The power system regulation order that the energy dispatch is centralized by a agent - ONS - that should use a stochastic dynamic optimization model that maximize the energy is accumulated in the hydro plants. This model consider only the uncertainty of water affluence. Our first issue is...

The privatization policy for power generation system in Brazil needs that investments on new plants should be profitable. This depends on regulation rules: a) the cost of energy supplied on deficit situation; b) the normative value of energy that is the maximum value of energy for long-run...

Bitcoin has been described as a decentralized, partially anonymous, virtual currency, not backed by any government or other legal entity. Bitcoins are highly liquid, have low transaction costs, and are very volatile. This paper will look at the behavior of the value of Bitcoins, forecast the...

This project explores capital markets risk exposure from water use in key industrial sectors in the Great Lakes region, represented by a subset of the region's largest companies and water users. The largest industrial water users in the Great Lakes region include (in decreasing order):...

After the default of Lehman Brother, the credit risk became a first concern. Following the Euro crisis, the regulators were pushy for clearing i.e. the market participants were forced via the regulatory capital constraints to go to the exchange or the central clearing house. It was the beginning...

We explore the cost of implicit leverage associated with an S&P 500 Index futures contract and derive an implied financing rate. While this implicit financing rate has often been attractive relative to market rates on explicit financing, the relationship between the implicit and explicit...

Financial analyses such as valuation, solvency and capital adequacy play a crucial role in bankruptcy. Over the course of the 20th century, methods of financial analysis in bankruptcy have shifted from earnings multiples to discounted cash flow (DCF) and recently to market-based approaches such...

In this paper, we investigate the price performance of outstanding CoCos after a new CoCo issue is announced by the same issuer. Contingent Convertible bonds or CoCo bonds are new hybrid capital instruments that have a loss absorbing capacity which is enforced either automatically via the...

Over-the-counter (OTC) traders cannot pursue the two fundamental objectives of portfolio management, the identification of portfolio market risk and return and its diversification. The result of this major market shortcoming is a complex, systemically risky market disequilibrium. The tradable...

A new economic revolution liberating financial markets? Seeks to answer some of the questions driving the existential crisis embroiling finance: What is currency? What is value? What is a business? What is a bank, even?This article discusses how regulatory reform, transformative technologies,...