-----Original Message-----
From: 	"John D. Martin" <J_Martin@baylor.edu>@ENRON [mailto:IMCEANOTES-+22John+20D+2E+20Martin+22+20+3CJ+5FMartin+40baylor+2Eedu+3E+40ENRON@ENRON.com] 
Sent:	Tuesday, August 28, 2001 8:14 AM
To:	Kaminski, Vince J
Subject:	Check out the first paper--Hope you are all well

>Approved-By: approve@SSRN.COM
>Date:         Mon, 27 Aug 2001 12:50:30 -0500
>Reply-To: admin@SSRN.COM
>Sender: Derivatives Working Paper Abstracts
<DERIVATIVES-WPS@PUBLISHER.SSRN.COM>
>From: Stephen Figlewski <Stephen_C_Figlewski@SSRN.COM>
>Subject:      FEN Derivatives WPS Vol. 8, No. 19, 08/23/2001
>To: DERIVATIVES-WPS@PUBLISHER.SSRN.COM
>X-OriginalArrivalTime: 28 Aug 2001 00:33:41.0186 (UTC)
FILETIME=[16108220:01C12F59]
>
>_________________________________________________________________
>
>            D E R I V A T I V E S   A B S T R A C T S
>                      Working Paper Series
>                 Vol. 8,  No. 19: August 23, 2001
>_________________________________________________________________
>
>Publisher:     FEN Subject Matter Journals
>               a division of
>               Social Science Electronic Publishing, Inc. (SSEP)
>               and Social Science Research Network (SSRN)
>
>Editor:        STEPHEN FIGLEWSKI
>               NYU Stern School of Business
>               Mailto:sfiglews@stern.nyu.edu
>
>Copyright:     SSEP, Inc. 2001. All rights reserved.
>
>Leading Social Science Research Delivered To Your Desktop
>               http://www.SSRN.Com/
>
>SEARCHING THE SSRN ELECTRONIC LIBRARY
> To search the entire SSRN Electronic Library by author, title,
> JEL code, or full text of the abstracts in our database, please
> visit http://papers.ssrn.com/
>
> To browse all abstracts published in this journal, please visit
> http://www.ssrn.com/link/derivatives.html
>
>REDISTRIBUTION
> Individual and professional subscriptions to the journal are for
> single users. It is a violation of copyright to redistribute
> this document electronically or otherwise without the explicit
> permission of Social Science Electronic Publishing, Inc.
> Site licenses for organizations are available by contacting
> Mailto:Site@SSRN.Com
>
>SIGN OFF
> To stop delivery of one or more of the SSRN journals, write to
> Mailto:Remove@SSRN.Com Include the JOURNAL name or the NETWORK
> name or ALL in the subject line. If your address has changed, let
> us know by writing to Mailto:AddressChg@SSRN.Com
>
>ALIGNMENT
> If this document is misaligned, please set type face to a
> non-proportional font such as Courier 10.
>
>PAPER DOWNLOADS
> If you need assistance downloading papers from our web site,
> please contact Mailto:Support@SSRN.Com
>
>
>T A B L E   of   C O N T E N T S
>_________________________________________________________________
>
>
>"Pricing Electricity Forwards Under Stochastic Volatility"
>     B. PHILIPP KELLERHALS
>        Universitaet Tuebingen
>        Dept. of Finance
>
>
>"Interdealer Trading in Futures Markets"
>     PETER R. LOCKE
>        George Washington University
>        Department of Finance
>     PATTARAKE SARAJOTI
>        George Washington University
>        Department of Finance
>
>
>"Quadratic Volatility Smiles"
>     HAIM REISMAN
>        Technion-Israel Institute of Technology
>        Faculty of Management
>
>
>"An Application of Malliavin Calculus to Continuous Time Asian
> Options Greeks"
>     ERIC BENHAMOU
>        Goldman Sachs International
>        London School of Economics & Political Science
>        (LSE)
>        Financial Markets Group
>
>
>"Delta-Hedged Gains and the Negative Market Volatility Risk
> Premium"
>     GURDIP BAKSHI
>        University of Maryland
>        Robert H. Smith School of Business
>     NIKUNJ KAPADIA
>        University of Massachusetts at Amherst
>        Department of Finance
>
>
>"Hedge Fund Performance 1990-2000: Do the Money Machines Really
> Add Value?"
