Firms invest in a variety of information technologies and seek to align their IT asset portfolios with two key performance outcomes: efficiency and innovation. Existing research makes the universalistic assumption that both outcomes will always be realized through firms’ IT asset portfolios. There has been limited research on the conditions under which firms’ IT asset portfolios should be orien...

The robust feedback control schemes to provide the sustainable growth of investor capital are introduced. These schemes are based on the current dynamics of the asset prices. It is assumed that the price of asset follows rather general stochastic differential equation. In contrast to the generally used self-financing strategy the control is realized within the framework of an open system. The l...

One of the most important issues facing central banks is whether they should respond to potential asset-price bubbles. Because asset prices are a central element in the transmission mechanisms of monetary policy, the issue of how monetary policy might respond to asset-price movements is not whether it should respond at all but whether it should respond over and above the response called for in ...

We introduce a “bad environment-good environment” (BEGE) technology for consumption growth in a consumption-based asset pricing model with external habit formation. The model generates realistic non-Gaussian features of fundamentals, and fits standard salient features of asset prices including the means and volatilities of equity returns and risk free rates. BEGE dynamics are essential for the ...

4 Firms invest in a variety of information technologies and seek to align their IT asset portfolios 5 with two key performance outcomes: efficiency and innovation. Existing research makes the 6 universalistic assumption that both outcomes will always be realized through firms' IT asset 7 portfolios. There has been limited research on the conditions under which firms' IT asset 8 portfolios shoul...

INTRODUCTION The global science system stands at a critical juncture. On the one hand, it is overwhelmed by a hidden avalanche of ephemeral bits that are central components of modern research and of the emerging ‘cyberinfrastructure’4 for e-Science.5 The rational management and exploitation of this cascade of digital assets offers boundless opportunities for research and applications. On the ot...

We evaluate the asset pricing implications of a class of models in which risk sharing is imperfect because of the limited enforcement of intertemporal contracts. Lustig (2004) has shown that in such a model the asset pricing kernel can be written as a simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do not face binding enf...