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The Fantastic World of Finance: Progress and the Free Lunch

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  • Hakansson, Nils H.

Abstract

I'd like to begin by thanking the Western Finance Association for the lunch I just consumed …It is only fair that I inform you at the outset that the views you are about to hear can only be described as biased. They are biased because I'll be limiting my remarks to those parts of finance that I think I know something about; secondly, my comments will contain a disproportionate reflection of my own work. The more generous among you might argue that this puts me in good company. A better explanation would recognize that I am really in a monopoly position for the next half hour or so: there are no contemporaneous sessions within commuting distance, your lunch was paid in advance and is not refundable, and for some of you at least there is a certain cost associated with getting up and leaving in full view of the organizers.

Suggested Citation

  • Hakansson, Nils H., 1979. "The Fantastic World of Finance: Progress and the Free Lunch," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 14(4), pages 717-734, November.
    • Handle: RePEc:cup:jfinqa:v:14:y:1979:i:04:p:717-734_00
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    Cited by:

    1. Frank Lehrbass, 1994. "Optimal hedging with currency forwards, calls, and calls on forwards for the competitive exporting firm facing exchange rate uncertainty," Journal of Economics, Springer, vol. 59(1), pages 51-70, February.
    2. Nicolae Garleanu & Lasse Heje Pedersen & Allen M. Poteshman, 2009. "Demand-Based Option Pricing," The Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 4259-4299, October.
    3. Oehmke, Martin & Zawadowski, Adam, 2015. "Synthetic or real? The equilibrium effects of credit default swaps on bond markets," LSE Research Online Documents on Economics 84511, London School of Economics and Political Science, LSE Library.
    4. Robert C. Merton & Zvi Bodie, 2005. "Design Of Financial Systems: Towards A Synthesis Of Function And Structure," World Scientific Book Chapters, in: H Gifford Fong (ed.), The World Of Risk Management, chapter 1, pages 1-27, World Scientific Publishing Co. Pte. Ltd..
    5. Emanuel Derman & Nassim Nicholas Taleb, 2005. "The illusions of dynamic replication," Quantitative Finance, Taylor & Francis Journals, vol. 5(4), pages 323-326.
    6. Casassus, Jaime & Collin-Dufresne, Pierre & Goldstein, Bob, 2005. "Unspanned stochastic volatility and fixed income derivatives pricing," Journal of Banking & Finance, Elsevier, vol. 29(11), pages 2723-2749, November.

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