Many sophisticated investors rely on scenario analysis to select a portfolio. These investors define prospective economic scenarios, assign probabilities to them, translate the scenarios into expected asset class returns, and select the portfolio with the highest expected return or expected...

Consumption is perhaps the most important economic behavior of human beings. To it goes the lion's share of the country's annual product. This study is part of the ongoing efforts to give a reasonable description of how various factors affect household consumption decision. Those factors include...

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners...

Using UK unit trusts data, we analyse the interplay among fund performance, flow changes, portfolio characteristics and managerial replacement. We find that managers with superior performance that is due to sample variation are more likely to be dismissed than are ‘unlucky' managers indicating...

This paper investigates the impact of the non-recourse vs. recourse mortgage on the housing price dynamics in American major metropolitan areas (MSAs). We find strong evidence that non-recourse states experience faster price growth during the boom (2000 to 2006) as well as sharper price drop...

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners...

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners...