Finance Encyclopedia Sources and Further Reading, Part 1 of 2

Sources are grouped by topic and link to the primary document where one exists. Links were last checked October 5, 2026.

Part 1: Insurance and Actuarial Finance

Social Security Administration, Actuarial Life Table (2023 period table, 2026 Trustees Report) — Mortality rates at 40 and 65 and life expectancy at 65 (1.2)
Verisk/APCIA, 2025 US property-casualty underwriting results (March 25, 2026) — Combined ratios 92.9% (2025) and 96.6% (2024); catastrophe attribution (1.3)
Verisk/APCIA, 2024 US property-casualty underwriting results — Combined ratio 101.6% (2023) (1.3)
IRMI, Combined Ratio definition — Loss and expense ratio bases (1.3)
Friedland, Estimating Unpaid Claims Using Basic Techniques (Casualty Actuarial Society) — Chain ladder, Bornhuetter-Ferguson and broad IBNR (1.4)
Berkshire Hathaway, 2024 Shareholder Letter (February 2025) — Float growth, underwriting profit, asbestos tail (1.4, 1.6)
Moody’s, 30 Years On From Hurricane Andrew (2022) — Andrew’s $15 billion of claims and at least eight insolvencies (1.1)
Insurance Information Institute, Spotlight on: Catastrophes — Insurance Issues — Eleven P&C insolvencies after Andrew; $16 billion insured loss at the time (1.1)
Chiappori and Salanié (2000), Testing for Asymmetric Information in Insurance Markets, Journal of Political Economy 108(1) — No asymmetric information in French auto insurance (1.5)
Finkelstein and Poterba, Adverse Selection in Insurance Markets: Policyholder Evidence from the U.K. Annuity Market (NBER w8045; JPE 2004) — Selection on annuity features (1.5)
Finkelstein and McGarry, Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market (NBER w9957; AER 2006) — Advantageous selection (1.5)
Cutler and Reber, Paying for Health Insurance: The Tradeoff between Competition and Adverse Selection (NBER w5796; QJE 1998) — Harvard plan switch, 2% welfare loss (1.5)
Milliman, 2023 Corporate Pension Funding Study — 2022 discount-rate jump, liability fall and funded ratio (1.6)
Bank of England, Letter from Jon Cunliffe on LDI (October 5, 2022) — 160-basis-point gilt move; pension funds better off overall (1.6)
Bank of England Quarterly Bulletin 2023, gilt market case study — £19.3 billion of purchases, September 28 to October 14, 2022 (1.6)
US Bureau of Labor Statistics, Employee Benefits in the United States, March 2026 — DB and DC access rates (1.6)
NAIC, Reinsurance — Credit-for-reinsurance collateral categories and retrocession (1.7)
Aon, ILS report (August 28, 2026) and Midyear 2026 reinsurance report (July 1, 2026) — Cat bonds outstanding, alternative capital, global reinsurance capital (1.7)
World Bank, Hurricane Melissa triggers 100% payout of $150 million catastrophe bond for Jamaica (November 7, 2025) — Parametric trigger payout (1.7)
National Hurricane Center, Tropical Cyclone Report: Hurricane Melissa (AL132025) — 892 mb peak before landfall; 160 kt and an estimated 897 mb at Jamaica landfall, October 28, 2025 (1.7)
Directive 2009/138/EC (Solvency II), EUR-Lex — SCR, MCR, technical provisions, ORSA, own funds tiers, recovery plan (1.8)
NAIC, Risk-Based Capital for Insurers Model Act (#312) — RBC action levels (1.8)

