This study suggests a portfolio theory encompassing various payment methods that are newly emerging as the development of the cryptocurrency market and central bank digital currencies (CBDCs) accelerates. We determine the payment methods chosen by an individual under given conditions by...

Albeit many scholars have studied the relationship between option-based incentives and corporate innovation, the results have been controversial. We divide corporate innovation into two dimensions: innovation inputs and outputs. Thereafter, we use propensity score matching and...

Although the insurance industry has a significant economic role, few theoretical studies link insurance with the overlapping generations economy. This study suggests a new overlapping generations model that includes insurance in the agents’ economic decisions under the uncertainty of financial...

This study suggests a payment portfolio model that includes new payment methods that have emerged from the development of cryptocurrency markets and central bank digital currencies (CBDCs). Our model analyzes the optimal payment choice for consumers under various macroeconomic conditions. We...

Incentive fees exist in the hedge fund industry to solve the principal-agent problem. However, due to indirect incentives, there continues to be a misalignment between fund managers’ and investors’ interests. This paper analyzes whether investors are able to mitigate this agency problem by...

This study predicts stock market volatility and applies them to the standard problem in finance, namely, asset allocation. Based on machine learning and model averaging approaches, we integrate the drivers’ predictive information to forecast market volatilities. Using various evaluation...