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overflow: hidden; text-overflow: ellipsis; -webkit-line-clamp: 3; -webkit-box-orient: vertical; }</style><div class="col-xs-12 clearfix"><div class="u-floatLeft"><h1 class="PageHeader-title u-m0x u-fs30">Finance and Investment Banking</h1><div class="u-tcGrayDark">5,711 Followers</div><div class="u-tcGrayDark u-mt2x">Recent papers in <b>Finance and Investment Banking</b></div></div></div></div></div></div><div class="TabbedNavigation"><div class="container"><div class="row"><div class="col-xs-12 clearfix"><ul class="nav u-m0x u-p0x list-inline u-displayFlex"><li class="active"><a href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Top Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking/MostCited">Most Cited Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking/MostDownloaded">Most Downloaded Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking/MostRecent">Newest Papers</a></li><li><a class="" href="https://www.academia.edu/People/Finance_and_Investment_Banking">People</a></li></ul></div><style type="text/css">ul.nav{flex-direction:row}@media(max-width: 567px){ul.nav{flex-direction:column}.TabbedNavigation li{max-width:100%}.TabbedNavigation li.active{background-color:var(--background-grey, #dddde2)}.TabbedNavigation li.active:before,.TabbedNavigation li.active:after{display:none}}</style></div></div></div><div class="container"><div class="row"><div class="col-xs-12"><div class="u-displayFlex"><div class="u-flexGrow1"><div class="works"><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67525855" data-work_id="67525855" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/67525855/Cash_Flow_Reporting_and_Financial_Distress_Models_Testing_of_Hypotheses">Cash Flow Reporting and Financial Distress Models: Testing of Hypotheses</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">* Cash flow analysis has at least three justifications. First, its usefulness in an array of financial purposes is suggested by a Financial Executive Institute 1984 survey [9], by Exposure Drafts [5,6,7], and by the Statement of Financial... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67525855" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">* Cash flow analysis has at least three justifications. First, its usefulness in an array of financial purposes is suggested by a Financial Executive Institute 1984 survey [9], by Exposure Drafts [5,6,7], and by the Statement of Financial Accounting Standards No. 95 from the Financial ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67525855" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="178877315" href="https://independent.academia.edu/AbdulAziz3752">Abdul Aziz</a><script data-card-contents-for-user="178877315" type="text/json">{"id":178877315,"first_name":"Abdul","last_name":"Aziz","domain_name":"independent","page_name":"AbdulAziz3752","display_name":"Abdul Aziz","profile_url":"https://independent.academia.edu/AbdulAziz3752?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_67525855 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="67525855"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 67525855, container: ".js-paper-rank-work_67525855", }); });</script></li><li class="js-percentile-work_67525855 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 67525855; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_67525855"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_67525855 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="67525855"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 67525855; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=67525855]").text(description); $(".js-view-count-work_67525855").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_67525855").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="67525855"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7702" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_management">Financial management</a>, <script data-card-contents-for-ri="7702" type="text/json">{"id":7702,"name":"Financial management","url":"https://www.academia.edu/Documents/in/Financial_management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="17603" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Distress">Financial Distress</a>, <script data-card-contents-for-ri="17603" type="text/json">{"id":17603,"name":"Financial Distress","url":"https://www.academia.edu/Documents/in/Financial_Distress?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="659771" rel="nofollow" href="https://www.academia.edu/Documents/in/Cash_Flow">Cash Flow</a><script data-card-contents-for-ri="659771" type="text/json">{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=67525855]'), work: {"id":67525855,"title":"Cash Flow Reporting and Financial Distress Models: Testing of Hypotheses","created_at":"2022-01-07T06:27:54.224-08:00","url":"https://www.academia.edu/67525855/Cash_Flow_Reporting_and_Financial_Distress_Models_Testing_of_Hypotheses?f_ri=3079415","dom_id":"work_67525855","summary":"* Cash flow analysis has at least three justifications. First, its usefulness in an array of financial purposes is suggested by a Financial Executive Institute 1984 survey [9], by Exposure Drafts [5,6,7], and by the Statement of Financial Accounting Standards No. 95 from the Financial ...","downloadable_attachments":[],"ordered_authors":[{"id":178877315,"first_name":"Abdul","last_name":"Aziz","domain_name":"independent","page_name":"AbdulAziz3752","display_name":"Abdul Aziz","profile_url":"https://independent.academia.edu/AbdulAziz3752?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true},{"id":7702,"name":"Financial management","url":"https://www.academia.edu/Documents/in/Financial_management?f_ri=3079415","nofollow":true},{"id":17603,"name":"Financial Distress","url":"https://www.academia.edu/Documents/in/Financial_Distress?f_ri=3079415","nofollow":true},{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"},{"id":3940425,"name":"Model test","url":"https://www.academia.edu/Documents/in/Model_test?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67816926 coauthored" data-work_id="67816926" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/67816926/Population_ageing_time_allocation_and_human_capital_A_general_equilibrium_analysis_for_Canada">Population ageing, time allocation and human capital: A general equilibrium analysis for Canada</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study explores the long-term impact of population ageing on labour supply and human capital investment in Canada, as well as the induced effects on productive capacity. The analysis is conducted with a dynamic computable overlapping... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67816926" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study explores the long-term impact of population ageing on labour supply and human capital investment in Canada, as well as the induced effects on productive capacity. The analysis is conducted with a dynamic computable overlapping generations model where ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67816926" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ba93a2990383d5746763b8c1ee1f2b1d" rel="nofollow" data-download="{"attachment_id":78511689,"asset_id":67816926,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78511689/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="210479670" href="https://independent.academia.edu/MaximeFoug%C3%A8re">Maxime Fougère</a><script data-card-contents-for-user="210479670" type="text/json">{"id":210479670,"first_name":"Maxime","last_name":"Fougère","domain_name":"independent","page_name":"MaximeFougère","display_name":"Maxime Fougère","profile_url":"https://independent.academia.edu/MaximeFoug%C3%A8re?f_ri=3079415","photo":"https://0.academia-photos.com/210479670/70077373/58487903/s65_maxime.foug_re.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-67816926">+1</span><div class="hidden js-additional-users-67816926"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/MarcelMerette">Marcel Merette</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-67816926'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-67816926').html(); 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The analysis is conducted with a dynamic computable overlapping generations model where ...","downloadable_attachments":[{"id":78511689,"asset_id":67816926,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":210479670,"first_name":"Maxime","last_name":"Fougère","domain_name":"independent","page_name":"MaximeFougère","display_name":"Maxime Fougère","profile_url":"https://independent.academia.edu/MaximeFoug%C3%A8re?f_ri=3079415","photo":"https://0.academia-photos.com/210479670/70077373/58487903/s65_maxime.foug_re.png"},{"id":213274553,"first_name":"Marcel","last_name":"Merette","domain_name":"independent","page_name":"MarcelMerette","display_name":"Marcel Merette","profile_url":"https://independent.academia.edu/MarcelMerette?f_ri=3079415","photo":"https://0.academia-photos.com/213274553/72199418/60659412/s65_marcel.merette.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=3079415","nofollow":true},{"id":14042,"name":"Human Capital","url":"https://www.academia.edu/Documents/in/Human_Capital?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415"},{"id":48601,"name":"General Equilibrium","url":"https://www.academia.edu/Documents/in/General_Equilibrium?f_ri=3079415"},{"id":51675,"name":"Population Aging","url":"https://www.academia.edu/Documents/in/Population_Aging?f_ri=3079415"},{"id":133057,"name":"Young Adult","url":"https://www.academia.edu/Documents/in/Young_Adult?f_ri=3079415"},{"id":231685,"name":"Time allocation","url":"https://www.academia.edu/Documents/in/Time_allocation?f_ri=3079415"},{"id":579176,"name":"Life Cycle Model","url":"https://www.academia.edu/Documents/in/Life_Cycle_Model?f_ri=3079415"},{"id":737174,"name":"Economic Modelling","url":"https://www.academia.edu/Documents/in/Economic_Modelling?f_ri=3079415"},{"id":755717,"name":"Human capital Investment","url":"https://www.academia.edu/Documents/in/Human_capital_Investment?f_ri=3079415"},{"id":962336,"name":"Labour Supply","url":"https://www.academia.edu/Documents/in/Labour_Supply?f_ri=3079415"},{"id":1438584,"name":"Overlapping Generations Model","url":"https://www.academia.edu/Documents/in/Overlapping_Generations_Model?f_ri=3079415"},{"id":2639567,"name":"Growth Process","url":"https://www.academia.edu/Documents/in/Growth_Process?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_58267772" data-work_id="58267772" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/58267772/Common_stock_offerings_across_the_business_cycle_Theory_and_evidence">Common stock offerings across the business cycle : Theory and evidence</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">It is well known that historically a larger number of firms issue common stock and the proportion of external financing accounted for by equity is substantially higher in expansionary phases of the business cycle. We show that this... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_58267772" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">It is well known that historically a larger number of firms issue common stock and the proportion of external financing accounted for by equity is substantially higher in expansionary phases of the business cycle. We show that this phenomenon is consistent with firms selling seasoned equity when they face lower adverse selection costs, which occurs in periods with more promising investment opportunities and with less uncertainty about assets in place. Thus, firm announcements of equity issues are predicted to convey less adverse information about equity values in such periods. Empirically, we find evidence that generally supports these predictions. Consistent with historical patterns, firms in recent times have tended to increase equity more frequently in expansionary periods. While business cycle variables have significant explanatory power, interest rate variables are generally insignifi~nt. The adverse selection effects as measured by the average negative price reaction to seasoned common stock offering announcements is significantly lower in expansionary periods and in periods with a relatively larger volume ofequity financing. These offer announcement effects are less negative for smaller stock offerings and for issuers with less uncertainty about assets in place.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/58267772" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7c6592c1fddcff4fa0bc03a184e1d7ac" rel="nofollow" data-download="{"attachment_id":72762990,"asset_id":58267772,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/72762990/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="41437442" href="https://independent.academia.edu/RonaldMasulis">Ronald Masulis</a><script data-card-contents-for-user="41437442" type="text/json">{"id":41437442,"first_name":"Ronald","last_name":"Masulis","domain_name":"independent","page_name":"RonaldMasulis","display_name":"Ronald Masulis","profile_url":"https://independent.academia.edu/RonaldMasulis?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_58267772 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="58267772"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 58267772, container: ".js-paper-rank-work_58267772", }); 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$(".js-view-count[data-work-id=58267772]").text(description); $(".js-view-count-work_58267772").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_58267772").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="58267772"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1664" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Finance">Empirical Finance</a>, <script data-card-contents-for-ri="1664" type="text/json">{"id":1664,"name":"Empirical Finance","url":"https://www.academia.edu/Documents/in/Empirical_Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="298798" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_Cycle">Business Cycle</a>, <script data-card-contents-for-ri="298798" type="text/json">{"id":298798,"name":"Business Cycle","url":"https://www.academia.edu/Documents/in/Business_Cycle?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=58267772]'), work: {"id":58267772,"title":"Common stock offerings across the business cycle : Theory and evidence","created_at":"2021-10-15T20:43:46.821-07:00","url":"https://www.academia.edu/58267772/Common_stock_offerings_across_the_business_cycle_Theory_and_evidence?f_ri=3079415","dom_id":"work_58267772","summary":"It is well known that historically a larger number of firms issue common stock and the proportion of external financing accounted for by equity is substantially higher in expansionary phases of the business cycle. We show that this phenomenon is consistent with firms selling seasoned equity when they face lower adverse selection costs, which occurs in periods with more promising investment opportunities and with less uncertainty about assets in place. Thus, firm announcements of equity issues are predicted to convey less adverse information about equity values in such periods. Empirically, we find evidence that generally supports these predictions. Consistent with historical patterns, firms in recent times have tended to increase equity more frequently in expansionary periods. While business cycle variables have significant explanatory power, interest rate variables are generally insignifi~nt. The adverse selection effects as measured by the average negative price reaction to seasoned common stock offering announcements is significantly lower in expansionary periods and in periods with a relatively larger volume ofequity financing. These offer announcement effects are less negative for smaller stock offerings and for issuers with less uncertainty about assets in place.","downloadable_attachments":[{"id":72762990,"asset_id":58267772,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":41437442,"first_name":"Ronald","last_name":"Masulis","domain_name":"independent","page_name":"RonaldMasulis","display_name":"Ronald Masulis","profile_url":"https://independent.academia.edu/RonaldMasulis?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true},{"id":1664,"name":"Empirical Finance","url":"https://www.academia.edu/Documents/in/Empirical_Finance?f_ri=3079415","nofollow":true},{"id":298798,"name":"Business Cycle","url":"https://www.academia.edu/Documents/in/Business_Cycle?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_49762787" data-work_id="49762787" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/49762787/The_Interface_between_Organizational_Learning_Capability_Entrepreneurial_Orientation_and_SME_Growth">The Interface between Organizational Learning Capability, Entrepreneurial Orientation, and SME Growth</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper investigates the interface between organizational learning capability, entrepreneurial orientation (EO), and small business performance. It reports on the findings from 350 small and medium enterprises (SMEs) in North Cyprus... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_49762787" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper investigates the interface between organizational learning capability, entrepreneurial orientation (EO), and small business performance. It reports on the findings from 350 small and medium enterprises (SMEs) in North Cyprus operating in the services and retailing sectors. The findings indicate a positive relationship between EO and sales and market share growth, but not between EO and employment growth. There is also a positive relationship between organizational learning capability and EO. This paper contributes to the small business management literature by providing a holistic analysis of the interface between organizational learning capability, EO, and growth.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/49762787" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="fc43e95e0a3559f530a0261e772ccee6" rel="nofollow" data-download="{"attachment_id":68006599,"asset_id":49762787,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/68006599/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="40741271" href="https://emu.academia.edu/harasli">huseyin arasli</a><script data-card-contents-for-user="40741271" type="text/json">{"id":40741271,"first_name":"huseyin","last_name":"arasli","domain_name":"emu","page_name":"harasli","display_name":"huseyin arasli","profile_url":"https://emu.academia.edu/harasli?f_ri=3079415","photo":"https://0.academia-photos.com/40741271/29052773/27092104/s65_huseyin.arasli.jpg"}</script></span></span></li><li class="js-paper-rank-work_49762787 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="49762787"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 49762787, container: ".js-paper-rank-work_49762787", }); 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$(".js-view-count[data-work-id=49762787]").text(description); $(".js-view-count-work_49762787").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_49762787").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="49762787"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27" rel="nofollow" href="https://www.academia.edu/Documents/in/Entrepreneurship">Entrepreneurship</a>, <script data-card-contents-for-ri="27" type="text/json">{"id":27,"name":"Entrepreneurship","url":"https://www.academia.edu/Documents/in/Entrepreneurship?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="39" rel="nofollow" href="https://www.academia.edu/Documents/in/Marketing">Marketing</a>, <script data-card-contents-for-ri="39" type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3131" rel="nofollow" href="https://www.academia.edu/Documents/in/Small_Business">Small Business</a>, <script data-card-contents-for-ri="3131" type="text/json">{"id":3131,"name":"Small Business","url":"https://www.academia.edu/Documents/in/Small_Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="62257" rel="nofollow" href="https://www.academia.edu/Documents/in/Small_Business_Management">Small Business Management</a><script data-card-contents-for-ri="62257" type="text/json">{"id":62257,"name":"Small Business Management","url":"https://www.academia.edu/Documents/in/Small_Business_Management?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=49762787]'), work: {"id":49762787,"title":"The Interface between Organizational Learning Capability, Entrepreneurial Orientation, and SME Growth","created_at":"2021-07-11T13:49:07.024-07:00","url":"https://www.academia.edu/49762787/The_Interface_between_Organizational_Learning_Capability_Entrepreneurial_Orientation_and_SME_Growth?f_ri=3079415","dom_id":"work_49762787","summary":"This paper investigates the interface between organizational learning capability, entrepreneurial orientation (EO), and small business performance. It reports on the findings from 350 small and medium enterprises (SMEs) in North Cyprus operating in the services and retailing sectors. The findings indicate a positive relationship between EO and sales and market share growth, but not between EO and employment growth. There is also a positive relationship between organizational learning capability and EO. This paper contributes to the small business management literature by providing a holistic analysis of the interface between organizational learning capability, EO, and growth.","downloadable_attachments":[{"id":68006599,"asset_id":49762787,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":40741271,"first_name":"huseyin","last_name":"arasli","domain_name":"emu","page_name":"harasli","display_name":"huseyin arasli","profile_url":"https://emu.academia.edu/harasli?f_ri=3079415","photo":"https://0.academia-photos.com/40741271/29052773/27092104/s65_huseyin.arasli.jpg"}],"research_interests":[{"id":27,"name":"Entrepreneurship","url":"https://www.academia.edu/Documents/in/Entrepreneurship?f_ri=3079415","nofollow":true},{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true},{"id":3131,"name":"Small Business","url":"https://www.academia.edu/Documents/in/Small_Business?f_ri=3079415","nofollow":true},{"id":62257,"name":"Small Business Management","url":"https://www.academia.edu/Documents/in/Small_Business_Management?f_ri=3079415","nofollow":true},{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_59703659" data-work_id="59703659" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/59703659/Petrol_Prices_Disparity_Did_the_Removal_of_Price_Surveillance_Create_Price_Competition">Petrol Prices Disparity: Did the Removal of Price Surveillance Create Price Competition?</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/59703659" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="24657be16ee80297d8328110a9a6cf0b" rel="nofollow" data-download="{"attachment_id":73489635,"asset_id":59703659,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/73489635/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="200178527" href="https://independent.academia.edu/SarathDelpachitra">Sarath Delpachitra</a><script data-card-contents-for-user="200178527" type="text/json">{"id":200178527,"first_name":"Sarath","last_name":"Delpachitra","domain_name":"independent","page_name":"SarathDelpachitra","display_name":"Sarath Delpachitra","profile_url":"https://independent.academia.edu/SarathDelpachitra?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_59703659 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="59703659"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 59703659, container: ".js-paper-rank-work_59703659", }); 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We employ two contemporaneous proxies for market misvaluation, pre-takeover book/price ratios and pre-takeover ratios of residual income... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_52894915" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper tests the hypothesis that irrational market misvaluation affects firms' takeover behavior. We employ two contemporaneous proxies for market misvaluation, pre-takeover book/price ratios and pre-takeover ratios of residual income model value to price. Misvaluation of bidders and targets influences the means of payment chosen, the mode of acquisition, the premia paid, target hostility to the offer, the likelihood of offer success, and bidder and target announcement period stock returns. The evidence is broadly supportive of the misvaluation hypothesis.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/52894915" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="cc061aa2323e66d14419e99b2fb2ff1b" rel="nofollow" data-download="{"attachment_id":69936819,"asset_id":52894915,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/69936819/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="38411556" href="https://independent.academia.edu/SiewTeoh">Siew Teoh</a><script data-card-contents-for-user="38411556" type="text/json">{"id":38411556,"first_name":"Siew","last_name":"Teoh","domain_name":"independent","page_name":"SiewTeoh","display_name":"Siew Teoh","profile_url":"https://independent.academia.edu/SiewTeoh?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_52894915 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="52894915"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 52894915, container: ".js-paper-rank-work_52894915", }); 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$(".js-view-count[data-work-id=52894915]").text(description); $(".js-view-count-work_52894915").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_52894915").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="52894915"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6960" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavioral_Finance">Behavioral Finance</a>, <script data-card-contents-for-ri="6960" type="text/json">{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="13805" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavioral_Economics">Behavioral Economics</a>, <script data-card-contents-for-ri="13805" type="text/json">{"id":13805,"name":"Behavioral Economics","url":"https://www.academia.edu/Documents/in/Behavioral_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="108467" rel="nofollow" href="https://www.academia.edu/Documents/in/Takeovers">Takeovers</a><script data-card-contents-for-ri="108467" type="text/json">{"id":108467,"name":"Takeovers","url":"https://www.academia.edu/Documents/in/Takeovers?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=52894915]'), work: {"id":52894915,"title":"Does Investor Misvaluation Drive the Takeover Market?","created_at":"2021-09-19T14:32:51.459-07:00","url":"https://www.academia.edu/52894915/Does_Investor_Misvaluation_Drive_the_Takeover_Market?f_ri=3079415","dom_id":"work_52894915","summary":"This paper tests the hypothesis that irrational market misvaluation affects firms' takeover behavior. We employ two contemporaneous proxies for market misvaluation, pre-takeover book/price ratios and pre-takeover ratios of residual income model value to price. Misvaluation of bidders and targets influences the means of payment chosen, the mode of acquisition, the premia paid, target hostility to the offer, the likelihood of offer success, and bidder and target announcement period stock returns. The evidence is broadly supportive of the misvaluation hypothesis.","downloadable_attachments":[{"id":69936819,"asset_id":52894915,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":38411556,"first_name":"Siew","last_name":"Teoh","domain_name":"independent","page_name":"SiewTeoh","display_name":"Siew Teoh","profile_url":"https://independent.academia.edu/SiewTeoh?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=3079415","nofollow":true},{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=3079415","nofollow":true},{"id":13805,"name":"Behavioral Economics","url":"https://www.academia.edu/Documents/in/Behavioral_Economics?f_ri=3079415","nofollow":true},{"id":108467,"name":"Takeovers","url":"https://www.academia.edu/Documents/in/Takeovers?f_ri=3079415","nofollow":true},{"id":161176,"name":"The","url":"https://www.academia.edu/Documents/in/The?f_ri=3079415"},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=3079415"},{"id":2273131,"name":"Residual income","url":"https://www.academia.edu/Documents/in/Residual_income?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_54774106" data-work_id="54774106" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/54774106/Price_Discovery_and_Memory_Effects_in_Infant_African_Stock_Markets_Evidence_from_Tanzania">Price Discovery and Memory Effects in Infant African Stock Markets: Evidence from Tanzania</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper examines the price discovery mechanism at the Dar es Salaam Stock Exchange (DSE) in Tanzania. The objective is to explain the efficiency of price discovery in relation to its dynamics and deterministic market features, using... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_54774106" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examines the price discovery mechanism at the Dar es Salaam Stock Exchange (DSE) in Tanzania. The objective is to explain the efficiency of price discovery in relation to its dynamics and deterministic market features, using the All Sector Index (ASI). Our results provide evidence of inefficient price discovery at the Exchange, associated with some moments of structural shifts. Moreover, the inefficient price discovery is corroborated by the fact that the Index does not follow a random walk. These finding are consistent with our investigation of the main features of the market: inactive trading, illiquidity, high dependence on foreign investors to boost market activities, investors' dependence on dividend as the main source of income rather than stock trading, uncompetitive trading among brokers, and motives for more returns from alternative portfolio investments in government securities. Generally, the findings have strong implications for market participants and policy makers at the DSE and similar markets.