Part 2: Real Estate and Infrastructure Finance

26 U.S.C. §856, definition of real estate investment trust — Asset, income, 100-shareholder and 25% TRS tests (2.3)
26 U.S.C. §857, taxation of REITs — 90% distribution requirement on REIT taxable income (2.3)
Nareit, FFO White Paper (2018) — Definition of funds from operations (2.3)
Regulation RR, 12 CFR Part 244 — 5% risk retention and CMBS third-party (B-piece) purchaser conditions (2.4)
Fannie Mae Multifamily fixed-rate term sheet (2024) — 80% maximum LTV, 1.25× minimum DSCR (2.4)
KBRA, CMBS Loan Performance Trends: August 2026 (Sep 1, 2026) — CMBS delinquency 7.6%, office distress 17.8% (2.4)
Federal Reserve, Financial Stability Report, May 2026: asset valuations — CRE price declines mid-2022 to early 2024, cap rates near historical average, maturing CRE debt (2.2, 2.4)
FRED, 10-Year Treasury Constant Maturity (DGS10) — 1.52% (Dec 31, 2021), 4.98% (Oct 19, 2023), 5.24% (Oct 1, 2026) (2.2)
Chervachidze, Costello and Wheaton (2009), Journal of Portfolio Management — Risk premium and debt flows drive cap rates beyond Treasury yields, 30 metros 1980–2007 (2.2)
World Bank PPP Legal Resource Center, issues in project-financed transactions — LLCR and DSCR definitions (2.5)
Moody’s, Project Finance Loan Default and Recovery Study 1983–2017 (March 2019) — 5.6% ten-year default rate, 77.5% recovery, marginal default below A after year 7 (2.6)
Maryland PSC, Ratemaking Overview (Jan 10, 2019) — Revenue requirement = r(RB) + E + D + T (2.6)
UK National Audit Office, PFI: Construction Performance (2003) — 37-project census: 76% on time, 78% no price increase (2.7)
UK National Audit Office, PFI and PF2 (Jan 18, 2018) — Investor returns 2–4 points above government borrowing; PF2 schools about 40% costlier; no outturn data (2.7)
IMF, How to Control the Fiscal Costs of Public-Private Partnerships (Oct 2018) — PPP contingent liabilities averaging 1.2% of GDP, 1990–2014 (2.7)
SEBI, REIT and InvIT regulations press release (Aug 10, 2014) — 80% completed assets, 90% NDCF distribution, 49% REIT borrowing cap (India Lens)
SEBI circular of Nov 28, 2025 on REITs as equity-related instruments — REITs equity from Jan 1, 2026; InvITs remain hybrid (India Lens)
CARE Ratings, rating methodology for HAM road assets (Oct 2022) — HAM 40% in five installments, 60% annuities, authority collects tolls (India Lens)
Department of Economic Affairs, VGF guidelines (Dec 7, 2020) — VGF shares 20/30/40% each by center and sponsoring authority (India Lens)
All India Radio, NMP 2.0 launch (Feb 24, 2026) — NMP 1.0 about 90% of ₹6 lakh crore; NMP 2.0 ₹16.72 lakh crore FY2026–FY2030 (India Lens)

Part 3: Sovereign Debt and Public Finance

US Treasury, Monthly Treasury Statement — FY2021 and FY2025 receipts, outlays, deficit and net interest (3.1, 3.3, 3.7)
US Treasury, Debt to the Penny — Debt held by the public, 2025–2026 (3.1, 3.5)
US Treasury, Monthly Statement of the Public Debt — Bills share and savings bonds outstanding, August 2026 (3.2, 3.5)
TreasuryDirect, How Auctions Work — Single-price auctions, $10 million noncompetitive limit, 35% competitive limit (3.2)
Federal Reserve Bank of New York, Primary Dealers — 26 primary dealers and their bidding expectation (3.2)
IMF Fiscal Monitor and WEO databases (DataMapper) — Gross and net debt for Japan, US, Ireland, Russia (3.3, 3.5, 3.8)
Ministry of Finance Japan, JGB investor presentation (August 2026) — JGB holdings by Bank of Japan and foreigners, March 2026; IMF April 2026 debt comparison (3.3)
IMF, Staff Guidance Note for Public DSA in Market-Access Countries (2013) — Higher-scrutiny triggers and heat-map benchmarks (3.3, 3.5)
Herndon, Ash and Pollin, critique of Reinhart and Rogoff (PERI, 2013) — Corrected growth above 90% debt (3.3)
CBO, Effects of Automatic Stabilizers on the Federal Budget: 2026 to 2036 — Stabilizer size and structural deficit projections (3.4)
Blanchard and Leigh, Growth Forecast Errors and Fiscal Multipliers (IMF WP/13/1) — Underestimated multipliers in the euro-area crisis (3.4)
US Treasury, TIC Major Foreign Holders of Treasury Securities — Foreign and official holdings, July 2026 (3.5)
Basel Committee, The regulatory treatment of sovereign exposures (2017) — 0% risk weight and the sovereign-bank nexus (3.5)
Moody’s, The US Sovereign Rating Action (May 2025) — US downgrade to Aa1 (3.6)
Blanchard, Public Debt and Low Interest Rates (PIIE WP 19-4) — r below g and the fiscal cost of debt (3.7)
Mauro and Zhou, r minus g negative: Can We Sleep More Soundly? (IMF WP/20/52) — r − g before defaults (3.7)
Bank of Canada and Bank of England, How frequently do sovereigns default on local currency debt? (2020) — 32 local-currency defaulters 1960–2019 (3.8)
Zettelmeyer, Trebesch and Gulati, The Greek Debt Restructuring: An Autopsy (CESifo WP 4333) — Greek 2012 exchange figures (3.8)
Union Budget 2026-27, Budget Speech — India fiscal deficit, debt path and borrowing (India Lens)
RBI, FAQs on Government Securities Market — RBI as debt manager, SDLs and auctions (India Lens)

