-Arrow goodwill as a state variable. Assuming an infinite time horizon, we use some dynamic programming techniques in infinite … dimension to characterize both the optimal advertising effort and the optimal goodwill path in the long run. An interesting …

diversification within large banks and financial conglomerates. We discuss the limited value of the normal distribution based … of the risk distribution. This measure is estimated and indicates better diversification benefits for conglomerates …

of credit due to moral hazard between the entrepreneur and external investors. Diversification could mitigate the moral …. In this paper we show that delegation can be the only way to exploit gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. …