the firm (that is, number of segments), foreign direct investments outside the core business of the firm are associated with a loss in shareholder value, whereas core-related (focused) foreign direct investments are found to be value increasing. Unrelated international diversification, however, is less harmful for diversified (multi- segment) than specialized (single-segment) firms. The larger gains to diversified firms suggest that operational and internal capital market efficiency gains are considerably greater in multi-segment than single-segment firms when both expand their core business overseas.
James and Finkelshtain (1965) said the effects of multivariate risk are examined in a model of portfolio choice. The conditions under which portfolio choices are separable from consumption decisions are derived. Unless the appropriate restrictions hold on investors’ preferences or on the probability distribution of risks, the optimal portfolio is affected by other risks. This requires generalizing the usual measures of risk aversion. With one risky asset, matrix measures of risk aversion are used to generalize the results of Arrow (1965) and Pratt (1964) concerning the effects of risk aversion and wealth on the optimal portfolio. With two risky assets, the choices made by two investors coincide if and only if their generalized risk-aversion measures are identical. Ross’s notion of stronger risk aversion is then used to characterize the effect of risk aversion on the level of investment in the riskier asset.
Browne (2000) tells us that Active portfolio management is concerned with objectives related to the out performance of the return of a target benchmark portfolio. In this paper, we consider a dynamic active portfolio management problem where the objective is related to the tradeoff between the achievement of performance goals and the risk of a shortfall. Specifically, we consider an objective that relates the probability of achieving a given performance objective to the time it takes to achieve the objective. This allows a new direct quantitative analysis of the risk/return tradeoff, with risk defined directly in terms of probability of shortfall relative to the bench- mark, and return defined in terms of the expected time to reach investment goals relative to the benchmark. The resulting optimal policy is a state-dependent policy that provides new insights. As a special case, our analysis includes the case where the investor wants to minimize the expected time until a given performance goal is reached subject to a constraint on the shortfall probability.
On the basis of this literature review we have developed the following Theoretical framework.
2.2. THEORATICAL FRAMEWORK:
The importance of:
Response Index
Yield Spread_
Geographical Diversification_
Financial Derivatives
(Swap, Option, Future and Forward Contracts)
2.3 Hypothesis:
H0: ⵠ< 3.5, h1: ⵠ≥ 3.5.
If the mean respondent is 3.5 or above it means the factor is important because at the rating scale 1 is for strongly disagree and 5 is for strongly agree.
Chapter III
Data and methodology, 3.1. nature of study:.
This study was descriptive in nature and will describe the Risk, Yield spread, Liquidity, Geographical diversification in the term of determinants of Financial Derivatives. The study setting for this study is non-contrived in nature i.e. it was conducted in the normal work place and routine working conditions.
3.2. PRIMARY DATA COLLECTION:
Data for this study was collected from the participants of the Islamabad Stock Exchange. These people were working or participating in the stock exchange where the people had knowledge about risk, yield spread, liquidity and geographical diversification. That is why; it was easier for us to conduct our research in Islamabad Stock Exchange to conclude our results that which one of the following factors like risk, yield spread, liquidity, and geographical diversification shows the maximum involvement in the determining of financial derivatives.
3.3. RESPONDENTS OF RESEARCH:
Data were collected from 100 participants. Participants were asked to fill the questionnaire which was helpful to lead us towards the result and conclusion of our research. All participants were asked to write down on the questionnaire their gender and age.
3.4. RESEARCH INSTRUMENT:
Questionnaire is an efficient data collection mechanism where we know exactly what is required and measures the variables of interest. Questionnaires were made with enough number of questions covering all the related areas. This helped us to conclude our result by measuring the affect of determinants on financial derivatives.
Questionnaires were personally handed over to the participants by us. All surveys were completed during working hours. Respondents were guaranteed that their data would remain confidential. Respondents were instructed to indicate their opinions about the questions to rate on a Likert Scale. This scale was designed to examine how strongly respondents agree or disagree with statements on a 5-points scale with the following anchors;
3.5. DATA INTERPRETATION:
Statistical tools were used for the interpretation of data. These tools included t-test, correlation and descriptive statistics to find the involvement of independent variables in determining the financial derivatives. In other words, statistical tool of correlation were applied to interpret the relationship between the indexes of independent variables and t-test was used to determine the involvement of independent variable in determining the financial derivatives. The total data was divided into two halves:
Participants Below median age (39 and below)
Participants above median age (above 39)
We have applied sample mean test at µ=3.5.
R1: Risky nature of instrument is not a matter of concern for me.
R2: Since high risk means high return therefore I will shift to the risky securities.
R3: Would you shift from one stock to another to reduce risk at the cost of return?
R4: It is feasible to add a percentage of low risk securities to a portfolio.
L1: Is a highly liquid security attractive to an investor
L2: The stocks in which you trade are relatively liquid which attracts you towards them.
L3: Liquidity reflects the performance of a firm therefore for diversification it is important
Y1: Yield spread helps the investor to determine which security would be the better investment.
Y2: Change in demand & supply of the securities effect the yield spread change therefore I shift towards low yield spread.
Y3: The market is forecasting a greater risk of default which implies a slowing economy (narrowing of spreads between bonds of different risk ratings)
G1: Geographical diversification increases the potential return on your investment / portfolio.
G2: Geographical diversification allows combining a diversification across domestic and foreign securities.
In case of G1, H0 is accepted it implies people do not conside
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What Is a Derivative?
Understanding derivatives, special considerations, types of derivatives.
- Advantages and Disadvantages
- Frequently Asked Questions
Options and Derivatives
Derivatives: Types, Considerations, and Pros and Cons
What you need to know about these securitized contracts
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Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom.
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The term derivative refers to a type of financial contract whose value is dependent on an underlying asset , group of assets, or benchmark. A derivative is set between two or more parties that can trade on an exchange or over-the-counter (OTC).
These contracts can be used to trade any number of assets and carry their own risks. Prices for derivatives derive from fluctuations in the underlying asset. These financial securities are commonly used to access certain markets and may be traded to hedge against risk. Derivatives can be used to either mitigate risk (hedging) or assume risk with the expectation of commensurate reward (speculation). Derivatives can move risk (and the accompanying rewards) from the risk-averse to the risk seekers .
Key Takeaways
- Derivatives are financial contracts, set between two or more parties, that derive their value from an underlying asset, group of assets, or benchmark.
- A derivative can trade on an exchange or over-the-counter.
- Prices for derivatives derive from fluctuations in the underlying asset.
- Derivatives are usually leveraged instruments, which increases their potential risks and rewards.
- Common derivatives include futures contracts, forwards, options, and swaps.
Derivative: My Favorite Financial Term
A derivative is a complex type of financial security that is set between two or more parties. Traders use derivatives to access specific markets and trade different assets. Typically, derivatives are considered a form of advanced investing. The most common underlying assets for derivatives are stocks, bonds, commodities , currencies , interest rates, and market indexes. Contract values depend on changes in the prices of the underlying asset.
Derivatives can be used to hedge a position, speculate on the directional movement of an underlying asset, or give leverage to holdings. These assets are commonly traded on exchanges or OTC and are purchased through brokerages. The Chicago Mercantile Exchange (CME) is among the world's largest derivatives exchanges.
It's important to remember that when companies hedge, they're not speculating on the price of the commodity. Instead, the hedge is merely a way for each party to manage risk. Each party has its profit or margin built into the price, and the hedge helps to protect those profits from being eliminated by market moves in the price of the commodity.
OTC-traded derivatives generally have a greater possibility of counterparty risk , which is the danger that one of the parties involved in the transaction might default . These contracts trade between two private parties and are unregulated. To hedge this risk, the investor could purchase a currency derivative to lock in a specific exchange rate. Derivatives that could be used to hedge this kind of risk include currency futures and currency swaps .
Exchange-traded derivatives are standardized and more heavily regulated than those that are traded over-the-counter.
Derivatives were originally used to ensure balanced exchange rates for internationally traded goods. International traders needed a system to account for the differing values of national currencies.
Assume a European investor has investment accounts that are all denominated in euros (EUR). Let's say they purchase shares of a U.S. company through a U.S. exchange using U.S. dollars (USD). This means they are now exposed to exchange rate risk while holding that stock. Exchange rate risk is the threat that the value of the euro will increase in relation to the USD. If this happens, any profits the investor realizes upon selling the stock become less valuable when they are converted into euros.
A speculator who expects the euro to appreciate versus the dollar could profit by using a derivative that rises in value with the euro. When using derivatives to speculate on the price movement of an underlying asset, the investor does not need to have a holding or portfolio presence in the underlying asset.
Many derivative instruments are leveraged, which means a small amount of capital is required to have an interest in a large amount of value in the underlying asset.
