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The book of Isaiah is perhaps best known through its long history of reception in descriptions of Jesus as the Messiah of Israel, beginning with the New Testament. In the Hebrew Bible, the book of Isaiah begins with the latter prophets. There, it is followed by Jeremiah, Ezekiel, and the book of the Twelve (the minor prophets). Together, these books portray the messages and activities of the prophets of ancient Israel from the period of the late divided monarchy during the rise of the Assyrian Empire through the era of Babylonian domination and on into the Persian period, when, beginning with the rise of the Persian king Cyrus, there arose the opportunity for return to the land and a restoration of what had been lost. Standing at the head of this prophetic collection, the book of Isaiah straddles this entire history. The first half of the book portrays the fate of the northern kingdom of Israel and that of the southern kingdom of Judah in the days of Isaiah the prophet under the power of the Assyrians, whereas the second half of the book looks forward to days beyond the prophet, to restoration and renewal after the fall of Babylon at the hands of King Cyrus. Known as the latter prophets, this collection of books follows the primary history of the Hebrew Bible, a sequence there divided up into “the Torah” and “the former prophets” (Genesis–Deuteronomy and Joshua–2 Kings, respectively). Beginning with the creation of the world and the story of the garden of Eden, this primary history came to be the context within which the message of the prophet Isaiah was understood. Thus, the book of Isaiah ends with an evocation of the “messianic” hopes of Isaiah 11 alongside the expectation for a new creation and the punishment of that serpent, who was to eat dust because of his role in the fall of the first humans (Gen. 1:1; 3:14; Isa. 11:6–9; 65:17–18, 25; 66:22). In the modern era, scholarship turned its attention to reconstructing various aspects of the history behind the book of Isaiah and its place in the Hebrew Bible. Initial efforts focused on reconstructing the authentic words of the prophet himself in their genuine historical context within the cultures of the ancient Near East and the various streams of ancient Israelite tradition. In the early 21st century, this interest has been joined by robust efforts at understanding the process that saw the words of the prophet turned into a book related to the Hebrew Bible more broadly.

We argue that incentives to take equity risk (”equity incentives”) only partially capture incentives to take asset risk (“asset incentives”). This is because leverage, while central to the theory of risk-shifting, is not explicitly considered by equity incentives. Employing measures of asset incentives that account for leverage, we find that asset risk-taking incentives can be large compared to incentives to increase firm value. Stock holdings can induce substantial risk-taking incentives, contrary to the assumption that only stock options drive risk-taking. Finally, asset incentives help explain asset risk-taking of U.S. financial institutions before the 2007/08 crisis.

This chapter examines the structure of the book of Isaiah. It argues that the parts of the book have been organized into a meaningful whole for the ancient reader. In part, this has been accomplished by means of a narrative structure that runs through the first half of the book (Isa 1–39). This structure recounts the past days of the prophet and culminates with the account of Hezekiah. On the principle that the past portends the future, this account of the past has been made the key to understanding that future as foreseen in the second half of the book (Isa 40–66).

We investigate the implications of technological innovation and non-diversifiable risk on entrepreneurial entry and optimal portfolio choice. In a real options model where two risk-averse individuals strategically decide on technology adoption, we show that the impact of non-diversifiable risk on the option timing decision is ambiguous and depends on the frequency of technological change. Compared to the complete market case, non-diversifiable risk may accelerate or delay the optimal investment decision. Moreover, strategic considerations regarding technology adoption play a central role for the entrepreneur’s optimal portfolio choice in the presence of non-diversifiable risk.

We propose a novel time-changed Levy LIBOR (London Interbank Offered Rate) market model for jointly pricing of caps and swaptions. The time changes are split into three components. The first component allows matching the volatility term structure, the second generates stochastic volatility, and the third accommodates for stochastic skew. The parsimonious model is flexible enough to accommodate the behavior of both caps and swaptions. For the joint estimation we use a comprehensive data set spanning the financial crisis of 2007–2010. We find that, even during this period, neither market is as fragmented as suggested by the previous literature.

With the discovery of the Dead Sea Scrolls, new emphasis has been placed on the extent to which the last stages of the formation of the Hebrew Bible have been preserved in early manuscripts. It is very widely held that such manuscript evidence comes in 1QIsaª XXXII 14. Here, Isa 38:21–22, which commentators suspected were secondary long before the discovery of the scrolls, are written in a secondary hand partly down the margin. This has led to the conclusion that 1QIsaª preserves an earlier unexpanded form of this passage. In this study, I argue that, despite the validity of this approach and attractiveness of this specific case, 1QIsaª XXXII 14 more likely reflects an omission. It will be seen that a redactional analysis of Isa 38, informed by the parallel in 2 Kgs 20, illuminates the text-critical evaluation of 1QIsa&ordf XXXII 14.

We propose a novel time-changed L evy LIBOR market model for the joint pricing of caps and swaptions. The time changes are split into three components. The first component allows us to match the volatility term structure, the second generates stochastic volatility, and the third one accommodates for stochastic skew. The model is parsimonious, yet flexible enough to accommodate the behavior of both caps and swaptions well. For the joint estimation we use a comprehensive dataset spanning the recent financial crisis. We fi nd that, even during the recent fi nancial crisis, neither market is as fragmented as suggested by the previous literature.

