This paper examines the efficiency of the CDS market by conducting a comparative event study in which both the CDS and the stock markets' responses to earnings announcements are considered. I find that both markets have statistically significant reactions to earnings announcements and both...

We study how the wealth-allocation decisions and the loss aversion of non-professional investors change subject to behavioral factors. The optimal wealth assignment between risky and risk-free assets results within a VaR portfolio model, where risk is individually assessed according to an...

In the U.S., mortgage interest deductibility provides a financial incentive for home ownership over renting as well as an incentive to 'over-consume' housing since houses are not fungible. Home-ownership is also often promoted as a safe means of wealth creation. We construct and calibrate a...