Theoretical studies of bank existence reveal the importance of informational asymmetries (cf., for example, Diamond (1984)). This might suggest that banks specialise their loan origination in specific industries to exploit information advantages. However, modern portfolio theory, although not directly applicable to banks, as well as the concept of herding behaviour would instead tend to imply t...

Conventional rules of thumb represent simple, but potentially inefficient, alternatives to dynamic programming solutions. This paper seeks an intermediate ground by developing a framework for selecting optimal rules of thumb. Defining rules of thumb as simple functions of state variables, I solve for the optimal parameters of specific rules of thumb for portfolio choice and consumption. In the ...

Motivated by the success of internal habit formation preferences in explaining asset pricing puzzles, we introduce these preferences in a life-cycle model of consumption and portfolio choice with liquidity constraints, undiversifiable labor income risk and stock-market participation costs. In contrast to the initial motivation, we find that the model is not able to simultaneously match two very...

In the context of asset and liability management, we propose a portfolio selection model based on the expected return of the assets and the economic risk capital (ERC) associated to the asset liability portfolio, for short called mean-ERC asset liability portfolio selection. MeanERC efficiency in asset and liability management is closely related and compared to meanvariance efficiency in asset ...

Intellectual property rights are essential in today’s technology-driven age. Building a strategic IP portfolio is economically important from both an offensive and defensive standpoint. Applicable areas in Nanotechnology to which intellectual property rights can apply are presented. Some challenging issues surrounding the acquisition of IP rights in Nanotechnology are also presented. The Import...

Resum The optimum portfolio selection for an investor with particular preferences was proven to lie on the normalized efficient frontier between two bounds defined by the Ballestero (1998) bounding theorem. A deeper understanding is possible if the decision-maker is provided with visual and quantitative techniques. Here, we derive useful insights as a way to support investor?s decision-making t...

Along with the advance of opinion mining techniques, public mood has been found to be a key element for stock market prediction. However, in what manner the market participants are affected by public mood has been rarely discussed. As a result, there has been little progress in leveraging public mood for the asset allocation problem, as the application is preferred in a trusted and interpretabl...

We study the link between social interaction and portfolio choice. We concentrate on a form of interaction that is rooted back in the past: college-based interaction — defined as the one that relates the portfolio choice of an investor to that of the other investors who went to the same college. We explain it in terms of a common cultural imprinting and the development of long-term friendship a...

This paper deals with a portfolio selection problem with independently estimated possibilistic return rates. Under such a circumstance, a distributive investment has been regarded as a good solution in the traditional portfolio theory. However, the conventional possibilistic approach yields a concentrated investment solution. Considering the reason why a distributive investment is advocated, a ...

In this paper, we present the concept of transmitting power without using wires i.e., transmitting power as microwaves from one place to another is in order to reduce the transmission and distribution losses. This concept is known as Microwave Power transmission (MPT). We also discussed the technological developments in Wireless Power Transmission (WPT). The advantages, disadvantages, biologica...