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Although medieval pilgrimage has been the subject of extensive historical research, the economic and financial dimension has been somewhat neglected. This paper is an attempt to provide a synthesis of published and unpublished work on pilgrimage, focusing on the business management and promotional aspects of pilgrimage shrines. From the literature reviewed, it is clear that many 'modern' business practices were being widely used by pilgrimage centers throughout Europe in the middle ages. Examples can be found of active brand management and promotional techniques adopted by shrines operating within a highly competitive market for pilgrimage services.

pt. I. Asset pricing and investments -- 1. Markov switching models in asset pricing research / Massimo Guidolin -- 2. Portfolio optimization: theory and practical implementation / William T. Ziemba -- 3. Testing for speculative bubbles in asset prices / Keith Anderson, Chris Brooks and Apostolos Kalsaris -- pt. II. Derivatives -- 4. Estimating term structure models with the Kalman filter / Marcel Prokopczuk and Yingying Wu -- 5. American option pricing using simulation with an application to the GARCH model / Lars Stentoft -- 6. Derivatives pricing with affine models and numerical implementation / Ke Chen and Ser-Huang Poon -- 7. Markov Chain Monte Carlo with particle filtering / Yongwoong Lee and Ser-Huang Poon -- pt. III. Banking and microstructure -- 8. Competition in banking: measurement and interpretation / Hong Liu, Phil Molyneux and John O.S. Wilson -- 9. Using heteroskedastic models to analyze the use of rules versus discretion in lending decisions / Geraldo Cerqueiro, Hans Degryse and Steven Ongena -- 10. Liquidity measures / Thomas Johann and Erik Theissen -- 11. Testing for contagion: the impact of US structured markets on international financial markets / Woon Sau Leung and Nicholas Taylor -- pt. IV. Corporate finance -- 12. Empirical mergers and acquisitions research: a review of methods, evidence and managerial implications / Audrey Golubov, Dimitris Petmezas and Nickolaos G. Travlos -- 13. The construction and valuation effect of corporate governance indices / Manuel Ammann, David Oesch and Markus Schmid -- 14. Does hedging reduce economic exposure? Hurricanes, jet fuel prices and airlines / David A. Carter, Daniel A. Rogers, Betty J. Simkins and Stephen D. Treanor -- pt. V. Risk modelling -- 15. Quantifying the uncertainty in VaR and expected shortfall estimates / Silvia Stanescu and Radu Tunaru -- 16. Econometric modeling of exchange rate volatility and jumps / Deniz Erdemlioglu, Sébastien Laurent and Christopher J. Neely -- 17. Predicting financial distress of companies: revisiting the Z-Score and ZETA® models / Edward I. Altman -- 18. Quantifying time variation and asymmetry in measures of covariance risk: a simulation approach / Olan T. Henry, Nilss Olekalns and Kalvinder K. Shields

AbstractThis article re-examines the late medieval market in freehold land, the extent to which it was governed by market forces as opposed to political or social constraints, and how this contributed to the commercialisation of the late medieval English economy. We employ a valuable new resource for study of this topic in the form of an extensive dataset on late medieval English freehold property transactions. Through analysis of this data, we examine how the level of market activity (the number of sales) and the nature of the properties (the relative proportions of different types of asset) varied across regions and over time. In particular, we consider the impact of exogenous factors and the effects of growing commercialisation. We argue that peaks of activity following periods of crisis (Great Famine and Black Death) indicate that property ownership became open to market speculation. In so doing, we present an important new perspective on the long-term evolution of the medieval English property market.

This paper uses a data set of freehold land and property transactions from medieval England to highlight the growing commercialization of the economy during that time. By drawing on the legal records, we are able to demonstrate that the medieval real estate market provided the opportunity for investors to profit. Careful analysis of the data provides evidence of group purchases, multiple transactions, and investors buying outside their own localities. The identification of these "investors" and their buying behaviors, set within the context of the English medieval economy, contributes to the early commercialization debate.

A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out implied interest rates from exchange rates. The analysis presented in this article is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c. 1383–1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non‐usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.