We start by showing that the finite-time absolute ruin probability in the classical risk model with constant interest force can be expressed in terms of the transition probability of a positive Ornstein-Uhlenbeck type process, say X̂. Our methodology applies to the case when the dynamics of the aggregate claims process is a subordinator. From this expression, we easily deduce necessary and suffi...

As global changes reorganize plant communities, invasive plants may benefit. We hypothesized that elevated CO2 and warming would strongly influence invasive species success in a semi-arid grassland, as a result of both direct and water-mediated indirect effects. To test this hypothesis, we transplanted the invasive forb Linaria dalmatica into mixed-grass prairie treated with free-air CO2 enrich...

This paper examines to what extent financial development contributes to output expansion in Malaysia, during the period 1960-2003. An augmented neoclassical growth framework is adopted to provide an evaluation of the impact of financial sector development on economic development. Using the recently developed ARDL bounds procedure, the results show that aggregate output and its determinants are ...

This paper develops an eigenfunction expansion approach to solve discretely monitored first passage time problems for a rich class of Markov processes, including diffusions and subordinate diffusions with jumps, whose transition or Feynman-Kac semigroups possess eigenfunction expansions in L spaces. Many processes important in finance are in this class, including OU, CIR, (JD)CEV diffusions and...

Recent legislative efforts to protect credit unions against unfavorable legislation reflect the growing importance of credit unions in the U.S. financial services sector. Efforts to address new technologies, combined with deregulation in financial services, have led changes in the field of membership rules governing how credit unions are chartered and how they may grow. These regulations have c...

The importance of capacity expansion decisions to lift constraints in parts of supply chains has increased significantly in recent years due to general ever-increasing performance requirements. Within a supply chain, insufficient capacity gradually leads to deteriorating delivery performance, and as a consequence, lowers revenue and market share. However, supply chain capacity expansion decisio...