By making use of the Cauchy double alternant and the Laplace expansion formula, we establish two closed formulae for the determinants of factorial fractions that are then utilised to evaluate several determinants of binomial coefficients and Catalan numbers, including those obtained recently by Chammam [‘Generalized harmonic numbers, Jacobi numbers and a Hankel determinant evaluation’, Integral Transforms Spec. Funct. 30(7) (2019), 581–593].

We provide a generalised Laplace expansion for the permanent function and, as a consequence, we re-prove a multinomial Vandermonde convolution. Some combinatorial identities are derived by applying special matrices to the expansion.

We extend the existing small-time asymptotics for implied volatilities under the Heston stochastic volatility model to the multifactor volatility Heston model, which is also known as the Wishart multidimensional stochastic volatility model (WMSV). More explicitly, we show that the approaches taken in Forde and Jacquier (2009) and Forde, Jacqiuer and Lee (2012) are applicable to the WMSV model under mild conditions, and obtain explicit small-time expansions of implied volatilities.