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/54774106" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="82dafe0495e58333cf150c0de93fd053" rel="nofollow" data-download="{"attachment_id":70975943,"asset_id":54774106,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/70975943/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="930533" href="https://uninorte.academia.edu/BenedictoLukanima">Benedicto Lukanima</a><script data-card-contents-for-user="930533" type="text/json">{"id":930533,"first_name":"Benedicto","last_name":"Lukanima","domain_name":"uninorte","page_name":"BenedictoLukanima","display_name":"Benedicto Lukanima","profile_url":"https://uninorte.academia.edu/BenedictoLukanima?f_ri=3079415","photo":"https://0.academia-photos.com/930533/349392/415193/s65_benedicto.lukanima.jpg"}</script></span></span></li><li class="js-paper-rank-work_54774106 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="54774106"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 54774106, container: ".js-paper-rank-work_54774106", }); 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$(".js-view-count[data-work-id=54774106]").text(description); $(".js-view-count-work_54774106").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_54774106").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="54774106"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="418456" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics_Finance-2">Economics Finance</a>, <script data-card-contents-for-ri="418456" type="text/json">{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=54774106]'), work: {"id":54774106,"title":"Price Discovery and Memory Effects in Infant African Stock Markets: Evidence from Tanzania","created_at":"2021-10-02T01:58:24.428-07:00","url":"https://www.academia.edu/54774106/Price_Discovery_and_Memory_Effects_in_Infant_African_Stock_Markets_Evidence_from_Tanzania?f_ri=3079415","dom_id":"work_54774106","summary":"This paper examines the price discovery mechanism at the Dar es Salaam Stock Exchange (DSE) in Tanzania. The objective is to explain the efficiency of price discovery in relation to its dynamics and deterministic market features, using the All Sector Index (ASI). Our results provide evidence of inefficient price discovery at the Exchange, associated with some moments of structural shifts. Moreover, the inefficient price discovery is corroborated by the fact that the Index does not follow a random walk. These finding are consistent with our investigation of the main features of the market: inactive trading, illiquidity, high dependence on foreign investors to boost market activities, investors' dependence on dividend as the main source of income rather than stock trading, uncompetitive trading among brokers, and motives for more returns from alternative portfolio investments in government securities. Generally, the findings have strong implications for market participants and policy makers at the DSE and similar markets.","downloadable_attachments":[{"id":70975943,"asset_id":54774106,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":930533,"first_name":"Benedicto","last_name":"Lukanima","domain_name":"uninorte","page_name":"BenedictoLukanima","display_name":"Benedicto Lukanima","profile_url":"https://uninorte.academia.edu/BenedictoLukanima?f_ri=3079415","photo":"https://0.academia-photos.com/930533/349392/415193/s65_benedicto.lukanima.jpg"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_68018955" data-work_id="68018955" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/68018955/Evidence_on_normal_backwardation_and_forecasting_theory_in_futures_markets">Evidence on normal backwardation and forecasting theory in futures markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper tests the theory of normal backwardation versus forecasting theory in futures markets. The study examines the characteristics of price movements in 29 markets from 1987 to 2007. Empirical evidence indicates that both theories... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_68018955" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper tests the theory of normal backwardation versus forecasting theory in futures markets. The study examines the characteristics of price movements in 29 markets from 1987 to 2007. Empirical evidence indicates that both theories exist and the dominant mechanism varies in different markets. Despite the cross-sectional differences across futures markets, the prevailing mechanism in each market is relatively sustainable across time. The majority of the markets experience no change in the dominance of the functional mechanism. However, some markets do switch the dominant mechanisms over the sample period. The results have important implications on understanding the futures risk premium and the hedging needs in different futures markets.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/68018955" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6cf5765fb047053170357a97f08464c4" rel="nofollow" data-download="{"attachment_id":78648055,"asset_id":68018955,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78648055/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="121190046" href="https://independent.academia.edu/Yileizhang5">Yilei zhang</a><script data-card-contents-for-user="121190046" type="text/json">{"id":121190046,"first_name":"Yilei","last_name":"zhang","domain_name":"independent","page_name":"Yileizhang5","display_name":"Yilei zhang","profile_url":"https://independent.academia.edu/Yileizhang5?f_ri=3079415","photo":"https://0.academia-photos.com/121190046/30130175/27958565/s65_yilei.zhang.jpg"}</script></span></span></li><li class="js-paper-rank-work_68018955 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="68018955"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 68018955, container: ".js-paper-rank-work_68018955", }); });</script></li><li class="js-percentile-work_68018955 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 68018955; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_68018955"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_68018955 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="68018955"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 68018955; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=68018955]").text(description); $(".js-view-count-work_68018955").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_68018955").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="68018955"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="15066" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_mathematics">Financial mathematics</a>, <script data-card-contents-for-ri="15066" type="text/json">{"id":15066,"name":"Financial mathematics","url":"https://www.academia.edu/Documents/in/Financial_mathematics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="45591" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Derivatives">Financial Derivatives</a>, <script data-card-contents-for-ri="45591" type="text/json">{"id":45591,"name":"Financial Derivatives","url":"https://www.academia.edu/Documents/in/Financial_Derivatives?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111757" rel="nofollow" href="https://www.academia.edu/Documents/in/Futures">Futures</a>, <script data-card-contents-for-ri="111757" type="text/json">{"id":111757,"name":"Futures","url":"https://www.academia.edu/Documents/in/Futures?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="366868" rel="nofollow" href="https://www.academia.edu/Documents/in/Credit_derivatives">Credit derivatives</a><script data-card-contents-for-ri="366868" type="text/json">{"id":366868,"name":"Credit derivatives","url":"https://www.academia.edu/Documents/in/Credit_derivatives?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=68018955]'), work: {"id":68018955,"title":"Evidence on normal backwardation and forecasting theory in futures markets","created_at":"2022-01-13T17:32:42.157-08:00","url":"https://www.academia.edu/68018955/Evidence_on_normal_backwardation_and_forecasting_theory_in_futures_markets?f_ri=3079415","dom_id":"work_68018955","summary":"This paper tests the theory of normal backwardation versus forecasting theory in futures markets. The study examines the characteristics of price movements in 29 markets from 1987 to 2007. Empirical evidence indicates that both theories exist and the dominant mechanism varies in different markets. Despite the cross-sectional differences across futures markets, the prevailing mechanism in each market is relatively sustainable across time. The majority of the markets experience no change in the dominance of the functional mechanism. However, some markets do switch the dominant mechanisms over the sample period. The results have important implications on understanding the futures risk premium and the hedging needs in different futures markets.","downloadable_attachments":[{"id":78648055,"asset_id":68018955,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":121190046,"first_name":"Yilei","last_name":"zhang","domain_name":"independent","page_name":"Yileizhang5","display_name":"Yilei zhang","profile_url":"https://independent.academia.edu/Yileizhang5?f_ri=3079415","photo":"https://0.academia-photos.com/121190046/30130175/27958565/s65_yilei.zhang.jpg"}],"research_interests":[{"id":15066,"name":"Financial mathematics","url":"https://www.academia.edu/Documents/in/Financial_mathematics?f_ri=3079415","nofollow":true},{"id":45591,"name":"Financial Derivatives","url":"https://www.academia.edu/Documents/in/Financial_Derivatives?f_ri=3079415","nofollow":true},{"id":111757,"name":"Futures","url":"https://www.academia.edu/Documents/in/Futures?f_ri=3079415","nofollow":true},{"id":366868,"name":"Credit derivatives","url":"https://www.academia.edu/Documents/in/Credit_derivatives?f_ri=3079415","nofollow":true},{"id":493817,"name":"Derivatives and Hedge Funds","url":"https://www.academia.edu/Documents/in/Derivatives_and_Hedge_Funds?f_ri=3079415"},{"id":669242,"name":"Pairs Trading","url":"https://www.academia.edu/Documents/in/Pairs_Trading?f_ri=3079415"},{"id":1359509,"name":"Derivatives Market","url":"https://www.academia.edu/Documents/in/Derivatives_Market?f_ri=3079415"},{"id":1769482,"name":"Financial Derivative","url":"https://www.academia.edu/Documents/in/Financial_Derivative?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_54081418" data-work_id="54081418" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/54081418/Serial_entrepreneurs_A_review_of_literature_and_guidance_for_future_research">Serial entrepreneurs: A review of literature and guidance for future research</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Little research has been conducted regarding serial entrepreneurship compared to entrepreneurship research more broadly, despite research that suggests that as many as 50% of all entrepreneurs are serial entrepreneurs. Entrepreneurship... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_54081418" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Little research has been conducted regarding serial entrepreneurship compared to entrepreneurship research more broadly, despite research that suggests that as many as 50% of all entrepreneurs are serial entrepreneurs. Entrepreneurship research shows that most new ventures fail, yet serial entrepreneurs continually exit previous ventures and start new ones. Our study explores 118 scholarly articles indexed in Web of Science and Scopus databases on serial entrepreneurship through multiple correspondence analysis. Through our analysis, we identify key areas for future research, explore and consolidate the theoretical foundations used, and provide a review of academic literature for future researchers to utilize. Our perceptual map has identified four key research areas that researchers should focus upon: heuristics in entrepreneurship, entrepreneurial capabilities, the entrepreneurial ecosystem, and technological development and resources.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/54081418" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1922abd316c75e2a69dd201dff040acf" rel="nofollow" data-download="{"attachment_id":70618094,"asset_id":54081418,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/70618094/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="66027485" href="https://independent.academia.edu/MarinaDabi%C4%87">Marina Dabić</a><script data-card-contents-for-user="66027485" type="text/json">{"id":66027485,"first_name":"Marina","last_name":"Dabić","domain_name":"independent","page_name":"MarinaDabić","display_name":"Marina Dabić","profile_url":"https://independent.academia.edu/MarinaDabi%C4%87?f_ri=3079415","photo":"https://0.academia-photos.com/66027485/50557355/65600032/s65_marina.dabi_.jpg"}</script></span></span></li><li class="js-paper-rank-work_54081418 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="54081418"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 54081418, container: ".js-paper-rank-work_54081418", }); 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$(".js-view-count[data-work-id=54081418]").text(description); $(".js-view-count-work_54081418").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_54081418").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="54081418"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="39" rel="nofollow" href="https://www.academia.edu/Documents/in/Marketing">Marketing</a>, <script data-card-contents-for-ri="39" type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="62257" rel="nofollow" href="https://www.academia.edu/Documents/in/Small_Business_Management">Small Business Management</a>, <script data-card-contents-for-ri="62257" type="text/json">{"id":62257,"name":"Small Business Management","url":"https://www.academia.edu/Documents/in/Small_Business_Management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="73149" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_and_Management">Business and Management</a>, <script data-card-contents-for-ri="73149" type="text/json">{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=54081418]'), work: {"id":54081418,"title":"Serial entrepreneurs: A review of literature and guidance for future research","created_at":"2021-09-29T18:02:59.448-07:00","url":"https://www.academia.edu/54081418/Serial_entrepreneurs_A_review_of_literature_and_guidance_for_future_research?f_ri=3079415","dom_id":"work_54081418","summary":"Little research has been conducted regarding serial entrepreneurship compared to entrepreneurship research more broadly, despite research that suggests that as many as 50% of all entrepreneurs are serial entrepreneurs. Entrepreneurship research shows that most new ventures fail, yet serial entrepreneurs continually exit previous ventures and start new ones. Our study explores 118 scholarly articles indexed in Web of Science and Scopus databases on serial entrepreneurship through multiple correspondence analysis. Through our analysis, we identify key areas for future research, explore and consolidate the theoretical foundations used, and provide a review of academic literature for future researchers to utilize. Our perceptual map has identified four key research areas that researchers should focus upon: heuristics in entrepreneurship, entrepreneurial capabilities, the entrepreneurial ecosystem, and technological development and resources.","downloadable_attachments":[{"id":70618094,"asset_id":54081418,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":66027485,"first_name":"Marina","last_name":"Dabić","domain_name":"independent","page_name":"MarinaDabić","display_name":"Marina Dabić","profile_url":"https://independent.academia.edu/MarinaDabi%C4%87?f_ri=3079415","photo":"https://0.academia-photos.com/66027485/50557355/65600032/s65_marina.dabi_.jpg"}],"research_interests":[{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true},{"id":62257,"name":"Small Business Management","url":"https://www.academia.edu/Documents/in/Small_Business_Management?f_ri=3079415","nofollow":true},{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_68510441" data-work_id="68510441" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/68510441/Financial_Institutions_and_Markets">Financial Institutions and Markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">is a Senior Economist in the financial markets group at the Federal Reserve Bank of Chicago. Chakravorti's research focuses on the economics of payments and the evolving structure of global financial markets. Before joining the Chicago... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_68510441" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">is a Senior Economist in the financial markets group at the Federal Reserve Bank of Chicago. Chakravorti's research focuses on the economics of payments and the evolving structure of global financial markets. Before joining the Chicago Fed, Chakravorti worked at the Dallas Fed. Prior to joining the Federal Reserve System, he worked at KPMG as an international economist, advising foreign governments on financial market policy. In addition, he has been a visiting scholar at the De Nederlandsche Bank (Dutch central bank), European University Institute, the International Monetary Fund, and the University of Granada. Chakravorti received a BA degree in Economics and genetics from the</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/68510441" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="63a5b01639e09641224f6d77ff233a21" rel="nofollow" data-download="{"attachment_id":78959138,"asset_id":68510441,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78959138/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="44456989" href="https://independent.academia.edu/JeffMadura">Jeff Madura</a><script data-card-contents-for-user="44456989" type="text/json">{"id":44456989,"first_name":"Jeff","last_name":"Madura","domain_name":"independent","page_name":"JeffMadura","display_name":"Jeff Madura","profile_url":"https://independent.academia.edu/JeffMadura?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_68510441 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="68510441"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 68510441, container: ".js-paper-rank-work_68510441", }); 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$(".js-view-count[data-work-id=68510441]").text(description); $(".js-view-count-work_68510441").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_68510441").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="68510441"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="109068" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Institutions_and_Markets">Financial Institutions and Markets</a>, <script data-card-contents-for-ri="109068" type="text/json">{"id":109068,"name":"Financial Institutions and Markets","url":"https://www.academia.edu/Documents/in/Financial_Institutions_and_Markets?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="881766" rel="nofollow" href="https://www.academia.edu/Documents/in/SECURITIES_INVESTEMENTS_MARKETS_IN_KENYA">SECURITIES INVESTEMENTS MARKETS IN KENYA</a>, <script data-card-contents-for-ri="881766" type="text/json">{"id":881766,"name":"SECURITIES INVESTEMENTS MARKETS IN KENYA","url":"https://www.academia.edu/Documents/in/SECURITIES_INVESTEMENTS_MARKETS_IN_KENYA?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=68510441]'), work: {"id":68510441,"title":"Financial Institutions and Markets","created_at":"2022-01-17T03:16:45.581-08:00","url":"https://www.academia.edu/68510441/Financial_Institutions_and_Markets?f_ri=3079415","dom_id":"work_68510441","summary":"is a Senior Economist in the financial markets group at the Federal Reserve Bank of Chicago. Chakravorti's research focuses on the economics of payments and the evolving structure of global financial markets. Before joining the Chicago Fed, Chakravorti worked at the Dallas Fed. Prior to joining the Federal Reserve System, he worked at KPMG as an international economist, advising foreign governments on financial market policy. In addition, he has been a visiting scholar at the De Nederlandsche Bank (Dutch central bank), European University Institute, the International Monetary Fund, and the University of Granada. Chakravorti received a BA degree in Economics and genetics from the","downloadable_attachments":[{"id":78959138,"asset_id":68510441,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":44456989,"first_name":"Jeff","last_name":"Madura","domain_name":"independent","page_name":"JeffMadura","display_name":"Jeff Madura","profile_url":"https://independent.academia.edu/JeffMadura?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true},{"id":109068,"name":"Financial Institutions and Markets","url":"https://www.academia.edu/Documents/in/Financial_Institutions_and_Markets?f_ri=3079415","nofollow":true},{"id":881766,"name":"SECURITIES INVESTEMENTS MARKETS IN KENYA","url":"https://www.academia.edu/Documents/in/SECURITIES_INVESTEMENTS_MARKETS_IN_KENYA?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_47861022" data-work_id="47861022" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/47861022/Effect_of_IFRS_adoption_on_financial_reporting_quality">Effect of IFRS adoption on financial reporting quality</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/47861022" data-share-source="work_strip" 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itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="12728665" href="https://griffith.academia.edu/KerryBodle">Dr. Kerry A Bodle</a><script data-card-contents-for-user="12728665" type="text/json">{"id":12728665,"first_name":"Dr. Kerry","last_name":"Bodle","domain_name":"griffith","page_name":"KerryBodle","display_name":"Dr. Kerry A Bodle","profile_url":"https://griffith.academia.edu/KerryBodle?f_ri=3079415","photo":"https://0.academia-photos.com/12728665/18754638/18715307/s65_kerry.bodle.jpeg"}</script></span></span></li><li class="js-paper-rank-work_47861022 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="47861022"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 47861022, container: ".js-paper-rank-work_47861022", }); 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quality","created_at":"2021-05-01T17:36:14.491-07:00","url":"https://www.academia.edu/47861022/Effect_of_IFRS_adoption_on_financial_reporting_quality?f_ri=3079415","dom_id":"work_47861022","summary":null,"downloadable_attachments":[{"id":66767138,"asset_id":47861022,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":12728665,"first_name":"Dr. Kerry","last_name":"Bodle","domain_name":"griffith","page_name":"KerryBodle","display_name":"Dr. Kerry A Bodle","profile_url":"https://griffith.academia.edu/KerryBodle?f_ri=3079415","photo":"https://0.academia-photos.com/12728665/18754638/18715307/s65_kerry.bodle.jpeg"}],"research_interests":[{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_50098442" data-work_id="50098442" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/50098442/Management_control_and_public_sector_performance_management">Management control and public sector performance management</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">Take-down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" 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InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="51275190" href="https://independent.academia.edu/JanvanHelden">Jan van Helden</a><script data-card-contents-for-user="51275190" type="text/json">{"id":51275190,"first_name":"Jan van","last_name":"Helden","domain_name":"independent","page_name":"JanvanHelden","display_name":"Jan van Helden","profile_url":"https://independent.academia.edu/JanvanHelden?f_ri=3079415","photo":"https://0.academia-photos.com/51275190/13582299/14744779/s65_jan_van.helden.jpg"}</script></span></span></li><li class="js-paper-rank-work_50098442 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="50098442"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 50098442, container: ".js-paper-rank-work_50098442", }); });</script></li><li class="js-percentile-work_50098442 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 50098442; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_50098442"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_50098442 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="50098442"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var 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type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="73149" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_and_Management">Business and Management</a>, <script data-card-contents-for-ri="73149" type="text/json">{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=50098442]'), work: {"id":50098442,"title":"Management control and public sector performance management","created_at":"2021-07-20T06:41:09.238-07:00","url":"https://www.academia.edu/50098442/Management_control_and_public_sector_performance_management?f_ri=3079415","dom_id":"work_50098442","summary":"Take-down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.","downloadable_attachments":[{"id":68211030,"asset_id":50098442,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":51275190,"first_name":"Jan van","last_name":"Helden","domain_name":"independent","page_name":"JanvanHelden","display_name":"Jan van Helden","profile_url":"https://independent.academia.edu/JanvanHelden?f_ri=3079415","photo":"https://0.academia-photos.com/51275190/13582299/14744779/s65_jan_van.helden.jpg"}],"research_interests":[{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true},{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_76283366" data-work_id="76283366" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/76283366/Models_and_Simulations_for_Portfolio_Rebalancing">Models and Simulations for Portfolio Rebalancing</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In 1950 Markowitz first formalized the portfolio optimization problem in terms of mean return and variance. Since then, the mean-variance model has played a crucial role in single-period portfolio optimization theory and practice. In this... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_76283366" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In 1950 Markowitz first formalized the portfolio optimization problem in terms of mean return and variance. Since then, the mean-variance model has played a crucial role in single-period portfolio optimization theory and practice. In this paper we study the optimal portfolio selection problem in a multi-period framework, by considering fixed and proportional transaction costs and evaluating how much they affect a re-investment strategy. Specifically, we modify the single-period portfolio optimization model, based on the Conditional Value at Risk (CVaR) as measure of risk, to introduce portfolio rebalancing. The aim is to provide investors and financial institutions with an effective tool to better exploit new information made available by the market. We then suggest a procedure to use the proposed optimization model in a multi-period framework. Extensive computational results based on different historical data sets from German Stock Exchange Market (XETRA) are presented.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/76283366" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5abb1a53dc15d86e1af5f6b1724bfa80" rel="nofollow" data-download="{"attachment_id":84038085,"asset_id":76283366,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/84038085/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="47627494" href="https://brescia-it.academia.edu/RMansini">R. Mansini</a><script data-card-contents-for-user="47627494" type="text/json">{"id":47627494,"first_name":"R.","last_name":"Mansini","domain_name":"brescia-it","page_name":"RMansini","display_name":"R. Mansini","profile_url":"https://brescia-it.academia.edu/RMansini?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_76283366 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="76283366"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 76283366, container: ".js-paper-rank-work_76283366", }); });</script></li><li class="js-percentile-work_76283366 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 76283366; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_76283366"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_76283366 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="76283366"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 76283366; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=76283366]").text(description); $(".js-view-count-work_76283366").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_76283366").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="76283366"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">15</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="725" rel="nofollow" href="https://www.academia.edu/Documents/in/Computational_Economics">Computational Economics</a>, <script data-card-contents-for-ri="725" type="text/json">{"id":725,"name":"Computational Economics","url":"https://www.academia.edu/Documents/in/Computational_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="11820" rel="nofollow" href="https://www.academia.edu/Documents/in/Modeling_and_Simulation">Modeling and Simulation</a>, <script data-card-contents-for-ri="11820" type="text/json">{"id":11820,"name":"Modeling and Simulation","url":"https://www.academia.edu/Documents/in/Modeling_and_Simulation?