Dimension reduction techniques for functional data analysis model and approximate smooth random functions by lower dimensional objects. In many applications the focus of interest lies not only in dimension reduction but also in the dynamic behaviour of the lower dimensional objects. The most...

Recently, Frittelli and Scandolo ([9]) extend the notion of risk measures, originally introduced by Artzner, Delbaen, Eber and Heath ([1]), to the risk assessment of abstract financial positions, including pay offs spread over different dates, where liquid derivatives are admitted to serve as...

This paper may be understood as a continuation of Topsøe’s seminal paper ([16]) to characterize, within an abstract setting, compact subsets of finite inner regular measures w.r.t. the weak topology. The new aspect is that neither assumptions on compactness of the inner approximating lattices...

Let W denote a family of probability distributions with parameter space t, and WG be a subfamily of W depending on a mapping G : O -- t. Extremum estimations of the parameter vector v e O are considered. Some sufficient conditions are presented to ensure the uniqueness with probability one. As...

Die Gestaltung der Produktpalette war ein zentrale Herausforderung für ostdeutsche Unternehmen nach der Wende. Spezialisierung oder eine diffuse Generalistenstrategie war die Frage. Welche Strategie sich durchgesetzt hat und ob der Anschluss an den Westen gelang, wird in dieser Arbeit erstmals...

The purpose of this paper is to sort out firm-related differences from effects that result from different economic structures. A non-parametric decomposition is used to analyse firm level difference between the wage spread in the two major regions of unified Germany. If firm-specific effects...

The vast majority of regions in West Germany, and the EU, have become more similar in terms of per-capita income and productivity between 1980 and 2000. But a number of rich areas - generally large agglomerations - have succeeded in departing from this trend ofconvergence. They are continuing to...

Functional principal component analysis (FPCA) based on theKarhunen-Lo`eve decomposition has been successfully applied in manyapplications, mainly for one sample problems. In this paper we consider common functional principal components for two sample problems. Our research is motivated not only...

Functional data analysis (FDA) has become a popular technique in applied statistics.In particular, this methodology has received considerable attention in recent studiesin empirical finance. In this talk we discuss selected topics of functional principalcomponents analysis that are motivated by...

Trading, hedging and risk analysis of complex option portfolios depend on accurate pricing models. The modelling of implied volatilities (IV) plays an important role, since volatility is the crucial parameter in the Black-Scholes (BS) pricing formula. It is well known from empirical studies that...