We propose a new approach to the definition of stress scenarios for volatilities and correlations. Correlations and volatilities depend on a common market factor, which is the key to stressing them in a consistent and intuitive way. Our approach is based on a new asset price model where...

The influence of past stock price movements on correlations and volatilities is essential for understanding diversification and contagion in financial markets. We develop a model that makes the influence of past returns, aggregated into driving factors for correlations and volatilities,...

The German network of leisure and tourism geography is analysing the concept of sustainable development in the field of tourism. This research is directed to point out the conditions for a sustainable tourism with high earnings which is accepted by the residents. Christoph Becker has published...