Conditional maximum Sharpe ratios implied by fully flexible four-factor and five-factor Gaussian term structure models are astronomically high. Estimation of term structure models subject to a constraint on their Sharpe ratios uncovers properties that hold for a wide range of Sharpe ratios....

In many countries the demand for health care services is of increasing importance. Especially in the industrialized world with a changing demographic structure social insurances and politics face real challenges. Reliable predictors of those demand functions will therefore become invaluable...