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="12061" rel="nofollow" href="https://www.academia.edu/Documents/in/Risk_Management">Risk Management</a><script data-card-contents-for-ri="12061" type="text/json">{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=76283366]'), work: {"id":76283366,"title":"Models and Simulations for Portfolio Rebalancing","created_at":"2022-04-12T22:12:09.098-07:00","url":"https://www.academia.edu/76283366/Models_and_Simulations_for_Portfolio_Rebalancing?f_ri=3079415","dom_id":"work_76283366","summary":"In 1950 Markowitz first formalized the portfolio optimization problem in terms of mean return and variance. Since then, the mean-variance model has played a crucial role in single-period portfolio optimization theory and practice. In this paper we study the optimal portfolio selection problem in a multi-period framework, by considering fixed and proportional transaction costs and evaluating how much they affect a re-investment strategy. Specifically, we modify the single-period portfolio optimization model, based on the Conditional Value at Risk (CVaR) as measure of risk, to introduce portfolio rebalancing. The aim is to provide investors and financial institutions with an effective tool to better exploit new information made available by the market. We then suggest a procedure to use the proposed optimization model in a multi-period framework. Extensive computational results based on different historical data sets from German Stock Exchange Market (XETRA) are presented.","downloadable_attachments":[{"id":84038085,"asset_id":76283366,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":47627494,"first_name":"R.","last_name":"Mansini","domain_name":"brescia-it","page_name":"RMansini","display_name":"R. Mansini","profile_url":"https://brescia-it.academia.edu/RMansini?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":725,"name":"Computational Economics","url":"https://www.academia.edu/Documents/in/Computational_Economics?f_ri=3079415","nofollow":true},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true},{"id":11820,"name":"Modeling and Simulation","url":"https://www.academia.edu/Documents/in/Modeling_and_Simulation?f_ri=3079415","nofollow":true},{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=3079415","nofollow":true},{"id":56735,"name":"Portfolio Optimization","url":"https://www.academia.edu/Documents/in/Portfolio_Optimization?f_ri=3079415"},{"id":105569,"name":"Financial Institutions","url":"https://www.academia.edu/Documents/in/Financial_Institutions?f_ri=3079415"},{"id":208947,"name":"Theory and Practice","url":"https://www.academia.edu/Documents/in/Theory_and_Practice?f_ri=3079415"},{"id":221822,"name":"Historical Data","url":"https://www.academia.edu/Documents/in/Historical_Data?f_ri=3079415"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=3079415"},{"id":639625,"name":"Investment Strategies","url":"https://www.academia.edu/Documents/in/Investment_Strategies?f_ri=3079415"},{"id":1817786,"name":"Conditional Value at Risk","url":"https://www.academia.edu/Documents/in/Conditional_Value_at_Risk?f_ri=3079415"},{"id":2157649,"name":"Mean-variance analysis","url":"https://www.academia.edu/Documents/in/Mean-variance_analysis?f_ri=3079415"},{"id":2631911,"name":"Portfolio analysis","url":"https://www.academia.edu/Documents/in/Portfolio_analysis?f_ri=3079415"},{"id":3079413,"name":"Finance and Investment Banking Area","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking_Area?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_75992020" data-work_id="75992020" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/75992020/Behavioural_Bias_and_Conflicts_of_Interest_in_Analyst_Stock_Recommendations">Behavioural Bias and Conflicts of Interest in Analyst Stock Recommendations</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper tests whether sell-side analysts are prone to behavioural errors when making stock recommendations as well as the impact of investment banking relationships on their judgments. In particular, we analyse their report narratives... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_75992020" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper tests whether sell-side analysts are prone to behavioural errors when making stock recommendations as well as the impact of investment banking relationships on their judgments. In particular, we analyse their report narratives for evidence of cognitive bias. We find first that new buy recommendations on average have no investment value whereas new sell recommendations do, and take time to be assimilated by the market. We also show that new buy recommendations are distinguished from new sells both by the level of analyst optimism and representativeness bias as well as with increased conflicts of interest. Successful new buy recommendations are characterised by lower prior returns, value stock status, smaller firms and weaker investment banking relationships. On the other hand, successful new sells do not differ from their unsuccessful counterparts in terms of these measures. As such, we provide evidence that analysts are prone both to behavioural bias as well as potential conflicts of interest in their new buy stock recommendation decisions. We also show that these two explanations of analyst behaviour are to a great extent independent of each other. Consequently, the recent attempts by regulators to address potential conflicts of interest in analyst behaviour may have only limited impact.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/75992020" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="0ab0b073076c7262405eb88b4cd3e4b7" rel="nofollow" data-download="{"attachment_id":83678953,"asset_id":75992020,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/83678953/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="121924628" href="https://warwick.academia.edu/RichardTaffler">Richard Taffler</a><script data-card-contents-for-user="121924628" type="text/json">{"id":121924628,"first_name":"Richard","last_name":"Taffler","domain_name":"warwick","page_name":"RichardTaffler","display_name":"Richard Taffler","profile_url":"https://warwick.academia.edu/RichardTaffler?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_75992020 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="75992020"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 75992020, container: ".js-paper-rank-work_75992020", }); });</script></li><li class="js-percentile-work_75992020 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 75992020; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_75992020"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_75992020 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="75992020"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 75992020; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=75992020]").text(description); $(".js-view-count-work_75992020").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_75992020").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="75992020"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6426" rel="nofollow" href="https://www.academia.edu/Documents/in/Content_Analysis">Content Analysis</a>, <script data-card-contents-for-ri="6426" type="text/json">{"id":6426,"name":"Content Analysis","url":"https://www.academia.edu/Documents/in/Content_Analysis?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="17705" rel="nofollow" href="https://www.academia.edu/Documents/in/Conflict_of_Interest">Conflict of Interest</a><script data-card-contents-for-ri="17705" type="text/json">{"id":17705,"name":"Conflict of Interest","url":"https://www.academia.edu/Documents/in/Conflict_of_Interest?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=75992020]'), work: {"id":75992020,"title":"Behavioural Bias and Conflicts of Interest in Analyst Stock Recommendations","created_at":"2022-04-10T05:29:02.741-07:00","url":"https://www.academia.edu/75992020/Behavioural_Bias_and_Conflicts_of_Interest_in_Analyst_Stock_Recommendations?f_ri=3079415","dom_id":"work_75992020","summary":"This paper tests whether sell-side analysts are prone to behavioural errors when making stock recommendations as well as the impact of investment banking relationships on their judgments. In particular, we analyse their report narratives for evidence of cognitive bias. We find first that new buy recommendations on average have no investment value whereas new sell recommendations do, and take time to be assimilated by the market. We also show that new buy recommendations are distinguished from new sells both by the level of analyst optimism and representativeness bias as well as with increased conflicts of interest. Successful new buy recommendations are characterised by lower prior returns, value stock status, smaller firms and weaker investment banking relationships. On the other hand, successful new sells do not differ from their unsuccessful counterparts in terms of these measures. As such, we provide evidence that analysts are prone both to behavioural bias as well as potential conflicts of interest in their new buy stock recommendation decisions. We also show that these two explanations of analyst behaviour are to a great extent independent of each other. Consequently, the recent attempts by regulators to address potential conflicts of interest in analyst behaviour may have only limited impact.","downloadable_attachments":[{"id":83678953,"asset_id":75992020,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":121924628,"first_name":"Richard","last_name":"Taffler","domain_name":"warwick","page_name":"RichardTaffler","display_name":"Richard Taffler","profile_url":"https://warwick.academia.edu/RichardTaffler?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":6426,"name":"Content Analysis","url":"https://www.academia.edu/Documents/in/Content_Analysis?f_ri=3079415","nofollow":true},{"id":17705,"name":"Conflict of Interest","url":"https://www.academia.edu/Documents/in/Conflict_of_Interest?f_ri=3079415","nofollow":true},{"id":22254,"name":"Cognitive Bias","url":"https://www.academia.edu/Documents/in/Cognitive_Bias?f_ri=3079415"},{"id":55030,"name":"Investment Banking","url":"https://www.academia.edu/Documents/in/Investment_Banking?f_ri=3079415"},{"id":652436,"name":"Business Administration Accounting and Finance","url":"https://www.academia.edu/Documents/in/Business_Administration_Accounting_and_Finance?f_ri=3079415"},{"id":3079413,"name":"Finance and Investment Banking Area","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking_Area?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_75316547" data-work_id="75316547" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/75316547/Making_sense_of_entrepreneurial_exit_strategies_A_typology_and_test">Making sense of entrepreneurial exit strategies: A typology and test</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Entrepreneurial exit is a major event in the development of a venture. However, we have little understanding of the factors that drive the development of an important pre-cursor to exit: the exit strategy of the founder. Based on the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_75316547" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Entrepreneurial exit is a major event in the development of a venture. However, we have little understanding of the factors that drive the development of an important pre-cursor to exit: the exit strategy of the founder. Based on the existing literature, we develop a typology of entrepreneurial exit strategies consisting of three higher-level exit categories (i.e., financial harvest, stewardship, and voluntary cessation) and develop an initial test of our typology. Specifically, we examine entrepreneurs' perceived innovativeness of their opportunity, motivational considerations, decision-making approach, founding team, and firm size. Our results show different predictors for each of the three exit strategy types and represent a significant contribution to the understanding of exit strategies in new ventures.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/75316547" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="daa9eafba7bf55e7e4a72985a0ac46b4" rel="nofollow" data-download="{"attachment_id":83637511,"asset_id":75316547,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/83637511/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33964295" href="https://colostate.academia.edu/DawnDetienne">Dawn Detienne</a><script data-card-contents-for-user="33964295" type="text/json">{"id":33964295,"first_name":"Dawn","last_name":"Detienne","domain_name":"colostate","page_name":"DawnDetienne","display_name":"Dawn Detienne","profile_url":"https://colostate.academia.edu/DawnDetienne?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_75316547 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="75316547"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 75316547, container: ".js-paper-rank-work_75316547", }); });</script></li><li class="js-percentile-work_75316547 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 75316547; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_75316547"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_75316547 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="75316547"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 75316547; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=75316547]").text(description); $(".js-view-count-work_75316547").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_75316547").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="75316547"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="39" rel="nofollow" href="https://www.academia.edu/Documents/in/Marketing">Marketing</a>, <script data-card-contents-for-ri="39" type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="8220" rel="nofollow" href="https://www.academia.edu/Documents/in/Causation">Causation</a>, <script data-card-contents-for-ri="8220" type="text/json">{"id":8220,"name":"Causation","url":"https://www.academia.edu/Documents/in/Causation?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="73149" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_and_Management">Business and Management</a><script data-card-contents-for-ri="73149" type="text/json">{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=75316547]'), work: {"id":75316547,"title":"Making sense of entrepreneurial exit strategies: A typology and test","created_at":"2022-04-03T07:00:39.485-07:00","url":"https://www.academia.edu/75316547/Making_sense_of_entrepreneurial_exit_strategies_A_typology_and_test?f_ri=3079415","dom_id":"work_75316547","summary":"Entrepreneurial exit is a major event in the development of a venture. However, we have little understanding of the factors that drive the development of an important pre-cursor to exit: the exit strategy of the founder. Based on the existing literature, we develop a typology of entrepreneurial exit strategies consisting of three higher-level exit categories (i.e., financial harvest, stewardship, and voluntary cessation) and develop an initial test of our typology. Specifically, we examine entrepreneurs' perceived innovativeness of their opportunity, motivational considerations, decision-making approach, founding team, and firm size. Our results show different predictors for each of the three exit strategy types and represent a significant contribution to the understanding of exit strategies in new ventures.","downloadable_attachments":[{"id":83637511,"asset_id":75316547,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33964295,"first_name":"Dawn","last_name":"Detienne","domain_name":"colostate","page_name":"DawnDetienne","display_name":"Dawn Detienne","profile_url":"https://colostate.academia.edu/DawnDetienne?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true},{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=3079415","nofollow":true},{"id":8220,"name":"Causation","url":"https://www.academia.edu/Documents/in/Causation?f_ri=3079415","nofollow":true},{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true},{"id":759657,"name":"Business Venturing","url":"https://www.academia.edu/Documents/in/Business_Venturing?f_ri=3079415"},{"id":3008704,"name":"Exit Strategies","url":"https://www.academia.edu/Documents/in/Exit_Strategies?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_72320800" data-work_id="72320800" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/72320800/Relative_Value_Hedge_Funds_A_Behavioral_Modeling_of_Hedge_Fund_Risk_and_Return_Factors">Relative Value Hedge Funds: A Behavioral Modeling of Hedge Fund Risk and Return Factors</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study has 4 contributions to the literature. First, the authors analyze the risk characteristics for 11 Relative Value hedge fund strategies. Second, the authors introduce 3 families of behavioral factors, the D family, the L family,... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_72320800" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study has 4 contributions to the literature. First, the authors analyze the risk characteristics for 11 Relative Value hedge fund strategies. Second, the authors introduce 3 families of behavioral factors, the D family, the L family, and the R family. In contrast to previous hedge fund studies, these new factors assume investors use historical and behavioral data such as average drawdown, run-up, and liquidity from each hedge fund category to assess the risk. Third, additional macroeconomic variables, such as the CRB, Copper, and Oil are found to be statistically significant in some strategies. This economic and historical information, when included with asset pricing models, is more powerful in explaining hedge fund returns than previous models. Fourth, unlike the previous literature, these generated models are corrected for time-series assumption violations and heteroskedasticity. To more fully understand the timing of risks and returns associated with investing in relative v...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/72320800" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3536393" href="https://uni-frankfurt.academia.edu/FarrokhEmamiLangroodi">Farrokh Emami Langroodi</a><script data-card-contents-for-user="3536393" type="text/json">{"id":3536393,"first_name":"Farrokh","last_name":"Emami Langroodi","domain_name":"uni-frankfurt","page_name":"FarrokhEmamiLangroodi","display_name":"Farrokh Emami Langroodi","profile_url":"https://uni-frankfurt.academia.edu/FarrokhEmamiLangroodi?f_ri=3079415","photo":"https://0.academia-photos.com/3536393/19408623/60776137/s65_farrokh.emami_langroodi.jpg"}</script></span></span></li><li class="js-paper-rank-work_72320800 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="72320800"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 72320800, container: ".js-paper-rank-work_72320800", }); 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$(".js-view-count[data-work-id=72320800]").text(description); $(".js-view-count-work_72320800").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_72320800").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="72320800"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a>, <script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1670" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Econometrics">Financial Econometrics</a>, <script data-card-contents-for-ri="1670" type="text/json">{"id":1670,"name":"Financial Econometrics","url":"https://www.academia.edu/Documents/in/Financial_Econometrics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6960" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavioral_Finance">Behavioral Finance</a><script data-card-contents-for-ri="6960" type="text/json">{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=72320800]'), work: {"id":72320800,"title":"Relative Value Hedge Funds: A Behavioral Modeling of Hedge Fund Risk and Return Factors","created_at":"2022-02-23T06:50:21.188-08:00","url":"https://www.academia.edu/72320800/Relative_Value_Hedge_Funds_A_Behavioral_Modeling_of_Hedge_Fund_Risk_and_Return_Factors?f_ri=3079415","dom_id":"work_72320800","summary":"This study has 4 contributions to the literature. First, the authors analyze the risk characteristics for 11 Relative Value hedge fund strategies. Second, the authors introduce 3 families of behavioral factors, the D family, the L family, and the R family. In contrast to previous hedge fund studies, these new factors assume investors use historical and behavioral data such as average drawdown, run-up, and liquidity from each hedge fund category to assess the risk. Third, additional macroeconomic variables, such as the CRB, Copper, and Oil are found to be statistically significant in some strategies. This economic and historical information, when included with asset pricing models, is more powerful in explaining hedge fund returns than previous models. Fourth, unlike the previous literature, these generated models are corrected for time-series assumption violations and heteroskedasticity. To more fully understand the timing of risks and returns associated with investing in relative v...","downloadable_attachments":[],"ordered_authors":[{"id":3536393,"first_name":"Farrokh","last_name":"Emami Langroodi","domain_name":"uni-frankfurt","page_name":"FarrokhEmamiLangroodi","display_name":"Farrokh Emami Langroodi","profile_url":"https://uni-frankfurt.academia.edu/FarrokhEmamiLangroodi?f_ri=3079415","photo":"https://0.academia-photos.com/3536393/19408623/60776137/s65_farrokh.emami_langroodi.jpg"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=3079415","nofollow":true},{"id":1670,"name":"Financial Econometrics","url":"https://www.academia.edu/Documents/in/Financial_Econometrics?f_ri=3079415","nofollow":true},{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=3079415","nofollow":true},{"id":11746,"name":"Alternative Investments","url":"https://www.academia.edu/Documents/in/Alternative_Investments?f_ri=3079415"},{"id":454037,"name":"Asset and investment valuation","url":"https://www.academia.edu/Documents/in/Asset_and_investment_valuation?f_ri=3079415"},{"id":493817,"name":"Derivatives and Hedge Funds","url":"https://www.academia.edu/Documents/in/Derivatives_and_Hedge_Funds?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_68552544" data-work_id="68552544" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/68552544/Determinants_of_FDI_inflows_into_Rwanda_1971_2003">Determinants of FDI inflows into Rwanda: 1971 2003</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Empirical results suggest that economic growth and trade openness have a significant positive impact on foreign direct investment (FDI) inflows in Rwanda. Depreciation of the real exchange rate stimulates FDI inflows and the inflation... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_68552544" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Empirical results suggest that economic growth and trade openness have a significant positive impact on foreign direct investment (FDI) inflows in Rwanda. Depreciation of the real exchange rate stimulates FDI inflows and the inflation rate does not significantly affect FDI inflows. Results of the forecast error variance decomposition and impulse response functions indicate that the most important determinant to FDI inflows is growth. In fact, long-lasting effects of an increase in economic growth on FDI inflows are found. Interestingly enough, FDI fully reacts to an unexpected increase in economic growth only after three years. Secondly, the real exchange rate effect on FDI flows are found in both the static and dynamic models. However, the impacts of trade and debt ratio on FDI flows are not as significant in the static model as in the dynamic model. Lastly, the impact of the inflation rate on FDI flows in both models was trivial.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/68552544" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2bb1937bad617de9d4c6aaf6f38878b7" rel="nofollow" data-download="{"attachment_id":78988142,"asset_id":68552544,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78988142/download_file?st=MTc0MDUzMzg2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="73688002" href="https://independent.academia.edu/SungNo">Sung No</a><script data-card-contents-for-user="73688002" type="text/json">{"id":73688002,"first_name":"Sung","last_name":"No","domain_name":"independent","page_name":"SungNo","display_name":"Sung No","profile_url":"https://independent.academia.edu/SungNo?f_ri=3079415","photo":"https://0.academia-photos.com/73688002/106885334/96099518/s65_sung.no.png"}</script></span></span></li><li class="js-paper-rank-work_68552544 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="68552544"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 68552544, container: ".js-paper-rank-work_68552544", }); 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$(".js-view-count[data-work-id=68552544]").text(description); $(".js-view-count-work_68552544").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_68552544").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="68552544"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">12</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="8759" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Direct_Investment">Foreign Direct Investment</a>, <script data-card-contents-for-ri="8759" type="text/json">{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="85364" rel="nofollow" href="https://www.academia.edu/Documents/in/Vector_Autoregression">Vector Autoregression</a>, <script data-card-contents-for-ri="85364" type="text/json">{"id":85364,"name":"Vector Autoregression","url":"https://www.academia.edu/Documents/in/Vector_Autoregression?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="117635" rel="nofollow" href="https://www.academia.edu/Documents/in/Trade_Openness">Trade Openness</a><script data-card-contents-for-ri="117635" type="text/json">{"id":117635,"name":"Trade Openness","url":"https://www.academia.edu/Documents/in/Trade_Openness?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=68552544]'), work: {"id":68552544,"title":"Determinants of FDI inflows into Rwanda: 1971 2003","created_at":"2022-01-17T11:48:37.512-08:00","url":"https://www.academia.edu/68552544/Determinants_of_FDI_inflows_into_Rwanda_1971_2003?f_ri=3079415","dom_id":"work_68552544","summary":"Empirical results suggest that economic growth and trade openness have a significant positive impact on foreign direct investment (FDI) inflows in Rwanda. Depreciation of the real exchange rate stimulates FDI inflows and the inflation rate does not significantly affect FDI inflows. Results of the forecast error variance decomposition and impulse response functions indicate that the most important determinant to FDI inflows is growth. In fact, long-lasting effects of an increase in economic growth on FDI inflows are found. Interestingly enough, FDI fully reacts to an unexpected increase in economic growth only after three years. Secondly, the real exchange rate effect on FDI flows are found in both the static and dynamic models. However, the impacts of trade and debt ratio on FDI flows are not as significant in the static model as in the dynamic model. Lastly, the impact of the inflation rate on FDI flows in both models was trivial.","downloadable_attachments":[{"id":78988142,"asset_id":68552544,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":73688002,"first_name":"Sung","last_name":"No","domain_name":"independent","page_name":"SungNo","display_name":"Sung No","profile_url":"https://independent.academia.edu/SungNo?f_ri=3079415","photo":"https://0.academia-photos.com/73688002/106885334/96099518/s65_sung.no.png"}],"research_interests":[{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=3079415","nofollow":true},{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=3079415","nofollow":true},{"id":85364,"name":"Vector Autoregression","url":"https://www.academia.edu/Documents/in/Vector_Autoregression?f_ri=3079415","nofollow":true},{"id":117635,"name":"Trade Openness","url":"https://www.academia.edu/Documents/in/Trade_Openness?f_ri=3079415","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=3079415"},{"id":610057,"name":"Real Exchange Rate","url":"https://www.academia.edu/Documents/in/Real_Exchange_Rate?f_ri=3079415"},{"id":614264,"name":"Variance decomposition","url":"https://www.academia.edu/Documents/in/Variance_decomposition?f_ri=3079415"},{"id":830782,"name":"Bank management and financial services","url":"https://www.academia.edu/Documents/in/Bank_management_and_financial_services?f_ri=3079415"},{"id":1190050,"name":"FDI","url":"https://www.academia.edu/Documents/in/FDI?f_ri=3079415"},{"id":1636540,"name":"Impulse Response Function","url":"https://www.academia.edu/Documents/in/Impulse_Response_Function?f_ri=3079415"},{"id":2626792,"name":"dynamic model","url":"https://www.academia.edu/Documents/in/dynamic_model?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_66187462" data-work_id="66187462" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/66187462/From_risk_management_to_citizenship_corporate_social_responsibility_analysis_of_strategic_drivers_of_change">From risk management to citizenship corporate social responsibility: analysis of strategic drivers of change</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Purpose-The purpose of this paper is to understand whether firms evolve towards more comprehensive postures of CSR and what strategic factors drive the change. Design/methodology/approach-The approach is deductive-inductive research based... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_66187462" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Purpose-The purpose of this paper is to understand whether firms evolve towards more comprehensive postures of CSR and what strategic factors drive the change. Design/methodology/approach-The approach is deductive-inductive research based on six critical case studies and supported by extensive review of related literature. The paper provides historical analysis of six firms leaders in their industry (Nike, Shell, General Electric, 3M, CEMEX and IBM) combining primary and secondary data. Findings-Firms evolve over time towards more complex CSR postures. This evolution is driven by some key strategic factors. The article sets out a three-stage framework connecting CSR evolution and the strategic change factors. Practical implications-The paper provides managers with a framework to promote strategic CSR change in their organizations. Originality/value-The paper is a joint research study on the evolution of CSR and strategic drivers of change.