This research aims to find the determinants of participation on social organizations in Chile through a social capital approach, as well as to evaluate the existence of a positive effect between participation and household welfare. In the case of economic and local organizations several...

This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which...

Genetic algorithms (GAs) are appropriate when investors have the objective of obtaining mean.variance (VaR) efficient frontier as minimising VaR leads to non.convex and non.differential risk.return optimisation problems. However GAs are a time.consuming optimisation technique. In this paper, we...

Increasing attention is paid to risk management under the recent regulatory frameworks of the insurance and financial sectors. It is required by the regulator that institutions have a capital to face potential losses from their activity. This capital is usually assessed by means of risk...