The purpose of this paper is to demonstrate how the imprecision of probabilities and background risk can motivate the purchase of insurance by a risk-neutral profit-maximising agent. Without insurance, the return from a profitable project may not be known with sufficient precision to justify the...

Data snooping and the nature of the distress premium are unresolved issues for the Fama and French three-factor model. These are addressed using UK data to create and test the model on portfolios based on market anomalies. We explore the apparent distress premium identified in prior research...

Empirical tests of the capital asset pricing model (CAPM) have shown that movements in a single factor market index poorly explain returns on individual securities. Assuming that a possible reason is the existence of pricing anomalies, more recent research has extended the model by adding new...

This thesis is a study formulated under the rubric of understanding ethically questionable behaviour in consumption. It is argued that ethics research in the market place has tended to focus with a perspective of business practice, leaving an understanding of the consumer perspective relatively...

The hypothesis that futures price is an unbiased predictor of the future spot price has been oneof the most controversial topics in the empirical literature on market efficiency. The conflictingresults provided so far are not robust to the time period considered or to the econometricmethod...

Futures market efficiency has been one of the most researched topics for a number of years.The huge amount of results produced, highly dependent on the econometric techniquesadopted and on the time period analysed, are often conflicting: for a given market, someauthors find evidence of...

The ability of futures markets to predict subsequent spot prices has been a controversial topic for a number of years. Empirical evidence to date is mixed; for any given market, some studies find evidence of efficiency, others of inefficiency. In part, these apparently conflicting findings reflect...