This paper examines interactions between micro and macro variables in explaining the risk positions adopted by East Asian banks. The analysis shows that macroeconomic policies impacted the micro-economic decision making of banks in the period from 1989 to 1999. Considering the macroeconomic...

Endowment fund managers face an asset allocation problem with several particularities: they are more interested in spending for current and future beneficiaries than growing value, although the trade-off between these two alternatives needs to be understood; they have to consider longest-term...

One role of stock options in executive compensation packages is to counterbalance the inherently short-term orientation of base salary and annual bonuses. Managerial compensation plans frequently include stock options in order to better align the interests of managers and outside shareholders...

This paper investigates whether abnormal returns permanently exist in transparent U.S. Russell index reconstitution and provides evidence to disentangle the competing hypotheses associated with the index effect in the literature. Additions to Russell 1000 generate cumulative excess returns of...