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XmlHttpObj1;function Sign(X) { return X>0 ? "+" : X<0 ? "-" : " " }function CreateXmlHttpObj1() {try {XmlHttpObj1 = new ActiveXObject("Msxml2.XMLHTTP");}catch(e) {try{XmlHttpObj1 = new ActiveXObject("Microsoft.XMLHTTP");}catch(oc) {XmlHttpObj1 = null;}}if(!XmlHttpObj1 && typeof XMLHttpRequest != "undefined") {XmlHttpObj1 = new XMLHttpRequest();}}function loadingTime() {//calculate the current time in afterloadvar afterload = (new Date()).getTime();//calculate the secondsclientTime = (afterload-beforeload)/1000;serverTime =  parseFloat(document.getElementById("serverTime").innerHTML);totalTime = (clientTime + serverTime).toFixed(3);document.getElementById("loadingtime").innerHTML = "and delivered in " + totalTime + " seconds";}function addLoadEvent(func) {var oldonload = window.onload;if (typeof window.onload != 'function') {window.onload = func;} else {window.onload = function() {if (oldonload) {oldonload();}func();}}}</script>    <title>SSRN JEL Code: C62</title>    <meta http-equiv="X-UA-Compatible" content="IE=edge">    <meta name="viewport" content="width=device-width, initial-scale=1">    <meta name="robots" content="noindex">        <meta name="description" content="SSRN JEL Code: C62">        <meta name="keywords" content="SSRN, JEL Code: C62">        <link rel="search"              type="application/opensearchdescription+xml"  href="https://privpapers.ssrn.com/sol3/opensearchdescription.xml"              title="SSRN" />    <script src="https://ajax.googleapis.com/ajax/libs/jquery/1.12.4/jquery.min.js"></script></head>    <body class="new-layout"><div id="genericToastr" class="generic-toastr"><div class="toastr-icon"><i id="toastrIcon"></i></div><div id="toastrMessage" class="toastr-mesage"></div><div class="toastr-close"><i class="icon icon-gizmo-delete" onclick="closeToastr()"></i></div><div class="toastr-link"><a id="toastrLink" href="#"></a></div></div>    <script language="javascript">//Language functionsfunction changeLanguage1(language, response){$.ajax({url: '/AltLanguage_ajax.cfm?type=changeLanguage&partid=1&strCode=en',cache: false,success: function(data) {// Update values in cookiesSet_Cookie('SITEID',language,'-1','/','.ssrn.com','');Set_Cookie('SITEID',language,'1000','/','.ssrn.com','');// Finally, perform redirectionif (response == 'reload') {window.location.reload();}else {window.location.href=response;}}});}function Set_Cookie( name, value, expires, path, domain, secure ) {// set time, its in millisecondsvar today = new Date();today.setTime( today.getTime() );/*if the expires variable is set, make the correctexpires time, the current script below will setit for x number of days, to make it for hours,delete * 24, for minutes, delete * 60 * 24*/if ( expires ) {expires = expires * 1000 * 60 * 60 * 24;}var expires_date = new Date( today.getTime() + (expires) );document.cookie = name + "=" +escape( value ) +( ( expires ) ? ";expires=" + expires_date.toGMTString() : "" ) +( ( path ) ? ";path=" + path : "" ) +( ( domain ) ? ";domain=" + domain : "" ) +( ( secure ) ? ";secure" : "" );}/** We use this function when the language should be stripped from an object, like a form RADIO*/function getLanguage ( oObj ) {var specialChars = "!@#$^&%*()+=-[]\/{}|:<>?,.";// Need to clean up code if object came from Mura site.sCode = oObj.value;if (sCode.length > 2) {for (var i = 0; i < specialChars.length; i++) {sCode = sCode.replace(new RegExp("\\" + specialChars[i], 'gi'), '');}// After cleaning up special chars, we take the first two chars.sCode = sCode.substring(0,2).trim();}return sCode;}</script><link rel="stylesheet" type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/custom-bootstrap.min.css?v=410"><link rel="stylesheet" type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/custom.min.css?v=410"><link rel="stylesheet" type="text/css" href="https://privstatic.ssrn.com/cfincludes/css/global.min.css?v=410"><link href="https://cdn.ssrn.com/ssrn-global-header/main.css?v=410" rel="stylesheet"><div class="accesibility-link"><a id="skip-to-content" title="Skip to content" href="#maincontent">Skip to main content</a></div><meta name="part_id" content="1"><meta name="www_server" content="privwww.ssrn.com"><meta name="static_server" content="https://cdn.ssrn.com"><meta name="hq_server" content="privhq.ssrn.com"><meta name="papers_server" content="privpapers.ssrn.com"><meta name="user_name" content="Public User"><meta name="is_custom" content="false"><meta name="own_design" content="false"><meta name="ab_id" content=""><meta name="on_behalf" content="False"><meta name="login_user_id" content=""><!--GLOBAL HEADER--><header id="global-header" data-id-plus-auth-enabled="false"></header><script src="//ajax.googleapis.com/ajax/libs/jquery/1.12.4/jquery.min.js"></script>
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{$body.removeClass('nav-is-open');$(this).closest('.mo-nav').removeClass('open');});$('.mo-nav-search-btn').on('click', function() {$menuMain.find('.menu-search').toggleClass('open');});$(document).on('click','#profile', function(e){e.preventDefault();$body.toggleClass('nav-is-open');$profileMenu.toggleClass('open');});/* Cleaning the email text*/$('#txtLogin').bind("change keyup input",function() {$(".error_show_login").hide();$("#txtLogin").removeClass("loginError");$("#errorMessageLogin").hide();});/* Cleaning the password text*/$('.password-inp').bind("change keyup input",function() {$(".error_show_pass").hide();$("#txtPasswordLogin").removeClass("loginError");$("#errorMessageLogin").hide();});/*Function for encrypt*/function encrypt(key1, key2, key3){var key = btoa(key1 + "|" + key2 + "|" + key3);return key;};function validateFields (){var emptyLogin = false;var emptyPass = false;if(document.getElementById("txtLogin") == null || document.getElementById("txtLogin").value == ""){$("#txtLogin").addClass('loginError');$(".error_show_login").show();emptyLogin = true;}if(document.getElementById("txtPasswordLogin") == null || document.getElementById("txtPasswordLogin").value == "" ){$("#txtPasswordLogin").addClass('loginError');$(".error_show_pass").show();emptyPass = true;}if(emptyLogin == true || emptyPass == true){return false;}return true;};$('.password-inp').keypress(function(event) {if (event.keyCode == 13 || event.which == 13) {event.preventDefault();login();}});$('#txtLogin').keypress(function(event) {if (event.keyCode == 13 || event.which == 13) {event.preventDefault();login();}});$("#signin").click(function() {login();});function login(){if (validateFields() != false) {var user = document.getElementById("txtLogin").value;var pass = document.getElementById("txtPasswordLogin").value;var remember = $('.remember-me-check').prop('checked');var keyUser = encrypt(user, pass, 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keyboard$('.has-sub-menu a').focus(function() {$(this).parents("li").addClass("focus");}).blur(function() {$(this).parents("li").removeClass("focus");});});// Show translation notice on change$('.dropdown-lang').on('change', function() {toggleTranslationNote();});// Accordion functionality on Footer MOvar $collapseBtn = $('h4[data-toggle="collapse"]'),$collapsableContent = $('.collapsable');$collapseBtn.on('click', function(){var $this = $(this),$parent = $this.parent(),$thisCollapsable = $parent.find('.collapsable');$collapsableContent.slideUp('fast');if ( !