sensitivities to standard risk factors over the sample period from 2007 to 2014. By contrast, comparable bonds (same currency … denomination and credit rating category) issued by foreign entities did not offer significant risk-adjusted returns and exhibited … markedly different sensitivities to Swiss and global risk factors. However, the positive risk-adjusted returns on Swiss bonds …

, uncertainty is an important challenge because current information about the aging process may be false. Especially in the context …, substantial uncertainty is still common in replacement. An example in this context is the lifetime of PE tubes in gas networks … these different sources of uncertainty will impact the network operator's replacement decision. Further it is of interest …