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Infrastructure managers of medium size bridge stocks are being faced with the task of approximating short, mid to long term financial needs for their infrastructure. This task is particularly demanding due to the lack of relevant information, in particular ...
In the standard real options approach to investment under uncertainty, agents formulate optimal policies under the assumptions of risk neutrality or perfect capital markets. However, in most situations, corporate executives face incomplete markets either b ...
In this paper we elaborate on Swiss Solvency Test (SST) consistent group diversification effects via optimizing the web of capital and risk transfer (CRT) instruments between the legal entities. A group level SST principle states that subsidiaries can be s ...
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, cap ...
In this paper we provide the complete solution to the existence and characterization problem of optimal capital and risk allocations for not necessarily monotone, law-invariant convex risk measures on the model space Lp, for any p ε [1;∞]. Our main result ...
We propose a new concept, OSCS, seeking to explain the process by which the firm incorporates open source principles into its business model, as an effective diversification strategy to gain and sustain competitive advantage, in the context of a globally i ...
Many tests of asset-pricing models address only the pricing predictions, but these pricing predictions rest on portfolio choice predictions that seem obviously wrong. This paper suggests a new approach to asset pricing and portfolio choices based on unobse ...
The selection of an hybrid MSF/RO desalination plant depends on many factors, such as capital costs, electricity consumption, water conversion rate and local requirements. In order to provide the necessary information for the decision process, stand-alone ...
This paper develops a framework for analyzing the impact of macroeconomic conditions on credit risk and dynamic capital structure choice. We begin by observing that when cash flows depend on current economic conditions, there will be a benefit for firms to ...
The selection of an hybrid MSF/RO desalination plant depends on many factors, such as capital costs, electricity consumption, water conversion rate and local requirements. In order to provide the necessary information for the decision process, stand-alone ...
