Terry A. Marsh

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An investment horizon is in practice not frequently known with certainty at the initial investment date. This paper addresses the problem of pricing and hedging a random cash-‡ow received at a random date in a general stochastic environment. We …rst argue that speci…c timing risk is induced by the presence of an uncertain time-horizon if and only if the(More)
Many investors do not know with certainty when their portfolio will be liquidated. Should their portfolio selection be in ‡uenced by the uncertainty of exit time? In order to answer that question, we consider a suitable extension of the familiar optimal investment problem of Merton (1971), where we allow the conditional distribution function of an agent's(More)
It is assumed that higher quality recreation facilities promote physical activity and serve communities better. We tested this assumption by comparing changes in the use of an expanded and renovated skate park (a facility for skateboarding) and a modernized senior citizen's center to two similar facilities that were not refurbished. The skate park was(More)
This paper develops and tests a model of unobservable risk premia in the foreign exchange market. Risk premia in our model are driven by non-marketable income shocks which risk averse agents attempt to hedge by trading foreign currency. We test our model using data on hedging demand in currency futures and find that our proxy for risk premia explains(More)
BACKGROUND Previous studies indicate that the design of streets and sidewalks can influence physical activity among residents. Park features also influence park use and park-based physical activity. Although individuals can walk on streets and sidewalks, walking loops in parks offer a setting to walk in nature and to avoid interruptions from traffic. (More)
BACKGROUND Faculty, students, and alumni in a university-based kinesiology program developed an innovative model for health promotion practice by partnering with the local park administration in San Fernando, California to offer these exercise classes for free in a low-income, predominantly Latino neighborhood park. The classes were taught by students as(More)