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/66187462" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5603364ae5ec38fac67d9cfda94e63b3" rel="nofollow" data-download="{"attachment_id":77477977,"asset_id":66187462,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77477977/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="205380995" href="https://independent.academia.edu/ItziarCastello">Itziar Castello</a><script data-card-contents-for-user="205380995" type="text/json">{"id":205380995,"first_name":"Itziar","last_name":"Castello","domain_name":"independent","page_name":"ItziarCastello","display_name":"Itziar Castello","profile_url":"https://independent.academia.edu/ItziarCastello?f_ri=3079415","photo":"https://0.academia-photos.com/205380995/65980258/54325144/s65_itziar.castello.jpeg"}</script></span></span></li><li class="js-paper-rank-work_66187462 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="66187462"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 66187462, container: ".js-paper-rank-work_66187462", }); 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$(".js-view-count[data-work-id=66187462]").text(description); $(".js-view-count-work_66187462").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_66187462").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="66187462"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="1452" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Social_Responsibility">Corporate Social Responsibility</a>, <script data-card-contents-for-ri="1452" type="text/json">{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9127" rel="nofollow" href="https://www.academia.edu/Documents/in/Change_Management">Change Management</a>, <script data-card-contents-for-ri="9127" type="text/json">{"id":9127,"name":"Change Management","url":"https://www.academia.edu/Documents/in/Change_Management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="12061" rel="nofollow" href="https://www.academia.edu/Documents/in/Risk_Management">Risk Management</a><script data-card-contents-for-ri="12061" type="text/json">{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=66187462]'), work: {"id":66187462,"title":"From risk management to citizenship corporate social responsibility: analysis of strategic drivers of change","created_at":"2021-12-28T03:04:47.407-08:00","url":"https://www.academia.edu/66187462/From_risk_management_to_citizenship_corporate_social_responsibility_analysis_of_strategic_drivers_of_change?f_ri=3079415","dom_id":"work_66187462","summary":"Purpose-The purpose of this paper is to understand whether firms evolve towards more comprehensive postures of CSR and what strategic factors drive the change. Design/methodology/approach-The approach is deductive-inductive research based on six critical case studies and supported by extensive review of related literature. The paper provides historical analysis of six firms leaders in their industry (Nike, Shell, General Electric, 3M, CEMEX and IBM) combining primary and secondary data. Findings-Firms evolve over time towards more complex CSR postures. This evolution is driven by some key strategic factors. The article sets out a three-stage framework connecting CSR evolution and the strategic change factors. Practical implications-The paper provides managers with a framework to promote strategic CSR change in their organizations. Originality/value-The paper is a joint research study on the evolution of CSR and strategic drivers of change.","downloadable_attachments":[{"id":77477977,"asset_id":66187462,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":205380995,"first_name":"Itziar","last_name":"Castello","domain_name":"independent","page_name":"ItziarCastello","display_name":"Itziar Castello","profile_url":"https://independent.academia.edu/ItziarCastello?f_ri=3079415","photo":"https://0.academia-photos.com/205380995/65980258/54325144/s65_itziar.castello.jpeg"}],"research_interests":[{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=3079415","nofollow":true},{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=3079415","nofollow":true},{"id":9127,"name":"Change Management","url":"https://www.academia.edu/Documents/in/Change_Management?f_ri=3079415","nofollow":true},{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=3079415","nofollow":true},{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415"},{"id":159687,"name":"Design Methodology","url":"https://www.academia.edu/Documents/in/Design_Methodology?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_64216201" data-work_id="64216201" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/64216201/What_UIP_tests_on_extreme_samples_reveal_about_the_missing_variable">What UIP tests on extreme samples reveal about the missing variable</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In their UIP regressions, Huisman et al. (1998. Extreme support for uncovered interest parity, Journal for International Money and Finance 17, 211e228.) focus on extreme forward premia and find much higher coefficients. We show that, for... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_64216201" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In their UIP regressions, Huisman et al. (1998. Extreme support for uncovered interest parity, Journal for International Money and Finance 17, 211e228.) focus on extreme forward premia and find much higher coefficients. We show that, for such results, the expectation signal needs to be thicker-tailed than the missing variable. Transaction costs may produce the right sort of bias. It is (i) bounded (i.e. it has no tails at all), (ii) wide (i.e. it may generate betas below 1/2) and (iii) U-distributed, which makes an ''extreme'' sample quite effective. We derive theoretical and numerical results in the direction of what Huisman et al. observe. We also tighten Fama's moment conditions.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/64216201" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="091e155d6de16f467deb036a785dd0bb" rel="nofollow" data-download="{"attachment_id":76353423,"asset_id":64216201,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/76353423/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="147590784" href="https://independent.academia.edu/VandebroekMartina">Martina Vandebroek</a><script data-card-contents-for-user="147590784" type="text/json">{"id":147590784,"first_name":"Martina","last_name":"Vandebroek","domain_name":"independent","page_name":"VandebroekMartina","display_name":"Martina Vandebroek","profile_url":"https://independent.academia.edu/VandebroekMartina?f_ri=3079415","photo":"https://0.academia-photos.com/147590784/121240045/110571267/s65_martina.vandebroek.jpeg"}</script></span></span></li><li class="js-paper-rank-work_64216201 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="64216201"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 64216201, container: ".js-paper-rank-work_64216201", }); 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$(".js-view-count[data-work-id=64216201]").text(description); $(".js-view-count-work_64216201").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_64216201").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="64216201"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="117272" rel="nofollow" href="https://www.academia.edu/Documents/in/Money_and_Finance">Money and Finance</a>, <script data-card-contents-for-ri="117272" type="text/json">{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="186309" rel="nofollow" href="https://www.academia.edu/Documents/in/Uncovered_Interest_Parity">Uncovered Interest Parity</a>, <script data-card-contents-for-ri="186309" type="text/json">{"id":186309,"name":"Uncovered Interest Parity","url":"https://www.academia.edu/Documents/in/Uncovered_Interest_Parity?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="868794" rel="nofollow" href="https://www.academia.edu/Documents/in/Transaction_Cost">Transaction Cost</a><script data-card-contents-for-ri="868794" type="text/json">{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=64216201]'), work: {"id":64216201,"title":"What UIP tests on extreme samples reveal about the missing variable","created_at":"2021-12-15T00:38:09.422-08:00","url":"https://www.academia.edu/64216201/What_UIP_tests_on_extreme_samples_reveal_about_the_missing_variable?f_ri=3079415","dom_id":"work_64216201","summary":"In their UIP regressions, Huisman et al. (1998. Extreme support for uncovered interest parity, Journal for International Money and Finance 17, 211e228.) focus on extreme forward premia and find much higher coefficients. We show that, for such results, the expectation signal needs to be thicker-tailed than the missing variable. Transaction costs may produce the right sort of bias. It is (i) bounded (i.e. it has no tails at all), (ii) wide (i.e. it may generate betas below 1/2) and (iii) U-distributed, which makes an ''extreme'' sample quite effective. We derive theoretical and numerical results in the direction of what Huisman et al. observe. We also tighten Fama's moment conditions.","downloadable_attachments":[{"id":76353423,"asset_id":64216201,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":147590784,"first_name":"Martina","last_name":"Vandebroek","domain_name":"independent","page_name":"VandebroekMartina","display_name":"Martina Vandebroek","profile_url":"https://independent.academia.edu/VandebroekMartina?f_ri=3079415","photo":"https://0.academia-photos.com/147590784/121240045/110571267/s65_martina.vandebroek.jpeg"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=3079415","nofollow":true},{"id":186309,"name":"Uncovered Interest Parity","url":"https://www.academia.edu/Documents/in/Uncovered_Interest_Parity?f_ri=3079415","nofollow":true},{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=3079415","nofollow":true},{"id":2910366,"name":"Moment condition","url":"https://www.academia.edu/Documents/in/Moment_condition?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_56348305" data-work_id="56348305" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/56348305/Pricing_and_inventory_policies_under_price_tracking_behaviour">Pricing and inventory policies under price-tracking behaviour</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">... Biographical notes: Leo MacDonald is an Assistant Professor in the Department of Economics, Finance and Quantitative Analysis in the Coles College of Business ... Prior to his appointment in 2006, he was a Faculty at the Ivey School... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_56348305" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">... Biographical notes: Leo MacDonald is an Assistant Professor in the Department of Economics, Finance and Quantitative Analysis in the Coles College of Business ... Prior to his appointment in 2006, he was a Faculty at the Ivey School of Business in London, Ontario, Canada. ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/56348305" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="59289691" href="https://independent.academia.edu/CJAndersonUCAN">Chris J Anderson</a><script data-card-contents-for-user="59289691" type="text/json">{"id":59289691,"first_name":"Chris","last_name":"Anderson","domain_name":"independent","page_name":"CJAndersonUCAN","display_name":"Chris J Anderson","profile_url":"https://independent.academia.edu/CJAndersonUCAN?f_ri=3079415","photo":"https://0.academia-photos.com/59289691/18767197/18727904/s65_chris.james.jpg"}</script></span></span></li><li class="js-paper-rank-work_56348305 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="56348305"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 56348305, container: ".js-paper-rank-work_56348305", }); 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$(".js-view-count[data-work-id=56348305]").text(description); $(".js-view-count-work_56348305").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_56348305").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="56348305"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="12847" rel="nofollow" href="https://www.academia.edu/Documents/in/Revenue_Management">Revenue Management</a>, <script data-card-contents-for-ri="12847" type="text/json">{"id":12847,"name":"Revenue Management","url":"https://www.academia.edu/Documents/in/Revenue_Management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="63905" rel="nofollow" href="https://www.academia.edu/Documents/in/Retailing">Retailing</a>, <script data-card-contents-for-ri="63905" type="text/json">{"id":63905,"name":"Retailing","url":"https://www.academia.edu/Documents/in/Retailing?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1363670" rel="nofollow" href="https://www.academia.edu/Documents/in/Retail_Sales">Retail Sales</a>, <script data-card-contents-for-ri="1363670" type="text/json">{"id":1363670,"name":"Retail Sales","url":"https://www.academia.edu/Documents/in/Retail_Sales?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1497549" rel="nofollow" href="https://www.academia.edu/Documents/in/Stochastic_Demand">Stochastic Demand</a><script data-card-contents-for-ri="1497549" type="text/json">{"id":1497549,"name":"Stochastic Demand","url":"https://www.academia.edu/Documents/in/Stochastic_Demand?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=56348305]'), work: {"id":56348305,"title":"Pricing and inventory policies under price-tracking behaviour","created_at":"2021-10-07T09:04:04.601-07:00","url":"https://www.academia.edu/56348305/Pricing_and_inventory_policies_under_price_tracking_behaviour?f_ri=3079415","dom_id":"work_56348305","summary":"... Biographical notes: Leo MacDonald is an Assistant Professor in the Department of Economics, Finance and Quantitative Analysis in the Coles College of Business ... Prior to his appointment in 2006, he was a Faculty at the Ivey School of Business in London, Ontario, Canada. ...","downloadable_attachments":[],"ordered_authors":[{"id":59289691,"first_name":"Chris","last_name":"Anderson","domain_name":"independent","page_name":"CJAndersonUCAN","display_name":"Chris J Anderson","profile_url":"https://independent.academia.edu/CJAndersonUCAN?f_ri=3079415","photo":"https://0.academia-photos.com/59289691/18767197/18727904/s65_chris.james.jpg"}],"research_interests":[{"id":12847,"name":"Revenue Management","url":"https://www.academia.edu/Documents/in/Revenue_Management?f_ri=3079415","nofollow":true},{"id":63905,"name":"Retailing","url":"https://www.academia.edu/Documents/in/Retailing?f_ri=3079415","nofollow":true},{"id":1363670,"name":"Retail Sales","url":"https://www.academia.edu/Documents/in/Retail_Sales?f_ri=3079415","nofollow":true},{"id":1497549,"name":"Stochastic Demand","url":"https://www.academia.edu/Documents/in/Stochastic_Demand?f_ri=3079415","nofollow":true},{"id":1553393,"name":"Asset Prices","url":"https://www.academia.edu/Documents/in/Asset_Prices?f_ri=3079415"},{"id":2755282,"name":"Aggregate Demand","url":"https://www.academia.edu/Documents/in/Aggregate_Demand?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_54809763" data-work_id="54809763" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/54809763/The_output_efficiency_of_minority_owned_banks_in_the_United_States">The output efficiency of minority-owned banks in the United States</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study extends prior research on minority-owned banks by examining their output performance. Using a deterministic output distance function, both technical and allocative efficiency are measured. The findings indicate that, with a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_54809763" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study extends prior research on minority-owned banks by examining their output performance. Using a deterministic output distance function, both technical and allocative efficiency are measured. The findings indicate that, with a given set of inputs, minority-owned banks produce less outputs than a comparable group of nonminority-owned banks. Also, both minority-owned banks and nonminority-owned banks fail to allocate outputs in revenuemaximing proportions.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/54809763" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3000da0f8cb4a843c5b8820ba6e60a27" rel="nofollow" data-download="{"attachment_id":70993023,"asset_id":54809763,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/70993023/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="178499629" href="https://independent.academia.edu/ZahidIqbal200">Zahid Iqbal</a><script data-card-contents-for-user="178499629" type="text/json">{"id":178499629,"first_name":"Zahid","last_name":"Iqbal","domain_name":"independent","page_name":"ZahidIqbal200","display_name":"Zahid Iqbal","profile_url":"https://independent.academia.edu/ZahidIqbal200?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_54809763 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="54809763"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 54809763, container: ".js-paper-rank-work_54809763", }); 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Using a deterministic output distance function, both technical and allocative efficiency are measured. The findings indicate that, with a given set of inputs, minority-owned banks produce less outputs than a comparable group of nonminority-owned banks. Also, both minority-owned banks and nonminority-owned banks fail to allocate outputs in revenuemaximing proportions.","downloadable_attachments":[{"id":70993023,"asset_id":54809763,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":178499629,"first_name":"Zahid","last_name":"Iqbal","domain_name":"independent","page_name":"ZahidIqbal200","display_name":"Zahid Iqbal","profile_url":"https://independent.academia.edu/ZahidIqbal200?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":98134,"name":"United States","url":"https://www.academia.edu/Documents/in/United_States?f_ri=3079415","nofollow":true},{"id":189763,"name":"Bank Efficiency","url":"https://www.academia.edu/Documents/in/Bank_Efficiency?f_ri=3079415","nofollow":true},{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415"},{"id":727226,"name":"Allocative Efficiency","url":"https://www.academia.edu/Documents/in/Allocative_Efficiency?f_ri=3079415"},{"id":1456766,"name":"Revenue Maximization","url":"https://www.academia.edu/Documents/in/Revenue_Maximization?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_54543241" data-work_id="54543241" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/54543241/Assessing_the_Effect_of_External_Debt_Servicing_and_Receipt_on_Exchange_Rate_in_Nigeria">Assessing the Effect of External Debt Servicing and Receipt on Exchange Rate in Nigeria</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The aim of this study is to investigate the relationship between external public debt servicing and receipt and exchange rate fluctuations in Nigeria from 1981 to 2013. The variables used in the study included external public debt... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_54543241" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The aim of this study is to investigate the relationship between external public debt servicing and receipt and exchange rate fluctuations in Nigeria from 1981 to 2013. The variables used in the study included external public debt receipts, external public debt servicing, and exchange rate. The theoretical models adopted in the study were the monetary model of exchange rate determination and the monetary approach to international capital movements. The strategies for accomplishing stated objectives were specified to include the use of Ordinary Least Square (OLS) multiple regression and cointegration test, which would have helped in determining the short-run and long-run relationships, respectively, between the specified variables, based on secondary data sourced from Central Bank of Nigeria (CBN) and Debt Management Office (DMO) statistical publications for the period under review. The findings of the study showed that external debt receipts and external debt servicing have positive short and long-run relationships with naira exchange rate fluctuations. The study concluded that whereas external public debt receipts affect exchange rate positively, external public debt servicing affects exchange rate negatively. The policy implication of this study is that Nigerian government should evolve more efficient external debt management strategies that will ensure that foreign loan receipts secured net off the effects of the servicing obligations in order to enhance the value and exchange rate of the naira. The paper recommended that Nigerian government should always strive to secure self-liquidating, production/project-based external loans for financing projects, place and enforce embargo on certain classes of foreign loans as well as on the frequency of contracting loans, contract foreign loans with concessionary low interest rates and long maturity periods, promptly and regularly service foreign loans to avoid the burdensome effect of accumulated compound interests, and appropriate external loan resources properly.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/54543241" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="531f59e55714a0b723d838f70b01fd06" rel="nofollow" data-download="{"attachment_id":70857816,"asset_id":54543241,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/70857816/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="38132278" href="https://independent.academia.edu/EzeRichard1">Eze Richard</a><script data-card-contents-for-user="38132278" type="text/json">{"id":38132278,"first_name":"Eze","last_name":"Richard","domain_name":"independent","page_name":"EzeRichard1","display_name":"Eze Richard","profile_url":"https://independent.academia.edu/EzeRichard1?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_54543241 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="54543241"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 54543241, container: ".js-paper-rank-work_54543241", }); 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The variables used in the study included external public debt receipts, external public debt servicing, and exchange rate. The theoretical models adopted in the study were the monetary model of exchange rate determination and the monetary approach to international capital movements. The strategies for accomplishing stated objectives were specified to include the use of Ordinary Least Square (OLS) multiple regression and cointegration test, which would have helped in determining the short-run and long-run relationships, respectively, between the specified variables, based on secondary data sourced from Central Bank of Nigeria (CBN) and Debt Management Office (DMO) statistical publications for the period under review. The findings of the study showed that external debt receipts and external debt servicing have positive short and long-run relationships with naira exchange rate fluctuations. The study concluded that whereas external public debt receipts affect exchange rate positively, external public debt servicing affects exchange rate negatively. The policy implication of this study is that Nigerian government should evolve more efficient external debt management strategies that will ensure that foreign loan receipts secured net off the effects of the servicing obligations in order to enhance the value and exchange rate of the naira. The paper recommended that Nigerian government should always strive to secure self-liquidating, production/project-based external loans for financing projects, place and enforce embargo on certain classes of foreign loans as well as on the frequency of contracting loans, contract foreign loans with concessionary low interest rates and long maturity periods, promptly and regularly service foreign loans to avoid the burdensome effect of accumulated compound interests, and appropriate external loan resources properly.","downloadable_attachments":[{"id":70857816,"asset_id":54543241,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":38132278,"first_name":"Eze","last_name":"Richard","domain_name":"independent","page_name":"EzeRichard1","display_name":"Eze Richard","profile_url":"https://independent.academia.edu/EzeRichard1?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_47927821" data-work_id="47927821" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/47927821/Inferring_Risk_Tolerance_from_Deductibles_in_Insurance_Contracts">Inferring Risk Tolerance from Deductibles in Insurance Contracts</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Of the numerous results provided over the past 30 years by the theory of decision under uncertainty, none has proved more helpful to me in solving practical problems than the following elegant proposition due to Arrow: "Proposition: If an... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_47927821" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Of the numerous results provided over the past 30 years by the theory of decision under uncertainty, none has proved more helpful to me in solving practical problems than the following elegant proposition due to Arrow: "Proposition: If an insurance company is willing to offer any insurance policy against loss desired by the buyer at a premium which depends only on the policy's actuarial value, then the policy chosen by a risk-averting buyer will take the form of 100 percent coverage above a deductible minimum.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/47927821" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="0db5494cf2eaf4546fbdd60c733e4f54" rel="nofollow" data-download="{"attachment_id":66804295,"asset_id":47927821,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" 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none has proved more helpful to me in solving practical problems than the following elegant proposition due to Arrow: \"Proposition: If an insurance company is willing to offer any insurance policy against loss desired by the buyer at a premium which depends only on the policy's actuarial value, then the policy chosen by a risk-averting buyer will take the form of 100 percent coverage above a deductible minimum.","downloadable_attachments":[{"id":66804295,"asset_id":47927821,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":120506006,"first_name":"jacques","last_name":"dreze","domain_name":"uclouvain","page_name":"jacquesdreze","display_name":"jacques dreze","profile_url":"https://uclouvain.academia.edu/jacquesdreze?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } 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itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/78822411/A_binomial_model_for_pricing_US_style_average_options_with_reset_features">A binomial model for pricing US-style average options with reset features</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We develop a pricing algorithm for US-style period-average reset options written on an underlying asset which evolves in a Cox-Ross-Rubinstein (CRR) framework. The averaging feature of such an option on the reset period makes the price... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_78822411" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We develop a pricing algorithm for US-style period-average reset options written on an underlying asset which evolves in a Cox-Ross-Rubinstein (CRR) framework. The averaging feature of such an option on the reset period makes the price valuation problem computationally unfeasible because the arithmetic average is not recombining on a CRR tree. To overcome this obstacle, we associate to each node of the lattice belonging to the reset period a set of representative averages chosen among all the effective arithmetic averages attained at that node. On the remaining time to maturity, a US period-average reset option becomes a US standard one and the Barone Adesi-Whaley approximation is used to compute an option value in correspondence to each representative average lain at the end of the reset period.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/78822411" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="faad1145b0196920a46252d2f27d5413" rel="nofollow" data-download="{"attachment_id":85731114,"asset_id":78822411,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/85731114/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35356420" href="https://independent.academia.edu/IvarMassab%C3%B2">Ivar Massabò</a><script data-card-contents-for-user="35356420" type="text/json">{"id":35356420,"first_name":"Ivar","last_name":"Massabò","domain_name":"independent","page_name":"IvarMassabò","display_name":"Ivar Massabò","profile_url":"https://independent.academia.edu/IvarMassab%C3%B2?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_78822411 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="78822411"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 78822411, container: ".js-paper-rank-work_78822411", }); 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$(".js-view-count[data-work-id=78822411]").text(description); $(".js-view-count-work_78822411").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_78822411").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="78822411"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="45591" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Derivatives">Financial Derivatives</a>, <script data-card-contents-for-ri="45591" type="text/json">{"id":45591,"name":"Financial Derivatives","url":"https://www.academia.edu/Documents/in/Financial_Derivatives?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="131496" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial">Financial</a><script data-card-contents-for-ri="131496" type="text/json">{"id":131496,"name":"Financial","url":"https://www.academia.edu/Documents/in/Financial?