The paper discusses two important extensions to the well known Value-at-Risk (VaR) methodology, namely Extreme Value Theory (EVT) and Expected Shortfall (ES). Both of these extensions address the weaknesses of Value-at-Risk, in particular the methodology's tendency to systematically...

The paper examines competition among international capital markets in light of the apparent outperformance of the moderately regulated Alternative Investment Market (AIM), which is a growth market governed by the London Stock Exchange. The rise of AIM has sparked a debate on i) whether the U.S....