This paper studies the incentives of German firms to voluntarily disclose cash flow statements and segment reports in the annual report. Internationally, both statements are considered important elements of financial reporting. In Germany, however, their disclosure has not been mandatory until...

In this paper, we first discuss the notion of „important financial centres“ and the socio-economic and political conditions which need to be fulfilled for such a centre to exist. We then address the issue of the so-called “end of geography” which has attracted a lot of attention...

This paper analyzes tractable robust hedging strategies in diffusion-type models including stochastic volatility models. A robust hedging strategy avoids any losses as long as volatility stays within a given interval. It does not depend on the exact specification of the volatility process and...