This paper analyzes the safety-first portfolio model under two different target assumptions, the fixed target, which is commonly assumed in the literature, and the random target, which has played only a minor role so far. As both targets can be easily motivated, the open question is, which...

Safety-first portfolio optimization is concerned with maximizing the expected portfolio return subject to a safety-first constraint, which is defined as the probability of failing to achieve a specified target. Commonly the target is assumed to be fixed, which, however, leads to significant...

The need for monitoring countries’ overall performance in sustainable development (SD) is widely recognized, but the methods for aggregating vast amounts of empirical data remain rather crude. This paper examines the so-called ‘benefit of doubt’ weighting method as a tool for identifying...

European financial regulation consistently gives governments privileged access to private investors, reflecting the anchor role assigned to sovereign securities as safe and liquid assets for the financial system. Legislative reforms after the financial crisis of 2008 further expanded the...

The paper discusses the flexibilization of the sui generis system of supplementary protection certificates (SPCs) under European law recently introduced to allow for the manufacturing, stockpiling and export of covered products. Against this background, it examines the viability under the...

Examining fisheries, Brexit, the Trade and Cooperation Agreement (TCA) and its consequences for the fishing industry in the UK and the EU, this book explores key issues within the complex topic of fisheries after Brexit. Assessing the new fishing relationship between the UK and the EU, which...