Under the CAPM assumptions, the market capitalization weighted portfolio is mean-variance efficient. In real world applications it has been shown by various authors that low risk portfolios outperform the market capitalization weighted portfolio. We revisit this anomaly using high-frequency data...

All too often, the concept of risk-neutral probabilities in mathematical finance is poorly explained, and misleading statements are made. The aim of this paper is to provide an intuitive understanding of risk-neutral probabilities, and to explain in an easily accessible manner how they can be...

The complexity of the global financial crisis beginning 2007 has challenged professionals. For students, the crisis's interconnected elements, covered in multiple courses and the concepts of derivatives central to it, are overwhelming. Providing short answers to their questions often creates...

This paper reports on the results of an AAA-wide survey on the state of faculty perceptions about, and actions toward, integrating IFRS into U.S. accounting curricula in a period of perceived reduction in regulatory momentum. In 2014, responses were received from 349 members representing all AAA...

This paper incorporates publication uncertainty in a game between researchers and journal editors and examines its effects on quantity and quality of published research. A stylized differential Stackelberg game between journal editors and academic authors is considered, where authors seek to...

This paper incorporates publication uncertainty in a game between researchers and journal editors and examines its effects on quantity and quality of published research. A stylized differential Stackelberg game between journal editors and academic authors is considered, where authors seek to...

First part: Finance is built on a three-dimension risk: risk is measured, assessed, aggregated. If the economics of the crisis encourage reform and relaunch, it is also the sign of a crisis of economics. Two lessons can be drawn: avoid absurd risk -a fourth and often forgotten dimension of risk-...

Selfish utilitarianism, neo-classical economics, the directive of short-term income maximization, and the decision tool of cost-benefit analysis fail to protect our species from the significant risks of too much consumption, pollution, or population. For a longer-term survival, humanity needs to...

The present study is part of a much larger study that examined the ethics of bribery and the ethics of tax evasion from a variety of perspectives. Data were taken from the most recent Wave of the World Values Survey. Data were collected in 56 countries. Participants were asked how risky is it to...

Despite the widespread acceptance of trust as an informal governance institution, our understanding of its origins is nascent. Our review of the literature identified two distinct explanations: trust emerges from either a shadow of the past (i.e. prior history) or a shadow of the future (i.e....