Wer mit dem Begriff ART konfrontiert wird, denkt vielleicht zunächst einmal andas Metropolitan Museum of Art, Clip-Art, Body-Art, Optical Art, Art déco,vielleicht auch noch an Pop Art und Roy Lichtenstein oder Artensterben undArtenschutz. Nur die wenigsten werden mit diesem Akronym moderne...

The aim of this study is to examine the underlying dimensions of self-stated attitudesand behaviour concerning everyday financial affairs, and classify individuals basedon those dimensions. A questionnaire was answered by 1282 respondents in the German-speaking part of Switzerland. The sample of...

Qualitätsmanagement ist wieder in aller Munde. Der Spielzeugwarenhersteller Mattel war erst unlängst gezwungen, 21 Millionen in China produzierte Spielzeuge zurückzurufen. Die Gründe lagen beispielsweise in unzulässig hohem Bleigehalt in den Farben und in der Verschluckungsgefahr von...

Why should risk management systems account for parameter uncertainty? In order to answer this question, this paper lets an investor in a credit portfolio face non-diversifiable estimation-driven uncertainty about two parameters: probability of default and asset-return correlation. Bayesian...

This paper argues that the level of financial services provision determines the riskmanagement strategies among the poor. The paper estimates the determinants of thehousehold’s use of one, two or all three types of microfinancial services applying orderedprobit models and additionally probit...

Over recent years, study on risk management has been prompted by the Basel committee for regular banking supervisory. There are however limitations of some widely-used risk management methods that either calculate risk measures under the Gaussian distributional assumption or involve numerical...

The aim of this paper is to examine the impact of capital and risk transfer instruments on diversification and insolvency risk in a parent-subsidiary relationship. To better assess the effects, we compare this setting to the case of a holding company and an integrated financial group. In the...