infonet-economy

The impact of the time horizon upon the risk of equity investments is still a controversial issue. In this paper, we analyse long-term risk in a portfolio insurance framework based on option pricing theory. The insurance strategies are implemented alternatively with a portfolio of stocks and put options or bonds and call options. The risk of stock holdings is measured by the...

Current scientific debates as well as management discussions are characterized by an important shift of attention towards knowledge issues as a major source of corporate success. A decade ago, one seldom heard knowledge-orientated terms like ‘implicit knowledge’, ‘dynamic capabilities’ and ‘organizational competences’, ‘intangible assets’ and ‘organizational learning’. Today, a...

Coping with complexity is at the heart of management and leadership in the turbulent environments faced by the organizations and societies of our day. The systems approach provides transdisciplinary theories and tools for dealing with this challenge more effectively than efforts merely based on disciplinary insights or pragmatic recipes. In this paper, a concept of "intelligent...

The British pound left the ERM on 16 September 1992 after a period of turbulence. UK monetary policy soon shifted to lower short interest rates and an inflation target was announced. This paper uses daily option prices to estimate how the market's probability distribution of the future marks/pound exchange rate and UK and German interest rates changed over the summer and autumn...

Summary: In this evaluation study the causal effects of different types of rehabilitation programmes on labour market outcomes are estimated. Compared to previous research its main feature is that it evaluates simultaneously multiple programmes by nonparametric matching estimators. The study is based on a sample of 6287 persons in Western Sweden who are long-term sick observed during...