>     HARRY M. KAT
>        University of Reading
>        ISMA Centre for Education & Research in Securities
>        Markets
>     GAURAV S. AMIN
>        University of Reading
>        ISMA Centre for Education & Research in Securities
>        Markets
>
>
>S S R N   I N F O R M A T I O N
>_________________________________________________________________
>
>          * Administrative Information
>             - Missing issues & change of address
>             - Solicitation of abstracts
>          * Directors
>          * Advisory Board
>          * Subscription to SSRN Journals
>_________________________________________________________________
>
>ACQUIRING PAPERS
> Download papers directly from the included web address or contact
> the author or other contact person directly. Provide an address
> to which the author or other contact person can send a paper
> copy and mention that you saw the abstract in SSRN. Some of
> SSRN's Partners in Publishing require a subscription or charge a
> fee for electronic downloads.
>
>
>
>EDITORIAL POLICIES
> To provide the broadest coverage of research in Derivatives we
> do not referee working papers. We accept abstracts of working
> papers in Derivatives whose topics suit the coverage of the
> journal and which are part of the worldwide scholarly discourse.
>
>W O R K I N G   P A P E R   A B S T R A C T S
>_________________________________________________________________
>
>"Pricing Electricity Forwards Under Stochastic Volatility"
>
>      BY:  B. PHILIPP KELLERHALS
>              Universitaet Tuebingen
>              Dept. of Finance
>
>Document:  Available from the SSRN Electronic Paper Collection:
>           http://papers.ssrn.com/paper.taf?abstract_id=274788
>
>    Date:  May 2001
>
> Contact:  B. PHILIPP KELLERHALS
>   Email:  Mailto:philipp.kellerhals@uni-tuebingen.de
>  Postal:  Universitaet Tuebingen
>           Dept. of Finance
>           Mohlstrasse 36
>           D-72074 Tuebingen,    GERMANY
>   Phone:  +49-7071-2977088
>     Fax:  +49-7071-550622
>
>ABSTRACT:
> Based on the peculiarities of electricity as underlying
> commodity of forward contracts we develop a time-continuous
> pricing model for short-term electricity forwards. The suggested
> stochastic volatility model utilizes the non-tradeable spot
> price of electricity and its variance rate as state variables.
> This enables us to capture the non-linearities, and the high and
> time varying volatility seen in electricity prices. Using
> maximum likelihood estimation based on Kalman filtering we
> report empirical results on electricity data from the
> Californian market.
>
> Keywords: Electricity forwards, stochastic volatility,
> time-continuous model, equilibrium pricing, Kalman filtering.
>
>
>JEL Classification: G13
>______________________________
>
>"Interdealer Trading in Futures Markets"
>
>      BY:  PETER R. LOCKE
>              George Washington University
>              Department of Finance
>           PATTARAKE SARAJOTI
>              George Washington University
>              Department of Finance
>
>Document:  Available from the SSRN Electronic Paper Collection:
>           http://papers.ssrn.com/paper.taf?abstract_id=265932
>
>    Date:  April 2001
>
> Contact:  PETER R. LOCKE
>   Email:  Mailto:plocke@gwu.edu
>  Postal:  George Washington University
>           Department of Finance
>           2023 G Street
>           Washington, DC 20052  USA
>   Phone:  202-994-3669
> Co-Auth:  PATTARAKE SARAJOTI
>   Email:  Mailto:sarajoti@gwu.edu
>  Postal:  George Washington University
>           Department of Finance
>           2023 G Street
>           Washington, DC 20052  USA
>
>ABSTRACT:
> This paper examines the relationship of futures floor trader
> proprietary positions to their market making activities. In
> particular, we examine interdealer trading, its function as an
> inventory management tool, and its costs. In addition, we
> develop the concept of a dealer hierarchy, where some floor
> traders, who are more successful, profit from their trades with
> other dealers. On average, we find that dealers earn relative
> profits when they execute position reducing trades. However, a
> surprising finding is that more successful traders are more
> likely to use interdealer trading in position reducing trades,
> which we find to be consistent with the existence of a dealer
> hierarchy. The research builds on the empirical work of Manaster
> and Mann's 1996 article on futures floor trader inventory
> control, and Reiss and Werner's 1998 article on interdealer
> trading. The synthesis of these two lines of research benefits
> from the elaborate futures data, and the highly competitive
> nature of dealer trading on the floor.
