The European Commission’s Financial Services Action Plan, FSAP, (1999) is a key document in the political process of building a common framework for financial markets in the EU area. The FSAP and financial regulation at the EU Member state level are derived from a complicated mix of policy...

In this paper we analyze the mortgage choice faced by Danish borrowers. <p> Based on an analysis of the most popular Danish mortgage products, <p> we argue that Adjustable-Rate Mortgages (ARM) with life time caps will <p> combine the most attractive features from straight ARMs and callable <p> Fixed-Rate...</p></p></p></p>

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Variable kernel hazard estimators are considered in the case, where the bandwidth is allowed to depend on the exposure. Simulations show, that when the exposure varies substantially, then this can improve the performance of the basic kernel smoother con-siderable. A two-stage approach for kernel...

This paper presents an analysis of the basis target zone model, using data from three core EMS members. Recent research har argued that the model may not perform empirically as bad as previous investigation have suggested. In order to investigate this point, we first estimate the model by a...

Nielsen (1999) showed the surprising fact that a nonparametric one-dimensional hazard as a function of time can be estimated n-consistently if a high quality marker is observed. In this paper we show that the hazard relevant for predicting remaining duration time, given the current status of a...

This paper takes a contingent claim approach to the market valuation of equity and liabilities in life insurance companies. A model is presented which explicitly takes into account the facts that the holders of life insurance contracts (LICs) have the first claim on the company’s assets...

The purpose of this paper is to contribute to an understanding of the intricate relationship between <p> audit regulation and developments in audit practice in relation to the fraud issue. The extent and exact nature of the responsibilities of the auditor to detect fraud in relation to audit...</p>