Part 4: Tax Structuring and International Tax

26 U.S.C. §6662, Imposition of accuracy-related penalty on underpayments — Transfer pricing penalty thresholds and 30-day documentation rule; 20%/40% economic substance penalty (4.2, 4.7)
26 U.S.C. §7701(o), Clarification of economic substance doctrine — Two-prong test and profit-potential rule (4.7)
Gregory v. Helvering, 293 U.S. 465 (1935) — Right to reduce tax and the business-purpose limit (4.7)
IRS Announcement 2026-8, Announcement and Report Concerning Advance Pricing Agreements (calendar 2025) — 110 APAs, 41.6-month median, 622 pending, India 35%, CPM/TNMM 86% (4.3, 4.4)
United States Model Income Tax Convention (2016) — Dividend rates, PE construction period, LOB article (4.4)
OECD, Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS — PPT, Articles 12 and 14 (4.4)
Presidential Memorandum on the OECD Global Tax Deal, January 20, 2025 (Federal Register) — US rejection of the Global Tax Deal (4.6)
G7 Statement on Global Minimum Taxes, June 28, 2025 — Side-by-side principles and Section 899 (4.6)
EY, OECD releases Side-by-Side Package on Pillar Two (detailed review, January 2026) — Safe harbor dates, 2029 stocktake (4.6)
BDO, OECD releases Pillar Two package to strengthen consistency and certainty (September 11, 2026) — Legislative peer reviews, updated GIR, explicitly conditional taxes (4.6)
Council Directive (EU) 2022/2523 on a global minimum level of taxation — EU IIR and UTPR effective dates (4.6)
Tørsløv, Wier and Zucman (2022), The Missing Profits of Nations, Review of Economic Studies — 36% of multinational profits shifted in 2015 (4.5)
Blouin and Robinson (2020), Double Counting Accounting, working paper — Correction to profit-shifting estimates (4.5)
EY, OECD’s 2024 MAP statistics — 30.9-month average for transfer pricing MAP cases (4.4)
EY, OECD releases final guidance on Pillar One Amount B (February 19, 2024) — 1.5%–5.5% pricing matrix, 2025 start (4.5)
Cleary Gottlieb, Commission v. Ireland and Others (C-465/20 P) — Apple state aid judgment (4.7)
Income-tax Rules, 2026, Rule 81 (Income Tax Department, India) — India’s 35th–65th percentile range (India Lens)
PIB, CBDT signs record 219 Advance Pricing Agreements in FY 2025–26 (March 31, 2026) — India APA counts (India Lens)
KPMG, India: GAAR applied to deny capital gains exemption under Mauritius treaty (Supreme Court, January 2026) — Tiger Global decision (India Lens)
WilmerHale, International tax provisions of the One Big Beautiful Bill Act (July 14, 2025) — NCTI 40% deduction, 12.6% rate, 90% credit (4.1, 4.5)

Part 5: Market Microstructure and Algorithmic Trading

Glosten and Milgrom (1985), Bid, ask and transaction prices in a specialist market with heterogeneously informed traders, Journal of Financial Economics 14(1) — Adverse-selection model of the spread (5.3)
Kyle (1985), Continuous Auctions and Insider Trading, Econometrica 53(6) — Kyle’s lambda and market depth (5.3)
Huang and Stoll (1997), The Components of the Bid-Ask Spread, Review of Financial Studies 10(4) — Spread components (5.3)
Almgren and Chriss, Optimal execution of portfolio transactions, Journal of Risk 3(2) — Impact versus timing-risk trade-off (5.5)
Hendershott, Jones and Menkveld (2011), Does Algorithmic Trading Improve Liquidity?, Journal of Finance 66(1) — Case for algorithmic trading (5.6 Disagree box)
Budish, Cramton and Shim (2015), The High-Frequency Trading Arms Race, Quarterly Journal of Economics 130(4) — Case against the speed race; frequent batch auctions (5.6)
Aquilina, Budish and O’Neill, Quantifying the High-Frequency Trading Arms Race, NBER Working Paper 29011 — Latency-race counts, tax, $5 billion estimate (5.6)
CFTC and SEC staff, Findings Regarding the Market Events of May 6, 2010 — Flash Crash facts (5.6)
SEC, In the Matter of Knight Capital Americas LLC (Release 34-70694, 2013) — Knight Capital executions, positions and loss (5.6)
Investor.gov, Stock market circuit breakers — US market-wide breakers and LULD (5.4)
SEC press release 2023-29, T+1 settlement — US T+1 compliance date (5.4)
SEC press release 2024-137, Regulation NMS amendments — Half-cent tick and $0.001 access-fee cap (5.7)
SEC Chairman Atkins, statement on minimum pricing increments and access fee caps, June 11, 2026 — Compliance deferred to November 2027 (5.7)
SEC fact sheet, Regulation NMS reforms (Release 34-105655) — Proposal to rescind Rules 611 and 610(e) (5.7)
Federal Register, Withdrawal of Proposed Regulatory Actions (June 17, 2025) — Order Competition Rule and Regulation Best Execution withdrawn (5.7)
ESMA, MiFIR Article 39a — EU PFOF ban and exemption end date (5.7)
ESMA, switch to the single volume cap — 7% dark-trading cap (5.7)
NSE, Closing Auction Session — Indian closing auction rules (India Lens)
NSE, Equity market price bands — Indian price bands (India Lens)
SEBI circular, Enhancement in the scope of optional T+0 settlement (December 10, 2024) — T+0 scope (India Lens)

