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We study intertemporal hedging of parameter risk in a continuous-time portfolio problem with stochastic investment opportunities. Under Brownian uncertainty, we derive conditions under which an optimal expected power-utility strategy has a maximal instantaneous Sharpe ratio, or equivalently is a Kelly strategy. In general, the optimal power-utility strategy is not a Kelly strategy, because it cont

This study examines how business angels learn from entrepreneurs through a social cognitive learning lens. Based on qualitative interviews with 20 angels investing in green start-ups—a context marked by complexity due to its nascent, knowledge-intense, and dynamic nature—we explore learning as a socially embedded and temporal process. The findings show that angels, motivated by business and purpos

Business leaders increasingly face decisions that are not just technical or financial but deeply philosophical. Questions about what a company is for, what counts as reliable knowledge, and what responsibilities organizations owe customers, employees, and society now shape strategy as much as markets or technology. Yet most executives have never been trained to think explicitly about these issues.

This open access book provides an interdisciplinary analysis of the political economy of legal and governance reform in Central Asia, with a focus on the interaction between formal institutions and informal practices. It addresses a central question: why decades of market-oriented reforms have not produced fully credible, rule-based economic systems. Drawing on original empirical research, the vol

The prevailing assumption that a centrally planned system is inherently prone to chronic shortages and systemic wastefulness, whereas a market-based system ensures a more efficient allocation of resources, underpinned post-Communist economies’ strategic decisions to transition from central planning to market coordination (Kornai 2000; Rose 2001). The transformation process, which became popularly

This chapter examines why extensive rule-of-law and anti-corruption reforms in Central Asia—despite decades of institutional redesign, legal transplantation, and governance reform—have failed to produce meaningful changes in everyday governance practices. Focusing on Uzbekistan as a paradigmatic case, this chapter argues that these reform failures cannot be explained by weak institutions or poor e

This study examined how professional identity (PI) shapes ethical resistance to corruption within Kazakhstan’s higher education sector, addressing the persistent gap between formal anti-corruption reforms and everyday academic practice. Using a mixed-method design, the research demonstrated that PI functions primarily as an internal ethical anchor rather than as a trigger for overt confrontation.

Executive Summary: This article examines how Uzbek migrant workers in Russia create and sustain forms of protection, care, and support under conditions of legal precarity, labor exploitation, and limited institutional trust. Drawing on longitudinal multisited ethnographic fieldwork conducted between 2014 and 2026 in Moscow and Uzbekistan’s Fergana Valley, it introduces the concept of migrant secur

The Nordic welfare states have a long history of local-level activation to combat unemployment. This study explored how employers perceive and experience the function of municipal activation and its participants. We carried out interviews with 277 Swedish employers. Most employers did not perceive municipal activation centers as a relevant collaboration, though they widely accepted the idea that a

Over-indebtedness is a societal problem affecting nearly half a million individuals in Sweden, placing them at risk of deteriorating health and well-being. Municipal budget and debt counselling services constitute the only welfare actors that offer preventive support to individuals at risk. Despite this, regulations governing preventive debt counselling in the new Social Services Act remain vague,

Although research highlights significant risks and problems associated with activating persons with high thresholds to enter the labour market, the Swedish government is expanding activation requirements within social assistance. In anticipation of the upcoming benefit reform, there is therefore a need to highlight key lessons from recent research regarding what the activation requirement might me

This paper re-examines Swedish central banking during the interwar period (1924–1939), exploiting major regime shifts to analyze how the Riksbank adapted its core operations. Using monthly money-market data, we show that although interest rate policy broadly followed the ‘rules of the game’ after the return to gold in 1924, the Riksbank’s primary activity—rediscounting commercial bills—was largely

Redovisning är en process som omfattar allt från företagets transaktioner och omständigheter, till den analys och användning av företagets redovisningsinformation som slutligen sker. Redovisning ligger också till grund för en lång rad viktiga beslut. Vi vill med den här boken visa att redovisning är någonting helt fundamentalt i samhället och ett ämne som är både roligt, spännande och viktigt!Boke