Assuming elliptical return distributions, we prove that minimum lower partial moments hedge ratios (according to Fishburn' s a-t model) are equal to or smaller than the minimum variance hedge ratio (strictly smaller for a=0, the target shortfall probability, and a=1 ). Therefore, if the latter...

Books reviewed: Hooghe L. and Marks G., Multi-Level Governance and European Integration Loughlin J. (ed.), Subnational Democracy in the European Union: Challenges and Opportunities Sidjanski D., The Federal Future of Europe: From the European Community to the European Union Delwit P., Kulahi E....

In this paper, we deal with the challenges offered to international firms by combined transport. We start with an introduction to logistics and marketing channels. An attempt is made to link the current theory about marketing channels to combined transport and logistics in order to develop a...