In modern portfolio theory, financial portfolios are characterised by a desired property, the ‘reward’, and something undesirable, the ‘risk’. While these properties are commonly identified with mean and variance of returns, respectively, we test alternative specifications like partial...

Innovations, be they radical new products or technology improvements are widely recognized as a key factor of economic growth. To identify the factors triggering innovative activities is a main concern for economic theory and empirical analysis. As the number of hypotheses is large, the process...

Typically, prediction bands for path-forecasts are constructed pointwise, while inference relates to the whole forecasted path. In general, no closed form analytical solution is available for pathwise bands in finite samples. We consider a direct construction approach based on bootstrapped...