This note studies the risk-management decisions of a risk-averse farmer. The farmer faces multiple sources of price uncertainty. He sells commodities to two markets at two prices, but only one of these markets has a futures market. We show that the farmer's optimal commodity futures market...

The paper focuses on the interaction between the solvency probability of a banking firm and the diversification potential of its asset portfolio when determining optimal equity capital. The purpose of this paper is to incorporate value at risk (VaR) into the firm-theoretical model of a banking...

Purpose: The world is going through unprecedented times since the beginning of the COVID-19 pandemic. Billions of people will be vaccinated in the next few years. This mass vaccination effort requires setting up complex cold chain organizations and meticulous coordination of distribution...

Purpose: COVID-19 caused a highly uncertain environment and introduced a radical change in the airline industry. In that time, idle capacity due to drastic decline in passenger traffic, change in travel rules, and increases in air cargo demand have emerged as the main challenges. Effective...