Value at risk is a convenient and popular risk measurement tool. It represents the maximum potential loss on a specific portfolio of financial assets given a specific time horizon and a confidence interval. Principally value at risk is used in finance for risk management, financial reporting and capital requirement. In direct real estate, the calculation of this risk measurement is still rare e...

The expansion of formal financial services is an ongoing phenomenon in low income countries. Nowadays, it is common that retail companies decide to open a commercial bank with branches within each of their multiple stores. The retail-store banks are characterized by their vast geographical expansion and because their products target low-income households. In this study, I take advantage of the ...

Issue Safety-net hospitals play a vital role in delivering health care to Medicaid enrollees, the uninsured, and other vulnerable patients. By reducing the number of uninsured Americans, the Affordable Care Act (ACA) was also expected to lower these hospitals’ significant uncompensated care costs and shore up their financial stability. Goal To examine how the ACA’s Medicaid expansion affected...

Recently, not only academic researchers but also many practitioners have used the methodology so-called ``an asymptotic expansion method" in their proposed techniques for a variety of financial issues. e.g. pricing or hedging complex derivatives under high-dimensional stochastic environments. This methodology is mathematically justified by Watanabe theory(Watanabe [1987], Yoshida [1992a,b]) in ...

In this paper we analyze how an individual should optimally invest in human capital when he also has financial wealth. We treat the individual’s option to take more education as expansion options and apply real option analysis. We characterize the individual’s optimal consumption strategy and portfolio weights. The individual has a demand for hedging financial risk, labor income risk, and also ...

In the aftermath of the global financial crisis (2007-2009), policymakers in the developing countries and emerging economies have generally relied on macroprudential policies to achieve financial stability. Since the banking systemchr('39')s vulnerability plays an essential role in financial instability, and the banking systemchr('39')s stability is exposed to vulnerability, we examine macropru...

after the formation of islamic governement by the prophet mohammad in medina and expansion of islamic territory to the whole arabia peninsula and then to realm of persian and roman empires, the establishment and development of a financial and administrative organization was inevitable. accordeing to historical sources, the heritage of persian administration was entered into islamic organization...

To explore the determinants of global peer-to-peer (P2P) lending expansion, this study examines factors that impact P2P using a sample 62 economies over period 2015–2017. We find greater financial institutions efficiency, higher literacy, and less access to formal services are positively related with expansion lending. This paper provides empirical evidence effects development literacy on diffe...

This paper proposes to apply the continuous vector representations of words for discovering keywords from a financial sentiment lexicon. In order to capture more keywords, we also incorporate syntactic information into the Continuous Bag-ofWords (CBOW) model. Experimental results on a task of financial risk prediction using the discovered keywords demonstrate that the proposed approach is good ...

* This is the English version of the paper titled "Option Pricing in HJM Model using an Asymptotic Expansion Method" published in December 2004. This paper represents the personal views of the authors and is NOT the official view of the Financial Services Agency or the Financial Research and Training Center. † In preparing this paper, valuable advice was provided by Mr. Yoshihiko Uchida (Instit...