arbitrary (but finite) number of projects and the termination time. The optimal policy depends on the projects' risk …-adjusted drifts that are determined by their drifts, volatilities and the curvature (or relative risk aversion) of the agent's payoff … function. We prove that the optimal policy only selects projects in the spanning subset. Further, if the projects' risk …

We introduce and study the main properties of a class of convex risk measures that refine Expected Shortfall by … adjusted Expected Shortfalls quantify risk as the minimum amount of capital that has to be raised and injected into a financial … probability level p\in[0,1]. Through the choice of the benchmark risk profile g one can tailor the risk assessment to the specific …

Risk can be defined as the likelihood that you can deliver your promise. This paper has used the European put option … and the European call option to construct the p-index and c-index to measure the risk levels (likelihoods) of owning or ….e., higher risk for owning the assets; and (2) assets having higher up move have higher c-index, i.e., higher risk for short …

credit risk amid greater uncertainty. These adverse impacts of uncertainty on bank lending (both quantity and quality) are …

Financial risk is largely ignored in the tourism literature where most of the research concentrates only on economic or … political factors. Hence, we examine the effect of composite country risk, which includes economic, financial and political … risks as they all play a significant role in determining inbound tourism flows. Therefore, the overall country risk that …