For portfolio choice problems with proportional transaction costs, we discuss whether or not there exists a shadow price, i.e., a least favorable frictionless market extension leading to the same optimal strategy and utility. By means of an explicit counter-example, we show that shadow prices may fail to exist even in seemingly perfectly benign situations, i.e., for a log-investor trading in an...

We examine the introduction of the voluntary filing program (VFP) by the Securities and Exchange Commission (SEC) for the introduction of XBRL (eXtensible Business Reporting Language), or Interactive Data as called in the US. XBRL is a machine-readable standardized format for financial reports. The VFP allowed firms to file annual and quarterly reports using XBRL. This program represents a quas...

We review the renormalization group method applied to non-equilibrium dynamics by tracing the way how the hydrodynamic equations can be derived as reduced dynamics of the Boltzmann equation as a typical example.

This work focuses on cost reduction methods for forest species recognition systems. Current state-of-the-art shows that the accuracy of these systems have increased considerably in the past years, but the cost in time to perform the recognition of input samples has also increased proportionally. For this reason, in this work we focus on investigating methods for cost reduction locally (at eithe...

This paper discusses the application of plant-wide control philosophy to enhance the performance and capacity of the Produced Water Treatment (PWT) in offshore oil & gas production processes. Different from most existing facilityor material-based PWT innovation methods, the objective of this work is to propose a software-based breakthrough PWT innovation solution. This is achieved through integ...

iran's economy dependence on oil revenues has caused some impacts in the form of commodity price fluctuations on current revenues. accordingly, in the past few years especially in the second development plan, the government included encouragements and reduced the country's dependence on oil revenues in its agenda. agricultural export, especially livestock and poultry export has a proper status ...

This paper introduces how green marketing influences the sustainable development of garment industry. It analyses the cost and profit to implement green marketing, both in a short term and in the long run. In a short term the cost may increase. However, in the long run, the income will overweigh the cost. There’re five reasons: reduced cost, expanding export by broking down green barriers, esta...

While much of the trade liberalisation literature analyses liberalisation effects on trade volumes, we postulate the implications of trade liberalisation for price transmission and market integration between tomato producer and consumer markets under a high and a reduced period of agricultural, import tariffs in Ghana. Our objective is to determine whether price transmission and thus the factor...