相关论文: On the nature of financial leverage

Risk and uncertainty will always be a matter of experience, luck, skills, and modelling. Leverage is another concept, which is critical for the investor decisions and results. Adaptive skills and quantitative probabilistic methods need to…

This paper empirically analyzes a dataset published by the European Banking Authority. Our main aim was to study how the Leverage Ratio is affected by adverse financial scenarios. This was be followed by observing how Leverage Ratio…

Observation of the workings of productive organizations shows that the characteristics of a trade, backed by nature given to a technological environment, determine the productive combination implemented by the decision maker, and the…

The forecasting of the credit default risk has been an important research field for several decades. Traditionally, logistic regression has been widely recognized as a solution due to its accuracy and interpretability. As a recent trend,…

We model leverage as stochastic but independent of return shocks and of volatility and perform likelihood-based inference via the recently developed iterated filtering algorithm using S&P500 data, contributing new evidence to the still slim…

This paper is an original attempt to understand the foundations of economic reasoning. It endeavors to rigorously define the relationship between subjective interpretations and objective valuations of such interpretations in the context of…

We propose a decision-analytical approach to comparing the flexibility of decision situations from the perspective of a decision-maker who exhibits constant risk-aversion over a monetary value model. Our approach is simple yet seems to be…

Emerging techniques in computer science make it possible to "brain scan" large language models (LLMs), identify the plain-English concepts that guide their reasoning, and steer them while holding other factors constant. We show that this…

Regression plays a key role in many research areas and its variable selection is a classic and major problem. This study emphasizes cost of predictors to be purchased for future use, when we select a subset of them. Its economic aspect is…

Selecting language models in business contexts requires a careful analysis of the final financial benefits of the investment. However, the emphasis of academia and industry analysis of LLM is solely on performance. This work introduces a…

Algorithmic predictions are increasingly used to inform the allocations of goods and interventions in the public sphere. In these domains, predictions serve as a means to an end. They provide stakeholders with insights into likelihood of…

The goal of this article is to understand some interesting features of sequences of arbitrage operations, which look relevant to various processes in Economics and Finances. In the second part of the paper, analysis of sequences of…

Essentially being an extended abstract of the author's 1998 PhD thesis, this paper introduces an extension of the language of linear logic with a semantics which treats sentences as tasks rather than true/false statements. A resource is…

Contingency and accident are two important notions in philosophy and philosophical logic. Their meanings are so close that they are mixed sometimes, in both everyday discourse and academic research. This indicates that it is necessary to…

The eventological theory of decision-making, the theory of eventfull decision-making is a theory of decision-making based on eventological principles and using results of mathematical eventology; a theoretical basis of the practical…

We argue that the tools of decision theory need to be taken more seriously in the specification and analysis of systems. We illustrate this by considering a simple problem involving reliable communication, showing how considerations of…

Visualization as a discipline often grapples with generalization by reasoning about how study results on the efficacy of a tool in one context might apply to another context. This work offers an account of the logic of generalization in…

In this paper, making use of recent statistical physics techniques and models, we address the specific role of randomness in financial markets, both at the micro and the macro level. In particular, we review some recent results obtained…

Affordance theory proposes that the use of an object is intrinsically determined by its physical shape. However, when translated to digital objects, affordance theory loses explanatory power, as the same physical affordances, for example,…

This article introduces the notion of arbitrage for a situation involving a collection of investments and a payoff matrix describing the return to an investor of each investment under each of a set of possible scenarios. We explain the…