LITTLE FALLS, N.J.D.

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Lacker left the post to become Bank
president in August 2004.
"John is well-versed in many areas of economic research and policy. Lim earned a Ph.
Aldred brings expertise in supply chain optimization, process improvement ,
and manufacturing cost analysis to his position of engagement manager.

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, John A.

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As the newly installed manager of econometrics for Kline, Lim will be
responsible for developing and integrating statistical analysis and modeling
techniques into the firm's client offerings.

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in economics from Vanderbilt
University.

For more information, contact:
Eric Vogelsberg
Senior Vice President
+1-973-435-3466
eric_vogelsberg@kinegroup.

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org/research /economists/john_weinberg.

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The Federal Reserve Bank of Richmond is one of 12 Reserve Banks that
together with the Board of Governors in Washington, D.

Kline Expands Capabilities with New Hires

"They'll all play important roles in helping our clients with
increasingly complex business problems and opportunities.

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He has been acting research
director since his predecessor Jeffrey M."
A native of Cleveland, Ohio, Weinberg received his bachelor's degree in
economics from the University of Pennsylvania in Philadelphia and doctorate in
economics from the University of Minnesota in Minneapolis , Minn.

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RICHMOND, Va. Garman, Haas Business School

9 Probability of Loss on Loan Portfolio

Oldrich Alfons Vasicek, MKMV

Section 3: Risk Hall of Fame

10 Quantitative Strategies Research Notes

Emanuel Derman, Columbia University and Iraj Kani, Martingale
Technologies

11 Pricing with a Smile

Bruno Dupire, Bloomberg

12 A Generalised Framework for Credit Risk Portfolio Models

H. Ugur Koyluoglu, Mercer Oliver Wyman and Andrew Hickman, ERisk

13 Correlation and Dependence in Risk Management: Properties and
Pitfalls

Paul Embrechts , Alexander McNeil and Daniel Straumann, ETHZ

14 Barrier Options

Mark Rubinstein, Haas Business School and Eric Reiner, UBS Warburg

15 Thinking Coherently

Philippe Artzner, University of Strasbourg; Freddy Delbaen,
Federal Institute of Technology (ETH); Jean-Marc Eber, Lexifi
Technologies and David Heath, Carnegie Mellon Pittsburgh

16 Static Simplicity

Jonathan Bowie and Peter Carr, Bloomberg

Section 4: Nobel Prize Winners

17 The Pricing of Options and Corporate Liabilities

Fischer Black, Deceased and Myron Scholes, Oak Hill Capital

18 Theory of Rational Option Pricing

Robert C., a leading
international management consulting and market research firm based in Little
Falls, NJ, today announced another series of key personnel moves. Mitch
Halpern, Noel Lim, and Thomas Aldred have all joined Kline's Global Consulting
division .
"Finding people with the level of expertise and experience that Mitch,
Noel, and Thomas have is a critical part of our firm's strategy for growth,"
said Vogelsberg.

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In his new role, Weinberg becomes the Bank President's chief policy
advisor in the areas of banking, financial institutions and markets, and a
member of the Bank's senior management team.
Weinberg has been a member of the Bank's highly-regarded team of research
economists for the past 12 years, and has led the Bank's advisory group on
banking policy since becoming vice president in 2000. He has collaborated
with Federal Reserve System colleagues in developing system payments policy,
and as director of publications since 2003, he has set the agenda for the
Bank's academic and policy publications., and an adjunct
professor at The College of William + Mary in Williamsburg, Va. The Richmond Fed is the headquarters for the Fifth Federal
Reserve District, which includes the District of Columbia , Maryland, North
Carolina, South Carolina, Virginia and most of West Virginia.com/reports/c12734 ) has
announced the addition of Derivatives Pricing: The Classic Collection
to their offering.

in
chemistry from the University of California at Berkeley.com

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Weinberg and
his wife Laurie have two children, Jeanette, 19, and Yuri, 14.researchandmarkets.
These new hires are the latest in a period of expansion for the firm.

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"

Established in 1959, Kline + Company is a management consulting and market
research firm serving clients worldwide in the chemicals and materials,
consumer products, life sciences, and energy sectors.

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In
his role as acting research director, he showed a great commitment to
expanding our research economist's engagement in the System 's policy
discussions," said President Lacker. "They all bring
skills and knowledge that will help us deliver greater value and insight to
our clients.

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frb. Over
the past year, Kline has greatly expanded its resources in its Shanghai and
Brussels offices to meet an increasing demand for more globally focused
projects.

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Richmond Fed Names New Director of Research

rich.

