Developed in the 1950s and 1960s, the core concept of the Markowitz model - the homogenous expectations assumption - is important to capital asset pricing models. The Markowitz Model uses the statistical variance of a stock's price as the measure of its risk and its expected return as the...

In the globalization era that we are witnessing, the social problems of welfare and development have become key points on the agendas of European countries and not only. The present economic and political context has proved once more that social welfare represents an essential objective of any...