Die inhaltlichen Schwerpunkte der Festschrift für Prof. Dr. Manfred Steiner liegen in den Bereichen Finanzielle Unternehmensführung und Shareholder Value, Unternehmensbewertung sowie Kreditwürdigkeitsprüfung und Rating. Darüber hinaus sind Beiträge zu Finanzinnovationen, zum...

This chapter gives an overview of current research in evolutionary finance. We mainly focus on the survival and stability properties of investment strategies associated with the Kelly rule. Our approach to the study of the wealth dynamics of investment strategies is inspired by Darwinian ideas...

This paper introduces and analyzes an evolutionary model of a financial market with a risk-free asset. Focus is on the study of local stability of the wealth dynamics through the application of recent results on the linearization and stability of random dynamical systems (Evstigneev, Pirogov and...

We provide simple examples to illustrate how wealth-driven selection works in asset markets. Our examples deliver both good and bad news. The good news is that if individual assets demands are expressed as a fractions of wealth to be invested in each asset, e.g. because traders maximize an...