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Predictions, Nonlinearities and Portfolio Choice
Finance researchers and asset management practitioners put a lot of effort into the question of optimal asset allocation. With this respect, a lot of research has been conducted on portfolio decision making as well as quantitative modeling and prediction models. This study brings together three fields of research, which are usually analyzed in an isolated manner in the literature: - Predictability of asset returns and their covariance matrix - Optimal portfolio decision making - Nonlinear modeling, performed by artificial neural networks, and their impact on predictions as well as optimal portfolio construction Including predictability in asset allocation is the focus of this work and it pay...
Third-Order Risk Preferences and Cumulative Prospect Theory
There is broad theoretical and empirical evidence that investors exhibit a preference for skewness. However, there is little research regarding the extent to which individuals really favor positive skewness in individual decision making. In this dissertation, a controlled laboratory experiment is used to test for skewness preferences and prudence – a broader third-order risk preference that is closely linked to skewness preferences. Skewness and prudence preferences are further analyzed both within an Expected Utility Theory framework as well as with Cumulative Prospect Theory. For this, a sound experimental setup is used that also excludes any potentially distortionary effects from loss aversion. This dissertation therefore contributes to better understanding of individual risk preferences and other impact factors, such as a more “rational” vs. a more “intuitive” decision making process in individual decision making.
The Living History of Medicine
The history of medicine is a living one and involves much more than reflecting on the battles that have been won or lost in the ever-changing struggle against disease. The living history really lies within man himself and too often the human side of this story is neglected. As doctors, we have been trained to focus on the signs of disease and consequently, we pay little attention to the people who discovered them. When we read in our pathology texts about the interesting triad of defects in an illness such as Hand-Schuller-Christian disease, we tend to forget about the doctors who faced great personal hardships to bring us the information we now use to treat the disorder. Dr Treacy is recogn...
National Union Catalog
Includes entries for maps and atlases.
Subject Catalog
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