It is well known that the arithmetic mean of two possibly differentcopulas forms a copula, again. More general, we focus on theweighted power mean (WPM) of two arbitrary copulas which is notnecessary a copula again, as different counterexamples reveal. However,various conditions regarding the...

We introduce a new discounted cash flow model which adopts the diversification effectof multi-business firms. We face two challenges: One is examining how different diversificationextents can affect the firm value due to risk reduction, and the other is modelingsegment-specific cash flows and...