Derivatives today are based on a wide variety of transactions and have many more uses. There are even derivatives based on weather data, such as the amount of rain or the number of sunny days in a region.
There are many different types of derivatives that can be used for risk management , speculation , and leveraging a position. The derivatives market is one that continues to grow, offering products to fit nearly any need or risk tolerance .
There are two classes of derivative products: "lock" and " option ." Lock products (e.g., futures, forwards, or swaps) bind the respective parties from the outset to the agreed-upon terms over the life of the contract. Option products (e.g., stock options), on the other hand, offer the holder the right, but not the obligation, to buy or sell the underlying asset or security at a specific price on or before the option's expiration date. The most common derivative types are futures, forwards, swaps, and options.
A futures contract , or simply futures, is an agreement between two parties for the purchase and delivery of an asset at an agreed-upon price at a future date. Futures are standardized contracts that trade on an exchange. Traders use a futures contract to hedge their risk or speculate on the price of an underlying asset. The parties involved are obligated to fulfill a commitment to buy or sell the underlying asset.
For example, say that on Nov. 6, 2021, Company A buys a futures contract for oil at a price of $62.22 per barrel that expires Dec. 19, 2021. The company does this because it needs oil in December and is concerned that the price will rise before the company needs to buy. Buying an oil futures contract hedges the company's risk because the seller is obligated to deliver oil to Company A for $62.22 per barrel once the contract expires. Assume oil prices rise to $80 per barrel by Dec. 19, 2021. Company A can accept delivery of the oil from the seller of the futures contract, but if it no longer needs the oil, it can also sell the contract before expiration and keep the profits.
In this example, both the futures buyer and seller hedge their risk. Company A needed oil in the future and wanted to offset the risk that the price may rise in December with a long position in an oil futures contract. The seller could be an oil company concerned about falling oil prices that wanted to eliminate that risk by selling or shorting a futures contract that fixed the price it would get in December.
It is also possible that one or both of the parties are speculators with the opposite opinion about the direction of December oil. In that case, one might benefit from the contract, and one might not. Take, for example, the futures contract for West Texas Intermediate (WTI) oil that trades on the CME and represents 1,000 barrels of oil. If the price of oil rose from $62.22 to $80 per barrel, the trader with the long position—the buyer—in the futures contract would have profited $17,780 [($80 - $62.22) x 1,000 = $17,780]. The trader with the short position—the seller—in the contract would have a loss of $17,780.
Cash Settlements of Futures
Not all futures contracts are settled at expiration by delivering the underlying asset. If both parties in a futures contract are speculating investors or traders , it is unlikely that either of them would want to make arrangements for the delivery of a large number of barrels of crude oil. Speculators can end their obligation to purchase or deliver the underlying commodity by closing (unwinding) their contract before expiration with an offsetting contract.
Many derivatives are, in fact, cash-settled, which means that the gain or loss in the trade is simply an accounting cash flow to the trader's brokerage account. Futures contracts that are cash-settled include many interest rate futures, stock index futures , and more unusual instruments such as volatility futures or weather futures.
Forward contracts , or forwards, are similar to futures, but they do not trade on an exchange. These contracts only trade over-the-counter. When a forward contract is created, the buyer and seller may customize the terms, size, and settlement process. As OTC products, forward contracts carry a greater degree of counterparty risk for both parties.
Counterparty risks are a type of credit risk in that the parties may not be able to live up to the obligations outlined in the contract. If one party becomes insolvent, the other party may have no recourse and could lose the value of its position.
Once created, the parties in a forward contract can offset their position with other counterparties, which can increase the potential for counterparty risks as more traders become involved in the same contract.
Swaps are another common type of derivative, often used to exchange one kind of cash flow with another. For example, a trader might use an interest rate swap to switch from a variable interest rate loan to a fixed interest rate loan, or vice versa.
Imagine that Company XYZ borrows $1,000,000 and pays a variable interest rate on the loan that is currently 6%. XYZ may be concerned about rising interest rates that will increase the costs of this loan or encounter a lender that is reluctant to extend more credit while the company has this variable-rate risk.
Assume XYZ creates a swap with Company QRS, which is willing to exchange the payments owed on the variable-rate loan for the payments owed on a fixed-rate loan of 7%. That means that XYZ will pay 7% to QRS on its $1,000,000 principal, and QRS will pay XYZ 6% interest on the same principal. At the beginning of the swap, XYZ will just pay QRS the 1 percentage-point difference between the two swap rates .
If interest rates fall so that the variable rate on the original loan is now 5%, Company XYZ will have to pay Company QRS the 2 percentage-point difference on the loan. If interest rates rise to 8%, then QRS would have to pay XYZ the 1 percentage-point difference between the two swap rates. Regardless of how interest rates change, the swap has achieved XYZ's original objective of turning a variable-rate loan into a fixed-rate loan.
Swaps can also be constructed to exchange currency-exchange rate risk or the risk of default on a loan or cash flows from other business activities. Swaps related to the cash flows and potential defaults of mortgage bonds are an extremely popular kind of derivative. In fact, they've been a bit too popular in the past. It was the counterparty risk of swaps like this that eventually spiraled into the credit crisis of 2008.
An options contract is similar to a futures contract in that it is an agreement between two parties to buy or sell an asset at a predetermined future date for a specific price. The key difference between options and futures is that with an option, the buyer is not obliged to exercise their agreement to buy or sell. It is an opportunity only, not an obligation, as futures are. As with futures, options may be used to hedge or speculate on the price of the underlying asset.
In terms of timing your right to buy or sell, it depends on the "style" of the option. An American option allows holders to exercise the option rights at any time before and including the day of expiration. A European option can be executed only on the day of expiration. Most stocks and exchange-traded funds have American-style options while equity indexes, including the S&P 500, have European-style options.
Imagine an investor owns 100 shares of a stock worth $50 per share. They believe the stock's value will rise in the future. However, this investor is concerned about potential risks and decides to hedge their position with an option. The investor could buy a put option that gives them the right to sell 100 shares of the underlying stock for $50 per share—known as the strike price —until a specific day in the future—known as the expiration date .
Assume the stock falls in value to $40 per share by expiration and the put option buyer decides to exercise their option and sell the stock for the original strike price of $50 per share. If the put option cost the investor $200 to purchase, then they have only lost the cost of the option because the strike price was equal to the price of the stock when they originally bought the put. A strategy like this is called a protective put because it hedges the stock's downside risk.
Alternatively, assume an investor doesn't own the stock currently worth $50 per share. They believe its value will rise over the next month. This investor could buy a call option that gives them the right to buy the stock for $50 before or at expiration. Assume this call option cost $200 and the stock rose to $60 before expiration. The buyer can now exercise their option and buy a stock worth $60 per share for the $50 strike price for an initial profit of $10 per share. A call option represents 100 shares, so the real profit is $1,000, less the cost of the option—the premium —and any brokerage commission fees.
In both examples, the sellers are obligated to fulfill their side of the contract if the buyers choose to exercise the contract. However, if a stock's price is above the strike price at expiration, the put will be worthless and the seller (the option writer) gets to keep the premium as the option expires. If the stock's price is below the strike price at expiration, the call will be worthless and the call seller will keep the premium.
Advantages and Disadvantages of Derivatives
As the above examples illustrate, derivatives can be a useful tool for businesses and investors alike. They provide a way to do the following:
Lock in prices
- Hedge against unfavorable movements in rates
- Mitigate risks
These pluses can often come for a limited cost.
Derivatives also can often be purchased on margin , which means traders use borrowed funds to purchase them. This makes them even less expensive.
Disadvantages
Derivatives are difficult to value because they are based on the price of another asset. The risks for OTC derivatives include counterparty risks that are difficult to predict or value. Most derivatives are also sensitive to the following:
- Changes in the amount of time to expiration
- The cost of holding the underlying asset
- Interest rates
These variables make it difficult to perfectly match the value of a derivative with the underlying asset.
Because the derivative has no intrinsic value (its value comes only from the underlying asset), it is vulnerable to market sentiment and market risk. It is possible for supply and demand factors to cause a derivative's price and its liquidity to rise and fall, regardless of what is happening with the price of the underlying asset.
Finally, derivatives are usually leveraged instruments, and using leverage cuts both ways. While it can increase the rate of return, it also makes losses mount more quickly.
Hedge against risk
Can be leveraged
Diversify portfolio
Hard to value
Subject to counterparty default (if OTC)
Complex to understand
Sensitive to supply and demand factors
What Are Derivatives?
Derivatives are securities whose value is dependent on or derived from an underlying asset. For example, an oil futures contract is a type of derivative whose value is based on the market price of oil. Derivatives have become increasingly popular in recent decades, with the total value of derivatives outstanding was estimated at $610 trillion at June 30, 2021.
What Are Some Examples of Derivatives?
