Investment planning and arm's length control in a nationalised industry

Article Abstract:

The decentralized systems of control employed in Great Britain to control state-owned industries at arm's length from the central government agencies involved are reviewed to determine their effectiveness from the standpoint of investment planning. The review and analyses examine three types of arm's length control systems: economic and financial ground rules, direct investment review processes, and corporate planning controls. Also discussed are possible methods for improving these and other types of control systems with regard to investments in and by state-owned corporations.

Economic aspects, Economic policy, Government ownership, Nationalization, Great Britain

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Subjective stochastic dominance, put writing, and stock purchases with extensions to option pricing and portfolio composition

Article Abstract:

Mathematical analysis of investors facing the alternative of either writing a put option or buying the associated underlying share, within European markets, indicates that risk-averse investors will benefit more by writing the put. Using log-normal density functions, numerical examples can be derived to support this assumption and extend its application to selection of investment portfolio compositions. Invoking homogeneous expectations for the model will also define upper bounds for the put premium to be purchased.

Case studies, Stocks, Options (Finance), Stochastic processes

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Large scale portfolio optimization

Article Abstract:

Optimization of large portfolios has proved difficult because modeling them has taken great computer resources. However, it is possible to define an algorithm that makes possible efficient models of various types without chewing up computer CPU cycles. The approach uses the structural properties of current day portfolio models.

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