Extremes are unusual or rare events. However, when such events – for exampleearthquakes, tidal waves and market crashes - do take place, they typically causeenormous losses, both in terms of human lives and monetary value. For this reason,it is of critical importance to accurately model...

Financial institutions invest in financial securities like equities, options andgovernment bonds. Two measures, namely return and risk, are associated witheach investment position. Return is a measure of the profit or loss of theinvestment, whilst risk is defined as the uncertainty about...

Any brand has a specific identity that the company wants to portray to consumers in its targetmarket – its brand identity – what the brand stands for. This is also the case for Oakley, aluxury brand competing in the sports and fashion industries. In essence the brand identity ofa company is...

This paper discusses experiences in reestablishing fiscal management in postconflict countries. Building fiscal institutions in postconflict countries essentially entails a three-step process: (1) creating a legal or regulatory framework for fiscal management; (2) establishing or strengthening...

The paper reviews the changing nature of intergovernmental fiscal relations between the provinces and the central government in China over the past two decades and provides an assessment of the success of previous reforms in meeting their objectives. Key existing weaknesses in the current system...