>
> Keywords: Microstructure
>
>
>JEL Classification: G10, G20
>______________________________
>
>"Quadratic Volatility Smiles"
>
>      BY:  HAIM REISMAN
>              Technion-Israel Institute of Technology
>              Faculty of Management
>
>Document:  Available from the SSRN Electronic Paper Collection:
>           http://papers.ssrn.com/paper.taf?abstract_id=275135
>
>    Date:  May 2001
>
> Contact:  HAIM REISMAN
>   Email:  Mailto:reisman@ie.technion.ac.il
>  Postal:  Technion-Israel Institute of Technology
>           Faculty of Management
>           Haifa 32000,   ISRAEL
>   Phone:  972 4 8294442
>     Fax:  972 4 8245194
>
>ABSTRACT:
> The paper assumes that the implied volatility of options with
> some given expiration is a quadratic function of the moneyness.
> The coefficients of this quadratic function (the smile) are time
> dependent and stochastic. The paper derives exposure parameters
> of the price of the option to the local change in each of the
> smile coefficients, and an approximate formula for their risk
> adjusted expected value. These are important in managing the
> exposure of the price of an option portfolio to changes in the
> smile coefficients.
>
>______________________________
>
>"An Application of Malliavin Calculus to Continuous Time Asian
> Options Greeks"
>
>      BY:  ERIC BENHAMOU
>              Goldman Sachs International
>              London School of Economics & Political Science
>              (LSE)
>              Financial Markets Group
>
>Document:  Available from the SSRN Electronic Paper Collection:
>           http://papers.ssrn.com/paper.taf?abstract_id=265284
>
>Paper ID:  LSE Working Paper
>    Date:  May 2000
>
> Contact:  ERIC BENHAMOU
>   Email:  Mailto:eric.benhamou@gs.com
>  Postal:  Goldman Sachs International
>           SWAP Strategy
>           Peterborough Court
>           133 Fleet Street
>           London EC4A2BB,    UK
>   Phone:  0207 552 2947
>
>ABSTRACT:
> Traditional methods for the computation of the Greeks with Monte
> Carlo simulations converge very slowly for strongly
> discontinuous payoff options. As a solution, Fournie et al.
> (1999) and Benhamou (2000) suggested the use of Malliavin
> weighted scheme especially for options depending on a finite set
> of dates. This paper extends their works to continuous time
> Asian options. We illustrate results for the case of the Black
> diffusion.
>
>
>JEL Classification: G12, G13
>______________________________
>
>"Delta-Hedged Gains and the Negative Market Volatility Risk
> Premium"
>
>      BY:  GURDIP BAKSHI
>              University of Maryland
>              Robert H. Smith School of Business
>           NIKUNJ KAPADIA
>              University of Massachusetts at Amherst
>              Department of Finance
>
>Document:  Available from the SSRN Electronic Paper Collection:
>           http://papers.ssrn.com/paper.taf?abstract_id=267106
>
>Paper ID:  AFA 2001 New Orleans Meetings
>    Date:  April 9, 2001
>
> Contact:  NIKUNJ KAPADIA
>   Email:  Mailto:nkapadia@som.umass.edu
>  Postal:  University of Massachusetts at Amherst
>           Department of Finance
>           Amherst, MA 01003  USA
>   Phone:  413-545-5643
>     Fax:  413-545-5600
> Co-Auth:  GURDIP BAKSHI
>   Email:  Mailto:gbakshi@rhsmith.umd.edu
>  Postal:  University of Maryland
>           Robert H. Smith School of Business
>           Department of Finance
>           College Park, MD 20742-1815  USA
>
>ABSTRACT:
> We investigate whether the volatility risk premium is negative
> by examining the statistical properties of delta-hedged option
> portfolios (buy the option and hedge with stock). Within a
> stochastic volatility framework, we demonstrate a correspondence
> between the sign and magnitude of the volatility risk premium
> and the mean delta-hedged portfolio returns. Using a sample of
> S&P 500 index options, we provide empirical tests that have the
> following general results. First, the delta-hedged strategy
> underperforms zero. Second, the documented underperformance is
> less for options away from the money. Third, the
> underperformance is greater at times of higher volatility.
> Fourth, the volatility risk premium significantly affects
> delta-hedged gains even after accounting for jump-fears. Our
> evidence is supportive of a negative market volatility risk
> premium.
