Jimmy E. Hilliard, Asset Pricing Under a Subset of Linear Risk Tolerance Functions and Log- Normal Market Returns, The Journal of Financial and Quantitative Analysis, Vol. 15, No. 5 (Dec., 1980), pp. 1041-1061

We develop a straightforward procedure to price derivatives by a bivariate tree when the underlying process is a jump-diffusion. Probabilities and jump sizes are derived are derived by matching higher order moments or cumulants. We give comparisons with other published results along with convergence proofs and estimates of the order of convergence. The bivariate tree approach is particularly useful for pricing long-term American options and long-term real options because of its robustness and flexibility. We illustrate the pedagogy in an application involving a long-term investment project.

Jimmy E. Hilliard, Jorge Reis, Valuation of Commodity Futures and Options Under Stochastic Convenience Yields, Interest Rates, and Jump Diffusions in the Spot, The Journal of Financial and Quantitative Analysis, Vol. 33, No. 1 (Mar., 1998), pp. 61-86

Jimmy E. Hilliard, Susan D. Jordan, Measuring Risk in Fixed Payment Securities: An Empirical Test of the Structured Full Rank Covariance Matrix, The Journal of Financial and Quantitative Analysis, Vol. 26, No. 3 (Sep., 1991), pp. 345-362

Jimmy E. Hilliard, Susan D. Jordan, Hedging Interest Rate Risk with Futures Portfolios Under Full-Rank Assumptions, The Journal of Financial and Quantitative Analysis, Vol. 24, No. 2 (Jun., 1989), pp. 217-240

A stock purchase warrant gives the owner the option to buy some predetermined number of shares of the associated common stock at a specified price over a stipulated time period. The specified price is called the exercise price of the warrant. The stipulated time period is quite variable, though the life of a typical warrant will exceed five years.

Jimmy E. Hilliard, Jeff Madura, Alan L. Tucker, Currency Option Pricing with Stochastic Domestic and Foreign Interest Rates, The Journal of Financial and Quantitative Analysis, Vol. 26, No. 2 (Jun., 1991), pp. 139-151