Copulas in finance and insurance

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      <subfield code="a">Copulas in finance and insurance</subfield>
      <subfield code="c">Rosario Romera and Elisa M. Molanes</subfield>
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      <subfield code="a">Copulas provide a potential useful modeling tool to represent the dependence structureamong variables and to generate joint distributions by combining given marginal distributions. Simulations play a relevant role in finance and insurance. They are used to replicate efficient frontiers or extremal values, to price options, to estimate joint risks, and so on. Using copulas, it is easy to construct and simulate from multivariate distributions based on almost any choice of marginals and any type of dependence structure. In this paper is outlined recent contributions of statistical modeling using copulas in finance and insurance.  It's reviewed issues related to the notion of copulas, copula families, copula-based dynamic and static dependence structure, copulas and latent factor models and simulation of copulas. Finally, it's outlined hot topics in copulas with a special focus on model selection and goodness-of-fit testing</subfield>
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      <subfield code="a">Modelización mediante cópulas</subfield>
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      <subfield code="a">Molanes, Elisa M.</subfield>
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      <subfield code="t">Economía Financiera</subfield>
      <subfield code="d">Madrid : Especial Directivos</subfield>
      <subfield code="h">nº 17, mayo 2009 ; p. 70-97</subfield>
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