In this paper, optimal consumption and investment decisions are studied for an investor who can invest in a fixed interest rate bank account and a stock whose price is a log normal diffusion. We present the method of the HJB equation in order to explicitly solve problems of this type with modifications such as a fixed percentage transaction cost and a mandatory bequest function. It is shown tha...

Solutions like SELinux have recently regenerated interest toward Mandatory Access Control (MAC) models. The role of MAC models can be expected to increase in modern systems, which are exposed to significant threats and manage high-value resources, due to the stronger protection they are able to offer. Android is a significant representative of these novel systems and the integration of MAC mode...

It has been brought to our attention that there was a typographical error in our review article [1] published in February 2000. The last sentence of the abstract should read: " Two randomized studies found that, in difficult-to-wean patients, synchronized intermittent mandatory ventilation (SIMV) is the most ineffective method of weaning. " Reference 1.

Recent studies have emphasized the role of irreversibility, flexibility, and uncertainty in assessing the financial implications of regulated access pricing in the telecommunications market (Pindyck 2004, 2005). In particular it has been argued that mandatory unbundling of the local loop creates optionalities (real options), leading to a transfer of wealth from incumbents to entrants unaccounte...

We study the disclosure decision and price-setting behavior of competing firms in the presence of cursed consumers, who fail to be sufficiently skeptical about a firm’s quality upon observing non-disclosure of quality-relevant information. We show that neither competition nor the presence of sophisticated consumers necessarily offer protection to cursed consumers. Exploitation arises if markets...

The Securities Exchange Act of 1934 was the central regulatory event of the modern financial era. The Act required firms listed on U.S. exchanges to provide detailed financial disclosure and provided means for private investors and public agencies to enforce these new disclosure duties. We ask whether the Act was an improvement on the prior legal regime, where disclosure was left to private con...

Exploiting a natural experiment in which voluntary audits replace mandatory audits for U.K. private companies, we analyze whether imposing audits suppresses valuable information about the types of companies that would voluntarily choose to be audited. We control for the assurance benefits of auditing to isolate the role signaling plays by focusing on companies that are audited under both regime...

Besides the well established access control models, Discretionary Access Control (DAC) and Mandatory Access Control (MAC), the policy neutral Role Based Access Control (RBAC) is gaining increasing attention. An important step towards a wide acceptance of RBAC has been achieved by the standardization of RBAC through the American National Standards Institute (ANSI). While the mandatory concept of...

In this paper, a practical method that can be employed to manage security policies using the eXtensible Markup Language (XML) is presented. The method efficiently administrates security policies based on the object oriented role-based access control model (ORBAC). Moreover, an information flow analysis technique is introduced for checking whether or not a created XML-based ORBAC security policy...

Attribute-based access control (ABAC) is a promising alternative to traditional models of access control (i.e. discretionary access control (DAC), mandatory access control (MAC) and role-based access control (RBAC)) that is drawing attention in both recent academic literature and industry application. However, formalization of a foundational model of ABAC and large scale adoption are still lack...