Common examples of derivatives include futures contracts, options contracts, and credit default swaps . Beyond these, there is a vast quantity of derivative contracts tailored to meet the needs of a diverse range of counterparties. In fact, because many derivatives are traded over-the-counter (OTC), they can in principle be infinitely customized.
What Are the Main Benefits and Risks of Derivatives?
Derivatives can be a very convenient way to achieve financial goals. For example, a company that wants to hedge against its exposure to commodities can do so by buying or selling energy derivatives such as crude oil futures. Similarly, a company could hedge its currency risk by purchasing currency forward contracts. Derivatives can also help investors leverage their positions, such as by buying equities through stock options rather than shares. The main drawbacks of derivatives include counterparty risk, the inherent risks of leverage, and the fact that complicated webs of derivative contracts can lead to systemic risks .
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Bank for International Settlements. " OTC Derivatives Statistics at End-June 2021 ."
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Doctoral Thesis & Dissertation Guidelines
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Dissertation Submission Checklist
INTRODUCTION All SD degree candidates at the Harvard Chan School are required to successfully complete and submit a dissertation to qualify for degree conferral. All DrPH degree candidates at the Harvard Chan School are required to successfully complete and submit a thesis to qualify for degree conferral. This website provides information on the requirements for how to format your dissertation, how to submit your dissertation/thesis, and how your dissertation/thesis will be distributed. Please follow the submission and formatting guidelines provided here. Back to top
PREPARING TO SUBMIT THE DISSERTATION/Thesis The electronic submission of your dissertation/thesis and the original Signature Page are due on the dates specified on the Harvard Chan School’s Academic Calendar Summary for each degree awarding period (November, March, and May). These items must be submitted using the ETDs @ Harvard tool in order for the degree to be voted. No exceptions will be made to this rule. Back to top
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Click here for instructions on how to merge the Signature Page into the dissertation PDF.
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This Dissertation, [ Title of Dissertation ], presented by [ Student’s Name ], and Submitted to the Faculty of The Harvard T.H. Chan School of Public Health in Partial Fulfillment of the Requirements for the Degree of Doctor of [ Science or Public Health ] in the Department[ s] of [ Department(s) Name(s) ], has been read and approved by:
________________________________________
(typed name below line – signature above)
Date : [ Dissertation Defense Date (month day, year) ]
The Signature Page for DrPH students must be formatted as follows:
This Doctoral Thesis, [Title of Doctoral Project], presented by [Student’s Name], and Submitted to the Faculty of The Harvard T.H. Chan School of Public Health in Partial Fulfillment of the Requirements for the Degree of Doctor of Public Health, has been read and approved by:
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ONLINE SUBMISSION OF THE DISSERTATION/THESIS
ETDs @ ProQuest All SD/DrPH candidates are required to submit a digital copy of the dissertation/thesis to the Registrar’s Office as a PDF file using embedded fonts via ETDs @ ProQuest by the deadline established for each degree conferral date. Dissertations/theses must be submitted in their final format, as described in the section Formatting Guidelines . Students must check their formatting carefully before submitting. Formatting errors will prevent the students’ dissertations/theses from being accepted and approved.
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Redaction Very few dissertations require redaction, which is the process of obscuring or removing sensitive information for distribution. ETDs @ ProQuest does support redacted versioning for these very rare cases where there is sensitive or potentially harmful material in the dissertation (e.g., commercially sensitive information, sensitive personal data, risk of harmful retribution, etc.).
If your work is one such rare instance, then you may select the “I think I need to submit a redacted version of my dissertation” on the file upload screen. You will then be prompted to contact the Office for Scholarly Communication, which will help you with your request. Back to top
Embargoes To forestall any potential challenges that a student may face in the publication process (e.g., if the candidate has a publication pending with a publisher or has previously published some of the content in the dissertation and there is a publisher’s embargo that must be honored), the Harvard Chan School has instituted a default one-year embargo for submissions through ETDs @ ProQuest. The embargo starts on the date of the dissertation/thesis submission deadline. With an embargo, the full text of the dissertation/thesis will be unavailable for view or download for a limited period of time. The citation and abstract for the work, however, will be publicly available.
If a student would like to make her/his work available immediately by opting out of the embargo process, she/he may do so by selecting the No Embargo option during the submission process.
If, due to extenuating circumstances, a student is required to embargo part or all of their work beyond one year, she/he must request an extension during the submission process. An extension can be requested for up to two years. This request is subject to the approval of the student’s department chair(s) and the University Librarian.
Any embargo applied to the DASH version of the dissertation will be applied to the Countway Library and Harvard Chan School department versions of the work.
Students do not need to take any action to remove an embargo. The embargo will automatically be lifted in DASH at the end of the selected and approved period. If a student would like to change the duration of his/her embargo request, then please contact the Registrar’s Office at [email protected] or 617-432-1032. Back to top
Surveys The School of Public Health is asked to participate in the Survey of Earned Doctorates. This is an annual census of research doctorate recipients in the United States. Data collected from these surveys are used to make federal policy decisions regarding graduate education.
Students are required to upload the Survey of Earned Doctorates completion confirmation email or certificate via ETDs @ Harvard.
Please click here to complete your survey.
DISTRIBUTION OF THE DISSERTATION/THESIS
Open Access For information on open access, we recommend the Office of Scholarly Communication’s (OSC) Director Peter Suber’s brief introduction . He has also written about providing open access to theses and dissertations . The OSC has produced several videos of Harvard faculty and students discussing open access. Two may be of particular interest: the first features Professors Gary King and Stuart Shieber , and the second features a recent Harvard graduate, Ben Finio . Back to top
After Submission Once you have applied for your degree and submitted your dissertation/thesis online, it is checked for compliance by the Registrar’s Office and, if accepted, is piped to the following downstream systems:
- DASH : Your work will be sent to DASH (Digital Access to Scholarship at Harvard), Harvard’s open access repository. Search engines index DASH, which means your work will be more discoverable and more frequently cited. You will be making DASH access decisions for your work at the point of submission. This will be the access copy of the dissertation.
- HOLLIS : The metadata about your work will be sent to HOLLIS . This will make your work discoverable through the Harvard Library catalog.
- DRS2 : Your work will be stored in Harvard Library’s digital preservation repository, DRS2 . This will be the preservation copy of the dissertation.
- Countway Library Archives: Countway Library will receive a bound copy of the dissertation/thesis. The copies at Countway Library do not circulate and generally are not available for research use. This is the record copy of the dissertation/thesis.
By default, dissertations/theses will be made available through DASH one year after students submit their dissertations via ETDs @ Harvard for degree completion (see Embargoes ). DASH is operated by Harvard Library’s Office for Scholarly Communication and is the University’s central service for openly distributing Harvard’s scholarly output.
Note that any embargo applied to the DASH version of the dissertation/thesis will be applied to the Countway Library and department versions of the work. Back to top
Bound Dissertation/Thesis Fee Currently we are not receiving bound dissertation/thesis copies. Doctoral students will not be charged bound dissertation/thesis fees. Back to top
Additional Bound Copies Students may secure extra copies of their work for their own purposes. These additional copies may be purchased through Acme Bookbinding . or through ETDs @ ProQuest . Back to top
COPYRIGHT AND PUBLISHING CONSIDERATIONS
Understanding Your Copyright and Fair Use The Office for Scholarly Communication has created copyright-related resources for your reference.
The first addresses your copyrights and identifies some considerations when publishing (see “ Planning to publish? ”). It is important that you envision any future use you may like to make of your work. Any publishing contract you sign can affect your potential future uses, such as use in teaching, posting your work online on either a personal or departmental website, or any potential future publication. Before you sign a publication agreement, you can negotiate with a publisher to secure licensing terms that best suit your needs. It is important that you read any contract you sign and keep a copy for your own records.
The second resource discusses fair use (see “ Fair use ”), what it is, the laws that have determined its shape over time, and tips for ensuring that use of third-party material (including quotes, images, music, film, etc.) in your dissertation is fair. Back to top
Copyright Registration Your work is copyrighted as soon as it is fixed in a tangible form. You are not required to register your copyright with the U.S. Copyright Office to enjoy protection of your work. However, if you choose to do so, you may register your work with the Copyright Office online . Back to top
Acknowledging the Work of Others Students are responsible for acknowledging any facts, ideas, or materials of others used in their own work. Students should refer to the statement on Academic Dishonesty and Plagiarism in the Harvard Chan School’s Student Handbook . Back to top
Use of Copyrighted Material A dissertation is a scholarly work, and as such use of third party material is often essential. Fair use applies to the reproduction of any third party material, including your own previously published work, that you may use in your dissertation.
