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We consider dynamic trading of a portfolio of assets in discrete periods over a finite time horizon, with arbitrary time-varying distribution of asset returns. The goal is to maximize the total expect...
In this paper we derive the exact solution of the multi-period portfolio choice problem for an exponential utility function under return predictability. It is assumed that the asset returns depend on ...
In the present paper, we derive a closed-form solution of the multi-period portfolio choice problem for a quadratic utility function with and without a riskless asset. All results are derived under we...
In this paper, we propose an equilibrium pricing model in a dynamic multi-period stochastic framework with uncertain income streams. In an incomplete market, there exist two traded risky assets (e.g. ...
This article explores changing conditions in South African real capital markets. Noteworthy is the evidence of strong restructuring in this market during the 1990s. Whereas the 1970s and 1980s showed ...
The article concentrates on the changes of ownership ongoing in Polish agriculture in the period 1989–2004. Since Polish agriculture was above all private in nature throughout the period of communism,...
The article describes a model to predict the allocation of the EU Structural Funds and the Cohesion Fund over the EU member states. By comparing the predicted allocation with the real allocation, it i...
The paper analyzes the main indicators of the economic position of companies in the field of food industry in Vojvodina. The examined nine-year period coincides with the final stage of the ownership t...
Within the context of risk integration, we introduce in risk measurement stochastic holding period (SHP) models. This is done in order to obtain a `liquidity-adjusted risk measure' characterized by t...
The economic crisis in Argentina around year 2002 provides a unique opportunity for Econophysics studies. The available data on individual income are analyzed to show that they correspond to non stati...
Enterprises are socio-economic entities with bonds to their environment. Their economic health is evaluated by the means of adequate diagnostic methods. When evaluating a processing business as a livi...
We give an explicit solution of robust mean-variance hedging problem in the single period model for some type of contingent claims. The alternative approach is also considered.
In this work we study the Lebesgue property for convex risk measures on the space of bounded c\`adl\`ag random processes ($\mathcal{R}^\infty$). Lebesgue property has been defined for one period conv...

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