We consider in this paper the mean–variance formulation in multi-period portfolio selection under no-shorting constraint. Recognizing the structure of a piecewise quadratic value function, we prove that the optimal portfolio policy is piecewise linear with respect to the current wealth level,...

Instead of controlling "symmetric" risks measured by central moments of investment return or terminal wealth, more and more portfolio models have shifted their focus to manage "asymmetric" downside risks that the investment return is below certain threshold. Among the existing downside risk...

Guyana v. Suriname is a case where the international tribunal has an opportunity to deal with the state responsibility issue in a maritime delimitation dispute. This paper examines the jurisdiction of the arbitral tribunal over Guyanese submission that Suriname was internationally responsible...

Commission of the European Communities v. Ireland is important for it clarifies the division of areas of competences between the European Community (EC) and its Member States in the mixed agreements, such as the United Nations Convention on the Law of the Sea (LOS Convention). According to the...

The International Tribunal for the Law of the Sea plays an important role in the formation of the rules concerning the reasonableness of the bond in the prompt release proceedings under the LOS Convention. In order to strike a balance between the interests of the flag State and the detaining...

The mean-variance formulation by Markowitz in the 1950s paved a foundation for modern portfolio selection analysis in a single period. This paper considers an analytical optimal solution to the mean-variance formulation in multiperiod portfolio selection. Specifically, analytical optimal...

This paper develops a formal model to detect whether loss aversion, as a stable feature, serves as a medium for translating better environment into inferior performance. We show that environmental improvements induce a structural behavior change of loss-averse investors, which in turn leads to...

We focus in this paper the problem of improving the semidefinite programming (SDP) relaxations for the standard quadratic optimization problem (standard QP in short) that concerns with minimizing a quadratic form over a simplex. We first analyze the duality gap between the standard QP and one of...