We show that expected returns on US stocks and all major global stock market indices have a particular form of non-linear dependence on previous returns. The expected sign of returns tends to reverse after large price movements and trends tend to continue after small movements. The observed...

We show that expected returns on US stocks and all major stock world market indices are non-linearly dependent on previous returns. The expected sign of returns tends to reverse after large price movements and trends tend to continue after small movements. This property can be captured by a...

This paper has the objective of reflecting on the role of non‐executive directors (NEDs) in the corporate governance process. The paper reviews the role of NEDs both from an academic perspective and from the perspective of the lead author’s practical experience of being (having been) a...

Some sections of society have expressed concerns that consumer debt has risen to a dangerous level. However, there is little evidence regarding how consumers themselves feel about debt. This paper reports up‐to‐date findings from the International Institute of Banking and Financial...