Gegenstand dieser Arbeit ist die Untersuchung von Finanzmarktmodellen, die für den An- und Verkauf von Finanzgütern anfallende Kosten berücksichtigen, sogenannte Transaktionskosten. Zentrales Thema ist dabei ein Portfoliooptimierungsproblem in einem Black-Scholes-Modell mit n Aktien bei...

The question how to allocate capital best is as old as financial markets themselves. Maximizing expected gains only might be a good approach but cannot be the best answer because usually high expected gains are driven by highly speculative and risky investments.In this thesis we study economic...

Typically an investor incurs risk by issuing a contingent claim. She can try to reduce this risk by trading in the underlying asset according to a strategy which is in some sense appropriate. In an incomplete financial market there usually are several meaningful choices for the determination of...

Incomplete markets provide many challenges for both investment decisions and valuationproblems. While both problems have received extensive attention in complete markets,there remain many open areas in the theory of incomplete markets. We present the resultsin three parts. In the first essay we...

Academicians and practitioners are becoming increasingly interested inthe economics of Information Technology (IT). In part, this intereststems from the increased role that IT now plays in the strategicthinking of most large organizations, and from the significant dollarcosts expended by these...

Retail centres are a visible sign of developed capitalist societies and make an appreciable contribution to these economies. For the firms involved in supplying air conditioning maintenance to retail centres, governance structures (that incorporate the make-or-buy decision and the decision...

If transitory profitable trading opportunities exist, filter rules are used in practice to mitigate transaction costs. The filter size is difficult to determine a priori. Our paper uses a dynamic programming framework to design a filter that is optimal in the sense of maximizing expected returns...

Traditionally, retail travel agencies have acted as intermediaries between primary creators/suppliers of travel products and the consumer, largely as a function of taking upon themselves the transaction costs for the consumer to find and select appropriate travel facilitators. Internet-related...

The work presented here is part of a wider research programme oriented around three specific questions. First, how do individual agents appropriate returns from innovation and how is this affected by the availability (or not) of intellectual property rights such as copyrights and patents?...

As the process of globalisation of the world economy progresses, the degree of international competition among enterprises increases as well. Yet not all industries or branches are affected to the same extent by this development. One of the most important factors which determine the degree of...