A comprehensive account of economic size distributions around the world and throughout
the years In the course of the past 100 years, economists and applied statisticians have …

Publisher Summary This chapter reviews probability distributions that have been and can be
applied to problems arising in finance and examines some of these applications. Viewed …

by exploiting the disequilibrium and non linear relationships among economic aggregates.
Prom an empirical point of view, this approach resemblaces the old NBER view, according …

Although the field of risk and insurance is sometimes said to lack a central paradigm, several
paradigms exist that define the foundations of the discipline. Two of the most important …

This paper reexamines duration dependence in US business cycles using parametric
hazard models. Positive duration dependence would indicate that expansions or …

We examine securities class action lawsuits that are filed after single-day stock price
declines of 10% or more. We decompose ex ante (pre-fall) litigation risk into the likelihood a …

This paper investigates the use of a four parameter family of probability distributions, the
generalized beta of the second kind (GB2), for modeling insurance loss processes. The GB2 …

The distribution of insurance losses has a positive support and is often unimodal hump-
shaped, right-skewed and with heavy tails. In this work, we introduce a 3-parameter …

It is well known that least squares estimates can be very sensitive to departures from
normality. Various robust estimators such as least absolute deviations (LAD), L p estimators …

In this paper, the problem of discounting in long-term project appraisal is discussed. We
consider public and environmental projects that need an important investment at the starting …