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=78822411]'), work: {"id":78822411,"title":"A binomial model for pricing US-style average options with reset features","created_at":"2022-05-09T00:57:21.049-07:00","url":"https://www.academia.edu/78822411/A_binomial_model_for_pricing_US_style_average_options_with_reset_features?f_ri=3079415","dom_id":"work_78822411","summary":"We develop a pricing algorithm for US-style period-average reset options written on an underlying asset which evolves in a Cox-Ross-Rubinstein (CRR) framework. The averaging feature of such an option on the reset period makes the price valuation problem computationally unfeasible because the arithmetic average is not recombining on a CRR tree. To overcome this obstacle, we associate to each node of the lattice belonging to the reset period a set of representative averages chosen among all the effective arithmetic averages attained at that node. On the remaining time to maturity, a US period-average reset option becomes a US standard one and the Barone Adesi-Whaley approximation is used to compute an option value in correspondence to each representative average lain at the end of the reset period.","downloadable_attachments":[{"id":85731114,"asset_id":78822411,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35356420,"first_name":"Ivar","last_name":"Massabò","domain_name":"independent","page_name":"IvarMassabò","display_name":"Ivar Massabò","profile_url":"https://independent.academia.edu/IvarMassab%C3%B2?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":45591,"name":"Financial Derivatives","url":"https://www.academia.edu/Documents/in/Financial_Derivatives?f_ri=3079415","nofollow":true},{"id":131496,"name":"Financial","url":"https://www.academia.edu/Documents/in/Financial?f_ri=3079415","nofollow":true},{"id":1844831,"name":"Binomial Model","url":"https://www.academia.edu/Documents/in/Binomial_Model?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_77342723" data-work_id="77342723" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/77342723/Corporate_Sustainability_Reporting_by_Pharmaceutical_Companies_Is_It_What_It_Seems_to_Be">Corporate Sustainability Reporting by Pharmaceutical Companies: Is It What It Seems to Be?</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">A well-functioning pharmaceutical industry can contribute directly to social wellbeing. Corporate sustainability is an important precondition for the further development and growth of the industry. In this research multi methods are used... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_77342723" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">A well-functioning pharmaceutical industry can contribute directly to social wellbeing. Corporate sustainability is an important precondition for the further development and growth of the industry. In this research multi methods are used to provide a complete, holistic and contextual portrait of the level of CSR by pharmaceutical companies in a developing country - Bangladesh. Firstly, we used content analysis to investigate corporate social reporting by listed pharmaceutical companies. Secondly, we conducted surveys to document management responses. Thirdly, we sought stakeholders’ views on the extent to which they believe CSR is being implemented in the industry. Analysis of annual reports published in 2009- 2010 shows that only 26.67% of listed pharmaceutical companies made some CSR disclosure. However, more than seventy-five per cent of these disclosures are sweeping qualitative statements without any attempt at quantification. Most managers believe social reporting should strik...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/77342723" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="859753db3e9840656e36618eb56b8c39" rel="nofollow" data-download="{"attachment_id":84742913,"asset_id":77342723,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/84742913/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="221637856" href="https://independent.academia.edu/SaifulAzam32">Saiful Azam</a><script data-card-contents-for-user="221637856" type="text/json">{"id":221637856,"first_name":"Saiful","last_name":"Azam","domain_name":"independent","page_name":"SaifulAzam32","display_name":"Saiful Azam","profile_url":"https://independent.academia.edu/SaifulAzam32?f_ri=3079415","photo":"https://0.academia-photos.com/221637856/148372953/137933382/s65_saiful.azam.jpeg"}</script></span></span></li><li class="js-paper-rank-work_77342723 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="77342723"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 77342723, container: ".js-paper-rank-work_77342723", }); });</script></li><li class="js-percentile-work_77342723 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 77342723; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_77342723"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_77342723 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="77342723"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 77342723; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=77342723]").text(description); $(".js-view-count-work_77342723").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_77342723").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="77342723"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="73149" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_and_Management">Business and Management</a>, <script data-card-contents-for-ri="73149" type="text/json">{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=77342723]'), work: {"id":77342723,"title":"Corporate Sustainability Reporting by Pharmaceutical Companies: Is It What It Seems to Be?","created_at":"2022-04-23T03:31:08.020-07:00","url":"https://www.academia.edu/77342723/Corporate_Sustainability_Reporting_by_Pharmaceutical_Companies_Is_It_What_It_Seems_to_Be?f_ri=3079415","dom_id":"work_77342723","summary":"A well-functioning pharmaceutical industry can contribute directly to social wellbeing. Corporate sustainability is an important precondition for the further development and growth of the industry. In this research multi methods are used to provide a complete, holistic and contextual portrait of the level of CSR by pharmaceutical companies in a developing country - Bangladesh. Firstly, we used content analysis to investigate corporate social reporting by listed pharmaceutical companies. Secondly, we conducted surveys to document management responses. Thirdly, we sought stakeholders’ views on the extent to which they believe CSR is being implemented in the industry. Analysis of annual reports published in 2009- 2010 shows that only 26.67% of listed pharmaceutical companies made some CSR disclosure. However, more than seventy-five per cent of these disclosures are sweeping qualitative statements without any attempt at quantification. Most managers believe social reporting should strik...","downloadable_attachments":[{"id":84742913,"asset_id":77342723,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":221637856,"first_name":"Saiful","last_name":"Azam","domain_name":"independent","page_name":"SaifulAzam32","display_name":"Saiful Azam","profile_url":"https://independent.academia.edu/SaifulAzam32?f_ri=3079415","photo":"https://0.academia-photos.com/221637856/148372953/137933382/s65_saiful.azam.jpeg"}],"research_interests":[{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67642654" data-work_id="67642654" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/67642654/The_Regional_Integration_Agreements_A_New_Face_of_Protectionism">The Regional Integration Agreements: A New Face of Protectionism</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The regional integration agreements can be a strategy of trade diversion and thus we can say that there is a violation of the rules of free trade. By creating preferential rules which are inconsistent with the principles of the WTO, the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67642654" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The regional integration agreements can be a strategy of trade diversion and thus we can say that there is a violation of the rules of free trade. By creating preferential rules which are inconsistent with the principles of the WTO, the strategy of regional integration can increase the risk of trade disputes with third party countries and can therefore generate a commercial environment full of threats and reprisals. Third countries, especially developing countries have small markets, may find themselves marginalized further when the members of the regional group adopt the principle of discrimination. The philosophy of the WTO paves the way for a transition from regional integration towards a multilateral integration. The question that arises is whether regional integration agreements meet this conception of the WTO or they represent a new form of protectionism hindering free trade. We know that the regional groups hold private information about the actions and decisions they adopt i...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67642654" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="25ac4012566473a43c7889d17dc82858" rel="nofollow" data-download="{"attachment_id":78386452,"asset_id":67642654,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78386452/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42667671" href="https://independent.academia.edu/MontejAbida">Montej Abida</a><script data-card-contents-for-user="42667671" type="text/json">{"id":42667671,"first_name":"Montej","last_name":"Abida","domain_name":"independent","page_name":"MontejAbida","display_name":"Montej Abida","profile_url":"https://independent.academia.edu/MontejAbida?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_67642654 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="67642654"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 67642654, container: ".js-paper-rank-work_67642654", }); });</script></li><li class="js-percentile-work_67642654 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 67642654; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_67642654"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_67642654 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="67642654"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 67642654; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=67642654]").text(description); $(".js-view-count-work_67642654").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_67642654").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="67642654"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="418456" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics_Finance-2">Economics Finance</a>, <script data-card-contents-for-ri="418456" type="text/json">{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=67642654]'), work: {"id":67642654,"title":"The Regional Integration Agreements: A New Face of Protectionism","created_at":"2022-01-08T14:43:44.635-08:00","url":"https://www.academia.edu/67642654/The_Regional_Integration_Agreements_A_New_Face_of_Protectionism?f_ri=3079415","dom_id":"work_67642654","summary":"The regional integration agreements can be a strategy of trade diversion and thus we can say that there is a violation of the rules of free trade. By creating preferential rules which are inconsistent with the principles of the WTO, the strategy of regional integration can increase the risk of trade disputes with third party countries and can therefore generate a commercial environment full of threats and reprisals. Third countries, especially developing countries have small markets, may find themselves marginalized further when the members of the regional group adopt the principle of discrimination. The philosophy of the WTO paves the way for a transition from regional integration towards a multilateral integration. The question that arises is whether regional integration agreements meet this conception of the WTO or they represent a new form of protectionism hindering free trade. We know that the regional groups hold private information about the actions and decisions they adopt i...","downloadable_attachments":[{"id":78386452,"asset_id":67642654,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42667671,"first_name":"Montej","last_name":"Abida","domain_name":"independent","page_name":"MontejAbida","display_name":"Montej Abida","profile_url":"https://independent.academia.edu/MontejAbida?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_79095981" data-work_id="79095981" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/79095981/Macroeconomic_determinants_of_credit_risk_Recent_evidence_from_a_cross_country_study">Macroeconomic determinants of credit risk: Recent evidence from a cross country study</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The study of financial stability has become the cornerstone of modern macroeconomic policy particularly for developed countries. The recent global financial crisis has underscored the importance of understanding financial instability... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_79095981" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The study of financial stability has become the cornerstone of modern macroeconomic policy particularly for developed countries. The recent global financial crisis has underscored the importance of understanding financial instability especially in the context of managing credit risk with particular emphasis on the banking sector. The key motivation for this paper is to improve our understanding of credit risk modelling at the country level especially under the framework of Basel II capital adequacy standards. The aim of the study is to investigate the interaction between the cyclical implications of aggregate defaults in an economy and the capital stock of a bank. The approach used requires the construction of a macroeconomic credit model that provides the framework to perform scenario analysis. Within this framework, our study forms the basis of a comparative analysis of two countries, a relatively immune economy from the recent crisis-Australia and the worst effected economy-the USA. The key questions posed in the study are which macroeconomic variables are important for both countries in addition we examine the impact of adverse macroeconomic shocks on default rates in both countries. The results indicate that the same set of macroeconomic variables display different default rates for the two counties. Additionally the study finds that compared to Australia, the US economy is much more susceptible to adverse macroeconomic shocks.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/79095981" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7d6f69288dec96db604a14639a1eca95" rel="nofollow" data-download="{"attachment_id":85933400,"asset_id":79095981,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/85933400/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="27095980" href="https://independent.academia.edu/KevinDaly5">Kevin Daly</a><script data-card-contents-for-user="27095980" type="text/json">{"id":27095980,"first_name":"Kevin","last_name":"Daly","domain_name":"independent","page_name":"KevinDaly5","display_name":"Kevin Daly","profile_url":"https://independent.academia.edu/KevinDaly5?f_ri=3079415","photo":"https://0.academia-photos.com/27095980/7640936/8573873/s65_kevin.daly.jpg_oh_95f4754e2890e425788281f29ae48786_oe_557e58f4___gda___1435859996_8e0ed58734284778cf171e72361d1cf1"}</script></span></span></li><li class="js-paper-rank-work_79095981 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="79095981"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 79095981, container: ".js-paper-rank-work_79095981", }); 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$(".js-view-count[data-work-id=79095981]").text(description); $(".js-view-count-work_79095981").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_79095981").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="79095981"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="534" rel="nofollow" href="https://www.academia.edu/Documents/in/Law">Law</a>, <script data-card-contents-for-ri="534" type="text/json">{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="738" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Economics">Monetary Economics</a>, <script data-card-contents-for-ri="738" type="text/json">{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="37915" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Analysis">Financial Analysis</a><script data-card-contents-for-ri="37915" type="text/json">{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=79095981]'), work: {"id":79095981,"title":"Macroeconomic determinants of credit risk: Recent evidence from a cross country study","created_at":"2022-05-14T12:53:17.793-07:00","url":"https://www.academia.edu/79095981/Macroeconomic_determinants_of_credit_risk_Recent_evidence_from_a_cross_country_study?f_ri=3079415","dom_id":"work_79095981","summary":"The study of financial stability has become the cornerstone of modern macroeconomic policy particularly for developed countries. The recent global financial crisis has underscored the importance of understanding financial instability especially in the context of managing credit risk with particular emphasis on the banking sector. The key motivation for this paper is to improve our understanding of credit risk modelling at the country level especially under the framework of Basel II capital adequacy standards. The aim of the study is to investigate the interaction between the cyclical implications of aggregate defaults in an economy and the capital stock of a bank. The approach used requires the construction of a macroeconomic credit model that provides the framework to perform scenario analysis. Within this framework, our study forms the basis of a comparative analysis of two countries, a relatively immune economy from the recent crisis-Australia and the worst effected economy-the USA. The key questions posed in the study are which macroeconomic variables are important for both countries in addition we examine the impact of adverse macroeconomic shocks on default rates in both countries. The results indicate that the same set of macroeconomic variables display different default rates for the two counties. Additionally the study finds that compared to Australia, the US economy is much more susceptible to adverse macroeconomic shocks.","downloadable_attachments":[{"id":85933400,"asset_id":79095981,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":27095980,"first_name":"Kevin","last_name":"Daly","domain_name":"independent","page_name":"KevinDaly5","display_name":"Kevin Daly","profile_url":"https://independent.academia.edu/KevinDaly5?f_ri=3079415","photo":"https://0.academia-photos.com/27095980/7640936/8573873/s65_kevin.daly.jpg_oh_95f4754e2890e425788281f29ae48786_oe_557e58f4___gda___1435859996_8e0ed58734284778cf171e72361d1cf1"}],"research_interests":[{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=3079415","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=3079415","nofollow":true},{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=3079415","nofollow":true},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=3079415"},{"id":85998,"name":"Credit Risk","url":"https://www.academia.edu/Documents/in/Credit_Risk?f_ri=3079415"},{"id":152553,"name":"Comparative Analysis","url":"https://www.academia.edu/Documents/in/Comparative_Analysis?f_ri=3079415"},{"id":417820,"name":"Scenario Analysis","url":"https://www.academia.edu/Documents/in/Scenario_Analysis?f_ri=3079415"},{"id":966655,"name":"Capital Adequacy","url":"https://www.academia.edu/Documents/in/Capital_Adequacy?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_76804964" data-work_id="76804964" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/76804964/The_Market_Model_of_Interest_Rate_Dynamics">The Market Model of Interest Rate Dynamics</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">A class of term structure models with volatility of lognormal type is analyzed in the general HJM framework. The corresponding market forward rates do not explode, and are positive and mean reverting. Pricing of caps and floors is... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_76804964" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">A class of term structure models with volatility of lognormal type is analyzed in the general HJM framework. The corresponding market forward rates do not explode, and are positive and mean reverting. Pricing of caps and floors is consistent with the Black formulas used in the market. Swaptions are priced with closed formulas that reduce (with an extra assumption) to exactly the Black swaption formulas when yield and volatility are flat. A two-factor version of the model is calibrated to the U.K. market price of caps and swaptions and to the historically estimated correlation between the forward rates.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/76804964" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="005ea58a71f12d37af85d761711a9860" rel="nofollow" data-download="{"attachment_id":84390235,"asset_id":76804964,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/84390235/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="221124291" href="https://independent.academia.edu/DariuszGatarek">Dariusz Gatarek</a><script data-card-contents-for-user="221124291" type="text/json">{"id":221124291,"first_name":"Dariusz","last_name":"Gatarek","domain_name":"independent","page_name":"DariuszGatarek","display_name":"Dariusz Gatarek","profile_url":"https://independent.academia.edu/DariuszGatarek?f_ri=3079415","photo":"https://0.academia-photos.com/221124291/78953727/67512621/s65_dariusz.gatarek.png"}</script></span></span></li><li class="js-paper-rank-work_76804964 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="76804964"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 76804964, container: ".js-paper-rank-work_76804964", }); 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$(".js-view-count[data-work-id=76804964]").text(description); $(".js-view-count-work_76804964").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_76804964").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="76804964"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="305" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Mathematics">Applied Mathematics</a>, <script data-card-contents-for-ri="305" type="text/json">{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="24659" rel="nofollow" href="https://www.academia.edu/Documents/in/Mathematical_Finance">Mathematical Finance</a>, <script data-card-contents-for-ri="24659" type="text/json">{"id":24659,"name":"Mathematical Finance","url":"https://www.academia.edu/Documents/in/Mathematical_Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="129770" rel="nofollow" href="https://www.academia.edu/Documents/in/Key_words">Key words</a><script data-card-contents-for-ri="129770" type="text/json">{"id":129770,"name":"Key words","url":"https://www.academia.edu/Documents/in/Key_words?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=76804964]'), work: {"id":76804964,"title":"The Market Model of Interest Rate Dynamics","created_at":"2022-04-18T03:32:58.450-07:00","url":"https://www.academia.edu/76804964/The_Market_Model_of_Interest_Rate_Dynamics?f_ri=3079415","dom_id":"work_76804964","summary":"A class of term structure models with volatility of lognormal type is analyzed in the general HJM framework. The corresponding market forward rates do not explode, and are positive and mean reverting. Pricing of caps and floors is consistent with the Black formulas used in the market. Swaptions are priced with closed formulas that reduce (with an extra assumption) to exactly the Black swaption formulas when yield and volatility are flat. A two-factor version of the model is calibrated to the U.K. market price of caps and swaptions and to the historically estimated correlation between the forward rates.","downloadable_attachments":[{"id":84390235,"asset_id":76804964,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":221124291,"first_name":"Dariusz","last_name":"Gatarek","domain_name":"independent","page_name":"DariuszGatarek","display_name":"Dariusz Gatarek","profile_url":"https://independent.academia.edu/DariuszGatarek?f_ri=3079415","photo":"https://0.academia-photos.com/221124291/78953727/67512621/s65_dariusz.gatarek.png"}],"research_interests":[{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=3079415","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":24659,"name":"Mathematical Finance","url":"https://www.academia.edu/Documents/in/Mathematical_Finance?f_ri=3079415","nofollow":true},{"id":129770,"name":"Key words","url":"https://www.academia.edu/Documents/in/Key_words?f_ri=3079415","nofollow":true},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=3079415"},{"id":708996,"name":"Caps","url":"https://www.academia.edu/Documents/in/Caps?f_ri=3079415"},{"id":1839978,"name":"Stochastic Partial Differential Equations","url":"https://www.academia.edu/Documents/in/Stochastic_Partial_Differential_Equations-1?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"},{"id":3649930,"name":"Term Structure Models","url":"https://www.academia.edu/Documents/in/Term_Structure_Models?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_74443716" data-work_id="74443716" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/74443716/Relieving_Consumer_Overindebtedness_in_South_Africa_Policy_Reviews_and_Recommendations">Relieving Consumer Overindebtedness in South Africa: Policy Reviews and Recommendations</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">A large fraction of South African consumers are highly leveraged, inadequately insured, and/or own little to no assets of value, which increases their exposure not only to idiosyncratic risk but also to severe indebtedness and/or default.... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_74443716" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">A large fraction of South African consumers are highly leveraged, inadequately insured, and/or own little to no assets of value, which increases their exposure not only to idiosyncratic risk but also to severe indebtedness and/or default. This scenario can present negative ramifications that lead well beyond the confines of individual households. Thankfully, it can also be remedied by well-tailored legal debt relief mechanisms. This article reflects on the uncertainties surrounding the consumer debt relief framework of the National Credit Act in an attempt to show why it is not up to the challenge of providing meaningful relief to debt-distressed consumers. Ultimately, a comprehensive review of the current framework in favor of a discharge mechanism on simple, stated terms is proposed.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/74443716" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="73f662682d933e7b0d7891023b5dc8ea" rel="nofollow" data-download="{"attachment_id":82595465,"asset_id":74443716,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/82595465/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="6224755" href="https://uct.academia.edu/RalphSsebagala">Ralph A Ssebagala</a><script data-card-contents-for-user="6224755" type="text/json">{"id":6224755,"first_name":"Ralph","last_name":"Ssebagala","domain_name":"uct","page_name":"RalphSsebagala","display_name":"Ralph A Ssebagala","profile_url":"https://uct.academia.edu/RalphSsebagala?f_ri=3079415","photo":"https://0.academia-photos.com/6224755/4385550/17029778/s65_ralph.ssebagala.jpg"}</script></span></span></li><li class="js-paper-rank-work_74443716 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="74443716"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 74443716, container: ".js-paper-rank-work_74443716", }); });</script></li><li class="js-percentile-work_74443716 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 74443716; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_74443716"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_74443716 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="74443716"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 74443716; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=74443716]").text(description); $(".js-view-count-work_74443716").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_74443716").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="74443716"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="432724" rel="nofollow" href="https://www.academia.edu/Documents/in/Consumer_Debt">Consumer Debt</a>, <script data-card-contents-for-ri="432724" type="text/json">{"id":432724,"name":"Consumer Debt","url":"https://www.academia.edu/Documents/in/Consumer_Debt?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1250599" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Counseling_and_Planning">Financial Counseling and Planning</a>, <script data-card-contents-for-ri="1250599" type="text/json">{"id":1250599,"name":"Financial Counseling and Planning","url":"https://www.academia.edu/Documents/in/Financial_Counseling_and_Planning?