Research and Markets - Derivatives Pricing: The Classic Collection

Business Editors

DUBLIN, Ireland--- -Research and
Markets (http://www. Merton, Harvard Business School

19 Autoregressive Conditional Heteroscedasticity with Estimates of
the Variance of United Kingdom Inflation

Robert F.researchandmarkets .com/reports/c12734

, Kline + Company, Inc.

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His expertise
extends to market entry and growth strategies, competitive analyses, and
forecasting and planning methodologies in the chemicals , electronics,
biotechnology, and advanced materials fields.

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A unique collection of 19 historic papers on quantitative finance
- including groundbreaking work by Louis Bachelier, Fischer Black ,
Robert Merton, Robert Engle and Bruno Dupire.
"The new additions to our Global Consulting team will significantly
increase the depth and breadth of the firm's capabilities," Eric Vogelsberg ,
senior vice president, said in announcing the new hires.

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Engle, Stern School of Business

For more information visit
http://www.

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The 1989 article Optimal Contracts under
Costly State Falsification , published in the Journal of Political Economy and
co-authored with Lacker, is widely read and has been cited extensively. "As we move forward, John's expertise
combined with the expertise of our chief monetary policy advisor, Marvin
Goodfriend, makes the research department and the Bank well positioned to not
only affect banking, payments and monetary policies, but to influence more
broadly the way the public in general thinks about a wide range of public
policy issues. Halpern earned a Ph.

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make up the Federal
Reserve System.

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Weinberg has been named
director of research and senior vice president of the Federal Reserve Bank of
Richmond. He was
previously assistant professor of economics at the Krannert School of
Management, Purdue University in West Lafayette, Ind. The papers have been
specially selected by Peter Carr, professor at the Courant Institute
of Mathematical Sciences at NYU and head of quantitative research at
Bloomberg
- A collection of the most influential papers on options pricing
and derivatives published over the past 100 years - as valuable today
as they have ever been
- Each chapter holds direct examples that remain cornerstones of
modern business practice - combining leading academic thought with the
practical insights of authors with years of shop-floor knowledge
- Peter Carr presents world-famous papers as well some less widely
known gems that are nonetheless as vital to the subject as a whole
- Each chapter is highly relevant to financial traders and
analysts, and even readers with only a basic grasp of the tools of
quantitative finance will find this collection an invaluable guide to
financial engineering
- Covers option pricing, unified theories of volatility, the
theory of speculation, loss probabilities on loan portfolios , credit
risk models for loan books, barrier options and more
- The collection is divided into four key sections: Classics,
Hidden Gems, Risk Hall of Fame and Nobel Prize Winners
- Includes timeless contributions from the most famous financial
thinkers of modern history including: Louis Bachelier, Fischer Black,
Robert Merton, Robert Engle, Bruno Dupire and others
- Provides access to historically important papers you may have
been aware of, but have never had the chance to read - some papers
never previously published in books form
- Derivatives Pricing conclusively proves that true innovation has
no sell-by-date

Introduction

Peter Carr, Bloomberg

Section 1: Classics

1 Theory of Speculation

Louis Bachelier, Deceased

2 The Pricing of Commodity Contracts

Fischer Black, Deceased

3 Bond Pricing and the Term Structure of Interest Rates: A New
Methodology for Contingent Claims Valuation
David Heath, University of Illinois; Robert Jarrow, Cornell
University and Andrew Morton, Lehman Brothers
4 Changes of Numeraire, Changes of Probability Measure and Option
Pricing
Helyette Geman, University of Paris Dauphine; Nicole el Karoui,
Ecole Polytechnique and Jean-Charles Rochet, University of Toulouse

5 The Market Model of Interest Rate Dynamics

Alan Brace and Marek Musiela, BNP Paribas and Dariusz Gatarek ,
Capital Markets Group

Section 2: Hidden Gems

6 A Unified Theory of Volatility

Bruno Dupire, Bloomberg

7 Arbitrage Pricing with Stochastic Volatility

Bruno Dupire , Bloomberg

8 A General Theory of Asset Valuation Under Diffusion State
Processes

Mark B."
Halpern joins Kline as a senior engagement manager after a 20-year tenure
with SRI Consulting Business Intelligence in Menlo Park, CA.

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A noteworthy author and frequent
collaborator with Lacker , Weinberg's numerous articles have covered a broad
range of policy issues including contract theory and the structure of markets
for banking and payments services.
A collection of Weinberg's numerous articles and papers can be found on
the Bank's web site at
http://www. His professional experience
extends from the chemicals industry to executive compensation consulting and
telecommunications . Prior
to joining Kline, he held management positions at Accenture and National
Starch + Chemical . The company has also very recently acquired the consulting business
of Cellestian, a management consulting firm that it had been partnering with
on a number projects for key clients in the chemicals and petroleum products
industries.