If you have questions about copyright and fair use, please contact the Office for Scholarly Communication . Back to top
Steps for Using Published and To-Be Published Work When submitting an article for publication that you intend to use in your dissertation, you should secure permission to do so (along with permission to reuse your own work as you would like) from your publisher in your publishing agreement. If the default contract does not let you retain these rights already, then you should use an author addendum to secure these rights (see “ Planning to publish? ”).
You may use your own previously published material as part of your dissertation with the permission of the publisher. Again, refer to your publication agreement for details. If your contract does not specify these rights, then contact the publisher to negotiate this use. Back to top
FORMATTING GUIDELINES The following are instructions on how to format your dissertation/thesis. If, after reading the instructions here, you have additional questions about the requirements, please contact the Registrar’s Office at (617) 432-1032; [email protected] Back to top
Text All text should be double-spaced on one side of the page with footnotes single-spaced. The font size should be at least 10 point, but no larger than 12 point. Back to top | Back to Formatting Guidelines
Embedded Fonts For printing and viewing purposes, fonts must be embedded in dissertations/theses submitted through ETDs @ ProQuest. If fonts are not embedded, non-English characters may not appear as intended. ETDs @ ProQuest runs a check on every uploaded primary document and will flag works that have not yet embedded all fonts. Click here for instructions on how to create embedded fonts in Microsoft Word. Back to top | Back to Formatting Guidelines
Margins The margins of the dissertation must be 1 inch on all sides. Back to top | Back to Formatting Guidelines
Pagination Students’ dissertations/theses must follow the pagination guidelines as illustrated below. It is customary not to have a page number on the page containing a chapter/paper heading. Drawings, charts, graphs, and photographs should be referred to as figures and should be numbered consecutively within the text of the dissertation with Arabic numerals. Each figure should carry a suitable caption; e.g., Fig. 42. Arrangement of Experimental Equipment. Check pagination carefully and account for all pages.
All page numbers should be consecutive and centered at either the bottom or top of the page. Back to top | Back to Formatting Guidelines
Title The title of the dissertation/thesis should be brief and should indicate the general subject treated. Nine words are usually sufficient to describe the investigation. Students are strongly encouraged to embed keywords into their title, so that the title will be retrievable on computerized listings. Back to top | Back to Formatting Guidelines
Title Page The title page must contain the following information, well-spaced and centered on the page:
For SD students:
TITLE OF DISSERTATION
STUDENT’S NAME
A Dissertation Submitted to the Faculty of
The Harvard T.H. Chan School of Public Health
in Partial Fulfillment of the Requirements
for the Degree of Doctor of Science
in the Department[ s ] of [ insert department(s) affiliation ]
Harvard University
Boston, Massachusetts.
Date (month in which degree will be awarded, year in which degree will be awarded)
For DrPH Students:
TITLE OF DOCTORAL THESIS
A Doctoral Thesis Submitted to the Faculty of
for the Degree of Doctor of Public Health
Date (the month in which degree will be awarded, year of graduation (e.g., May 2021)
A sample of the page layout can be found here .
Back to top | Back to Formatting Guidelines
Abstract The abstract should not exceed 350 words. It should immediately follow the Title Page, and should state the problem, describe the methods and procedures used, and give the main results or conclusions of the research. The abstract should be double-spaced. The author’s name and the title of the thesis, as well as the name of the thesis advisor, should be included on the abstract page. The author’s name should be right justified, the title of the dissertation centered, and “Thesis Advisor: Dr. ____________” should be left-justified at the top of the abstract page. Dual-degree candidates may list two advisors if needed.
Thesis Advisor: Dr. [Advisor’s name] [Author’s name]
[Title of thesis]
The text of the abstract, not to exceed 350 words, should be double-spaced. The first line of each paragraph is indented. Full justification of the text is not recommended.
Students will also be required to submit a text version of the abstract via the online-submission tool. Back to top | Back to Formatting Guidelines
Body of Dissertation The dissertation should consist of manuscripts suitable for publication in a scientific medium appropriate to the candidate’s field and/or approved reprints of the published work(s) (see Steps for Using Published and To-Be Published Work and Use of Copyrighted Material ).
Technical appendices should be added where necessary to demonstrate full development of the dissertation material. Papers published under joint authorship are acceptable provided the candidate has contributed a major part to the investigation. The degree candidate is expected to be senior author on at least one of the papers. In the case of manuscripts published under joint authorship, the co-authors or the advisor may be consulted by the readers or the CAD to clarify the nature and extent of the candidate’s contribution. In addition to evaluating the quality and significance of the work, those responsible for accepting the dissertation [the Department(s) and the Research Committee] may determine whether the format is suitable for publication in a scientific medium appropriate to the degree candidate’s field(s). Back to top | Back to Formatting Guidelines
Figures and Tables Figures and tables must be placed as close as possible to their first mention in the text. They may be placed on a page with no text above or below, or they may be placed directly in the text. If a figure or table is alone on a page with no narrative, it should be centered within the margins of the page.
Figures and tables referred to in the text may not be placed at the end of the chapter or at the end of the dissertation. Figure and table numbering must be either continuous throughout the dissertation or by paper (e.g., 1.1, 1.2, 2.1, 2.2). For example, there cannot be two figures designated in a dissertation as “Figure 5.”
Headings of tables should be placed at the top of the table. While there are no specific rules for the format of table headings and figure captions, a consistent format must be used throughout the dissertation. (See Citation and Style Guides )
Captions of figures should be placed at the bottom of the figure. If the figure takes up the entire page, the figure caption should be placed alone on the preceding page and centered vertically and horizontally within the margins. Each page receives a separate page number. When a figure or table title is on a preceding page, the second and subsequent pages of the figure or table should say, for example, “Figure 5 (Continued).” In such an instance, the list of figures or tables will list the page number containing the title. The word “Figure” should be written in full (not abbreviated), and the “F” should be capitalized (e.g., Figure 5). In instances where the caption continues on a second page, the “(Continued)” notation should appear on the second and any subsequent page. The figure/table and the caption are viewed as one entity and the numbering should show correlation between all pages. Each page must include a header.
Horizontal figures and tables must be positioned correctly and bound at the top, so that the top of the figure or table will be at the left margin (leave a 1 inch margin on the long edge of the paper above the top of the table).
Figure and table headings/captions are placed with the same orientation as the figure or table when on the same page. When on a separate page, headings/captions are always placed in vertical orientation, regardless of the orientation of the figure or table. Page numbers are always placed as if the figure were vertical on the page.
Figures created with software are acceptable if the figures are clear and legible. Legends and titles created by the same process as the figures will be accepted if they too are clear, legible, and run at least 10 or 12 characters per inch. Otherwise, legends and captions should be printed with the same font used in the text. Back to top | Back to Formatting Guidelines
Footnotes Footnotes are reserved for substantive additions to the text and should be indicated by an asterisk in the text. Extensive use of footnotes is not encouraged. The footnote should be placed at the bottom of the page. A horizontal line of at least two inches should be typed above the first footnote on any page. Footnotes should be placed so that at least one inch is left at the bottom of the page. Use single-spacing within footnotes. Back to top | Back to Formatting Guidelines
Bibliography To document the sources of information, a bibliography must be included at the end of the papers or dissertation. References may be numbered or listed alphabetically. If references in the bibliography are numbered, then corresponding in-text references should be indicated by listing the number in parentheses after the name of the author.
Bibliographic Example:
23. Gibbs, C.S.: Filterable virus carriers. J. Bact., 23, 1932, 113.
In-Text Example:
“. . . as Gibbs (23) has stated.”
The initial number should be omitted if references are listed alphabetically.
Within any bibliographic section there should be consistency and adherence to an acceptable journal style for a bibliography. Each reference in the bibliography must contain the name of the author, title of the paper, name of publication, volume, date, and first page.
More than one publication by the same author in the same year should be indicated both in the bibliography and in the text by the use of underlined letters, etc., after the date of publication. The standard system of abbreviation used by the Quarterly Cumulative Index should be followed for the abbreviations of journal titles.
If students’ individual papers have different bibliographic styles, then it is not necessary to change the bibliographic style of one to match the other. Consistency within each bibliographic section is the most important element. Back to top | Back to Formatting Guidelines
Supplemental Material Supplemental figures and tables must be placed at the end of each chapter/paper in an appendix. If additional digital information (including text, audio, video, image, or datasets) will accompany the main body of the dissertation, then it should be uploaded as supplemental material via the ETDs @ Harvard online submission tool. Back to top | Back to Formatting Guidelines
CITATION & STYLE GUIDES
- The Chicago Manual of Style. 16th ed. Chicago, IL: University of Chicago Press, 2003.
- Crews, Kenneth D. Copyright Law and the Doctoral Dissertation. Ann Arbor, MI: ProQuest, 2000.
- Day, Robert A. and Barbara Gastel. How to Write & Publish a Scientific Paper. 6th ed. Westport, CT: Greenwood, 2006.
