The main objective of this paper is to analyze within the Mean-Downside Risk (MDR)-framework the relevance of the investment horizon for deriving optimal US asset class allocations. The choice of this risk framework is motivated by its close connection towards the way investors perceive risk and...

The main objective of this paper is to analyze within the Mean-Downside Risk (MDR)-framework the relevance of the investment horizon for deriving optimal US asset class allocations. The choice of this risk framework is motivated by its close connection towards the way investors perceive risk and...

Assuming elliptical return distributions, we prove that minimum lower partial moments hedge ratios (according to Fishburn' s a-t model) are equal to or smaller than the minimum variance hedge ratio (strictly smaller for a=0, the target shortfall probability, and a=1 ). Therefore, if the latter...

In this paper we present and estimate a synthesis of previous equilibrium search models: allowing for continuous distributions of workers opportunity costs of employment, as well as firms' productivities. The model allows for on-the-job search, and we assume that job offer arrival rates for...

The role of the city in the modem electronic age is rapidly changing. Cities are no longer closed islands of local opportunities, but are open nodal points in a global network environment. The Information and Communication Technology (ICT) has lifted the traditional physical - geographical...

Adequate usage of measurement instruments is key for solid research. In this study we focus on the semantic differential as general technique of measurement. Despite calls for methodological rigor in information systems (IS) research, many of the applications of the semantic differential in IS...

With informational frictions on the labor market, hedonic wage regressions provide biased estimates of the willingness to pay for job attributes. We show that a recent theoretical result, which states that variation in job durations does provide good estimates in case of a basic on-the-job...