We build a cumulative innovation model in which both success and failure provide valuable information for future research. To test this learning mechanism, we use a dataset covering outcomes of world-wide R&D projects in the pharmaceutical industry, and proxy knowledge flows with forward...

In the field of risk management, scholars began to bring together the quantitative methodologies with the banking management issues about 30 years ago, with a special focus on market, credit and operational risks. After the systemic eff ects of banks defaults during the recent fi nancial crisis,...

The recent financial crisis highlighted the relevant role of the systemic effects of banks' defaults on the stability of the whole financial system. In this work we draw an organic picture of the current regulations, moving from the definitions of systemic risk to the issues concerning data...

A variety of phenomena can be explained by means of a description of the features of their underlying network structure. In addition, a large number of scientists (see the reviews, eg. Barabasi, 2002; Watts, 2003) demonstrated the emergence of large-scale properties common to many different systems....

One of the key components of financial risk management is risk measurement. This typically requires modeling, estimating and forecasting tail-related quantities of the asset returns' conditional distribution. Recent advances in the financial econometrics literature have developed several models...

A variety of phenomena can be explained by means of a description of the features of their underlying network structure. In addition, a large number of scientists (see the reviews, eg. Barabasi, 2002; Watts, 2003) demonstrated the emergence of large-scale properties common to many different systems....