It is argued that construction is an important sector of the Welsh economy in terms of employment, wages and growth. Key competence and capacity issues have arisen, however, due to large contracting firms concentrating on core activities and subcontracting peripheral activities to Small...

[...]We recommend that a study incorporating our suggested refinements should now take place into a furthergroup of sectors of interest to policy makers to test further the framework and any improvements builtinto it.[...]

This work gives a brief overview of the portfolio selection problem following the mean-risk approach first proposed by Markowitz (1952)... [Enrico De Giorgi]<p>

The portfolio selection problem is traditionally modelled by two different approaches. The first one is based on an axiomatic model of risk-averse preferences, where decision makers areassumed to possess an expected utility function and the portfolio choice consists in maximizing the expected...

The paper shows that financial market equilibria need not exist if agents possess cumulative prospect theory preferences with piecewise-power value functions. The reason is an infiniteshort-selling problem. But even when a short-sell constraint is added, non-existence can occur due to...

The wealth dynamics of insurance companies strongly depends on the success of their investment strategies, but also on liquidity shocks which occur during unfavorable years, when indemnities to be paid to the clients exceed collected premia. An investment strategy that does not take liquidity...