$thisCollapsable.is(":visible") ) {$thisCollapsable.slideDown('fast');}});// Show translation notice on footerfunction toggleTranslationNote() {$('.translation-notice').toggle();}});//Language functionfunction changeLanguage(lang){        var curretUrl = window.location.href;        if(curretUrl.indexOf('&lng') != -1) {            var new_url = curretUrl.substring(0, curretUrl.indexOf('&lng'));    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class="box-container"><header><form name="searchForm" id="searchForm" action="?form_name=Jel&code=C62&lim=false" method="post">    <h1 class="section-title">    <div>Search Results</div>    <span>JEL Code: C62</span></h1>            <div class="organization-header">
            <div class="info">
                
                                
                
                    <strong>    73,996 </strong>Total downloads
                                
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                     <div><i>Journal of Finance, Volume 68, Issue 6, December 2013 </i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 53</span>                                                                                                                    <span>Posted: 23 Jul 2010</span>                                                                                                                    <span>Last Revised: 10 Mar 2017</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                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Issue 6, December 2013 </div><div class="note note-list"><span>Number of pages: 53</span><span tabindex="0">Posted: 23 Jul 2010</span><span>Last Revised: 10 Mar 2017</span></div></div><div class="downloads"><span>Downloads</span><span>  637</span></div></div><div class="trow"><div class="actions"><a title="Free paper" href="javascript:void(0);" role="button" class="tooltip-icon-a"><i class="icn icn-free" aria-hidden="true"></i></a></div><div class="description"><h3><a class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2021328" tabindex="0"><span>International Asset Pricing with Recursive Preferences</span></a></h3><div class="reference">Journal of Finance, 2013, AFA 2013 San Diego Meetings Paper</div><div class="note note-list"><span>Number of pages: 53</span><span tabindex="0">Posted: 14 Mar 2012</span><span>Last Revised: 10 Mar 2017</span></div></div><div class="downloads"><span>Downloads</span><span>  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Dice Center Working Paper No. 2013-17</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 54</span>                                                                                                                    <span>Posted: 24 Oct 2013</span>                                                                                                                    <span>Last Revised: 22 Sep 2017</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=401895" target="_blank">Fousseni Chabi-Yo</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=698614" target="_blank">Ric Colacito</a>                                    </div>                                    <div class="afiliations">                                    University of Massachusetts Amherst - Isenberg School of Management and University of North Carolina Kenan-Flagler Business School                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  514</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                    <div class="trow abs abs_2913048" id="div_2913048">                        <div class="actions">                            24.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=2913048">Sum of All Black-Scholes-Merton Models: An Efficient Pricing Method for Spread, Basket, and Asian Options</a>                                </span>                                </h3>                                                                                                                                <div><i>Journal of Futures Markets, 38(6):627-644, 2018</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 25</span>                                                                                                                    <span>Posted: 08 Feb 2017</span>                                                                                                                    <span>Last Revised: 02 Jun 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=502180" target="_blank">Jaehyuk Choi</a>                                    </div>                                    <div class="afiliations">                                    Peking University - HSBC School of Business                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  489</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_579003" id="div_579003">                        <div class="actions">                            25.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=579003">The Effectiveness of Simple Decision Heuristics: A Case Study of Experts' Forecasts of the Commercial Success of Early-Stage Ventures</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 30</span>                                                                                                                    <span>Posted: 03 Mar 2013</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=263222" target="_blank">Thomas B. 