Family involvement in management (FIM) attracts much scholarly attention in the field of family business but reveals conflicting performance implications. With the contradictions in mind, this paper raises and answers two research questions. First, how does FIM affect firm performance? Second,...

We study the herd behavior and the phase transition for the yen–dollar exchange rate in the Japanese financial market. It is obtained that the probability distribution of returns satisfies the power-law behavior P(R)≃R-β with scaling exponents β=3.11, 2.81, and 2.29 at time intervals...

Recent variable annuities offer participation in the equity market and attractive protection against downside movements. Accurately quantifying this additional equity market risk and robustly hedging options embedded in the guarantees of variable annuities are new challenges for insurance...