>
>______________________________
>
>"Hedge Fund Performance 1990-2000: Do the Money Machines Really
> Add Value?"
>
>      BY:  HARRY M. KAT
>              University of Reading
>              ISMA Centre for Education & Research in Securities
>              Markets
>           GAURAV S. AMIN
>              University of Reading
>              ISMA Centre for Education & Research in Securities
>              Markets
>
>Document:  Available from the SSRN Electronic Paper Collection:
>           http://papers.ssrn.com/paper.taf?abstract_id=270074
>
>Paper ID:  EFMA 2001 Lugano Meetings
>    Date:  May 15, 2001
>
> Contact:  HARRY M. KAT
>   Email:  Mailto:harrykat@hkat.freeserve.co.uk
>  Postal:  University of Reading
>           ISMA Centre for Education & Research in
>           Securities Markets
>           Whiteknights Park
>           PO Box 242
>           Reading RG6 6BA,   UK
>   Phone:  +44-118-9316428
>     Fax:  +44-118-9314741
> Co-Auth:  GAURAV S. AMIN
>   Email:  Mailto:g.amin@ismacentre.rdg.ac.uk
>  Postal:  University of Reading
>           ISMA Centre for Education & Research in
>           Securities Markets
>           Whiteknights Park
>           PO Box 242
>           Reading RG6 6BA,   UK
>
>ABSTRACT:
> In this paper we investigate the claim that hedge funds offer
> investors a superior risk-return trade-off. We do so using a
> continuous time version of Dybvig's (1988a, 1988b) payoff
> distribution pricing model. The evaluation model, which does not
> require any assumptions with regard to the return distribution
> of the funds in question, is applied to the monthly returns of
> 77 hedge funds and 13 hedge fund indices over the period May
> 1990-April 2000. The results show that as a stand-alone
> investment hedge funds do not offer a superior risk-return
> profile. We find 12 indices and 72 individual funds to be
> inefficient, with the average efficiency loss amounting to 2.76%
> per annum for indices and 6.42% for individual funds. Part of
> the inefficiency cost of individual funds can be diversified
> away. Funds of funds, however, are not the preferred vehicle for
> this as their performance appears to suffer badly from their
> double fee structure. Looking at hedge funds in a portfolio
> context results in a marked improvement in the evaluation
> outcomes. Seven of the 12 hedge fund indices and 58 of the 72
> individual funds classified as inefficient on a stand-alone
> basis are capable of producing an efficient payoff profile when
> mixed with the S&P 500. The best results are obtained when
> 10-20% of the portfolio value is invested in hedge funds
>
>
>JEL Classification: G1, G2
>
>
>P A R T N E R S   in   P U B L I S H I N G
>_________________________________________________________________
>Editor and Subscription Information for Journals Carrying
>Accepted or Recently Published Papers Abstracted in this Issue
>
>Please mention SSRN when subscribing to these journals.
>
>
>AFA 2001 NEW ORLEANS MEETINGS
>  Editor:  George M. Constantinides
> Contact:  Conference Coordinator
>  Postal:  American Finance Association 2001 Meeting
>           Haas School of Business
>           University of California
>           Berkeley, CA 94729-1900 USA
>
>     URL:  http://www.afajof.org
>
>For more information about the AFA 2001 New Orleans Meeting, or
>about the American Finance Association, use the contact addresses
>above.
>For journal subscriptions contact: Customer Service Department,
>Blackwell Publishers, PO Box 805, 108 Cowley Road, Oxford, OX4 1FH
>UK. Phone: +44 (0) 1865 244083. Fax: +44 (0) 1865 381381.
