Discrete time models of the term structure of interest rates and interest rate contingent claims

In this study, discrete time one-factor models of the term structure of interest rates and their application to the pricing of interest rate contingent claims are examined theoretically and empirically. The first chapter provides a discussion of the issues involved in the pricing of interest rate contingent claims and a description of the Ho and Lee (1986), Maloney and Byrne (1989), and Black, Derman, and Toy (1990) discrete time models. In the second chapter, a general discrete time model of the term structure from which the Ho and Lee, Maloney and Byrne, and Black, Derman, and Toy models can all be obtained is presented. The general model also provides for the specification of an additional model, the ExtendedMB model. The third chapter illustrates the application of the discrete time models to the pricing of a variety of interest rate contingent claims. In the final chapter, the performance of the Ho and Lee, Black, Derman, and Toy, and ExtendedMB models in the pricing of Eurodollar futures options is investigated empirically. The results indicate that the Black, Derman, and Toy and ExtendedMB models outperform the Ho and Lee model. Little difference in the performance of the Black, Derman, and Toy and ExtendedMB models is detected. ^

How source credibility and message claims interact in determining advertising effectiveness

Credible endorsers are often used in advertisements. However, there is conflicting evidence on the role source credibility plays in persuasion. Early research found that source credibility affects persuasion when subjects pay attention to the communication. Other research indicates that a credible source enhances persuasion when people do not scrutinize the message claims carefully and thoroughly. This effect is opposite to what was indicated by early research. More recent research indicates that source credibility may affect persuasion when people scrutinize the message claims, but limits this effect to advertisements with certain type of claims (i.e., ambiguous or extreme claims). This dissertation proposes that source credibility might play a broader role during persuasion than suggested by the empirical literature. Source credibility may affect persuasion, at low levels of involvement, by serving as a peripheral cue. It may also affect persuasion, at high involvement, by serving as an argument or biasing elaboration. ^ Each of these possibilities was explored in an experiment using a 3 (source credibility) x 2 (type of claim) x 2 (levels of involvement) full factorial design. The sample consisted of 180 undergraduate students from a major southeastern University. ^ Results indicated that, at high levels of involvement, the credibility of the source affected persuasion. This effect was due to source credibility acting as an argument within the advertisement. This study did not find that source credibility affected persuasion by biasing elaboration, at high involvement, or by serving as a peripheral cue, at low involvement. ^

New testament evidence for ordaining women in the catholic church: evaluating claims in inter insigniores and ordinatio sacerdotalis

This Master's Thesis will re-evaluate the conclusions of the Vatican on the issue of women's ordination, as presented in the documents Inter Insigniores and Ordinatio Sacerdotalis, by researching the discoveries of scriptural scholarship on the significance of women in the New Testament ministries. The essential question is, are the two previously mentioned documents authoritative when they exclude women from priesthood on the basis of Scripture? Special emphasis is on the unprejudiced rereading of the status of women in the ministry of Jesus and the early church communities. The research proved that there is no significant evidence in the New Testament to reserve ordained ministries in the Church to men only.