- MLA Style Manual and Guide to Scholarly Publishing. 3rd ed. New York, NY: Modern Language Association of America, 2008. Strunk, William. The Elements of Style. 4th ed. New York, NY: Penguin Press, 2005.
- Publication Manual of the American Psychological Association. 6th ed. Washington, DC: American Psychological Association, 2010.
- Turabian, Kate L. A Manual for Writers of Term Papers, Theses, and Dissertations. Chicago
- Guides to Writing, Editing, and Publishing. 7th ed. Chicago, IL: University of Chicago Press, 2007.
DISSERTATION SUBMISSION CHECKLIST ☐ Is the Signature Page unnumbered and positioned as the first page of the PDF file? ☐ Is there a blank page after the Signature Page? ☐ Does the body of the dissertation begin with Page 1? ☐ Is the pagination continuous? Are all pages included? ☐ Is every page of the dissertation correctly numbered? ☐ Is the placement of page numbers centered throughout the manuscript? ☐ Is the Title Page formatted correctly? ☐ Is the author’s name, in full, on the Title Page of the dissertation and the abstract? ☐ Does the author’s name read the same on both and does it match the Signature Page? ☐ Is the abstract included after the Title Page? ☐ Does the abstract include the title of the dissertation, the author’s name, and the dissertation advisor(s)’ name? ☐ Is the title on the abstract the same as that on the title page? ☐ Are the margins 1” on all sides? ☐ Is the font size 10-12 point? ☐ Are all charts, graphs, and other illustrative materials perfectly legible? ☐ Do lengthy figures and tables include the “(Continued)” notation? ☐ Has all formatting been checked? ☐ Is the Survey of Earned Doctorates completed? ☐ Has the Survey of Earned Doctorates’ confirmation email or certificate been uploaded to ETDs @ Harvard?
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Log in to your personal account to know the current status of your paper(s). You can also turn to our support team for the same purpose. Enjoy your life while we're working on your order.
As soon as we write the paper(s) for you, check it for correctness, and if everything is good to go, just download it and enjoy the results.
Our customers’ feedback
Still hesitant just look: others have already used our services and were pleased with the results.
Thank you guys for the amazing work! I got an A, and my professor was impressed. You have done the impossible, and I will never forget your help! The best service ever!
I ordered my paper two weeks ago and received it on time. The quality is very good, much better than other companies provide. My support agent is a pro, fast and simple explanations. Thanks!
I am firmly convinced that you will never disappoint me because you haven’t done it before. Amazing approaches and solutions at perfect prices! Please continue working the way you do!
I’ve been using WritePaperFor.me for about five months, and I have nothing to complain about. Excellent quality, perfect grammar, delivery on time, nice support team, pleasant prices, amazing results.
This service helped me focus on my job, and I will never forget the support I received. I’ve got a promotion in the end! Thanks a lot for everything you do for people like me!
I have to admit that searching for a reliable and professional service was a tough quest. Nevertheless, I am happy that I managed to find writepaperforme! Everything is much better than I expected!
The best bargain is just a few clicks away!
Get an original paper that doesn’t cost a fortune!
- 450 orders completed daily
- 86 disciplines of expertise
- 820+ professionals on our team
- 4.88/5 is the average order rating
Still have questions?
Contact our support agents and let them help you!
Is it time to write a paper for you? Contact us and relish the highest academic performance!
Our professionals will do their best!
You’ll write my paper for me, won’t you? We certainly will!
So tired of writing papers that you’re starting to think of your professor’s demise? Relax, we’re only joking! However, even a joke is woven with the thread of truth, and the truth is that endless assignments are constantly nagging at you and keeping you up all night long.
‘Writing my papers is unbearable!’ you may think But you’re not alone… What if we told you that we know a magical place where professionals can write your essays so perfectly that even professors’ most sophisticated requirements will be met? You’ve probably already guessed that we’re talking about WritePaperFor.me — the most delightful, facilitating, and destressing custom paper-writing service!
We are not going to be shy about our wish to see you as our steady customer. As a result, we aren’t twiddling our thumbs but permanently improving our services; we carefully select writers who always bone up on their subjects and disciplines, and we won’t rest unless you’ve gotten your ideal paper(s). All your wishes become our unshakable rules!
Why would I ask you to write paper for me?
Despite the obvious and even natural resistance to the idea of paper writing in principle that may occur with any student, you may also ask yourself, ‘Why would I need you to help me write my paper?’ The answer to this question lies in the spectrum of your routine actions. It’s not surprising that studying becomes part of our lives, but sometimes we’ve just got too much going on!
When you write an essay or academic paper, you just do one of the numerous things you face daily or weekly. This part of your life consumes lots of energy and time, so how can you possibly get around to doing other things like having fun, working, playing sports, helping relatives, and spending time with friends?
People are social creatures, and it’s only natural of us to request help from experts.. That’s why we ask doctors, electricians, or plumbers to help us! They’re all specialists. Who writes essays for you better than you do? Right, people who write numerous essays every day. We are experts in academic writing, aimed at satisfying all your needs related to education.
You just hire a professional to get a paper written, like you normally do in other situations. Our team of writers know everything about writing your paper and can cope with assignments of any complexity and academic level. Well-researched and expertly-written papers are what we do for our customers, and we always do our work professionally so that you could kick back and enjoy your life to the fullest.
The undeniable benefits of our custom paper-writing service
Apart from a paper written in accordance with the highest standards, we provide a wide range of contributory advantages to make your life easier. Let’s take a closer look at them.
Round-the-Clock Support. Our paper-writing service works day and night to help you with all current issues. Our friendly support team is available whenever you need them, even if it’s the middle of the night. They will gladly guide you and answer all your questions on how to order customized papers or consult you about the matters at hand. Feel free to share your questions or concerns with them and get comprehensible answers.
High-Class Quality. ‘Will you write a paper for me that meets all requirements?’ This question is frequently asked by many students, and we always answer in the affirmative. Our main goal is to deliver a perfectly written paper the meets the highest possible writing standards. We don’t rest unless you are satisfied with our work. If you hire a paper writer online, we guarantee you that you get 100% original and plagiarism-free assignments of high quality.
Complete Anonymity. We value your privacy and use modern encryption systems to protect you online. We don’t collect any personal or payment details and provide all our customers with 100% anonymity. ‘Can you write a paper for me and let me stay anonymous?’ Of course, we can! We are here to help you, not to cause problems.
Fast Delivery. We completely understand how strict deadlines may be when it comes to writing your paper. Even if your paper is due tomorrow morning, you can always rely on us. Our writers meet all set deadlines unequivocally. This rule is ironclad! The offered range is wide and starts from 6 hours to 2 weeks. Which one to choose is totally up to you. On our part, we guarantee that our writers will deliver your order on time.
Free Revisions. Our mission is to hone your paper to perfection. That’s why we offer you free revisions to make everything ideal and according to your needs. Feel free to ask for revisions if there is something you would like to be changed. That’s how our paper writing service works.
Money-Back Guarantee. You can get up to a 100% refund if you are dissatisfied with our work. Nevertheless, we are completely sure of our writers’ professionalism and credibility that offer you hard-core loyalty to our guarantees.
Comprehensible Explanations. ‘Can someone write my paper for me and provide clarifications?’ This question arises from time to time. Naturally, we want you to be totally prepared for the upcoming battle with your professor. If you need to fill the gaps in your knowledge, you can always ask for clarifications related to your paper. Moreover, when you order ‘write my paper for me’ service, you can always turn to our support agents for assistance. They will be glad to provide you with the necessary information and comprehensible explanations.
Fast and Customer-Focused Solutions. ‘Is it possible to do my paper for me so that I don’t worry about it at all?’ It certainly is! We offer all-encompassing solutions to all your academic problems by defining issues, determining their causes, selecting proper alternatives, and ultimately solving them. You are free to do your favorite activities while we are taking care of ongoing matters. You can always rely on us when it comes to essay-writing online and taking an individual approach to every case.
Who will write my paper when I order it?
Another crucial advantage of our service is our writers. You may have asked yourself, ‘I’d like to pay someone to write a paper for me, but who exactly will that person be?’ Once you order a paper, our managers will choose the best writer based on your requirements. You’ll get a writer who is a true expert in the relevant subject, and a perfect fit is certain to be found due to our thorough procedure of selecting.
Every applicant passes a complex procedure of tests to become one of our permanent writers. First of all, they should provide their credentials. We need to make sure that any prospective writers we hire have the proper experience.. The next step resides in passing a series of tests related to grammar, in addition to subject and/or discipline. Every paper-writer must pass them to prove their competency and their selected field of expertise.
