In this paper we consider an investor who trades in a complete financial market so as to maximize his expected utility of wealth at a prespecified time. We assume that he is in the following position : His portfolio decisions are based on a public information flow but he possesses extra information about the law of some functional of the future prices of a stock. Our basic question is then: How...

It is known that for an insurer who invests in the financial market, the financial investments may affect its solvency as severely as do insurance claims. This conclusion is usually reached under an assumption of independence or asymptotic independence between insurance risk and financial risk. Such an assumption seems reasonable if the insurer focuses on the traditional insurance business that...

Financial decision support system development usually involves a number of recognizable steps: data preparation – cleaning, selecting, making data suitable for the predictor; prediction algorithm development and tuning – for performance on the quality of interest and evaluation – to see if indeed the system performs on unseen data. But since financial prediction is very difficult, extra insight...

In this paper we show that financial informat ion can be used to sense many aspects of human activity. Th is simple technique gives people informat ion about their daily lives, is easily accessible to many at no extra cost, requires little setup, and does not require the manufacture of any external devices. We will focus on how financial data can be used to show users where they spend their tim...

Many households face the tradeoff between paying an extra dollar off the remaining mortgage on their house and saving that extra dollar in tax-deferred accounts (TDAs) used for retirement. We show that, under certain conditions, it becomes a tax arbitrage to reduce mortgage prepayments and to increase TDA contributions because of the tax deductibility of mortgage interest and tax-exemption of q...

a r t i c l e i n f o Keywords: Current account Trade balance vis-à-vis the euro area Trade balance vis-à-vis the rest of the world European monetary union Culture Institutions Many studies have explored the determinants of current account balances in Europe. However, only in a few studies has trade balance been decomposed into intra balance, trade balance vis-à-vis the euro area, and extra bal...

familiarity with the normal and abnormal anatomy of the root canal system is essential for successful root canal treatment. the possibility of concomitant three-rooted and three- canalled maxillary and mandibular premolars are extremely rare. the purpose of this paper was to report a case with a three-rooted maxillary first premolar and two three-rooted mandibular premolars.