  This paper studies the problem of maximizing expected utility from terminal
wealth in a semi-static market composed of derivative securities, which we
assume can be traded only at time zero, and of stocks, which can be traded
continuously in time and are modeled as locally-bounded semi-martingales.
  Using a general utility function defined on the positive real line, we first
study existence and uniqueness of the solution, and then we consider the
dependence of the outputs of the utility maximization problem on the price of
the derivatives, investigating not only stability but also differentiability,
monotonicity, convexity and limiting properties.
