The concept of comonotonicity is a useful tool for solving various problems in insurance and financial economics. The credibilistic comonotonicity of fuzzy vector is defined via its comonotonic support. In general case, the properties of comonotonic fuzzy vector are discussed based on the relation between the joint monotone distribution of a fuzzy vector and its marginal monotone distributions....

An important technical question arising in economic and financial applications of decision models with non-additive beliefs is how to define stochastic independence. In fact the straightforward generalization of independence does not in general yield a unique product. I discuss the problem of independence, with specific focus on the validity of the Fubini theorem. The latter holds in general on...

This study decomposes total risk of a MSCI Asian country index returns into three components: world systematic risk, Asian regional systematic risk and country-specific risk. The study finds an Asian country index returns mostly respond to shocks originated within the country. China, Korea and Taiwan index returns are increasingly sensitive to global common shocks notably after the Asian financ...

This paper documents the frequency and magnitude of “pro forma” earnings in press releases issued during June through August 2000 and describes the 433 firms that engaged in this financial disclosure strategy. We then use a market multiples approach to determine if investors assign a higher (or lower) share price to pro forma firms than other firms. We find no evidence that pro forma firms are ...

This paper examines whether there exists the effect of party alternative on Nikkei 225 stock behavior by the asymmetric GARCH model. The empirical work finds that the transition of ruling party effect is not a crucial variable to Nikkei 225 returns and volatility. Japanese feel apathy and alienation about political environment result in the succession of prime ministers does not influence the J...

CASH MANAGER is a knowledge-based decision support sys­ tem (DSS) designed to help the user solve cash management prob­ lems. The system is designed to support decisions made by cash managers who are not operations research experts but desire to employ an operations research tool in order to "optimize" their decisions. CASH MANAGER can formulate a cash management problem as an embedded network ...

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Do the media cover the considerations and actions of Congress with respect to the financial crisis, or do politicians follow the lead of the media? This paper shows how relevant information about the functioning of press and politics can be acquired using keyword search, VAR analysis and granger causality. Media lead Congress, but no influence is found for problem diagnosis and solutions. We co...

In late 1988, the Indonesian government adopted a number of reforms aimed at deregulating the country's banking sector.' Since the reforms, Indonesia's banking system has been undergoing a transformation from an inefficient system dominated by a relatively small number of state-owned banks, to a more volatile system, in which competition among state and privately owned banks is encouraged.' Thi...

Pacific Economic Bulletin Volume 20 Number 3 2005 © Asia Pacific Press This article seeks to determine the short to mediumterm impact of EU Sugar Protocol reforms on Fiji’s sugar industry. The expected impact on the livelihoods of sugarcane producers, the area remaining under cane, sugar cane output and sugar production are derived under various price scenarios using industry census production ...