Why is it still relevant to probe the notion of fragility when the concept has been so heavily criticised? Because it continues to be used in policy on conflict, security and development. For example, the United Nations names fragility as a major challenge to achieving the Millennium Development...

We investigate the benefits of risk pooling for the policyholders of stock insurance companies under different solvency standards. Using second‐degree stochastic dominance, we document that the utility of risk‐averse policyholders is increasing in the pool size if the equity capital is...

We provide a comprehensive assessment of volatility connectedness between the currencies of Central European (CE) countries using high-frequency data from 2009 to 2022. We assess asymmetries in connectedness (not investigated for CE currencies before) and document domination of the negative...

The present paper considers a retiree of a certain age with an initial endowment of investable wealth facing the following alternative investment opportunities. One possibility is to buy a single premium immediate annuity-contract. This insurance contract pays a life-long constant pension...

For practitioners, the Cost-Average phenomenon is part of the basic knowledge concerning investment theory. The core effect lies within the possibility to achieve in average a lower acquisition cost compared to the average price of the stock or investment fund. With the regu-lar investment of...

The present contribution deals with a consistent and general foundation of target-based risk-adjusted performance measures. First of all measures of shortfall risk and upside reward are introduced to establish a basis for discussing the corresponding risk-adjusted performance measures...

The present paper considers a retiree of a certain age (60 years, 70 years) facing the following alternative investment opportunities. One possibility is to buy a single premium immediate (constant) annuity-contract. This contract guarantees a life long pension payment of a certain amount,...