This paper estimates a dynamic, structural model of entry and exit in an oligopolistic industry and uses it to quantify the determinants of market structure and long-run firm values for two U.S. service industries, dentists and chiropractors. Entry costs faced by potential entrants, fixed costs...

In general, the properties of the conditional distribution of multiple period returns do not follow easily from the one-period data generating process. This renders computation of Value-at-Risk and Expected Shortfall for multiple period returns a non-trivial task. In this paper we consider some...

In this note it is argued that the estimation error in Value-at-Risk predictors gives rise to underestimation of portfolio risk. We propose a simple correction and find in an empirical illustration that it is economically relevant.

In the estimation of risk measures such as Value at Risk and Expected shortfall relatively short estimation windows are typically used rendering the estimation error a possibly non-negligible component. In this paper we build upon previous results for the Value at Risk and discuss how the...

[...]This article explores in several ways the structure andvocabulary of emerging payments system risks and theirmitigation. We begin by recounting several incidents of fraudand losses associated with emerging payment methods. Wethen describe an economic framework for understanding riskcontrol...

We can find lots of differences if we examine the habits, attitudes, roles and values of men and women. In our research we aim to analyze the gender differences about energy sources, energy consumption, saving habits, openness, companies’ social responsibility and environmental issues. We...

The principles and values of Sustainable development concept, such as long-term development, exceeding the selfish interests for the sake of others, fair and ethical behavior, are pronounced in increasing frequency with such a conviction and inspiration, that unintentionally emerges the...

Authors attempt to confront the still mainstream approach that the economic recipe for solving ecological issues is their internalization, their inclusion into the economic domain. The argumentation takes the ecological issues as similar in nature to the societal ones, and insists on archaism of...