Financial institutions and insurance companies that analyse the evolution and sources of profits and losses often look at risk factors only at discrete reporting dates, ignoring the detailed paths. Continuous-time decompositions avoid this weakness and also make decompositions consistent across...

The profit and loss (P &L) attribution for each business year into different risk factors (e.g., interest rates, credit spreads, foreign exchange rate etc.) is a regulatory requirement, e.g., under Solvency 2. Three different decomposition principles are prevalent: one-at-a-time (OAT),...

In this paper the authors started from the widely accepted idea that the cultural inheritance of modern society becomes the key to its own development. Within the context of economic and institutional change, after institutional reforms continuing for twenty years, Romania still has the lowest...

Agricultural productivity growth has been strong relative to other sectors in the Australian economy, and relative to the agricultural sectors of other developed countries. However, as commonly observed among other developed economies, growth in productivity in the broadacre sector of Australian...