The world for financial institutions has changed during the last 20 years, and become riskier and more competitive-driven. After the deregulation of the financial market, banks had to take on extensive risk in order to earn sufficient returns. Interest rate volatility has increased dramatically...

When managing investment portfolios on integrated capital markets, beyond the models put forth by the modern portfolio theory, (the Markowitz model, the CML model, the CAPM model, the Treynor-Black model and more), one can successfully resort to the statistical and mathematical tools made...

One can argue – with a degree of certainty – that finance experts had long realised that the decision to invest needed to take into account both the profitability and the risk associated with the assets, but that used to be done mostly at an empirical level. The major contribution of...

As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value) are closely tied to the “financial health” of the...

Nowadays, economical reality in developed countries shows that the most important and efficient investments are those related to intelligence, stimulating creativity and knowledge. Investments orientation to these three directions guided to the creation of what literature of specialty calls...