Abstract
In this commentary I am not going to disagree with the “Father of Finance” (and my dissertation advisor to boot). Instead I will make a few comments on Merton Miller’s article and then develop in somewhat more depth two issues raised in it.
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References
Board of Governors of the Federal Reserve System. A Review and Evaluation of Federal Margin Requirements. A study by the Staff, Washington, B.C,December 1984.
Stoll, H. “Margins on Stock Index Futures Contracts.” Investing(Summer 1990).
Stoll, H. and R. Whaley. “The Dynamics of Stock Index and Stock Index Futures Returns.” Journal of Financial and Quantitative Analysis(forthcoming).
Stoll, H. and R. Whaley. “Expiration Day Effects: What Has Changed?” Financial Analysts Journal(forthcoming).
Telser, L. G. and H.N. Higinbotham. “Organized Futures Markets: Costs and Benefits.” Journal of Political Economy85 (1977), 969–1000.
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© 1990 Springer Science+Business Media New York
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Stoll, H.R. (1990). Commentary: International Competitiveness of U.S. Futures Exchanges . In: Kosters, M.H., Meltzer, A.H. (eds) International Competitiveness in Financial Services. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-3876-5_12
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DOI: https://doi.org/10.1007/978-94-011-3876-5_12
Publisher Name: Springer, Dordrecht
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