I present a simple model of an evolutionary financial market with heterogeneous agents, based on the concept of adaptive belief systems introduced by Brock and Hommes (1997a). Agents choose between different forecast rules based on past performance, resulting in an evolutionary dynamics across...

The paper studies the problem of maximizing the expected utility of terminal wealth in the framework of a general incomplete semimartingale model of a financial market. We show that the necessary and sufficient condition on a utility function for the validity of several key assertions of the...

We generalize the classical concept of a certainty equivalent to a model where an investor can trade on a capital market with several future trading dates.We show that if a riskless asset is traded and the investor has a CARA utility then our generalized certainty equivalent can be evaluated...

Will man den Einfluss der Einkommensteuer auf den Wert eines Projektes oder eines Unternehmens bestimmen, so bietet sich das Standardmodell als eines der populärsten Modelle an. Bei diesem Modell werden insbesondere im Nenner die Kapitalkosten um den Faktor (1-s) gekürzt, wobei s den...

This paper gives an overview of the theories underlying the major portfolio performance measurement models, with an empirical application to assess the market timing and stock-picking abilities of an exhaustive sample of 60 Swiss-equity investment funds over the 1977-1999 period.

This paper shows how financial contracts might be redesigned to allow for banks to manage the idiosyncratic component for their own accounts.

This paper reassesses, at the light of economic and financial theory, the well-documented recent evolution of the euro area public debt and equity markets.

Welche Rolle spielten die deutschen Kapitalmärkte in der Globalen Entwicklung des 19.Jahrhunderts und was lässt sich für die Gegenwart ablesen?

This thesis tries to discuss critically at least two issues regarding European Eastern Enlargement. It tries to offer an analysis of the reasons why the EU had made the decision to enlarge eastwards, even though the advantages were not clear. A further aim will be to raise issues about the...