Der Beitrag stellt ein Verfahren zur Schätzung des Loss Given Default (LGD) von Leasingverträgen vor. Die typisch multimodale Form von LGD-Verteilungen im Leasing lässt sich nicht durch Klassifikation nach Objektarten, Kundentypen, Laufzeiten oder Ausfallzeitpunkten erklären. Folglich ist...

Die Finanzmarktkrise hat Schwächen in der Bankenaufsicht deutlich werden lassen. Der Artikel befasst sich mit vier Ansatzpunkten für eine Weiterentwicklung der Bankenaufsicht: Benötigt wird eine stärker an Prinzipien orientierte Bankenaufsicht anstatt starrer Regeln für die...

We address the paradox that financial innovations aimed at risk-sharing appear to have made the world riskier. Financial innovations facilitate hedging idiosyncratic risks among agents; however, aggregate risks can be hedged only with liquid assets. When risk-sharing is primitive, agents...

Using techniques from deep learning, we show that neural networks can be trained successfully to replicate the modified payoff functions that were first derived in the context of partial hedging by Föllmer and Leukert. Not only does this approach better accommodate the realistic setting of...

We estimate and compare the impact of the coronavirus pandemic (COVID-19) on the performance of Artificial Intelligence (AI) and conventional listed firms using stock market indices. The single-group and multiple-group Interrupted Time-Series Analyses (ITSA) with panel data were used with four...

To ensure the economic security of companies, it is necessary to introduce a risk management system based on the use of various tools, especially financial ones. The purpose of the article is to scientifically substantiate the paradigm of integration of the risk management mechanism into the...

The cryptocurrency market offers significant investment opportunities but also entails higher risks as compared to other asset classes. This article aims to analyse the financial risk characteristics of individual cryptocurrencies and of a broad cryptocurrency market portfolio. We construct a...

The aim of this study is to analyze how Spanish small and medium-sized enterprises (hereinafter SMEs) manage risks derived from internationalization to improve performance. For this purpose, a case study was elaborated to understand the different risk management strategies used by Spanish SMEs...

The objective of the study was to identify the main factors influencing farmers' willingness to take up agricultural insurance and participate in a mutual fund for non-insurable risks in the Czech Republic. Responses from 214 representative farms were processed using descriptive statistics,...