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=74443716]'), work: {"id":74443716,"title":"Relieving Consumer Overindebtedness in South Africa: Policy Reviews and Recommendations","created_at":"2022-03-24T02:18:41.825-07:00","url":"https://www.academia.edu/74443716/Relieving_Consumer_Overindebtedness_in_South_Africa_Policy_Reviews_and_Recommendations?f_ri=3079415","dom_id":"work_74443716","summary":"A large fraction of South African consumers are highly leveraged, inadequately insured, and/or own little to no assets of value, which increases their exposure not only to idiosyncratic risk but also to severe indebtedness and/or default. This scenario can present negative ramifications that lead well beyond the confines of individual households. Thankfully, it can also be remedied by well-tailored legal debt relief mechanisms. This article reflects on the uncertainties surrounding the consumer debt relief framework of the National Credit Act in an attempt to show why it is not up to the challenge of providing meaningful relief to debt-distressed consumers. Ultimately, a comprehensive review of the current framework in favor of a discharge mechanism on simple, stated terms is proposed.","downloadable_attachments":[{"id":82595465,"asset_id":74443716,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":6224755,"first_name":"Ralph","last_name":"Ssebagala","domain_name":"uct","page_name":"RalphSsebagala","display_name":"Ralph A Ssebagala","profile_url":"https://uct.academia.edu/RalphSsebagala?f_ri=3079415","photo":"https://0.academia-photos.com/6224755/4385550/17029778/s65_ralph.ssebagala.jpg"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true},{"id":432724,"name":"Consumer Debt","url":"https://www.academia.edu/Documents/in/Consumer_Debt?f_ri=3079415","nofollow":true},{"id":1250599,"name":"Financial Counseling and Planning","url":"https://www.academia.edu/Documents/in/Financial_Counseling_and_Planning?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_74098338" data-work_id="74098338" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/74098338/Portfolio_selection_in_discrete_time_with_transaction_costs_and_power_utility_function_a_perturbation_analysis">Portfolio selection in discrete time with transaction costs and power utility function: a perturbation analysis</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper, we study a multi-period portfolio selection model in which a generic class of probability distributions is assumed for the returns of the risky asset. An investor with a power utility function rebalances a portfolio... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_74098338" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper, we study a multi-period portfolio selection model in which a generic class of probability distributions is assumed for the returns of the risky asset. An investor with a power utility function rebalances a portfolio comprising a risk-free and risky asset at the beginning of each time period in order to maximize expected utility of terminal wealth. Trading the risky asset incurs a cost that is proportional to the value of the transaction. At each time period, the optimal investment strategy involves buying or selling the risky asset to reach the boundaries of a certain no-transaction region. In the limit of small transaction costs, dynamic programming and perturbation analysis are applied to obtain explicit approximations to the optimal boundaries and optimal value function of the portfolio at each stage of a multi-period investment process of any length.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/74098338" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c936bfcf73015791baf34d88a91ff2ee" rel="nofollow" data-download="{"attachment_id":82372879,"asset_id":74098338,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/82372879/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="50074038" href="https://independent.academia.edu/ColinAtkinson6">Colin Atkinson</a><script data-card-contents-for-user="50074038" type="text/json">{"id":50074038,"first_name":"Colin","last_name":"Atkinson","domain_name":"independent","page_name":"ColinAtkinson6","display_name":"Colin Atkinson","profile_url":"https://independent.academia.edu/ColinAtkinson6?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_74098338 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="74098338"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 74098338, container: ".js-paper-rank-work_74098338", }); 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$(".js-view-count[data-work-id=74098338]").text(description); $(".js-view-count-work_74098338").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_74098338").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="74098338"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="305" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Mathematics">Applied Mathematics</a>, <script data-card-contents-for-ri="305" type="text/json">{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="194108" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_mathematics-mathematical_finance-option_pricing">Applied mathematics-mathematical finance-option pricing</a>, <script data-card-contents-for-ri="194108" type="text/json">{"id":194108,"name":"Applied mathematics-mathematical finance-option pricing","url":"https://www.academia.edu/Documents/in/Applied_mathematics-mathematical_finance-option_pricing?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="556845" rel="nofollow" href="https://www.academia.edu/Documents/in/Numerical_Analysis_and_Computational_Mathematics">Numerical Analysis and Computational Mathematics</a><script data-card-contents-for-ri="556845" type="text/json">{"id":556845,"name":"Numerical Analysis and Computational Mathematics","url":"https://www.academia.edu/Documents/in/Numerical_Analysis_and_Computational_Mathematics?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=74098338]'), work: {"id":74098338,"title":"Portfolio selection in discrete time with transaction costs and power utility function: a perturbation analysis","created_at":"2022-03-19T17:53:23.765-07:00","url":"https://www.academia.edu/74098338/Portfolio_selection_in_discrete_time_with_transaction_costs_and_power_utility_function_a_perturbation_analysis?f_ri=3079415","dom_id":"work_74098338","summary":"In this paper, we study a multi-period portfolio selection model in which a generic class of probability distributions is assumed for the returns of the risky asset. An investor with a power utility function rebalances a portfolio comprising a risk-free and risky asset at the beginning of each time period in order to maximize expected utility of terminal wealth. Trading the risky asset incurs a cost that is proportional to the value of the transaction. At each time period, the optimal investment strategy involves buying or selling the risky asset to reach the boundaries of a certain no-transaction region. In the limit of small transaction costs, dynamic programming and perturbation analysis are applied to obtain explicit approximations to the optimal boundaries and optimal value function of the portfolio at each stage of a multi-period investment process of any length.","downloadable_attachments":[{"id":82372879,"asset_id":74098338,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":50074038,"first_name":"Colin","last_name":"Atkinson","domain_name":"independent","page_name":"ColinAtkinson6","display_name":"Colin Atkinson","profile_url":"https://independent.academia.edu/ColinAtkinson6?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=3079415","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":194108,"name":"Applied mathematics-mathematical finance-option pricing","url":"https://www.academia.edu/Documents/in/Applied_mathematics-mathematical_finance-option_pricing?f_ri=3079415","nofollow":true},{"id":556845,"name":"Numerical Analysis and Computational Mathematics","url":"https://www.academia.edu/Documents/in/Numerical_Analysis_and_Computational_Mathematics?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_72903050" data-work_id="72903050" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/72903050/The_contrarian_investment_strategy_additional_evidence">The contrarian investment strategy: additional evidence</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper tests the contrarian investment strategy, which predicts that stocks that consistently underperform (outperform) the market would in subsequent periods outperform (underperform) those stocks that have previously outperformed... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_72903050" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper tests the contrarian investment strategy, which predicts that stocks that consistently underperform (outperform) the market would in subsequent periods outperform (underperform) those stocks that have previously outperformed (under-performed) the ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/72903050" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="db2df756e1998a96e47b3599ac879ff2" rel="nofollow" data-download="{"attachment_id":81641697,"asset_id":72903050,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/81641697/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="116103364" href="https://independent.academia.edu/RichardKish1">Richard Kish</a><script data-card-contents-for-user="116103364" type="text/json">{"id":116103364,"first_name":"Richard","last_name":"Kish","domain_name":"independent","page_name":"RichardKish1","display_name":"Richard Kish","profile_url":"https://independent.academia.edu/RichardKish1?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_72903050 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="72903050"><i class="u-m1x fa 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view-count u-mr2x" data-work-id="72903050"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 72903050; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=72903050]").text(description); $(".js-view-count-work_72903050").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_72903050").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="72903050"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="639625" rel="nofollow" href="https://www.academia.edu/Documents/in/Investment_Strategies">Investment Strategies</a>, <script data-card-contents-for-ri="639625" type="text/json">{"id":639625,"name":"Investment Strategies","url":"https://www.academia.edu/Documents/in/Investment_Strategies?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1006989" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Financial_Econometrics">Applied Financial Econometrics</a>, <script data-card-contents-for-ri="1006989" type="text/json">{"id":1006989,"name":"Applied Financial Econometrics","url":"https://www.academia.edu/Documents/in/Applied_Financial_Econometrics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=72903050]'), work: {"id":72903050,"title":"The contrarian investment strategy: additional evidence","created_at":"2022-03-03T04:11:52.622-08:00","url":"https://www.academia.edu/72903050/The_contrarian_investment_strategy_additional_evidence?f_ri=3079415","dom_id":"work_72903050","summary":"This paper tests the contrarian investment strategy, which predicts that stocks that consistently underperform (outperform) the market would in subsequent periods outperform (underperform) those stocks that have previously outperformed (under-performed) the ...","downloadable_attachments":[{"id":81641697,"asset_id":72903050,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":116103364,"first_name":"Richard","last_name":"Kish","domain_name":"independent","page_name":"RichardKish1","display_name":"Richard Kish","profile_url":"https://independent.academia.edu/RichardKish1?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":639625,"name":"Investment Strategies","url":"https://www.academia.edu/Documents/in/Investment_Strategies?f_ri=3079415","nofollow":true},{"id":1006989,"name":"Applied Financial Econometrics","url":"https://www.academia.edu/Documents/in/Applied_Financial_Econometrics?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true},{"id":3372975,"name":"Applied Financial Economics","url":"https://www.academia.edu/Documents/in/Applied_Financial_Economics?f_ri=3079415"},{"id":3506535,"name":"Factor model","url":"https://www.academia.edu/Documents/in/Factor_model?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_72435738" data-work_id="72435738" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/72435738/Purposive_and_Unintentional_Family_Financial_Socialization_Subjective_Financial_Knowledge_and_Financial_Behavior_of_High_School_Students">Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School Students</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Using the family financial socialization theory, this study investigated the financial knowledge and behavior of high school students&#39; contextualizing unintentional and purposive family financial socialization. The sample of 4,473... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_72435738" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Using the family financial socialization theory, this study investigated the financial knowledge and behavior of high school students&#39; contextualizing unintentional and purposive family financial socialization. The sample of 4,473 high school students were 51% females, 45% seniors, and ethnically diverse. A path analysis tested conceptual relationships between variables. Results indicated that the two unintentional socialization indicators were positively associated with subjective financial knowledge and financial behavior. Those indicators were also indirectly associated with financial behavior through knowledge. Student-earned income, a purposive indicator of socialization, was positively associated with behavior through knowledge. Exclusively obtaining money through parents was negatively associated with behavior through knowledge. Knowledge was positively associated with behavior.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/72435738" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="49263a0a02afe0a5b8e6980b385b2a35" rel="nofollow" data-download="{"attachment_id":81360695,"asset_id":72435738,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/81360695/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="47840420" href="https://independent.academia.edu/SharonDanes">Sharon Danes</a><script data-card-contents-for-user="47840420" type="text/json">{"id":47840420,"first_name":"Sharon","last_name":"Danes","domain_name":"independent","page_name":"SharonDanes","display_name":"Sharon Danes","profile_url":"https://independent.academia.edu/SharonDanes?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_72435738 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="72435738"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 72435738, container: ".js-paper-rank-work_72435738", }); });</script></li><li class="js-percentile-work_72435738 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 72435738; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_72435738"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_72435738 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="72435738"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 72435738; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=72435738]").text(description); $(".js-view-count-work_72435738").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_72435738").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="72435738"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="1250599" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Counseling_and_Planning">Financial Counseling and Planning</a>, <script data-card-contents-for-ri="1250599" type="text/json">{"id":1250599,"name":"Financial Counseling and Planning","url":"https://www.academia.edu/Documents/in/Financial_Counseling_and_Planning?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=72435738]'), work: {"id":72435738,"title":"Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School Students","created_at":"2022-02-24T12:40:16.001-08:00","url":"https://www.academia.edu/72435738/Purposive_and_Unintentional_Family_Financial_Socialization_Subjective_Financial_Knowledge_and_Financial_Behavior_of_High_School_Students?f_ri=3079415","dom_id":"work_72435738","summary":"Using the family financial socialization theory, this study investigated the financial knowledge and behavior of high school students\u0026#39; contextualizing unintentional and purposive family financial socialization. The sample of 4,473 high school students were 51% females, 45% seniors, and ethnically diverse. A path analysis tested conceptual relationships between variables. Results indicated that the two unintentional socialization indicators were positively associated with subjective financial knowledge and financial behavior. Those indicators were also indirectly associated with financial behavior through knowledge. Student-earned income, a purposive indicator of socialization, was positively associated with behavior through knowledge. Exclusively obtaining money through parents was negatively associated with behavior through knowledge. Knowledge was positively associated with behavior.","downloadable_attachments":[{"id":81360695,"asset_id":72435738,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":47840420,"first_name":"Sharon","last_name":"Danes","domain_name":"independent","page_name":"SharonDanes","display_name":"Sharon Danes","profile_url":"https://independent.academia.edu/SharonDanes?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":1250599,"name":"Financial Counseling and Planning","url":"https://www.academia.edu/Documents/in/Financial_Counseling_and_Planning?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_70026423" data-work_id="70026423" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/70026423/When_ESG_meets_AAA_The_effect_of_ESG_rating_changes_on_stock_returns">When ESG meets AAA: The effect of ESG rating changes on stock returns</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study is the first to employ calendar-time portfolio methodology to investigate the impact of 748 ESG rating changes on stock returns of US firms over 2016–2021. While ESG rating upgrades lead to positive yet inconsistently... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_70026423" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study is the first to employ calendar-time portfolio methodology to investigate the impact of 748 ESG rating changes on stock returns of US firms over 2016–2021. While ESG rating upgrades lead to positive yet inconsistently significant abnormal returns of 0.5% per month, downgrades are detrimental to stock performance, leading to statistically significant monthly risk-adjusted returns of -1.2% on average. These findings are more pronounced for ESG leaders than laggards and are robust to various asset-pricing model specifications. The effects of ESG rating levels are modest, with ESG laggards underperforming in risk-adjusted terms.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/70026423" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="125649122" href="https://independent.academia.edu/SavvaShanaev">Savva Shanaev</a><script data-card-contents-for-user="125649122" type="text/json">{"id":125649122,"first_name":"Savva","last_name":"Shanaev","domain_name":"independent","page_name":"SavvaShanaev","display_name":"Savva Shanaev","profile_url":"https://independent.academia.edu/SavvaShanaev?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_70026423 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="70026423"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 70026423, container: ".js-paper-rank-work_70026423", }); });</script></li><li class="js-percentile-work_70026423 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 70026423; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_70026423"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_70026423 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="70026423"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 70026423; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=70026423]").text(description); $(".js-view-count-work_70026423").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_70026423").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="70026423"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=70026423]'), work: {"id":70026423,"title":"When ESG meets AAA: The effect of ESG rating changes on stock returns","created_at":"2022-01-30T03:59:35.014-08:00","url":"https://www.academia.edu/70026423/When_ESG_meets_AAA_The_effect_of_ESG_rating_changes_on_stock_returns?f_ri=3079415","dom_id":"work_70026423","summary":"This study is the first to employ calendar-time portfolio methodology to investigate the impact of 748 ESG rating changes on stock returns of US firms over 2016–2021. While ESG rating upgrades lead to positive yet inconsistently significant abnormal returns of 0.5% per month, downgrades are detrimental to stock performance, leading to statistically significant monthly risk-adjusted returns of -1.2% on average. These findings are more pronounced for ESG leaders than laggards and are robust to various asset-pricing model specifications. The effects of ESG rating levels are modest, with ESG laggards underperforming in risk-adjusted terms.","downloadable_attachments":[],"ordered_authors":[{"id":125649122,"first_name":"Savva","last_name":"Shanaev","domain_name":"independent","page_name":"SavvaShanaev","display_name":"Savva Shanaev","profile_url":"https://independent.academia.edu/SavvaShanaev?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_69739180" data-work_id="69739180" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/69739180/Pricing_Discretion_and_Price_Regulation_in_Competitive_Industries">Pricing Discretion and Price Regulation in Competitive Industries</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Price capped firms enjoy a large degree of pricing discretion, which may harm customers and competition. We study two alternative regulatory regimes to limit it: the first regime (Absolute) places a fixed upper limit to the prices charged... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_69739180" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Price capped firms enjoy a large degree of pricing discretion, which may harm customers and competition. We study two alternative regulatory regimes to limit it: the first regime (Absolute) places a fixed upper limit to the prices charged in captive markets, while the other regime (Relative) constrains the captive prices relatively to the competitive ones. Under the Relative regime, captive prices are only weakly lower and competitive prices are always higher than under the Absolute regime. However, the number of competitors and/or their output may be higher under the Relative regime. While the effects on aggregate welfare are ambiguous, there is some evidence that the Relative regime is more likely to increase consumers' surplus and social welfare the more efficient are the competitors.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/69739180" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="633c3a5f25556b34b3a1e462da61bf6c" rel="nofollow" data-download="{"attachment_id":79719256,"asset_id":69739180,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/79719256/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="148538341" href="https://independent.academia.edu/IozziAlberto">Alberto Iozzi</a><script data-card-contents-for-user="148538341" type="text/json">{"id":148538341,"first_name":"Alberto","last_name":"Iozzi","domain_name":"independent","page_name":"IozziAlberto","display_name":"Alberto Iozzi","profile_url":"https://independent.academia.edu/IozziAlberto?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_69739180 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="69739180"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 69739180, container: ".js-paper-rank-work_69739180", }); });</script></li><li class="js-percentile-work_69739180 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 69739180; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_69739180"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_69739180 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="69739180"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 69739180; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=69739180]").text(description); $(".js-view-count-work_69739180").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_69739180").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="69739180"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">12</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="16475" rel="nofollow" href="https://www.academia.edu/Documents/in/Competition">Competition</a>, <script data-card-contents-for-ri="16475" type="text/json">{"id":16475,"name":"Competition","url":"https://www.academia.edu/Documents/in/Competition?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="30358" rel="nofollow" href="https://www.academia.edu/Documents/in/Regulatory_Economics">Regulatory Economics</a><script data-card-contents-for-ri="30358" type="text/json">{"id":30358,"name":"Regulatory Economics","url":"https://www.academia.edu/Documents/in/Regulatory_Economics?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=69739180]'), work: {"id":69739180,"title":"Pricing Discretion and Price Regulation in Competitive Industries","created_at":"2022-01-28T00:32:30.743-08:00","url":"https://www.academia.edu/69739180/Pricing_Discretion_and_Price_Regulation_in_Competitive_Industries?f_ri=3079415","dom_id":"work_69739180","summary":"Price capped firms enjoy a large degree of pricing discretion, which may harm customers and competition. We study two alternative regulatory regimes to limit it: the first regime (Absolute) places a fixed upper limit to the prices charged in captive markets, while the other regime (Relative) constrains the captive prices relatively to the competitive ones. Under the Relative regime, captive prices are only weakly lower and competitive prices are always higher than under the Absolute regime. However, the number of competitors and/or their output may be higher under the Relative regime. While the effects on aggregate welfare are ambiguous, there is some evidence that the Relative regime is more likely to increase consumers' surplus and social welfare the more efficient are the competitors.","downloadable_attachments":[{"id":79719256,"asset_id":69739180,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":148538341,"first_name":"Alberto","last_name":"Iozzi","domain_name":"independent","page_name":"IozziAlberto","display_name":"Alberto Iozzi","profile_url":"https://independent.academia.edu/IozziAlberto?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":16475,"name":"Competition","url":"https://www.academia.edu/Documents/in/Competition?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":30358,"name":"Regulatory Economics","url":"https://www.academia.edu/Documents/in/Regulatory_Economics?f_ri=3079415","nofollow":true},{"id":53343,"name":"Social Welfare","url":"https://www.academia.edu/Documents/in/Social_Welfare?f_ri=3079415"},{"id":184561,"name":"Price Competition","url":"https://www.academia.edu/Documents/in/Price_Competition?f_ri=3079415"},{"id":352837,"name":"Positive Affect","url":"https://www.academia.edu/Documents/in/Positive_Affect?f_ri=3079415"},{"id":1923686,"name":"Price Regulation","url":"https://www.academia.edu/Documents/in/Price_Regulation?f_ri=3079415"},{"id":2488485,"name":"price caps","url":"https://www.academia.edu/Documents/in/price_caps?f_ri=3079415"},{"id":2510370,"name":"Consumer surplus","url":"https://www.academia.edu/Documents/in/Consumer_surplus?f_ri=3079415"},{"id":2601211,"name":"Adverse effect","url":"https://www.academia.edu/Documents/in/Adverse_effect?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67178236" data-work_id="67178236" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/67178236/Rush_and_Procrastination_Under_Hyperbolic_Discounting_and_Interdependent_Activities">Rush and Procrastination Under Hyperbolic Discounting and Interdependent Activities</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We analyze the decision of individuals with time-inconsistent preferences to invest in projects yielding either current costs and future benefits or current benefits and future costs. We show that competition between agents for the same... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67178236" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We analyze the decision of individuals with time-inconsistent preferences to invest in projects yielding either current costs and future benefits or current benefits and future costs. We show that competition between agents for the same project mitigates the tendency to procrastinate on the first type of activities (i.e. to undertake them "too late") and to rush on the second one (i.e. to undertake them "too early"). Competition can therefore increase the expected welfare of each individual. On the contrary, complementarity of projects exacerbates the tendency to rush and to procrastinate and therefore it can decrease the expected welfare of each individual.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67178236" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="015f34ad1e94402d8ecf747d23f74374" rel="nofollow" data-download="{"attachment_id":78094223,"asset_id":67178236,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78094223/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="151325021" href="https://independent.academia.edu/IsabelleBrocas">Isabelle Brocas</a><script data-card-contents-for-user="151325021" type="text/json">{"id":151325021,"first_name":"Isabelle","last_name":"Brocas","domain_name":"independent","page_name":"IsabelleBrocas","display_name":"Isabelle Brocas","profile_url":"https://independent.academia.edu/IsabelleBrocas?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_67178236 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="67178236"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 67178236, container: ".js-paper-rank-work_67178236", }); });</script></li><li class="js-percentile-work_67178236 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 67178236; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_67178236"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_67178236 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="67178236"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 67178236; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=67178236]").text(description); $(".js-view-count-work_67178236").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_67178236").