Optimal portfolio selection via conditional convex risk measures on L p

We consider conditional convex risk measures on L ^p and show their robust representation in a standard way. Such measures are used as evaluation functionals for optimal portfolio selection in a Black&Scholes setting. We study this problem focusing on the conditional Average Value at Risk and the conditional entropic risk measure and compare the respective optimizers.     

Compromising as an equal loss principle

Review of Economic Design - A social choice rule aggregates the preferences of a group of individuals over a set of alternatives into a collective choice. The literature admits several social...     

Can the government create a vibrant cluster? Understanding the impact of cluster policy on the development of a cluster

Research has debated to what extent policy measures can facilitate or contribute to the development of clusters. This article contributes to this debate by questioning how the government can create a cluster that is self-organizing and vibrant but also maintain sufficient influence to continue using the cluster as a policy instrument. Taking the perspective of cluster members, the article investigates how members perceive the ambiguous role of the government in a government-supported cluster. It analyses to what extent cluster members value a government-supported cluster and whether they perceive the government as one that facilitates or hinders them in self-organizing the cluster. Empirical evidence is derived from a case study of a French cluster established as a result of a cluster policy initiative and which has recently been required to fulfil a new set of objectives by the same government. The findings suggest that government-supported clusters can self-organize if members are given the opportunity, but with the consequence that it becomes difficult for the government to fully control such clusters. To continue steering the cluster’s development, the government would have to leverage the technology gatekeepers’ power by designing policies that allow gatekeepers to translate government objectives into meaningful objectives for themselves.     

‘There will be no law,or people to protect us’: Irregular Southeast Asian seasonal workers in Taiwan before and during the pandemic

This paper investigates the everyday lived realities of Southeast Asian migrant workers who left the formal sector of the labour market and entered the informal agricultural sector before and during the COVID-19 pandemic in Taiwan. Drawing on observations of migrants' daily lives and farm work and 19 in-depth interviews, it delves into migrants' subjective experiences of vulnerability, paternalism, exploitation, and control at work due to a lack of legal protection and the illegality of their employment. Although the literature has identified a link between ‘running away’ from formal employment and seeking freedom, this research suggests a continuum between experiences of work in the formal and informal economic sectors. The paper sheds new light on mobility, work, illegality, and informality and how these have constantly shaped ‘runaway’ workers' subjective experiences of freedom and unfreedom during the pandemic.     

Effect of board gender diversity on the financial performance of microfinance institutions: Does judicial efficiency matter?

The impact of board gender diversity on the financial performance of firms is not known. This is because empirical investigations have yielded inconclusive outcomes. This study engages data from 408 microfinance institutions (MFIs) covering the period 2010–2018 from the six microfinance regions to investigate this impact using the Least Squares Dummy Variable (LSDV) and the System Generalized Method of Moments (SYS-GMM) estimation techniques. The study also explores whether judicial efficiency exerts any significant effect on the board gender diversity–financial performance nexus. The study observes that board gender diversity exhibits a strong negative effect on the financial performance of MFIs. The study also observes that the effect of board gender diversity on the financial performance of MFIs escalates in the presence of judicial inefficiency. The study, therefore, unveils the judicial system as a channel through which gender diversity drives the financial performance of MFIs negatively.     

Associations between perceived employability,employee well-being,and its contribution to organizational success: a matter of psychological contracts?

We investigated interactions between perceived employability and employees' perceptions about psychological contract obligations made by the employer in relation to life and job satisfaction, self-rated performance, and turnover intention. We hypothesized that perceived employability relates positively to job satisfaction, life satisfaction, and self-rated performance and negatively to turnover intention under the condition of many promises. Conversely, perceived employability relates negatively to job satisfaction, life satisfaction, and self-rated performance and positively to turnover intention under the condition of few promises. Analyses using a sample of 463 workers from seven Belgian organizations showed that perceived employability was positively related to all outcomes except job satisfaction. The number of promises was positively related to job and life satisfaction, and to self-rated performance, and negatively to turnover intention. Contradictory to our expectations, with the exception of turnover intention, the relationships between perceived employability and the outcomes were relatively stronger and positive under the condition of few promises compared with many promises.     

Risk assessment for uncertain cash flows: model ambiguity, discounting ambiguity, and the role of bubbles

We study the risk assessment of uncertain cash flows in terms of dynamic convex risk measures for processes as introduced in Cheridito et al. (Electron. J. Probab. 11(3):57–106, 2006). These risk measures take into account not only the amounts but also the timing of a cash flow. We discuss their robust representation in terms of suitably penalised probability measures on the optional σ-field. This yields an explicit analysis both of model and discounting ambiguity. We focus on supermartingale criteria for time consistency. In particular, we show how “bubbles” may appear in the dynamic penalisation, and how they cause a breakdown of asymptotic safety of the risk assessment procedure.     

Experiences with and the viability of a recycling pilot project in a Cape Town township

This paper documents the experience with an NGO-initiated recycling programme in Hangberg Township, Cape Town. The 11-week trial project achieved 70% sign-up but suffered substantial drop-out. The NGO’s attempt to brand block leaders as ‘eco-heroes’ was unsuccessful and there were concerns about the distribution of project benefits. The project diverted 26% by mass of the estimated solid waste refuse stream of 2.5 kg per person per week and made R1752 from selling 1.965 tons of recycling. Some 970 kg of compostables were diverted but not processed as part of the project. Project accounts revealed a benefit–cost ratio of 0.123 in which the sale of recyclables and landfill costs avoided were the only benefits and wages and consumables the main costs. While a more equitable distribution of benefits could improve the cost–benefit ratio, there are other good reasons for donors to fund projects of this nature.     

The space of outcomes of semi-static trading strategies need not be closed

Semi-static trading strategies make frequent appearances in mathematical finance, where dynamic trading in a liquid asset is combined with static buy-and-hold positions in options on that asset. We show that the space of outcomes of such strategies can have very poor closure properties when all European options for a fixed date \(T\) are available for static trading. This causes problems for optimal investment, and stands in sharp contrast to the purely dynamic case classically considered in mathematical finance.