>Sample copy requests: Mailto:jnlsamples@blackwellpublishers.co.uk
>_________________________________________________________________
>
>EFMA 2001 LUGANO MEETINGS
> Contact:  Giovanni Barone-Adesi
>   Email:  Mailto:Giovanni.Barone-Adesi@lu.unisi.ch
>  Postal:  Giovanni Barone-Adesi, Faculta di Economia
>           Universita della Svizzera Italiana
>           Via Ospedale 13
>           6900 Lugano,   Switzerland
>   Phone:  +41 9191 24753
>     Fax:  +41 9191 24647
>
>     URL:  http://www.efmaefm.org/meetings.htm
>
>For more information about the meetings, visit the website or
>use the contact addresses above. For EFMA details, contact John
>Doukas, Mailto:J_Doukas@SSRN.com
>_________________________________________________________________
>
>CLICKABLE EMAIL AND WEB ADDRESSES
> All email and web references in this journal are in a form that
> enables compliant email programs and web browsers to recognize
> them. This feature is supported by Claris Emailer 2.0, NetScape
> 2.0 or higher, and Eudora 3.0.  A reader with a compliant mailer
> can click on a web address to go directly to the paper's download
> web page or click on a Mailto address to obtain a pre-addressed
> email form. PLEASE IGNORE the "Mailto:" command preceding each
> email address when copying addresses directly into your mailer.
>
>
>A D M I N I S T R A T I V E    I N F O R M A T I O N
>_________________________________________________________________
>
>* Missing Issues and Change of Address
>
>    Contact Mailto:Missing@SSRN.Com for missing issues, or
>    Mailto:AddressChg@SSRN.Com for email address changes.  We may
>    not be aware of a problem unless you contact us.
>
>* Solicitation of Abstracts
>
>    Derivatives publishes working and accepted paper abstracts
>    covering a range of topics in the field including hedging with
>    derivatives, managing foreign exchange rate risk, derivative
>    security pricing models, embedded options, arbitrage in the
>    derivatives markets and institutional features associated with
>    options and derivative securities.
>
>    To publish your abstract in SSRN's journals, and to deliver
>    your paper electronically (the latter at your option), we will
>    need:
>
>    * The abstract
>    * The Working Paper (either an electronic version, a URL from
>      which the paper is downloadable, a diskette, or a hard copy
>      of the manuscript)
>    * The email and postal addresses, phone and fax numbers, and
>      the affiliation of the contact author
>    * The email address and affiliation of all co-authors
>    * JEL Classification Code (optional but preferred for the
>      Legal Scholarship Network). For a list of JEL codes, see
>      http://www.econlit.org/elclasjn.htm
>    * Which journals you want your abstract to appear in. If you
>      leave this information out, our classifiers will use their
>      best judgment, but it is preferable for you to provide this
>      information.
>    * Paper Request Information: If you do not provide an
>      electronic version of the paper, and/or if the author is not
>      the person who fulfills paper requests, please provide
>      information on how readers may obtain copies of working
>      papers.
>
>    Please send this information to SSRN in one of the following
>    ways:
>
>    * Via our web submission form (we prefer this option),
>      accessible from SSRN's web page at http://www.SSRN.Com/
>      OR
>    * Via email to MAILTO:Submit@SSRN.Com
>      OR
>    * Via postal mail, to:
>      Social Science Electronic Publishing, Inc.
>      2171 Monroe Avenue, Suite 3
>      Rochester, New York 14618
>
>    Let us know if a hard copy or electronic copy of your paper is
>    being sent under separate cover. When sending a diskette or a
>    hard copy manuscript by postal mail, please note if your
>    abstract was also submitted via our web site or email address.
>
>D I R E C T O R
>_________________________________________________________________
>
>FEN SUBJECT MATTER JOURNALS
>
>MICHAEL C. JENSEN
>  Managing Dir., Organizational Strategy Practice; Prof. of Org.
>  Strategy, Monitor University, The Monitor Company;
>  Jesse Isidor Straus Professor Emeritus, Harvard Business
>  School;
>Chairman, Social Science Electronic Publishing (SSEP),
>  Inc.
>  Mailto:mjensen@hbs.edu
>
>Please contact us at the above addresses with your comments,
>questions or suggestions for FEN-Sub.
>
>A D V I S O R Y   B O A R D
>_________________________________________________________________
>
>DERIVATIVES
>
>EDWARD I. ALTMAN
>  Editor, Journal of Banking and Finance; Max L. Heine Professor
>  of Finance Vice Director, NYU Salomon Center
>
>DENNIS R. CAPOZZA
>  Editor, Real Estate Economics; Professor of Finance and Ross
>  Professor of Real Estate Finance at the University of Michigan
>  Business School
>
>DON CHEW
>  Editor-In-Chief, BankAmerica Journal of Applied Corporate
>  Finance; Executive Vice President of Stern Stewart Management
>  Services, Inc.
