This paper examines the relationship between the volatility implied in option prices and the subsequently realized volatility by using the S&P/ASX 200 index options (XJO) traded on the Australian Stock Exchange (ASX) during a period of 5 years. Unlike stock index options such as the S&P 100...

We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk...

This study examines the stock market reactions to the announcements and issuances of 402 ESG bonds from 153 listed Japanese firms, employing an event study methodology. Results show strong positive market reactions to green bonds and transition bonds, while sustainability bonds evoke modest...

Sports betting markets can be considered strongly efficient if expected returns on all possible bets on an event are equal. If this form of efficiency holds, then there is a direct mapping from betting odds into probabilities of outcomes of sporting events. We compare two regression-based...

This work aims to initiate a reflection on the awareness of environmental, social, and corporate governance issues, summarized in the acronym ESG (Environmental, Social, Governance), among Italian SMEs. The integration of ESG issues into business models has led to an expansion of the risk...

This paper presents an empirical micro-simulation model of the teaching and the testing process in the classroomH. It is a non-econometric micro-simulation model describing informational behaviors of the pupils, based on the observation of the pupils’ communication behavior during lessons and...

In this paper I test the normality of returns of the 30 components of the Dow Jones Industrial Average (DJIA) from January 1st 1990 to December 5th 2008. Results obtained by Kolmogorov - Smirnov, Shapiro - Wilk and Skewness - Kurtosis tests are robust in demonstrating that the hypothesis of...

Crowdfunding as a part of micro-finance has received considerable attention from the public and among researchers, both due to its novel form of collecting funds and the emergence of fraud and misconduct to the disadvantage of lay backers. We develop an adverse selection model of reward-based...

This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large...