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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)
BACKGROUND Many assume that improving the quality and the perceived safety of facilities in parks and recreation centers is critical to attracting more users and increasing population physical activity. There are few studies in which these assumptions have been tested. PURPOSE This study aims to assess the impact of park improvements on park use and(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)
  • Deborah A Cohen, Bing Han, +6 authors Rajiv Bhatia
  • 2015
BACKGROUND Given the concerns about low rates of physical activity among low-income minority youth, many community-based organizations are investing in the creation or renovation of public parks to encourage youth to become more physically active. To what degree park renovations accomplish this goal is not known. METHODS We used the System for Observing(More)