For virtually all firms, the means of generating shareholder value comes by having customers consistently come back. The measurement of customer satisfaction and repurchase intention is therefore critical to managers and researchers. Unfortunately, recent research studying the effect that 1)...

We provide theoretical and empirical arguments in favor of a concave shape for the security market line, or a diminishing marginal premium for market risk. In capital market equilibrium with binding portfolio restrictions, different investors generally hold different sets of risky securities....

<heading id="h1" level="1" implicit="yes" format="display">Abstract</heading>We propose a new approach to optimal portfolio selection in a downside risk framework that allocates assets by maximizing expected return subject to a shortfall probability constraint, reflecting the typical desire of a risk-averse investor to limit the maximum likely loss. Our empirical...

Price changes can be associated with either increases or decreases in systematic risk. Most of the existing literature focuses on the leverage effect, which suggests that betas decrease (increase) as stock prices increase (decrease). Alternatively, betas may move in the same direction as stock...

Regulation Fair Disclosure (RegFD) prohibits selective disclosure of material non-public information by public companies to privileged individuals (such as favored research analysts or, in general, securities markets professionals) and requires broad, non-exclusionary disclosure of such...