One more step includes writing a sample to prove the ability to research and write consistently. Moreover, we always set our heart on hiring only devoted writers. When you ask us to write your essay or other academic works, you can be sure that they always do their best to provide you with well-structured and properly-written papers of high quality.
The final chord is related to special aspects of academic paper-writing. It means that every writer is prepared to cite properly, use different styles, and so on, so you don’t have to be worried about formatting at all.
‘So, can they write an ideal paper for me?’ We answer in the affirmative because we select only the best writers for our customers. Approximately 11% of all applicants can pass the whole set of tests and are ready to help you. All writers are fully compensated for their work and are highly motivated to provide you with the best results.
We are online 24/7 so that you could monitor the process of paper-writing and contact us whenever necessary. Don’t forget that your satisfaction is our priority. Our writers fully focus on your order when it comes to the ‘write my paper’ procedure. Our managers will immediately send all the information to your writer if any corrections are required.
It’s time to write my paper! What should I do?
‘I am ready to pay to have a paper written! Where do I start?’ Our team hears these words every day. We really believe that every student should be happy. That’s why we offer you to look at the simple steps to make the process even more convenient.
- Fill in the comprehensible order form located on the main page of our website. If you need some help with it, feel free to contact our support team.
- Provide the necessary details, such as the topic, subject or discipline, paper format, your academic level, etc.
- Select the deadline, and we will strictly follow it.
- Pay the total price. Submit a preferred payment method. The full sum will be deposited into your account on our website. The money will be transferred to your writer in case you approve the paper.
- If you have additional materials provided by your professor or may simply assist in writing your paper, please attach them too. They will help the assigned writer meet your professor’s expectations.
Every paper we can write for you is expertly-researched, well-structured, and consistent. Take a look at some types of papers we can help you with:
- Dissertations
- Research papers
- Case studies
- Term papers
- Business plans, etc.
Questions like ‘I would like you to write a paper for me without destroying my reputation. Can you promise to do so?’ or ‘Can you write my paper for me cheap and fast?’ often arise, and we take pride that these options are included in the list. Your safety and anonymity are parts of our common priority, which is to make you fully satisfied with all offered services.
Moreover, our pricing policy is flexible and allows you to select the options that totally suit your needs at affordable prices. You will be pleased with the results and the amount of money spent on your order. Our managers and writers will do the rest according to the highest standards.
Don’t hesitate and hire a writer to work on your paper now!
We believe that students know what is best for them, and if you suppose that it is time to ‘write my paper right now,’ we will help you handle it. ‘Will you do my paper without any hesitation?’ Of course, we will. Our service has all the necessary prerequisites to complete assignments regardless of their difficulty, academic level, or the number of pages. We choose a writer who has vast experience and a breadth of knowledge related to your topic.
Our ‘write my paper for me’ service offers a wide range of extra features to make the ordering process even more pleasant and convenient. Unlike lots of other services, we provide formatting, bibliography, amendments, and a title page for free.
‘When you write my paper for me? Can I monitor the process?’ Naturally, you can. We understand that you may want to ensure that everything is going well. Furthermore, there may be situations when some corrections are needed. We believe that a tool like this can come in handy. The assigned writer will strictly follow your and your professor’s requirements to make sure that your paper is perfect.
‘Is it possible to write my essay from scratch?’ We don’t do just proofreading or editing. Our goal is to fully carry your burden of writing. When this or similar questions appear, we always assure our customers that our writers can do whatever they need. Apart from writing from scratch or editing and proofreading, our experts can effortlessly cope with problem-solving of all kinds;even sophisticated software assignments!
Our ‘write my paper for me’ service is good for everyone who wants to delegate paper-writing to professionals and save precious time that can be spent differently and in a more practical way. We want you to be happy by offering the great opportunity to forget about endless and boring assignments once and forever. You won’t miss anything if your papers become the concern of our professional writers.
Don’t waste your precious time browsing other services. We provide you with everything you need while you are enjoying yourself by doing things you really enjoy. ‘Write my paper then! Do my paper for me right now!’ If you are ready to exclaim these words with delight, we welcome you to our haven, a place where students spend their time serenely and never worry about papers! It’s your turn to have fun, whereas our mission is to provide you with the best papers delivered on time!
Questions our customers ask
Can someone write my paper for me.
Yes, we can. We have writers ready to cope with papers of any complexity. Just contact our specialists and let us help you.
Who can I pay to write a paper for me?
We will help you select a writer according to your needs. As soon as you hire our specialist, you’ll see a significant improvement in your grades.
Can I pay someone to write a paper for me?
Yes, you can. We have lots of professionals to choose from. We employ only well-qualified experts with vast experience in academic paper writing.
What website will write a paper for me?
WritePaperFor.me is the website you need. We offer a wide range of services to cover all your needs. Just place an order and provide instructions, and we will write a perfect paper for you.
Is it safe to use your paper writing service?
Our service is completely safe and anonymous. We don’t keep your personal and payment details and use the latest encryption systems to protect you.
What are you waiting for?
You are a couple of clicks away from tranquility at an affordable price!
- Will you write my paper for me? - Yes, we will.
What we offer:, let’s write a paper for you in no time, follow these 4 simple steps and solve you problem at once.
Provide details such as your topic, the number of pages, and extra requirements, and we’ll do a paper for you in no time!
Log in to your personal account to know the current status of your paper(s). You can also turn to our support team for the same purpose. Enjoy your life while we're working on your order.
As soon as we write the paper(s) for you, check it for correctness, and if everything is good to go, just download it and enjoy the results.
Our customers’ feedback
Still hesitant just look: others have already used our services and were pleased with the results.
Thank you guys for the amazing work! I got an A, and my professor was impressed. You have done the impossible, and I will never forget your help! The best service ever!
I ordered my paper two weeks ago and received it on time. The quality is very good, much better than other companies provide. My support agent is a pro, fast and simple explanations. Thanks!
I am firmly convinced that you will never disappoint me because you haven’t done it before. Amazing approaches and solutions at perfect prices! Please continue working the way you do!
I’ve been using WritePaperFor.me for about five months, and I have nothing to complain about. Excellent quality, perfect grammar, delivery on time, nice support team, pleasant prices, amazing results.
This service helped me focus on my job, and I will never forget the support I received. I’ve got a promotion in the end! Thanks a lot for everything you do for people like me!
I have to admit that searching for a reliable and professional service was a tough quest. Nevertheless, I am happy that I managed to find writepaperforme! Everything is much better than I expected!
The best bargain is just a few clicks away!
Get an original paper that doesn’t cost a fortune!
- 450 orders completed daily
- 86 disciplines of expertise
- 820+ professionals on our team
- 4.88/5 is the average order rating
Still have questions?
Contact our support agents and let them help you!
Is it time to write a paper for you? Contact us and relish the highest academic performance!
Our professionals will do their best!
You’ll write my paper for me, won’t you? We certainly will!
So tired of writing papers that you’re starting to think of your professor’s demise? Relax, we’re only joking! However, even a joke is woven with the thread of truth, and the truth is that endless assignments are constantly nagging at you and keeping you up all night long.
‘Writing my papers is unbearable!’ you may think But you’re not alone… What if we told you that we know a magical place where professionals can write your essays so perfectly that even professors’ most sophisticated requirements will be met? You’ve probably already guessed that we’re talking about WritePaperFor.me — the most delightful, facilitating, and destressing custom paper-writing service!
We are not going to be shy about our wish to see you as our steady customer. As a result, we aren’t twiddling our thumbs but permanently improving our services; we carefully select writers who always bone up on their subjects and disciplines, and we won’t rest unless you’ve gotten your ideal paper(s). All your wishes become our unshakable rules!
Why would I ask you to write paper for me?
Despite the obvious and even natural resistance to the idea of paper writing in principle that may occur with any student, you may also ask yourself, ‘Why would I need you to help me write my paper?’ The answer to this question lies in the spectrum of your routine actions. It’s not surprising that studying becomes part of our lives, but sometimes we’ve just got too much going on!
When you write an essay or academic paper, you just do one of the numerous things you face daily or weekly. This part of your life consumes lots of energy and time, so how can you possibly get around to doing other things like having fun, working, playing sports, helping relatives, and spending time with friends?
People are social creatures, and it’s only natural of us to request help from experts.. That’s why we ask doctors, electricians, or plumbers to help us! They’re all specialists. Who writes essays for you better than you do? Right, people who write numerous essays every day. We are experts in academic writing, aimed at satisfying all your needs related to education.
You just hire a professional to get a paper written, like you normally do in other situations. Our team of writers know everything about writing your paper and can cope with assignments of any complexity and academic level. Well-researched and expertly-written papers are what we do for our customers, and we always do our work professionally so that you could kick back and enjoy your life to the fullest.