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="67178236"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="55501" rel="nofollow" href="https://www.academia.edu/Documents/in/Hyperbolic_Discounting">Hyperbolic Discounting</a>, <script data-card-contents-for-ri="55501" type="text/json">{"id":55501,"name":"Hyperbolic Discounting","url":"https://www.academia.edu/Documents/in/Hyperbolic_Discounting?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="800523" rel="nofollow" href="https://www.academia.edu/Documents/in/Time_Inconsistency">Time Inconsistency</a>, <script data-card-contents-for-ri="800523" type="text/json">{"id":800523,"name":"Time Inconsistency","url":"https://www.academia.edu/Documents/in/Time_Inconsistency?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=67178236]'), work: {"id":67178236,"title":"Rush and Procrastination Under Hyperbolic Discounting and Interdependent Activities","created_at":"2022-01-04T23:16:00.717-08:00","url":"https://www.academia.edu/67178236/Rush_and_Procrastination_Under_Hyperbolic_Discounting_and_Interdependent_Activities?f_ri=3079415","dom_id":"work_67178236","summary":"We analyze the decision of individuals with time-inconsistent preferences to invest in projects yielding either current costs and future benefits or current benefits and future costs. We show that competition between agents for the same project mitigates the tendency to procrastinate on the first type of activities (i.e. to undertake them \"too late\") and to rush on the second one (i.e. to undertake them \"too early\"). Competition can therefore increase the expected welfare of each individual. On the contrary, complementarity of projects exacerbates the tendency to rush and to procrastinate and therefore it can decrease the expected welfare of each individual.","downloadable_attachments":[{"id":78094223,"asset_id":67178236,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":151325021,"first_name":"Isabelle","last_name":"Brocas","domain_name":"independent","page_name":"IsabelleBrocas","display_name":"Isabelle Brocas","profile_url":"https://independent.academia.edu/IsabelleBrocas?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":55501,"name":"Hyperbolic Discounting","url":"https://www.academia.edu/Documents/in/Hyperbolic_Discounting?f_ri=3079415","nofollow":true},{"id":800523,"name":"Time Inconsistency","url":"https://www.academia.edu/Documents/in/Time_Inconsistency?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67136509" data-work_id="67136509" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/67136509/Pricing_Parisian_and_Parasian_options_analytically">Pricing Parisian and Parasian options analytically</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper, two analytic solutions for the valuation of European-style Parisian and Par. asian options under the Black-Scholes framework are, respectively, presented. A key feature of our solution procedure is the reduction of a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67136509" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper, two analytic solutions for the valuation of European-style Parisian and Par. asian options under the Black-Scholes framework are, respectively, presented. A key feature of our solution procedure is the reduction of a three-dimensional problem to a two-dimensional problem through a coordinate transform designed to combine the two time derivatives into one. Compared with some previous analytical solutions, which still require a numerical inversion of Laplace transform, our solutions, written in terms of double integral for the case of Parisian options but multiple integrals for the case of Par. asian options, are both of explicit form; numerical evaluation of these integrals is straightforward. Numerical examples are also provided to demonstrate the correctness of our newly derived analytical solutions from the numerical point of view, through comparing the results obtained from our solutions and those obtained from adopting other standard finite difference approaches.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67136509" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="571168b9555f999e100e98bdae669dac" rel="nofollow" data-download="{"attachment_id":78067837,"asset_id":67136509,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78067837/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32620587" href="https://independent.academia.edu/SongpingZhu">Song-ping Zhu</a><script data-card-contents-for-user="32620587" type="text/json">{"id":32620587,"first_name":"Song-ping","last_name":"Zhu","domain_name":"independent","page_name":"SongpingZhu","display_name":"Song-ping Zhu","profile_url":"https://independent.academia.edu/SongpingZhu?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_67136509 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="67136509"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 67136509, container: ".js-paper-rank-work_67136509", }); 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A key feature of our solution procedure is the reduction of a three-dimensional problem to a two-dimensional problem through a coordinate transform designed to combine the two time derivatives into one. Compared with some previous analytical solutions, which still require a numerical inversion of Laplace transform, our solutions, written in terms of double integral for the case of Parisian options but multiple integrals for the case of Par. asian options, are both of explicit form; numerical evaluation of these integrals is straightforward. Numerical examples are also provided to demonstrate the correctness of our newly derived analytical solutions from the numerical point of view, through comparing the results obtained from our solutions and those obtained from adopting other standard finite difference approaches.","downloadable_attachments":[{"id":78067837,"asset_id":67136509,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32620587,"first_name":"Song-ping","last_name":"Zhu","domain_name":"independent","page_name":"SongpingZhu","display_name":"Song-ping Zhu","profile_url":"https://independent.academia.edu/SongpingZhu?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":300,"name":"Mathematics","url":"https://www.academia.edu/Documents/in/Mathematics?f_ri=3079415","nofollow":true},{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":178055,"name":"Laplace Transform","url":"https://www.academia.edu/Documents/in/Laplace_Transform?f_ri=3079415","nofollow":true},{"id":330841,"name":"Analytical Solution","url":"https://www.academia.edu/Documents/in/Analytical_Solution?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_66483670" data-work_id="66483670" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/66483670/Financial_liberalisation_foreign_aid_and_capital_mobility_evidence_from_90_developing_countries_1">Financial liberalisation, foreign aid, and capital mobility: evidence from 90 developing countries* 1</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The methodology of Feldstein and Horioka (Econ. J. 90 (1980) 314) is used to gauge the degree of capital mobility and accessibility to international financial markets following financial liberalisation. The sample consists of 90... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_66483670" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The methodology of Feldstein and Horioka (Econ. J. 90 (1980) 314) is used to gauge the degree of capital mobility and accessibility to international financial markets following financial liberalisation. The sample consists of 90 developing countries divided into four regions: ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/66483670" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="da106e8504d88933aab6c2103db52a79" rel="nofollow" data-download="{"attachment_id":77657849,"asset_id":66483670,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77657849/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="39385628" href="https://independent.academia.edu/AndersIsaksson2">Anders Isaksson</a><script data-card-contents-for-user="39385628" type="text/json">{"id":39385628,"first_name":"Anders","last_name":"Isaksson","domain_name":"independent","page_name":"AndersIsaksson2","display_name":"Anders Isaksson","profile_url":"https://independent.academia.edu/AndersIsaksson2?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_66483670 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="66483670"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 66483670, container: ".js-paper-rank-work_66483670", }); 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$(".js-view-count[data-work-id=66483670]").text(description); $(".js-view-count-work_66483670").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_66483670").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="66483670"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="13475" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Aid">Foreign Aid</a>, <script data-card-contents-for-ri="13475" type="text/json">{"id":13475,"name":"Foreign Aid","url":"https://www.academia.edu/Documents/in/Foreign_Aid?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="43520" rel="nofollow" href="https://www.academia.edu/Documents/in/Middle_East">Middle East</a>, <script data-card-contents-for-ri="43520" type="text/json">{"id":43520,"name":"Middle East","url":"https://www.academia.edu/Documents/in/Middle_East?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="70854" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Country">Developing Country</a><script data-card-contents-for-ri="70854" type="text/json">{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=66483670]'), work: {"id":66483670,"title":"Financial liberalisation, foreign aid, and capital mobility: evidence from 90 developing countries* 1","created_at":"2021-12-29T22:05:18.790-08:00","url":"https://www.academia.edu/66483670/Financial_liberalisation_foreign_aid_and_capital_mobility_evidence_from_90_developing_countries_1?f_ri=3079415","dom_id":"work_66483670","summary":"The methodology of Feldstein and Horioka (Econ. J. 90 (1980) 314) is used to gauge the degree of capital mobility and accessibility to international financial markets following financial liberalisation. The sample consists of 90 developing countries divided into four regions: ...","downloadable_attachments":[{"id":77657849,"asset_id":66483670,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":39385628,"first_name":"Anders","last_name":"Isaksson","domain_name":"independent","page_name":"AndersIsaksson2","display_name":"Anders Isaksson","profile_url":"https://independent.academia.edu/AndersIsaksson2?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":13475,"name":"Foreign Aid","url":"https://www.academia.edu/Documents/in/Foreign_Aid?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":43520,"name":"Middle East","url":"https://www.academia.edu/Documents/in/Middle_East?f_ri=3079415","nofollow":true},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=3079415","nofollow":true},{"id":109068,"name":"Financial Institutions and Markets","url":"https://www.academia.edu/Documents/in/Financial_Institutions_and_Markets?f_ri=3079415"},{"id":279862,"name":"Capital mobility","url":"https://www.academia.edu/Documents/in/Capital_mobility?f_ri=3079415"},{"id":427148,"name":"International Financial Markets","url":"https://www.academia.edu/Documents/in/International_Financial_Markets?f_ri=3079415"},{"id":1574715,"name":"Financial Liberalisation","url":"https://www.academia.edu/Documents/in/Financial_Liberalisation?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_65970518" data-work_id="65970518" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/65970518/The_role_of_financial_instruments_in_integrated_catastrophic_flood_management">The role of financial instruments in integrated catastrophic flood management</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The main goal of this paper is to develop a flood management model that takes into account the specifics of catastrophic risk management: highly mutually dependent losses, the lack of information, the need for long-term perspectives and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_65970518" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The main goal of this paper is to develop a flood management model that takes into account the specifics of catastrophic risk management: highly mutually dependent losses, the lack of information, the need for long-term perspectives and explicit analyses of spatial and ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/65970518" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2ecbd3caa542bef00236fc17ade117ee" rel="nofollow" data-download="{"attachment_id":77340744,"asset_id":65970518,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77340744/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="953863" href="https://independent.academia.edu/IstvanGalambos">Istvan Galambos</a><script data-card-contents-for-user="953863" type="text/json">{"id":953863,"first_name":"Istvan","last_name":"Galambos","domain_name":"independent","page_name":"IstvanGalambos","display_name":"Istvan Galambos","profile_url":"https://independent.academia.edu/IstvanGalambos?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_65970518 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="65970518"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 65970518, container: ".js-paper-rank-work_65970518", }); });</script></li><li class="js-percentile-work_65970518 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 65970518; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_65970518"); 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class="u-positionAbsolute" data-has-card-for-ri-list="65970518"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21077" rel="nofollow" href="https://www.academia.edu/Documents/in/Catastrophe_Modeling">Catastrophe Modeling</a>, <script data-card-contents-for-ri="21077" type="text/json">{"id":21077,"name":"Catastrophe Modeling","url":"https://www.academia.edu/Documents/in/Catastrophe_Modeling?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="96900" rel="nofollow" href="https://www.academia.edu/Documents/in/Flood_Risk">Flood Risk</a>, <script data-card-contents-for-ri="96900" type="text/json">{"id":96900,"name":"Flood Risk","url":"https://www.academia.edu/Documents/in/Flood_Risk?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="154378" rel="nofollow" href="https://www.academia.edu/Documents/in/Stochastic_Optimization">Stochastic Optimization</a><script data-card-contents-for-ri="154378" type="text/json">{"id":154378,"name":"Stochastic Optimization","url":"https://www.academia.edu/Documents/in/Stochastic_Optimization?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=65970518]'), work: {"id":65970518,"title":"The role of financial instruments in integrated catastrophic flood management","created_at":"2021-12-25T13:54:58.448-08:00","url":"https://www.academia.edu/65970518/The_role_of_financial_instruments_in_integrated_catastrophic_flood_management?f_ri=3079415","dom_id":"work_65970518","summary":"The main goal of this paper is to develop a flood management model that takes into account the specifics of catastrophic risk management: highly mutually dependent losses, the lack of information, the need for long-term perspectives and explicit analyses of spatial and ...","downloadable_attachments":[{"id":77340744,"asset_id":65970518,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":953863,"first_name":"Istvan","last_name":"Galambos","domain_name":"independent","page_name":"IstvanGalambos","display_name":"Istvan Galambos","profile_url":"https://independent.academia.edu/IstvanGalambos?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":21077,"name":"Catastrophe Modeling","url":"https://www.academia.edu/Documents/in/Catastrophe_Modeling?f_ri=3079415","nofollow":true},{"id":96900,"name":"Flood Risk","url":"https://www.academia.edu/Documents/in/Flood_Risk?f_ri=3079415","nofollow":true},{"id":154378,"name":"Stochastic Optimization","url":"https://www.academia.edu/Documents/in/Stochastic_Optimization?f_ri=3079415","nofollow":true},{"id":393547,"name":"Insolvency","url":"https://www.academia.edu/Documents/in/Insolvency?f_ri=3079415"},{"id":1330776,"name":"Flood Management","url":"https://www.academia.edu/Documents/in/Flood_Management?f_ri=3079415"},{"id":1413813,"name":"Multinational Finance","url":"https://www.academia.edu/Documents/in/Multinational_Finance?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_65647572" data-work_id="65647572" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/65647572/Corporate_governance_practices_in_emerging_markets_The_case_of_GCC_countries">Corporate governance practices in emerging markets: The case of GCC countries</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper examines the corporate governance (CG) practices in emerging markets with special reference to the listed firms in the Gulf Cooperation Council's (GCC) oil rich countries. It develops an un-weighted Corporate Governance Index... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_65647572" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examines the corporate governance (CG) practices in emerging markets with special reference to the listed firms in the Gulf Cooperation Council's (GCC) oil rich countries. It develops an un-weighted Corporate Governance Index (CGI) model for non-financial firms using recent data. The usefulness of the model is demonstrated with a specific country example. The index identifies thirty internal governance attributes which are abridged in three categories of all the selected firms to form the best CG practices in the region. The results demonstrate that GCC companies adhere to 69% of the attributes addressed in the CGI. The results also show that the firms listed in the United Arab Emirates stock markets exhibit the best adherence to the CG attributes examined in the study followed by Oman, Saudi Arabia, Qatar and Kuwait, respectively. The current paper offers valuable recommendations to policy makers to gradually embed strong and specific governance practices. Special emphasis is placed to board effectiveness and structural and organizational frameworks in order to ensure a sustainable quality of CG practices in the region.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/65647572" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="bc64d32a35ab14f7276de7dd957b8128" rel="nofollow" data-download="{"attachment_id":77152620,"asset_id":65647572,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77152620/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="157570972" href="https://independent.academia.edu/HusamAldinAlMalkawi">Husam-Aldin Al-Malkawi</a><script data-card-contents-for-user="157570972" type="text/json">{"id":157570972,"first_name":"Husam-Aldin","last_name":"Al-Malkawi","domain_name":"independent","page_name":"HusamAldinAlMalkawi","display_name":"Husam-Aldin Al-Malkawi","profile_url":"https://independent.academia.edu/HusamAldinAlMalkawi?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_65647572 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="65647572"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 65647572, container: ".js-paper-rank-work_65647572", }); 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$(".js-view-count[data-work-id=65647572]").text(description); $(".js-view-count-work_65647572").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_65647572").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="65647572"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="737174" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Modelling">Economic Modelling</a>, <script data-card-contents-for-ri="737174" type="text/json">{"id":737174,"name":"Economic Modelling","url":"https://www.academia.edu/Documents/in/Economic_Modelling?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=65647572]'), work: {"id":65647572,"title":"Corporate governance practices in emerging markets: The case of GCC countries","created_at":"2021-12-23T01:50:58.693-08:00","url":"https://www.academia.edu/65647572/Corporate_governance_practices_in_emerging_markets_The_case_of_GCC_countries?f_ri=3079415","dom_id":"work_65647572","summary":"This paper examines the corporate governance (CG) practices in emerging markets with special reference to the listed firms in the Gulf Cooperation Council's (GCC) oil rich countries. It develops an un-weighted Corporate Governance Index (CGI) model for non-financial firms using recent data. The usefulness of the model is demonstrated with a specific country example. The index identifies thirty internal governance attributes which are abridged in three categories of all the selected firms to form the best CG practices in the region. The results demonstrate that GCC companies adhere to 69% of the attributes addressed in the CGI. The results also show that the firms listed in the United Arab Emirates stock markets exhibit the best adherence to the CG attributes examined in the study followed by Oman, Saudi Arabia, Qatar and Kuwait, respectively. The current paper offers valuable recommendations to policy makers to gradually embed strong and specific governance practices. Special emphasis is placed to board effectiveness and structural and organizational frameworks in order to ensure a sustainable quality of CG practices in the region.","downloadable_attachments":[{"id":77152620,"asset_id":65647572,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":157570972,"first_name":"Husam-Aldin","last_name":"Al-Malkawi","domain_name":"independent","page_name":"HusamAldinAlMalkawi","display_name":"Husam-Aldin Al-Malkawi","profile_url":"https://independent.academia.edu/HusamAldinAlMalkawi?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":737174,"name":"Economic Modelling","url":"https://www.academia.edu/Documents/in/Economic_Modelling?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_56641520" data-work_id="56641520" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/56641520/Adoption_of_Probabilistic_Risk_Analysis_in_Capital_Budgeting_and_Corporate_Investment">Adoption of Probabilistic Risk Analysis in Capital Budgeting and Corporate Investment</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/56641520" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6e1623fb97dfaf635df805c4ae4b50a3" rel="nofollow" data-download="{"attachment_id":71927886,"asset_id":56641520,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/71927886/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="95924313" href="https://independent.academia.edu/RichardandCarolPike">Richard and Carol Pike</a><script data-card-contents-for-user="95924313" type="text/json">{"id":95924313,"first_name":"Richard and Carol","last_name":"Pike","domain_name":"independent","page_name":"RichardandCarolPike","display_name":"Richard and Carol Pike","profile_url":"https://independent.academia.edu/RichardandCarolPike?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_56641520 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="56641520"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 56641520, container: ".js-paper-rank-work_56641520", }); });</script></li><li class="js-percentile-work_56641520 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 56641520; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_56641520"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_56641520 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="56641520"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 56641520; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=56641520]").text(description); $(".js-view-count-work_56641520").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_56641520").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="56641520"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="430234" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Budgeting">Capital Budgeting</a>, <script data-card-contents-for-ri="430234" type="text/json">{"id":430234,"name":"Capital Budgeting","url":"https://www.academia.edu/Documents/in/Capital_Budgeting?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="586222" rel="nofollow" href="https://www.academia.edu/Documents/in/Probabilistic_Risk_Analysis">Probabilistic Risk Analysis</a>, <script data-card-contents-for-ri="586222" type="text/json">{"id":586222,"name":"Probabilistic Risk Analysis","url":"https://www.academia.edu/Documents/in/Probabilistic_Risk_Analysis?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=56641520]'), work: {"id":56641520,"title":"Adoption of Probabilistic Risk Analysis in Capital Budgeting and Corporate Investment","created_at":"2021-10-08T13:25:07.287-07:00","url":"https://www.academia.edu/56641520/Adoption_of_Probabilistic_Risk_Analysis_in_Capital_Budgeting_and_Corporate_Investment?f_ri=3079415","dom_id":"work_56641520","summary":null,"downloadable_attachments":[{"id":71927886,"asset_id":56641520,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":95924313,"first_name":"Richard and Carol","last_name":"Pike","domain_name":"independent","page_name":"RichardandCarolPike","display_name":"Richard and Carol Pike","profile_url":"https://independent.academia.edu/RichardandCarolPike?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":430234,"name":"Capital Budgeting","url":"https://www.academia.edu/Documents/in/Capital_Budgeting?f_ri=3079415","nofollow":true},{"id":586222,"name":"Probabilistic Risk Analysis","url":"https://www.academia.edu/Documents/in/Probabilistic_Risk_Analysis?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_55045723" data-work_id="55045723" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/55045723/Road_Traffic_Accidents_in_Saudi_Arabia_An_ARDL_Approach_and_Multivariate_Granger_Causality">Road Traffic Accidents in Saudi Arabia: An ARDL Approach and Multivariate Granger Causality</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The present paper examine the nexus between road traffic accident (RTA) and some relevant variables in Saudi Arabia over the period 1971-2012, using the autoregressive distributed lag ADRL model (Pesaran and Shin, 1999) for co-integration... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_55045723" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The present paper examine the nexus between road traffic accident (RTA) and some relevant variables in Saudi Arabia over the period 1971-2012, using the autoregressive distributed lag ADRL model (Pesaran and Shin, 1999) for co-integration in Saudi Arabia, with the co-integration test. Results show that the variables are co-integrated in Saudi Arabia, moreover, the overall Granger causality results present that road traffic accidents, population and GDP, road mails, registered vehicles, and the number of driver license are Granger-causes each other in Saudi Arabia. With these findings, we affirm that there is a strong relationship and effect between road traffic accidents and its population, GDP, road mails, registered vehicles, and the number of driver license. The findings suggest that the ECT t-1 coefficients are negative signed and statistically significant in all VECMs, implying that there is bi-directional causality between the variables of interest in the long run.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/55045723" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1b1c2e589a36f86fbfe7967f141244e0" rel="nofollow" data-download="{"attachment_id":71108041,"asset_id":55045723,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/71108041/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42872185" href="https://independent.academia.edu/DrMohammedAlAgeli">Dr Mohammed Ageli</a><script data-card-contents-for-user="42872185" type="text/json">{"id":42872185,"first_name":"Dr Mohammed","last_name":"Ageli","domain_name":"independent","page_name":"DrMohammedAlAgeli","display_name":"Dr Mohammed Ageli","profile_url":"https://independent.academia.edu/DrMohammedAlAgeli?f_ri=3079415","photo":"https://0.academia-photos.com/42872185/22891787/22037350/s65_dr_mohammed.al_ageli.jpg"}</script></span></span></li><li class="js-paper-rank-work_55045723 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="55045723"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 55045723, container: ".js-paper-rank-work_55045723", }); });</script></li><li class="js-percentile-work_55045723 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 55045723; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_55045723"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_55045723 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="55045723"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 55045723; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=55045723]").text(description); $(".js-view-count-work_55045723").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_55045723").