This paper considers the effects of some frequently used utility functions in portfolio selection by comparing the optimal investment outcomes corresponding to these utility functions. Assets are assumed to form a complete market of the Black-Scholes type. Under consideration are four frequently...

Existing empirical studies of dividend yields and dividend policies either make no assumption or the normal distribution of the dividend yields data. The statistical results will be biased because they cannot reflect the finite support set property of dividend yields which can only range from 0...

The Pareto distribution is a heavy-tailed distribution often used in actuarial models. It is important for modeling losses in insurance claims, especially when we used it to calculate the probability of an extreme event. Traditionally, maximum likelihood is used for parameter estimation, and we...