This paper proposes that there exist situations when two or more investors who want to invest equal amounts in different, but successive periods, would be better off to "collude" and invest for the whole period to take advantage of an upward slopping yield curve. The goal of this paper is to...

This paper characterizes the long term social discount rate (SDR) in terms of indices of variation and identifies a class of discount functions that assign weight to the distant future in terms of the asymptotes of their hazard rates. Let A(t) be a discount function supported on [0, +∞[, whose...

We consider systems of companies which have financial interests in each other and develop principles by which the real interest of one company in another can be determined. The paper develops an algorithm to calculate true interests from a weighted digraph that encodes the direct and indirect...

In this paper a new approach of the Markowitz's model is presented. Indeed, using an inner product, a quantitative and explicit solution for optimal portfolio selection is given. To do this, a scalar product is defined in which allows us to calculate the composition of the optimal portfolio and...

En este trabajo se relacionan funciones de distribución de variables aleatorias que se concentran a la izquierda de un punto con leyes financieras de descuento, de manera que la tasa de fallo de una variable alcatoria coincida con la tasa o tanto instantáneo de la ley financiera,...

En este artículo se describen los sistemas financieros como familias de leyes financieras indizadas en el conjunto de los números enteros positivos, utilizando como herramienta el concepto algebráico de autómata. Se introducen dos tipos de sistemas financieros: los sistemas simplemente...

This paper shows that the concept of financial law has the structure of automaton. It is then shown that the financial law impose a group structure to the monoid of automaton and there are obtained, in natural way, the concepts of stationary, stationary of order n and dynamic financial laws,...