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="55045723"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="128830" rel="nofollow" href="https://www.academia.edu/Documents/in/Granger_causality">Granger causality</a>, <script data-card-contents-for-ri="128830" type="text/json">{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="418456" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics_Finance-2">Economics Finance</a>, <script data-card-contents-for-ri="418456" type="text/json">{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=55045723]'), work: {"id":55045723,"title":"Road Traffic Accidents in Saudi Arabia: An ARDL Approach and Multivariate Granger Causality","created_at":"2021-10-03T02:46:14.769-07:00","url":"https://www.academia.edu/55045723/Road_Traffic_Accidents_in_Saudi_Arabia_An_ARDL_Approach_and_Multivariate_Granger_Causality?f_ri=3079415","dom_id":"work_55045723","summary":"The present paper examine the nexus between road traffic accident (RTA) and some relevant variables in Saudi Arabia over the period 1971-2012, using the autoregressive distributed lag ADRL model (Pesaran and Shin, 1999) for co-integration in Saudi Arabia, with the co-integration test. Results show that the variables are co-integrated in Saudi Arabia, moreover, the overall Granger causality results present that road traffic accidents, population and GDP, road mails, registered vehicles, and the number of driver license are Granger-causes each other in Saudi Arabia. With these findings, we affirm that there is a strong relationship and effect between road traffic accidents and its population, GDP, road mails, registered vehicles, and the number of driver license. The findings suggest that the ECT t-1 coefficients are negative signed and statistically significant in all VECMs, implying that there is bi-directional causality between the variables of interest in the long run.","downloadable_attachments":[{"id":71108041,"asset_id":55045723,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42872185,"first_name":"Dr Mohammed","last_name":"Ageli","domain_name":"independent","page_name":"DrMohammedAlAgeli","display_name":"Dr Mohammed Ageli","profile_url":"https://independent.academia.edu/DrMohammedAlAgeli?f_ri=3079415","photo":"https://0.academia-photos.com/42872185/22891787/22037350/s65_dr_mohammed.al_ageli.jpg"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=3079415","nofollow":true},{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_49767547" data-work_id="49767547" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/49767547/Four_Stories_of_Quantitative_Easing">Four Stories of Quantitative Easing</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">entral banks typically conduct monetary policy through control of short-term nominal interest rates that can potentially affect the economy through a variety of channels. Because inflation expectations do not immediately react one for one... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_49767547" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">entral banks typically conduct monetary policy through control of short-term nominal interest rates that can potentially affect the economy through a variety of channels. Because inflation expectations do not immediately react one for one to changes in nominal interest rates, central banks can also control real interest rates, at least over the short to medium term. The typical assumption is that monetary policy changes real (inflation-adjusted) short-term rates to influence economic decisions through their effect on other asset prices. That is, real interest rates will change asset prices in such a way as to change the willingness of banks to lend, firms to invest, or individuals to consume or invest in housing. Thus, a change in short-term real interest rates potentially influences the level of output and employment. Because people can always hold currency instead of depositing it in a bank, short-term nominal interest rates cannot go (much) below zero, which limits the effectiveness of conventional monetary policy. 1 Concerns about the consequences of the zero bound for interest rates date at least to Keynes (1936), and many observers have believed that central banks are helpless when short-term rates are near the zero bound. Many others, however, have argued that central banks can influence prices and output even when short-term rates are near their zero floor by increasing liquidity, particularly by purchasing long-term assets. For example, Mishkin (1996) This article describes the circumstances of and motivations for the quantitative easing programs of the Federal Reserve, Bank of England, European Central Bank, and Bank of Japan during the recent financial crisis and recovery. The programs initially attempted to alleviate financial market distress, but this purpose soon broadened to include achieving inflation targets, stimulating the real economy, and containing the European sovereign debt crisis. The European Central Bank and Bank of Japan focused their programs on direct lending to banks-reflecting the bank-centric structure of their financial systemswhile the Federal Reserve and the Bank of England expanded their respective monetary bases by purchasing bonds. (JEL E51, E58, E61, G12)</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/49767547" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c9b45b6e7e044da7eda61be83494ddc2" rel="nofollow" data-download="{"attachment_id":68009013,"asset_id":49767547,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/68009013/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="34999526" href="https://stlouisfed.academia.edu/ChristopherNeely">Christopher Neely</a><script data-card-contents-for-user="34999526" type="text/json">{"id":34999526,"first_name":"Christopher","last_name":"Neely","domain_name":"stlouisfed","page_name":"ChristopherNeely","display_name":"Christopher Neely","profile_url":"https://stlouisfed.academia.edu/ChristopherNeely?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_49767547 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="49767547"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 49767547, container: ".js-paper-rank-work_49767547", }); });</script></li><li class="js-percentile-work_49767547 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 49767547; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_49767547"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_49767547 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="49767547"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 49767547; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=49767547]").text(description); $(".js-view-count-work_49767547").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_49767547").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="49767547"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a><script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=49767547]'), work: {"id":49767547,"title":"Four Stories of Quantitative Easing","created_at":"2021-07-11T16:02:28.880-07:00","url":"https://www.academia.edu/49767547/Four_Stories_of_Quantitative_Easing?f_ri=3079415","dom_id":"work_49767547","summary":"entral banks typically conduct monetary policy through control of short-term nominal interest rates that can potentially affect the economy through a variety of channels. Because inflation expectations do not immediately react one for one to changes in nominal interest rates, central banks can also control real interest rates, at least over the short to medium term. The typical assumption is that monetary policy changes real (inflation-adjusted) short-term rates to influence economic decisions through their effect on other asset prices. That is, real interest rates will change asset prices in such a way as to change the willingness of banks to lend, firms to invest, or individuals to consume or invest in housing. Thus, a change in short-term real interest rates potentially influences the level of output and employment. Because people can always hold currency instead of depositing it in a bank, short-term nominal interest rates cannot go (much) below zero, which limits the effectiveness of conventional monetary policy. 1 Concerns about the consequences of the zero bound for interest rates date at least to Keynes (1936), and many observers have believed that central banks are helpless when short-term rates are near the zero bound. Many others, however, have argued that central banks can influence prices and output even when short-term rates are near their zero floor by increasing liquidity, particularly by purchasing long-term assets. For example, Mishkin (1996) This article describes the circumstances of and motivations for the quantitative easing programs of the Federal Reserve, Bank of England, European Central Bank, and Bank of Japan during the recent financial crisis and recovery. The programs initially attempted to alleviate financial market distress, but this purpose soon broadened to include achieving inflation targets, stimulating the real economy, and containing the European sovereign debt crisis. The European Central Bank and Bank of Japan focused their programs on direct lending to banks-reflecting the bank-centric structure of their financial systemswhile the Federal Reserve and the Bank of England expanded their respective monetary bases by purchasing bonds. (JEL E51, E58, E61, G12)","downloadable_attachments":[{"id":68009013,"asset_id":49767547,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":34999526,"first_name":"Christopher","last_name":"Neely","domain_name":"stlouisfed","page_name":"ChristopherNeely","display_name":"Christopher Neely","profile_url":"https://stlouisfed.academia.edu/ChristopherNeely?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_48389296" data-work_id="48389296" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/48389296/Cream_Skimming_or_Profit_Sharing_The_Curious_Role_of_Purchased_Order_Flow">Cream-Skimming or Profit-Sharing? The Curious Role of Purchased Order Flow</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Purchased order flow refers to the practice of dealers or trading locales paying brokers for retail order flow. It is alleged that such agreements are used to "cream skim" uninformed liquidity trades, leaving the information-based trades... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_48389296" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Purchased order flow refers to the practice of dealers or trading locales paying brokers for retail order flow. It is alleged that such agreements are used to "cream skim" uninformed liquidity trades, leaving the information-based trades to established markets. We develop a test of this hypothesis, using a model of the stochastic process of trades. We then estimate the model for a sample of stocks known to be used in order purchase agreements that trade on the New York Stock Exchange (NYSE) and the Cincinnati Stock Exchange. Our main empirical result is that there is a significant difference in the information content of orders executed in New York and Cincinnati, and that this difference is consistant with cream-skimming.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/48389296" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="de9012065a31a0196f16b2ca137f0e51" rel="nofollow" data-download="{"attachment_id":67027354,"asset_id":48389296,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/67027354/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35875830" href="https://independent.academia.edu/NicholasKiefer">Nicholas Kiefer</a><script data-card-contents-for-user="35875830" type="text/json">{"id":35875830,"first_name":"Nicholas","last_name":"Kiefer","domain_name":"independent","page_name":"NicholasKiefer","display_name":"Nicholas Kiefer","profile_url":"https://independent.academia.edu/NicholasKiefer?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_48389296 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="48389296"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 48389296, container: ".js-paper-rank-work_48389296", }); });</script></li><li class="js-percentile-work_48389296 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 48389296; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_48389296"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_48389296 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="48389296"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 48389296; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=48389296]").text(description); $(".js-view-count-work_48389296").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_48389296").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="48389296"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="347" rel="nofollow" href="https://www.academia.edu/Documents/in/Stochastic_Process">Stochastic Process</a>, <script data-card-contents-for-ri="347" type="text/json">{"id":347,"name":"Stochastic Process","url":"https://www.academia.edu/Documents/in/Stochastic_Process?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="311931" rel="nofollow" href="https://www.academia.edu/Documents/in/STOCK_EXCHANGE">STOCK EXCHANGE</a>, <script data-card-contents-for-ri="311931" type="text/json">{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="313898" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Content">Information Content</a><script data-card-contents-for-ri="313898" type="text/json">{"id":313898,"name":"Information Content","url":"https://www.academia.edu/Documents/in/Information_Content?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=48389296]'), work: {"id":48389296,"title":"Cream-Skimming or Profit-Sharing? The Curious Role of Purchased Order Flow","created_at":"2021-05-04T16:17:34.087-07:00","url":"https://www.academia.edu/48389296/Cream_Skimming_or_Profit_Sharing_The_Curious_Role_of_Purchased_Order_Flow?f_ri=3079415","dom_id":"work_48389296","summary":"Purchased order flow refers to the practice of dealers or trading locales paying brokers for retail order flow. It is alleged that such agreements are used to \"cream skim\" uninformed liquidity trades, leaving the information-based trades to established markets. We develop a test of this hypothesis, using a model of the stochastic process of trades. We then estimate the model for a sample of stocks known to be used in order purchase agreements that trade on the New York Stock Exchange (NYSE) and the Cincinnati Stock Exchange. Our main empirical result is that there is a significant difference in the information content of orders executed in New York and Cincinnati, and that this difference is consistant with cream-skimming.","downloadable_attachments":[{"id":67027354,"asset_id":48389296,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35875830,"first_name":"Nicholas","last_name":"Kiefer","domain_name":"independent","page_name":"NicholasKiefer","display_name":"Nicholas Kiefer","profile_url":"https://independent.academia.edu/NicholasKiefer?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=3079415","nofollow":true},{"id":347,"name":"Stochastic Process","url":"https://www.academia.edu/Documents/in/Stochastic_Process?f_ri=3079415","nofollow":true},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=3079415","nofollow":true},{"id":313898,"name":"Information Content","url":"https://www.academia.edu/Documents/in/Information_Content?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_45467917" data-work_id="45467917" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/45467917/Common_Divisors_Payout_Persistence_and_Return_Predictability">Common Divisors, Payout Persistence, and Return Predictability</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In the finance and accounting literature, the use of a common divisor in the dependent and independent variables of ordinary least-squares regressions is commonplace. What goes less recognized, however, is that their use induces spurious... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_45467917" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In the finance and accounting literature, the use of a common divisor in the dependent and independent variables of ordinary least-squares regressions is commonplace. What goes less recognized, however, is that their use induces spurious correlation between the regression variables and invalidates standard testing procedures. This paper analyses the common divisor problem by outlining analytical results concerning the expected R 2 and providing a simulation procedure that generates test statistics from which critical values can be drawn. To illustrate the procedure, we re-investigate payout yield return predictability findings that have appeared in the literature and show that the results are spurious. 1 Boudoukh et al. (2008) show that these results are indistinguishable since the statistics are almost perfectly correlated.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/45467917" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="cd12ea61015540b50514f9436d62de5e" rel="nofollow" data-download="{"attachment_id":65971403,"asset_id":45467917,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/65971403/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="182307489" href="https://independent.academia.edu/RobertWhaley2">Robert Whaley</a><script data-card-contents-for-user="182307489" type="text/json">{"id":182307489,"first_name":"Robert","last_name":"Whaley","domain_name":"independent","page_name":"RobertWhaley2","display_name":"Robert Whaley","profile_url":"https://independent.academia.edu/RobertWhaley2?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_45467917 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="45467917"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 45467917, container: ".js-paper-rank-work_45467917", }); });</script></li><li class="js-percentile-work_45467917 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 45467917; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_45467917"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_45467917 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="45467917"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 45467917; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=45467917]").text(description); $(".js-view-count-work_45467917").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_45467917").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="45467917"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="10639" rel="nofollow" href="https://www.academia.edu/Documents/in/Return_Predictability_Finance_">Return Predictability (Finance)</a>, <script data-card-contents-for-ri="10639" type="text/json">{"id":10639,"name":"Return Predictability (Finance)","url":"https://www.academia.edu/Documents/in/Return_Predictability_Finance_?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3079415" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Investment_Banking">Finance and Investment Banking</a>, <script data-card-contents-for-ri="3079415" type="text/json">{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3735670" rel="nofollow" href="https://www.academia.edu/Documents/in/Critical_value">Critical value</a><script data-card-contents-for-ri="3735670" type="text/json">{"id":3735670,"name":"Critical value","url":"https://www.academia.edu/Documents/in/Critical_value?f_ri=3079415","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=45467917]'), work: {"id":45467917,"title":"Common Divisors, Payout Persistence, and Return Predictability","created_at":"2021-03-11T03:34:43.126-08:00","url":"https://www.academia.edu/45467917/Common_Divisors_Payout_Persistence_and_Return_Predictability?f_ri=3079415","dom_id":"work_45467917","summary":"In the finance and accounting literature, the use of a common divisor in the dependent and independent variables of ordinary least-squares regressions is commonplace. What goes less recognized, however, is that their use induces spurious correlation between the regression variables and invalidates standard testing procedures. This paper analyses the common divisor problem by outlining analytical results concerning the expected R 2 and providing a simulation procedure that generates test statistics from which critical values can be drawn. To illustrate the procedure, we re-investigate payout yield return predictability findings that have appeared in the literature and show that the results are spurious. 1 Boudoukh et al. (2008) show that these results are indistinguishable since the statistics are almost perfectly correlated.","downloadable_attachments":[{"id":65971403,"asset_id":45467917,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":182307489,"first_name":"Robert","last_name":"Whaley","domain_name":"independent","page_name":"RobertWhaley2","display_name":"Robert Whaley","profile_url":"https://independent.academia.edu/RobertWhaley2?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=3079415","nofollow":true},{"id":10639,"name":"Return Predictability (Finance)","url":"https://www.academia.edu/Documents/in/Return_Predictability_Finance_?f_ri=3079415","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415","nofollow":true},{"id":3735670,"name":"Critical value","url":"https://www.academia.edu/Documents/in/Critical_value?f_ri=3079415","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_74614274" data-work_id="74614274" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/74614274/Does_the_birth_order_affect_the_cognitive_development_of_a_child">Does the birth order affect the cognitive development of a child?</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We investigate the effects of birth order on child cognitive development, using large child and sibling samples obtained from the mother-child data of the National Longitudinal Survey of Youth 1979. Controlling for various determinants of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_74614274" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We investigate the effects of birth order on child cognitive development, using large child and sibling samples obtained from the mother-child data of the National Longitudinal Survey of Youth 1979. Controlling for various determinants of cognitive development we find that having a high birth rank is detrimental and that the gap between adjacent siblings is larger for children early in the birth sequence. The pattern is strongest for non-Hispanic white and Hispanic children. Among African-American children no difference between the first-and the second-born child is found. The negative birth order effects are robust to specification that control for family fixed effects, use a sibling first difference approach, or account for subsequent siblings.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/74614274" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4a31cbb5e06969a2a417e9312d2cf497" rel="nofollow" data-download="{"attachment_id":82704773,"asset_id":74614274,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/82704773/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="48910793" href="https://independent.academia.edu/FrankHeiland">Frank Heiland</a><script data-card-contents-for-user="48910793" type="text/json">{"id":48910793,"first_name":"Frank","last_name":"Heiland","domain_name":"independent","page_name":"FrankHeiland","display_name":"Frank Heiland","profile_url":"https://independent.academia.edu/FrankHeiland?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_74614274 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="74614274"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 74614274, container: ".js-paper-rank-work_74614274", }); 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Controlling for various determinants of cognitive development we find that having a high birth rank is detrimental and that the gap between adjacent siblings is larger for children early in the birth sequence. The pattern is strongest for non-Hispanic white and Hispanic children. Among African-American children no difference between the first-and the second-born child is found. The negative birth order effects are robust to specification that control for family fixed effects, use a sibling first difference approach, or account for subsequent siblings.","downloadable_attachments":[{"id":82704773,"asset_id":74614274,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":48910793,"first_name":"Frank","last_name":"Heiland","domain_name":"independent","page_name":"FrankHeiland","display_name":"Frank Heiland","profile_url":"https://independent.academia.edu/FrankHeiland?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":2971,"name":"Cognitive development","url":"https://www.academia.edu/Documents/in/Cognitive_development?f_ri=3079415","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=3079415","nofollow":true},{"id":207152,"name":"Birth Order","url":"https://www.academia.edu/Documents/in/Birth_Order?f_ri=3079415","nofollow":true},{"id":410370,"name":"Public health systems and services research","url":"https://www.academia.edu/Documents/in/Public_health_systems_and_services_research-1?f_ri=3079415"},{"id":1115286,"name":"Family Size","url":"https://www.academia.edu/Documents/in/Family_Size?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_74180915" data-work_id="74180915" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/74180915/Evaluating_alternative_methods_for_testing_asset_pricing_models_with_historical_data">Evaluating alternative methods for testing asset pricing models with historical data</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">for helpful comments and suggestions, and seminars participants at Universidad del País Vasco. We are especially indebted to an anonymous referee for his thoughtful suggestions which greatly improved the paper.</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/74180915" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9382b144138db3d223a796332da80385" rel="nofollow" data-download="{"attachment_id":82422038,"asset_id":74180915,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/82422038/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="175743470" href="https://independent.academia.edu/MartinLozano37">Martin Lozano</a><script data-card-contents-for-user="175743470" type="text/json">{"id":175743470,"first_name":"Martin","last_name":"Lozano","domain_name":"independent","page_name":"MartinLozano37","display_name":"Martin Lozano","profile_url":"https://independent.academia.edu/MartinLozano37?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_74180915 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="74180915"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 74180915, container: ".js-paper-rank-work_74180915", }); 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We are especially indebted to an anonymous referee for his thoughtful suggestions which greatly improved the paper.","downloadable_attachments":[{"id":82422038,"asset_id":74180915,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":175743470,"first_name":"Martin","last_name":"Lozano","domain_name":"independent","page_name":"MartinLozano37","display_name":"Martin Lozano","profile_url":"https://independent.academia.edu/MartinLozano37?f_ri=3079415","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=3079415","nofollow":true},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=3079415","nofollow":true},{"id":1664,"name":"Empirical Finance","url":"https://www.academia.edu/Documents/in/Empirical_Finance?f_ri=3079415","nofollow":true},{"id":119381,"name":"Specification Tests","url":"https://www.academia.edu/Documents/in/Specification_Tests?f_ri=3079415","nofollow":true},{"id":221822,"name":"Historical Data","url":"https://www.academia.edu/Documents/in/Historical_Data?f_ri=3079415"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=3079415"},{"id":3347279,"name":"Asset pricing model","url":"https://www.academia.edu/Documents/in/Asset_pricing_model?f_ri=3079415"},{"id":3506535,"name":"Factor model","url":"https://www.academia.edu/Documents/in/Factor_model?f_ri=3079415"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_69008693" data-work_id="69008693" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/69008693/Risk_aversion_and_skewness_preference">Risk aversion and skewness preference</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Empirically, co-skewness of asset returns seems to explain a substantial part of the cross-sectional variation of mean return not explained by beta. This finding is typically interpreted in terms of a risk averse representative investor... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_69008693" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Empirically, co-skewness of asset returns seems to explain a substantial part of the cross-sectional variation of mean return not explained by beta. This finding is typically interpreted in terms of a risk averse representative investor with a cubic utility function. This paper questions this interpretation. We show that the empirical tests fail to impose risk aversion and the implied utility function takes an inverse S-shape. Unfortunately, the first-order conditions are not sufficient to guarantee that the market portfolio is the global maximum for this utility function, and our results suggest that the market portfolio is more likely to represent the global minimum. In addition, if we do impose risk aversion, then co-skewness has minimal explanatory power.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/69008693" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="00915dbc55b6ce508c62bc5d82831ae6" rel="nofollow" data-download="{"attachment_id":79273478,"asset_id":69008693,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/79273478/download_file?st=MTc0MDUzMzg2Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="158965697" href="https://independent.academia.edu/HaimLevy1">Haim Levy</a><script data-card-contents-for-user="158965697" type="text/json">{"id":158965697,"first_name":"Haim","last_name":"Levy","domain_name":"independent","page_name":"HaimLevy1","display_name":"Haim Levy","profile_url":"https://independent.academia.edu/HaimLevy1?f_ri=3079415","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_69008693 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="69008693"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 69008693, container: ".js-paper-rank-work_69008693", }); 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This finding is typically interpreted in terms of a risk averse representative investor with a cubic utility function. This paper questions this interpretation. We show that the empirical tests fail to impose risk aversion and the implied utility function takes an inverse S-shape. Unfortunately, the first-order conditions are not sufficient to guarantee that the market portfolio is the global maximum for this utility function, and our results suggest that the market portfolio is more likely to represent the global minimum. 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