Risk and Capital: Proceedings of the 2nd Summer Workshop on Risk and Capital Held at the University of Ulm, West Germany June 20-24,1983

by G. Bamberg (Editor), K. Spremann (Editor)

Overview

This volume invites young scientists and doctoral students in the fields of capital market theory, informational economics, and mana­ gement science to visualize the many different ways to arrive at a thorough understanding of risk and capital. Rather than focusing on one subject only, the sample of papers collected may be viewed as a representative choice of various aspects. Some contributions have more the character of surveys on the state of the art while others stress original research. We found it proper to group the papers under two main themes. Part I covers information, risk aversion, and capital market theory. Part II is devoted to management, policy, and empirical evidence. Two contributions, we think, deserved to break this allocation and to be placed in a prologue. The ideas expressed by Jost B. Walther, although meant as opening address, draw interesting parallels for risk and capital in genetics and evolution. An old, fundamental pro­ blem was asked and solved by Martin J. Beckmann: how does risk affect saving? The wise answer (Martin's 60th birthday is in July 1984) is both smart and simple, although the proof requires sophisticated dynamic programming. As always, such a work must be the result of a special occasion.

Product Details

ISBN-13:	9783540129233
Publisher:	Springer Berlin Heidelberg
Publication date:	05/18/1984
Series:	Lecture Notes in Economics and Mathematical Systems , #227
Edition description:	Softcover reprint of the original 1st ed. 1984
Pages:	310
Product dimensions:	6.69(w) x 9.61(h) x 0.03(d)

Table of Contents

Prologue.- Opening Address.- Risk and Saving.- I: Information, Risk Aversion, and Capital Market Theory.- The Impacts of Variance Reducing Strategies in Dyopolistic Capital Markets.- Notes on Costless Financial Signalling.- Variable Information and Capital Market Equilibria.- Diffusion Process Specifications for Interest Rates.- Mis-Specifications in Portfolio Selection Problems.- Increasing Multivariate Risk: Some Definitions.- A Firm in Statu Nascendi — Initial and Final Shareholders.- A Consistent Model for the Pricing of Derivative Assets in a Discrete Time Framework.- II: Management, Policy, and Empirical Evidence.- Credit Contracts, Collateral-Based Security Agreements, and Bankruptcy.- Reserve Levels and Reserve Requirements for Profit-Maximizing Insurance Firms.- Financial Planning via Shastic Programming: A Shastic Flows-With-Gains Approach.- Corporate Planning and Capital Maintenance.- Optimization Models for Distribution Planning.- Sk Market Research in Germany: Some Empirical Results and Critical Remarks.- Quantity Rationing of Economic Transactions in a Risky Environment.- Financial Risk and Capital Structure: Theory and Practice in an International Context.- Up the Down Staircase: The Productivity Decline and Strategies for Recovery.