The paper argues that networked firms are likely to have an advantage in securing externalfinance in countries with weak legal and judicial institutions since it helps financial institutionsto minimize the underlying agency costs of lending. An analysis of recent BEEPS data fromfifteen Central...

Innovation activities in high tech industries provide considerable challenges for technology and innovation management. In particular, firms frequently face significant technological challenges since these industries has a long history of radical innovations which are taking place through...

This study investigates what creates value for customers and how providers canimprove value for their customers. A comprehensive analytical model with a fourstepapproach is presented and applied in the field of financial services. In a firststep, the main customer value drivers are identified...

Fundamental changes in the market environment force insurance intermediaries to redefinetheir roles. This article focuses on the future functions of brokers, which areanalyzed from a functional as well as a customer-oriented perspective. To cope withthe limitations of current intermediation...

Innovation activities in high technology industries provide considerable challenges fortechnology and innovation management. In particular, since these industries have a long historyof radical innovations taking place through distinct industry cycles of higher and lower demand,firms frequently...

We will present a model to compute a lower bound for the price of this option. The model, represented by a non-linear parabolic PDE, is implemented with finite elements in order to demonstrate the results with several derivatives from the European market.

This article investigates the impacts of asymmetric information within a Lucas (1978) asset pricing economy. Asymmetry enters via the assumption that one group of agents is equipped with superior information about the dividend process.(...)

The paper shows how a particular optimization heuristic, called threshold accepting, can be successfully used to solve complex portfolio choice problems.

Many economic and econometric applications require the integration of functions lacking a closed form antiderivative, which is therefore a task that can only be solved by numerical methods. We propose a new family of probability densities that can be used as substitutes and have the property of...

The well-known binomial and trinomial tree models for option pricing are examined from the point of view of numerical efficiency. Common lattices use a large part of time resources for calculations which are almost irrelevant for the solution. To avoid this waste of resources, the tree is...