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 paper presents a new approach to incorporate estimation risk into mean-variance portfolio selection. The key contribution of our analysis is that we model the estimation risk as a second, independent source of risk.

Nach §44 Investmentgesetz (InvG) sind Investmentfonds verpflichtet, im Rahmen ihres regelmäßigen Berichtswesens den Anlegern zumindest halbjährlich ihre Portfoliozusammensetzung bekannt zu geben. Häufigere oder auch detailliertere Portfolioveröffentlichung erhöht die Trans parenz des...

In this paper we develop the rst estimator of the covariance matrix that relies solely onforward-looking information. This estimator only uses price information from a cross-sectionof plain-vanilla options. In an out-of-sample study for US blue-chip stocks we show that aminimum-variance strategy...