The impact of diversification on risk reduction: using a mix of Merton model and random matrix approach to take into account non-stationary

Subject Areas : Operations Management

Zahra Eskandari ¹ ( Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran )
Mirfeiz Fallah Shams ² ( Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran )
Gholamreza Zomorodian ³ ( Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran )

Received: 2022-11-25 Accepted : 2023-01-24 Published : 2022-09-01

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