We argue that incentives to take equity risk ("equity incentives") only partially capture incentives to take asset risk ("asset incentives"). This is because leverage, while central to the theory of risk-shifting, is not explicitly considered by equity incentives. Employing measures of asset incentives that account for leverage, we find that asset risk-taking incentives can be large compared to incentives to increase firm value. Moreover, stock holdings can induce substantial risk-taking incentives, qualifying common beliefs regarding the central role of stock options. Finally, only asset incentives explain asset risk-taking of U.S. financial institutions before the 2007/08 crisis.

This paper studies the extent to which risk-taking incentives of CEOs and other governance features in a range of years prior to the recent financial crisis were related to the write-downs of U.S. financial institutions during the crisis. We document that institutions whose CEOs had particularly strong risk-taking incentives, weak ownership incentives and independent boards had the highest write-downs, both in absolute terms and relative to total assets. Furthermore, financial institutions with lower Tier-1 ratios and those with CEOs who earned less than their colleagues at comparable firms had larger write-downs.

Cette etude voit en Es 60 une interpretation d'Es 55,3-5, a la lumiere de la promesse davidique d'un Temple pour le nom de Dieu (II Sam 7,13), une interpretation qui differe sensiblement de la comprehension habituelle d'Es 55.

In this paper we propose a new approach to modelling and estimating yield curves across multiple currency areas. The idea is that one area acts as the 'cardinal' economy by affecting the yield curve evolution in the other markets. To some extent, the yield curve factors of the 'cardinal economy' serve the role as global yield curve factors. The adopted methodology is inspired by the 3-factor Nelson-Siegel yield curve model where a particular loading structure is identified for the 'non-cardinal' currency areas. Using US, German and Japanese data the model is shown to fit well both the cross-sectional and time-series dynamics of yields.

(ProQuest: ... denotes non-USASCII text omitted.) Many fascinating issues of interpretation surround Isaiah 11:10. It reads, ... On that day, as for the root of Jesse who stands as a signal to the nations- him the nations will seek and his place of rest will be glorious.1 Perhaps the issue receiving the most attention is the proper understanding of the phrase "root of Jesse." Scholars have traditionally understood this expression to refer back to the descendant of Jesse spoken of in 11: 1.2 In this view, the "root of Jesse" refers to an individual human king from the line of David's father, and hence by virtue of its context to a future Davidic king. This interpretation of Isa 11:10 may seem obvious, but this verse differs in some important ways from 11:1 (to which it refers). These differences have suggested to others that the king of 1 1 : 1 should not simply be equated with the root of 11:10. Isaiah 11:1 does not speak of a "roof of Jesse" (...), as does 11:10. Instead, it talks about a "branch from the stem of Jesse" (...) and a "shoot from his roots" (...). For some, this subtle difference is merely the result of carelessness on the part of the editor who is thought to have introduced v. 10. Thus, Hans Wildberger dismisses the difference saying, "the expander has no interest in a precise exposition, but rather an expansion . . . of Isaiah's expectations."3 For several recent scholars, however, such an explanation fails to satisfy.4 For them, die difference points to more than the multilayered quality of Isaiah 11: it indicates also die intention of the editor.5 These scholars reject a simple equation of the king in 1 1:1 with the root in 1 1:10. Instead, tiiey find signs of editorial development. In their view, long after exile had removed Israel's kingship, Isa 11:10 was added to reinterpret 11:1 as the postexilic community. Thus, 11:10 is an attempt to apply the old promise to a new day. The "root," for these scholars, is the community that survived the exile. In this article I will examine the arguments for this recent shift in interpretation. I will argue that, despite the attractiveness of this newer position, the traditional understanding is more probable, so that the "root of Jesse" refers to a king rather than the postexilic community. After having reached this conclusion, it will be possible to explore briefly how the traditional understanding of this phrase in Isa 11:10 carries with it important implications for our understanding of the Davidic promise in Isaiah's final form, on the one hand, and our reconstructions of belief in this promise after the exile, on the other. To begin with, it is important to view this recent interpretation of Isa 1 1:10 in the light of two broadly held scholarly positions. First, it is widely recognized, and is almost certain, mat Isa 11:10 is a late editorial comment on the chapter.6 This is clear not only because it begins with a phrase that elsewhere in Isaiah is a patently editorial device ("on that day," ...), but also because this verse joins the chapter's two otherwise unrelated oracles, one of a king in w. 1-9 and the other of a return of exiles in w. 11-16.7 (Note how v. 10 combines the "signal" [...] of v. 12 with the reference to the king in v. 1 .) We might also mention mat v. 10 goes beyond both oracles by introducing the new element of a positive role for the nations. The oracle about the king says nothing of the nations, and die oracle about die return paints them in a negative light: tiiey are the location from which God must gather the people (w. 11-12), and more negatively they are the enemies to be defeated (w. 14-16). By contrast, in 1 1:10 the nations "wul seek" the root of Jesse. Thus, Isa 11:10 looks very much like an editorial comment on, and join between, the two oracles. If this widely held view is correct, it would explain the rather odd imagery employed at this point in die text. As George B. Gray noted, "That a root should stand as a signal, or banner, is an extraordinary combination of figures. …