Part 6: Behavioral Finance

Kahneman and Tversky (1979), Prospect Theory: An Analysis of Decision under Risk, Econometrica 47(2) — Problems 11 and 12, N and choice shares (6.2)
Wakker, Program for calculating the cumulative-prospect-theory value (Tversky and Kahneman 1992 parameters) — α = 0.88, λ = 2.25, γ = 0.61, δ = 0.69 (6.2)
Brown, Imai, Vieider and Camerer (2024), Meta-analysis of Empirical Estimates of Loss Aversion, Journal of Economic Literature 62(2) — 607 estimates, mean 1.955 (6.2)
Ruggeri et al. (2020), Replicating patterns of prospect theory for decision under risk, Nature Human Behaviour — 4,098 participants, 19 countries, 94% of items (6.1, 6.2)
Gal and Rucker, The Loss of Loss Aversion: Will It Loom Larger Than Its Gain? Journal of Consumer Psychology — Skeptical case on loss aversion (6.2)
Barber and Odean (2000), Trading Is Hazardous to Your Wealth, Journal of Finance 55(2) — 66,465 households; 11.4% vs 17.9%; 75% turnover (6.1, 6.4)
Barber and Odean (2001), Boys Will Be Boys, Quarterly Journal of Economics 116(1) — Men trade 45% more; 2.65 vs 1.72 points (6.4)
Barber, Lee, Liu and Odean (2009), Just How Much Do Individual Investors Lose by Trading? Review of Financial Studies 22(2) — Taiwan: 3.8 points, 2.2% of GDP (6.4)
Ben-David, Graham and Harvey (2013), Managerial Miscalibration, Quarterly Journal of Economics 128(4) — 36% coverage of 80% intervals (6.4)
George and Hwang (2004), The 52-Week High and Momentum Investing, Journal of Finance 59(5) — Anchoring on the 52-week high (6.3, 6.5)
Scharfstein and Stein (1990), Herd Behavior and Investment, American Economic Review 80(3) — Reputational herding (6.5)
Benartzi and Thaler (1995), Myopic Loss Aversion and the Equity Premium Puzzle, Quarterly Journal of Economics 110(1) — Annual evaluation period (6.6)
Madrian and Shea (2000), The Power of Suggestion, NBER Working Paper 7682 (QJE 2001) — 86% vs 37%; 71% at default; 50% match up to 6% (6.6)
Maier et al. (2022), No evidence for nudging after adjusting for publication bias, PNAS — d = 0.43 falls to 0.04 (6.6)
DellaVigna and Linos (2022), RCTs to Scale: Comprehensive Evidence From Two Nudge Units, Econometrica 90(1) — 8.7 vs 1.4 points; 126 trials (6.6)
Federal Register, Automatic Enrollment Requirements Under Section 414A (proposed rule, Jan 14, 2025) — Section 414A requirements (6.6)
Odean (1998), Are Investors Reluctant to Realize Their Losses? Journal of Finance 53(5) — PGR 0.148, PLR 0.098; 3.4% gap (6.7)
IRS Topic 409, Capital Gains and Losses — 0/15/20% rates; $3,000 loss limit (6.7)
Lamont and Thaler (2003), Can the Market Add and Subtract? Journal of Political Economy 111(2) — 3Com–Palm figures (6.8)
Shleifer and Vishny (1997), The Limits of Arbitrage, Journal of Finance 52(1) — Limits to arbitrage (6.8)
SEBI (Aug 2026), Profitability of Individual Traders in the Equity Derivatives Segment, FY25–FY26 — 87.7% loss-makers FY26 and related figures (6.8, India Lens)

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