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<span>Posted: 02 Nov 2007</span>                                                                                                                    <span>Last Revised: 06 Mar 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=255515" target="_blank">Juan Gabriel Brida</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=686199" target="_blank">Juan Sebastián Pereyra</a>                                    </div>                                    <div class="afiliations">                                    Universidad de la República and Universidad de la República - Facultad de Ciencias Económicas                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  467</span>                                          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2010</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=620318" target="_blank">Mahesh Nagarajan</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=510056" target="_blank">Greys Sosic</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=982289" target="_blank">Hao Zhang</a>                                    </div>                                    <div class="afiliations">                                    University of British Columbia (UBC) - Sauder School of Business, University of Southern California - Marshall School of Business and University of Southern California - Marshall School of Business                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  425</span>                       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                                                                                       <span>Posted: 23 Jul 2010</span>                                                                                                                    <span>Last Revised: 14 Apr 2020</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=698614" target="_blank">Ric Colacito</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=571252" target="_blank">Mariano &#x28;Max&#x29; Massimiliano Croce</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2585771" target="_blank">Zhao Liu</a>                                    </div>                                    <div class="afiliations">                                    University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University and Duke University, Department of Economics, Students                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                     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                          <span>Posted: 22 Apr 2013</span>                                                                                                                    <span>Last Revised: 12 Nov 2013</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1689301" target="_blank">Jean-Philippe Vergne</a>                                    </div>                                    <div class="afiliations">                                    University College London - School of Management                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  397</span>                                                        </div>                            </div>                                                                                   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Forthcoming</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 51</span>                                                                                                                    <span>Posted: 01 May 2012</span>                                                                                                                    <span>Last Revised: 14 May 2012</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1416896" target="_blank">G. 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href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=1113292">Geometric Arbitrage Theory and Market Dynamics</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 72</span>                                                                                                                    <span>Posted: 27 Mar 2008</span>                                                                                                                    <span>Last Revised: 19 Jul 2015</span>                                                                        </div>                                                                                            <div class="afiliations">                       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                                                                              <span>Number of pages: 22</span>                                                                                                                    <span>Posted: 06 Nov 2000</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=231138" target="_blank">Jens-Ulrich Peter</a> and <a 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class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  300</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_2662578" id="div_2662578">                        <div class="actions">                            48.          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                                                                                                     <span>Posted: 21 Sep 2015</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=105912" target="_blank">Suzanne Scotchmer</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=21971" target="_blank">Chris Shannon</a>                                    </div>                       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href="https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=3174068">Risk Arbitrage Opportunities for Stock Index Options</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 44</span>                                                                                                                    <span>Posted: 15 May 2018</span>                                                                                                                    <span>Last Revised: 04 Dec 2019</span>                                                                        </div>                                                                                            <div class="afiliations">                 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                  <span>Number of pages: 22</span>                                                                                                                    <span>Posted: 06 Jun 2003</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=199359" target="_blank">Emilio Barucci</a>, <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=343350" target="_blank">Roberto Monte</a> and <a href="https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=327190" target="_blank">Roberto Renò</a>                                    </div>                                    <div class="afiliations">                                    University of Pisa - Department of Economics, University of Rome Tor Vergata - Dipartimento di Studi Economici, Finanziari e Metodi quantitativi (SEFEMEQ) and University of Verona - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                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