Purpose – The purpose of this paper is to evaluate and compare performances of three Nordic (Sweden, Denmark, Finland) and three Baltic (Lithuania, Latvia, Estonia) exchanges. Design/methodology/approach – Portfolio performance is estimated using two different approaches: traditional...

Extensive work is now in progress around the world to create a more stable financial system. An important part of this work is to tighten the requirements on the banks' capital adequacy. There is abundant research on optimal capital levels from the micro perspective, but few studies try to...