Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JOD
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

User menu

  • Sample our Content
  • Request a Demo
  • Log in

Search

  • ADVANCED SEARCH: Discover more content by journal, author or time frame
The Journal of Derivatives
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a Demo
  • Log in
The Journal of Derivatives

The Journal of Derivatives

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JOD
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter
Article

Beer Annuities: Hold the Interest and Principal

Carlos E. Ortiz, Charles A. Stone and Anne Zissu
The Journal of Derivatives Summer 2017, 24 (4) 108-114; DOI: https://doi.org/10.3905/jod.2017.24.4.108
Carlos E. Ortiz
is a professor and chair of the Department of Mathematics and Computer Science at Arcadia University in Glenside, PA
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Charles A. Stone
is a professor in the Murray Koppelman School of Business at Brooklyn College, City University of New York in Brooklyn, NY
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Anne Zissu
is a professor in the Department of Business at Citytech, City University of New York in Brooklyn, NY and in the Department of Finance and Risk Engineering at the New York University Tandon School of Engineering in New York, NY
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 

Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
UK: 0207 139 1600

Abstract

One of the newest ideas in finance is “crowdfunding.” This is an appeal through social media or other Internet platform to source funding via small investments from a large number of investors. In this article, the authors describe a partially crowdfunded capital project by a Belgian brewery that involved issuing a novel security. The funding helped finance a pipeline to transport beer from the company’s brewery to its bottling plant. Three classes of securities were issued, with the unusual feature that they pay off not in money but in beer. Each investor would receive a specified amount of beer per year for the rest of his or her life. The article develops a valuation model, which takes into account the terms of the contract, the current and expected future price of beer, and the life expectancy of the investor.

  • © 2017 Institutional Investor, Inc.
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Derivatives: 24 (4)
The Journal of Derivatives
Vol. 24, Issue 4
Summer 2017
  • Table of Contents
  • Index by author
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Derivatives.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Beer Annuities: Hold the Interest and Principal
(Your Name) has sent you a message from The Journal of Derivatives
(Your Name) thought you would like to see the The Journal of Derivatives web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Beer Annuities: Hold the Interest and Principal
Carlos E. Ortiz, Charles A. Stone, Anne Zissu
The Journal of Derivatives May 2017, 24 (4) 108-114; DOI: 10.3905/jod.2017.24.4.108

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Beer Annuities: Hold the Interest and Principal
Carlos E. Ortiz, Charles A. Stone, Anne Zissu
The Journal of Derivatives May 2017, 24 (4) 108-114; DOI: 10.3905/jod.2017.24.4.108
del.icio.us logo Digg logo Reddit logo Twitter logo CiteULike logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • MODEL
    • SOME DATA ON BEER INFLATION, LIFE EXPECTANCIES, AND DISCOUNT RATE
    • SIMULATIONS
    • ARBITRAGE
    • CONCLUSION
  • Info & Metrics
  • PDF

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar

More in this TOC Section

  • Editor’s Letter
  • Editor’s Letter
  • Editor’s Letter
Show more Article
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2021 Pageant Media Ltd | All Rights Reserved | ISSN: 1074-1240 | E-ISSN: 2168-8524

  • Site Map
  • Terms & Conditions
  • Privacy Policy
  • Cookies