Working Paper Economics Department

M is a dummy variable for Monday, N is the number of transactions, AV is the average trade size in shares, MCAP is the market capitalization SPR is the relative spread (quoted spread

The aim of their study is to test the relative effects of measurements error on the stability of estimated risk- neutral densities using the smoothed implied volatility smile method

Note that while other policy measures, such as increasing the early access age to old-age pensions in connection with lowering pension benefits, result in higher employment rates