Information technology (IT) is enabling financial services companies and particularly banking firms to create new forms of organizations. Both globalization of markets and more rigorous regulation throughout the European Union such as recently the implementation of the European Capital Adequacy Directive put pressure on the banking firm to either spend ever more money in coordinating business a...

Research on social capital has found that individuals who access resources through social relations gain competitive advantage and systems with high levels or desirable distributions of social capital are more effective. These effects depend on actors allocating resources to others in their social system at-large instead of to others with whom they share specific social relationships. It is hyp...

We present the optimal consumption and investment strategy for an investor, endowed with labor income, searching to maximize utility from consumption and terminal wealth when he is restricted to fulfill a binding capital constraint of a European (constraint on terminal wealth) or an American (constraint on the wealth process) type. In both cases the optimal strategy is proven to be of the optio...

The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans extended to allow for endogenous capitaland labor-augmenting technical change. We develop a novel micro-foundation for the competitive production sector that rests on the idea that the fabricati...

Besides their advantage in modelling tail-dependency, the main drawback of standard non-Gaussian copula is the homogeneity in the tail dependency parameter. Several approaches to solve this are meanwhile developed, hierachical copula, the grouped t-copula and the heterogeneous t-copula as recently described by Luo and Shevchenko [1]. We will show results from a concrete implementation of a fact...

Background: The wind energy industry is an important part of the renewable energy industry. Helpful financial support plays an essential role in the process of its development. This study analyzes the financial support efficiency not only from the aspect of capital raise, but also from the aspect of the allocation of up-, middleand down-stream of the Chinese wind power industry chain (which inc...

We present the optimal consumption and investment strategy for an investor, endowed with labor income, searching to maximize utility from consumption and terminal wealth when facing a binding capital constraint of a European (constraint on terminal wealth) or an American (constraint on the wealth process) type. In both cases, the optimal strategy is proven to be of the option-based portfolio in...

In order to protect stakeholders of insurance companies and financial institutions against adverse outcomes of risky businesses, regulators and senior management use capital allocation techniques. For enterprise-wide risk management, it has become important to calculate the contribution of each risk within a portfolio. For that purpose, bivariate lower and upper orthant tail value-at-risk can b...