The undeniable benefits of our custom paper-writing service
Apart from a paper written in accordance with the highest standards, we provide a wide range of contributory advantages to make your life easier. Let’s take a closer look at them.
Round-the-Clock Support. Our paper-writing service works day and night to help you with all current issues. Our friendly support team is available whenever you need them, even if it’s the middle of the night. They will gladly guide you and answer all your questions on how to order customized papers or consult you about the matters at hand. Feel free to share your questions or concerns with them and get comprehensible answers.
High-Class Quality. ‘Will you write a paper for me that meets all requirements?’ This question is frequently asked by many students, and we always answer in the affirmative. Our main goal is to deliver a perfectly written paper the meets the highest possible writing standards. We don’t rest unless you are satisfied with our work. If you hire a paper writer online, we guarantee you that you get 100% original and plagiarism-free assignments of high quality.
Complete Anonymity. We value your privacy and use modern encryption systems to protect you online. We don’t collect any personal or payment details and provide all our customers with 100% anonymity. ‘Can you write a paper for me and let me stay anonymous?’ Of course, we can! We are here to help you, not to cause problems.
Fast Delivery. We completely understand how strict deadlines may be when it comes to writing your paper. Even if your paper is due tomorrow morning, you can always rely on us. Our writers meet all set deadlines unequivocally. This rule is ironclad! The offered range is wide and starts from 6 hours to 2 weeks. Which one to choose is totally up to you. On our part, we guarantee that our writers will deliver your order on time.
Free Revisions. Our mission is to hone your paper to perfection. That’s why we offer you free revisions to make everything ideal and according to your needs. Feel free to ask for revisions if there is something you would like to be changed. That’s how our paper writing service works.
Money-Back Guarantee. You can get up to a 100% refund if you are dissatisfied with our work. Nevertheless, we are completely sure of our writers’ professionalism and credibility that offer you hard-core loyalty to our guarantees.
Comprehensible Explanations. ‘Can someone write my paper for me and provide clarifications?’ This question arises from time to time. Naturally, we want you to be totally prepared for the upcoming battle with your professor. If you need to fill the gaps in your knowledge, you can always ask for clarifications related to your paper. Moreover, when you order ‘write my paper for me’ service, you can always turn to our support agents for assistance. They will be glad to provide you with the necessary information and comprehensible explanations.
Fast and Customer-Focused Solutions. ‘Is it possible to do my paper for me so that I don’t worry about it at all?’ It certainly is! We offer all-encompassing solutions to all your academic problems by defining issues, determining their causes, selecting proper alternatives, and ultimately solving them. You are free to do your favorite activities while we are taking care of ongoing matters. You can always rely on us when it comes to essay-writing online and taking an individual approach to every case.
Who will write my paper when I order it?
Another crucial advantage of our service is our writers. You may have asked yourself, ‘I’d like to pay someone to write a paper for me, but who exactly will that person be?’ Once you order a paper, our managers will choose the best writer based on your requirements. You’ll get a writer who is a true expert in the relevant subject, and a perfect fit is certain to be found due to our thorough procedure of selecting.
Every applicant passes a complex procedure of tests to become one of our permanent writers. First of all, they should provide their credentials. We need to make sure that any prospective writers we hire have the proper experience.. The next step resides in passing a series of tests related to grammar, in addition to subject and/or discipline. Every paper-writer must pass them to prove their competency and their selected field of expertise.
One more step includes writing a sample to prove the ability to research and write consistently. Moreover, we always set our heart on hiring only devoted writers. When you ask us to write your essay or other academic works, you can be sure that they always do their best to provide you with well-structured and properly-written papers of high quality.
The final chord is related to special aspects of academic paper-writing. It means that every writer is prepared to cite properly, use different styles, and so on, so you don’t have to be worried about formatting at all.
‘So, can they write an ideal paper for me?’ We answer in the affirmative because we select only the best writers for our customers. Approximately 11% of all applicants can pass the whole set of tests and are ready to help you. All writers are fully compensated for their work and are highly motivated to provide you with the best results.
We are online 24/7 so that you could monitor the process of paper-writing and contact us whenever necessary. Don’t forget that your satisfaction is our priority. Our writers fully focus on your order when it comes to the ‘write my paper’ procedure. Our managers will immediately send all the information to your writer if any corrections are required.
It’s time to write my paper! What should I do?
‘I am ready to pay to have a paper written! Where do I start?’ Our team hears these words every day. We really believe that every student should be happy. That’s why we offer you to look at the simple steps to make the process even more convenient.
- Fill in the comprehensible order form located on the main page of our website. If you need some help with it, feel free to contact our support team.
- Provide the necessary details, such as the topic, subject or discipline, paper format, your academic level, etc.
- Select the deadline, and we will strictly follow it.
- Pay the total price. Submit a preferred payment method. The full sum will be deposited into your account on our website. The money will be transferred to your writer in case you approve the paper.
- If you have additional materials provided by your professor or may simply assist in writing your paper, please attach them too. They will help the assigned writer meet your professor’s expectations.
Every paper we can write for you is expertly-researched, well-structured, and consistent. Take a look at some types of papers we can help you with:
- Dissertations
- Research papers
- Case studies
- Term papers
- Business plans, etc.
Questions like ‘I would like you to write a paper for me without destroying my reputation. Can you promise to do so?’ or ‘Can you write my paper for me cheap and fast?’ often arise, and we take pride that these options are included in the list. Your safety and anonymity are parts of our common priority, which is to make you fully satisfied with all offered services.
Moreover, our pricing policy is flexible and allows you to select the options that totally suit your needs at affordable prices. You will be pleased with the results and the amount of money spent on your order. Our managers and writers will do the rest according to the highest standards.
Don’t hesitate and hire a writer to work on your paper now!
We believe that students know what is best for them, and if you suppose that it is time to ‘write my paper right now,’ we will help you handle it. ‘Will you do my paper without any hesitation?’ Of course, we will. Our service has all the necessary prerequisites to complete assignments regardless of their difficulty, academic level, or the number of pages. We choose a writer who has vast experience and a breadth of knowledge related to your topic.
Our ‘write my paper for me’ service offers a wide range of extra features to make the ordering process even more pleasant and convenient. Unlike lots of other services, we provide formatting, bibliography, amendments, and a title page for free.
‘When you write my paper for me? Can I monitor the process?’ Naturally, you can. We understand that you may want to ensure that everything is going well. Furthermore, there may be situations when some corrections are needed. We believe that a tool like this can come in handy. The assigned writer will strictly follow your and your professor’s requirements to make sure that your paper is perfect.
‘Is it possible to write my essay from scratch?’ We don’t do just proofreading or editing. Our goal is to fully carry your burden of writing. When this or similar questions appear, we always assure our customers that our writers can do whatever they need. Apart from writing from scratch or editing and proofreading, our experts can effortlessly cope with problem-solving of all kinds;even sophisticated software assignments!
Our ‘write my paper for me’ service is good for everyone who wants to delegate paper-writing to professionals and save precious time that can be spent differently and in a more practical way. We want you to be happy by offering the great opportunity to forget about endless and boring assignments once and forever. You won’t miss anything if your papers become the concern of our professional writers.
Don’t waste your precious time browsing other services. We provide you with everything you need while you are enjoying yourself by doing things you really enjoy. ‘Write my paper then! Do my paper for me right now!’ If you are ready to exclaim these words with delight, we welcome you to our haven, a place where students spend their time serenely and never worry about papers! It’s your turn to have fun, whereas our mission is to provide you with the best papers delivered on time!
Questions our customers ask
Can someone write my paper for me.
Yes, we can. We have writers ready to cope with papers of any complexity. Just contact our specialists and let us help you.
Who can I pay to write a paper for me?
We will help you select a writer according to your needs. As soon as you hire our specialist, you’ll see a significant improvement in your grades.
Can I pay someone to write a paper for me?
Yes, you can. We have lots of professionals to choose from. We employ only well-qualified experts with vast experience in academic paper writing.
What website will write a paper for me?
WritePaperFor.me is the website you need. We offer a wide range of services to cover all your needs. Just place an order and provide instructions, and we will write a perfect paper for you.
Is it safe to use your paper writing service?
Our service is completely safe and anonymous. We don’t keep your personal and payment details and use the latest encryption systems to protect you.
What are you waiting for?
You are a couple of clicks away from tranquility at an affordable price!
Tesla's Master Plan 3 Looks Like A Flop

- Tesla had its widely-anticipated investor day on March 1.
- The company talked about its Master Plan 3, but that did not include many specifics.
- Broad claims about the need for more EVs on the road did not inspire investors.
