The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to succe...The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to success as increased organizational flexibility and innovative development of their structures and products. Thus ＂NTBF＂ （New Technology Based Firms） are increasingly developing, that are able to act both as a major player in the innovation process, and as a link between the market and the production world and that need not only venture capital to cope with the large initial investment, but also such figures that, with their leadership qualities, are able to anticipate the market development. As a result, the emergence of the knowledge society has increasingly driven companies to search for new business figures, playing both the role of financing partners and of valuable support to the entrepreneur in running a business. Such distinguishing characteristics appear to be peculiar to the figure of the business angel that, thanks to the know-how and international contacts, acts not only as a simple partner but also as a leading force within the company, who is able to simplify the decision process of the business and drive it to plan profitable investment and winning strategies. Therefore, the present work is aimed at understanding how such a figure is crucial to the development of new companies operating in emerging economies being, as well, technologically advanced, as it is the case for Estonia, which is called the ＂Silicon Valley of the Baltic Sea＂. Thus, the work will first focus on the functions, organization and the benefits resulting from the involvement of business angels and, secondly, on the reasons why this figure is preferable to other operators involved in venture capital, namely venture capitalists. Finally, the good practices implemented in Europe by the various associations of business angels will be analyzed, paying particular attention to the Italian context, in order to consider the opportunity to develop, even in the Baltic Republics area, a similar institution being able to ensure, by promoting contact between entrepreneurs and business angels, the proper development of businesses, especially starting-up companies.展开更多
This paper considers the optimal investment problem for an insurer in the sense of maximizing the adjustment coefficient of the risk process.The authors propose a modified periodic risk model in which the periodic ris...This paper considers the optimal investment problem for an insurer in the sense of maximizing the adjustment coefficient of the risk process.The authors propose a modified periodic risk model in which the periodic risk process is perturbed by a standard Brownian motion.The insurer can invest in multiple risky assets and one risk-free asset and the correlations between the risky assets and the risk process are considered.Optimal strategy is obtained explicitly,which is a function of time and related to the risk process.The effects of market parameters on the optimal strategy are discussed and a numerical example is also given.展开更多
文摘The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to success as increased organizational flexibility and innovative development of their structures and products. Thus ＂NTBF＂ （New Technology Based Firms） are increasingly developing, that are able to act both as a major player in the innovation process, and as a link between the market and the production world and that need not only venture capital to cope with the large initial investment, but also such figures that, with their leadership qualities, are able to anticipate the market development. As a result, the emergence of the knowledge society has increasingly driven companies to search for new business figures, playing both the role of financing partners and of valuable support to the entrepreneur in running a business. Such distinguishing characteristics appear to be peculiar to the figure of the business angel that, thanks to the know-how and international contacts, acts not only as a simple partner but also as a leading force within the company, who is able to simplify the decision process of the business and drive it to plan profitable investment and winning strategies. Therefore, the present work is aimed at understanding how such a figure is crucial to the development of new companies operating in emerging economies being, as well, technologically advanced, as it is the case for Estonia, which is called the ＂Silicon Valley of the Baltic Sea＂. Thus, the work will first focus on the functions, organization and the benefits resulting from the involvement of business angels and, secondly, on the reasons why this figure is preferable to other operators involved in venture capital, namely venture capitalists. Finally, the good practices implemented in Europe by the various associations of business angels will be analyzed, paying particular attention to the Italian context, in order to consider the opportunity to develop, even in the Baltic Republics area, a similar institution being able to ensure, by promoting contact between entrepreneurs and business angels, the proper development of businesses, especially starting-up companies.
基金supported by the Natural Science Foundation of Tianjin under Grant No.09JCYBJC01800
文摘This paper considers the optimal investment problem for an insurer in the sense of maximizing the adjustment coefficient of the risk process.The authors propose a modified periodic risk model in which the periodic risk process is perturbed by a standard Brownian motion.The insurer can invest in multiple risky assets and one risk-free asset and the correlations between the risky assets and the risk process are considered.Optimal strategy is obtained explicitly,which is a function of time and related to the risk process.The effects of market parameters on the optimal strategy are discussed and a numerical example is also given.
