A hybrid valuation methodology is proposed and tested for improving the efficiency of contingent claims pricing by combining Artificial Neural Networks (ANN) and conventional parametric option pricing techniques. With one application on financial derivatives and one on real options the...

This paper investigates the reasons behind what has been termed the ‘Oulu Phenomenon‘ in Northern Finland. Over the past two to three decades the city of Oulu has transformed its economy from dependency on timber, paper and pulp industries into one based on High Technology, notably,...

This paper investigates the reasons behind what has been termed the 'Oulu Phenomenon' in Northern Finland. Over the past two to three decades the city of Oulu has transformed its economy from dependency on timber, paper and pulp industries into one based on High Technology, notably,...

This paper provides an evolutionary perspective on financial systems based on complex systems theory. This perspective is used to organize the discussion about the convergence and non-convergence of financial systems. In recent years the discussion about the relative merits and the efficiency of...

Synopsis: Ants and honeybees are both social insects that share many characteristics in common. But there is a fundamental difference between ants and bees. Ants can and do construct main nests with satellite nests, whereas bees construct only a main nest with no satellite nests. In this paper...

The joint impact of long term structural features, on the one hand, and of recent market-oriented reforms in the macroeconomic incentive regime, on the other, are inducing major changes in social and production organization throughout the Latin American region. The new economic model is quite...