- Looking for a helping hand in the market? Members of Cash Flow Club get exclusive ideas and guidance to navigate any climate. Learn More »

Justin Sullivan
Article Thesis
Tesla ( NASDAQ: TSLA ) had its investor day on March 1. The company and its CEO had previously talked a lot (and generated some hype) about the release of the so-called Master Plan 3, but from what we have seen at the presentation, Master Plan 3 looks like a flop. There are no new models, no meaningful news about its autonomous vehicle tech, and so on. Not surprisingly, shares reacted pretty negatively to the underwhelming presentation.
What Happened?
Prior to the event, CEO Elon Musk had talked about how this would redefine things, how Tesla would lay out the company's vision for a fully sustainable future, and that the event would be about Tesla's strategy of scaling up operations. That's why many investors and analysts expected that Tesla would showcase a new model (Model 2), priced below Tesla's current cheapest vehicle, the Model 3. The introduction of such an inexpensive model would have improved Tesla's outlook when it comes to becoming a mass-market manufacturer eventually. For a company that plans to sell more vehicles than any other automobile company in the future, expanding the market potential is extremely important, of course. After all, the market for vehicles priced at $50,000 and more is rather limited.
Master Plan 3 Looks Like A Flop
But Tesla didn't showcase any new model, no Model 2 nor any other new automobile. Instead, the company showcased some other things, although none of these seem like an especially large deal.
Tesla talked about seeking to produce the next generation of its vehicles for considerably less money on a per-vehicle basis. The cost reduction seemingly will be in the 50% area, but Tesla did not get too specific about how this will be achieved. It also should be noted that Tesla hasn't been great at delivering on cost promises in the past -- the Model 3, for example, is more costly relative to what the company had guided for before the release. It's also widely accepted that the Cybertruck will not be sold for less than $40,000 (which was what Tesla had guided for) when it eventually will be sold. The 50% cheaper claim also seems somewhat questionable when we consider that input costs have been rising, e.g. for lithium, which has exploded upwards as more and more companies are moving into the EV space. Likewise, steel has been getting more expensive as well in the recent past. It seems doubtful to me that input costs will fall drastically, and while Tesla will surely find ways to become more efficient over time, a 50% reduction in production costs is hard to achieve for sure.
When it comes to the Cybertruck, Tesla has stated that the vehicle will go into production later this year. While this is several years behind the original plan, it would still be positive for Tesla if it finally manages to enter the electric truck space. Competitors such as Ford ( F ) and Rivian ( RIVN ) have now been active in this market for a while and have established themselves as viable electric truck makers, which will be a new situation for Tesla, as it had previously been a market leader with its models. Success with the Cybertruck is thus not guaranteed, but when the vehicle comes to the market this year, a first step in establishing a market presence is done.
Tesla also talked about its new planned Gigafactory in Mexico, near the industrial town of Monterrey. There had been rumors about a new Gigafactory in Northern Mexico for some time, and those have now been confirmed. And building a plant there makes sense - labor costs are considerably lower compared to the US, for example, and yet, the plant will be close to the important US market. Many other automobile companies have operations in Mexico as well, including Audi, BMW ( OTCPK:BMWYY ), Ford, GM ( GM ), Toyota ( TM ), and so on. Skilled and experienced labor is thus available, and suppliers are available as well. Last but not least, supply chains are likely less vulnerable to disruption for a company that manufactures in Mexico, relative to producing halfway around the world, e.g. in China. From a strategic perspective, the plant in Mexico thus makes a lot of sense, although it's hard to see how this will be a competitive advantage for Tesla, as most of its peers have factories in the country as well.
Tesla also talked about its robot, which is making some progress tech-wise. But when it comes to specifics about pricing, market entry, market potential, and so on, the presentation was underwhelming. To me, it does not look like the robot business will be a meaningful source of revenue or profits in the foreseeable future. Critics have argued that the robot business is more of a distraction for the company anyway and that Tesla should focus on its core auto business and its energy business instead of wasting resources on a robot. Based on what we have seen and heard when it comes to the robot so far, I tend to agree with those that do not see any near-term value in this business.
What's Missing?
Seeking Alpha reports that the new master plan "includes repowering the existing grid with renewables and a switch to all-electric vehicles by consumers and businesses." This isn't really a new thing, however. In fact, many companies, governments, and institutions around the world have been talking about the need to expand renewable energy production, and many automobile companies have communicated that they will be selling EVs primarily, or exclusively, in the future. Tesla thus hasn't really come up with a new and innovative strategy here - instead, they're saying what almost everyone else is saying as well. That's a little underwhelming for a presumably high-tech innovator like Tesla, I believe. And it looks like the market agrees, as Tesla is down 8% at the time of writing - clearly, the company didn't deliver what the market and the investor community had been anticipating.
To me, it seems pretty clear that the market is missing specific facts about near-term growth drivers. There was no model 2 announcement, there was no meaningful news about the new Roadster, there was no meaningful news about robotaxis and FSD, there wasn't meaningful news about solar tiles and other energy business products, and so on. While Tesla has broadly talked about the need for renewable energy and EVs, Tesla failed to convince the market and its investors that Tesla will be the leading force of these trends in the future. In fact, BYD ( OTCPK:BYDDY ) looks better positioned to bring EVs to the masses - it offers cheaper entry-level models relative to Tesla, and unsurprisingly has way better growth in terms of deliveries, relative to Tesla, as it addresses a much larger market. As a battery supplier to other EV manufacturers, including Tesla, BYD also will help the broad industry in expanding the EV market. Tesla, on the other hand, does not look like it will have explosive growth in deliveries in the near term, and it also grew less than the market in 2022. Thus while Tesla's vision of a renewable-powered world where most people drive EVs is one that many agree with, it does not look like Tesla will be the biggest force in powering that future in the near term. Its subdued growth and the fact that it continues to sell only higher-priced vehicles prevent it from being the Toyota or Volkswagen ( OTCPK:VLKAF ) of the EV universe. BYD, however, has a better chance of achieving that status. Likewise, while Tesla's energy business is growing, there's no good reason to believe that growth will explode upward in the near term, I believe. Other companies offer solar panels and battery storage systems as well, and Tesla didn't really inspire investors to believe that Tesla will be the deciding factor in the global renewable energy revolution.
Past master plans included the introduction of new models, huge goals for self-driving tech (that have not been achieved so far, however), and so on. The Master Plan 3 included a lot of broad statements about the need for more EVs on the roads etc., but Tesla did not manage to inspire the market or its investors. There was no Model 2 announcement, and while the Gigafactory in Mexico makes sense, it hardly is a reason to buy Tesla -- many other companies have plants in Mexico as well. The market reaction to the event was pretty negative, but Tesla is still up considerably from the lows, which is why it does not look like a great value right here, at least to me.
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Master Thesis Prerequisite: Students with the objective of writing a Master thesis, should have attended at least one profil-forming class at our professorship. Application: Please hand in the following documents via email: Letter of motivation Current transcript (from STiNE) CV (short) Student ID number, degree program and subject semester Topic
The legal and accounting frameworks appear to explain 1 The role of derivatives market in risk management and price discovery is recognized in numbers of studies (e.g. Aysun & Guldi, 2011;Chen,...
Master thesis - Arnaud Gallais - CPPI Structures on Funds Derivatives 3 Abstract With the ever-increasing complexity of financial markets and financial products, many investors now choose to benefit from a manager's expertise by investing in a fund. This fueled a rapid growth of the fund industry over the past decades, and the
Master thesis, defended on September 27, 2012 Thesis advisor: B. Koren Specialisation: Applied Mathematics Mathematisch Instituut, Universiteit Leiden. ... the price of an option or a derivative Uwith underlying asset Swith volatility V is a function of the price of this underlying asset, the volatility of this underlying asset and time, so in ...
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Samson Qian's MIT Master's Thesis "Multi-Agent Deep Reinforcement Learning and GAN-Based Market Simulation for Derivatives Pricing and Dynamic Hedging" Thesis submitted to the MIT Sloan School of Management in partial fulfillment of the requirements for the degree of Master of Finance at the Massachusetts Institute of Technology.
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This thesis consists of a collection of studies investigating various aspects of the interplay between the markets for derivative securities and their respective underlying assets in the presence of market imperfections. The classic theory of derivative pricing and hedging hinges on three rather unrealistic assumptions regarding the market for the underlying asset.
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In this thesis, we explore the contractual nature of so-called "derivatives" and how they might be incorporated into existing legal concepts. This thesis takes the position that derivatives are in essence contracts to trade risk, and argues that commodity future delivery contracts fall within the legal meaning of "futures" if
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1.1. Introduction. A derivative is a financial instrument (or more simply, an agreement between two people/two parties) that has a value determined by the future price of something else. Derivatives can be thought of as bets on the price of something. Suppose you bet with your friend on the price of a bushel of corn.
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The 50% cheaper claim also seems somewhat questionable when we consider that input costs have been rising, e.g. for lithium, which has exploded upwards as more and more companies are moving into...