>
>J. DAVID CUMMINS
>  Editor, Journal of Risk and Insurance; Harry J. Loman Professor
>  of Insurance and Risk Management, Wharton School, University of
>  Pennsylvania
>
>DOUGLAS W. DIAMOND
>  Editor, Journal of Business; Theodore O. Yntema Professor of
>  Finance, University of Chicago, School of Business
>
>EUGENE F. FAMA
>  Advisory Editor, Journal of Financial Economics; Robert R.
>  McCormick Distinguished Service Professor of Finance,
>  University of Chicago, School of Business
>
>STEPHEN FIGLEWSKI
>  Editor, Journal of Derivatives; Professor of Finance, New York
>  University, School of Business
>
>STUART GREENBAUM
>  Founding Editor, Journal of Financial Intermediation; Dean,
>  Washington University, St. Louis
>
>JONATHAN M. KARPOFF
>  Editor, Journal of Financial and Quantitative Analysis;
>  Professor of Finance, University of Washington
>
>KENNETH LEHN
>  Editor, Journal of Corporate Finance; Professor of Business
>  Administration, University of Pittsburgh, Katz Graduate School
>  of Business
>
>STANLEY PLISKA
>  Editor, Mathematical Finance; CBA Distinguished Professor of
>  Finance, University of Illinois at Chicago
>
>CHARLES I. PLOSSER
>  Editor, Journal of Monetary Economics and Carnegie-Rochester
>  Conference Series on Public Policy; Dean and John M. Olin
>  Distinguished Professor of Economics and Public Policy,
>  University of Rochester, School of Business
>
>KATHERINE SCHIPPER
>  L. Palmer Fox Professor of Business Administration,
>  Fuqua School of Business, Duke University
>
>ALAN SCHWARTZ
>  Editor, Journal of Law, Economics and Organization; Sterling
>  Professor of Law, Yale Law School, Professor, Yale School of
>  Management
>
>G. WILLIAM SCHWERT
>  Managing Editor, Journal of Financial Economics; Distinguished
>  University Professor of Finance and Statistics, University of
>  Rochester, Simon School of Business
>
>RENE M. STULZ
>  Everett D. Reese Chair of Banking and Monetary Economics, Ohio
>  State University College of Business
>
>ROSS L. WATTS
>  Editor, Journal of Accounting and Economics; William H. Meckling
>  Professor in Business Administration, University of Rochester,
>  School of Business
>
>__________________________________________________________________
>
>
>                 S U B S C R I P T I O N S
>
>__________________________________________________________________
>
>               HOW TO SUBSCRIBE TO SSRN JOURNALS
>
>1. Site license membership
>
>Many university departments and other institutions have
>purchased site licenses covering all of the journals in a
>particular network. If you want to subscribe to any of the
>SSRN journals, you may be able to do so without charge by first
>checking to see if your institution currently has a site
>license.
>
>To do this please click on any of the following URLs.
>Instructions for joining the site are included on these pages.
>
>    Accounting Research Network
>    http://www.ssrn.com/update/arn/arn_site-licenses.html
>
>    Economic Research Network
>    http://www.ssrn.com/update/ern/ern_site-licenses.html
>
>    Financial Economics Network
>    http://www.ssrn.com/update/fen/fen_site-licenses.html
>
>    Legal Scholarship Network
>    http://www.ssrn.com/update/lsn/lsn_site-licenses.html
>
>    Management Research Network (Forthcoming)
>
>If your institution or department is not listed as a site, we
>would be happy to work with you to set one up.  Please contact
>mailto:site@ssrn.com for more information.
>
>2. Individual membership (for those not covered by a site license)
>
>  * Send an email message to
>    Mailto:subscribe@publisher.ssrn.com?body=subscribe
>    which will return a subscription form
>OR
>  * Complete our web subscription form at our secure site:
>    https://hermes.ssrn.com/secure/subscribeform.cfm?function=main
>
>__________________________________________________________________
>
>
>FINANCIAL HARDSHIP:
>  SSRN understands there is financial hardship in certain
>  countries (for example the former Soviet Union and Eastern
>  Bloc). If you are undergoing financial hardship and believe you
>  cannot pay for a journal, please send a detailed explanation to
>  Mailto:Subscribe@SSRN.Com
>_________________________________________________________________
>
>                         Copyright 2001
>                SSEP, Inc., all rights reserved.
>_________________________________________________________________
>
John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html