Background In 2008 a global financial crisis erupted. Even though auditors were not to blame for the financial crisis the public questioned how auditors could issue a clean bill of health despite the serious weaknesses. This made the Commission release the 2010 Green Paper on audit policy: Lessons from the Crisis. The Green Paper is a consultation paper which received around 700 replies from va...

Abstract How should long-term investors form portfolios in our time-varying, multi-factor and friction-filled world? Two conceptual frameworks may help: first, look directly at the stream of payments that a portfolio payout policy can produce. Second, include general equilibrium view markets’ economic purpose, nature investors’ different preferences, risk-taking ability, function equilibrium. T...

New health technologies require development and evaluation ahead of being incorporated into the patient care pathway. In light of the recent publication by Lehoux et al who discuss the role of entrepreneurs, investors and regulators in providing value to new health technologies, we summarise the processes involved in making new health technologies available for use in the United Kingdom.

This paper shows that active investors, such as venture capitalists, can affect the speed at which new ventures grow. In the absence of product market competition, new ventures financed by active investors grow faster initially, though in the long run those financed by passive investors are able to catch up. By contrast, in a competitive product market, new ventures financed by active investors...

nowadays, in the competitive world of economy, the most considerable issues for managers and shareholders are: 1- managers are after productivity growth with optimum use of financial sources and 2- investors require long-term return from their investment. this standpoint and motivation to increase productivity for managers is the direct consequence of the advent of a new generation of investors...

We analyze the effect of model instability on long-term investors using a time-varying VAR(1) model that we estimate using Bayesian Markov Chain Monte Carlo techniques for state-space specifications. Our model is able to handle time-varying intercepts, time-varying slopes, time-varying volatility, time-varying correlation, the leverage effect and fat tails. We calculate the optimal portfolios o...

Multi-stage simulation and optimization models are effective for solving long-term financial planning problems. Prominent examples include: asset-liability management for pension plans, integrated risk management for insurance companies, and long-term planning for individuals. Several applications will be briefly mentioned. A multi-stage framework provides advantages over single-period myopic a...