Purpose The aim of this paper is to explain that what main characteristics financial technologies should have so that lead to improve the transparency of institutions and whether the integrated monetary banking system deployed in free-interest institutions has affected the transparency of these...

This paper is concerned with the effect of increases in risk on optimal decision variables for the class of linear payoffs. The authors show that, for this class of payoffs, one can extend the class of admissible increases in risk and obtain the desirable comparative statics properties. They...

The paper explores how the demand for a risky asset can be decomposed into an investment effect and a hedging effect by all risk-averse investors. This question has been shown to be complex when considered outside of the mean-variance framework. Dependence among returns on the risky assets is...