This paper retraces the origins of modern futures trading and provides new data researchers can use. This includes an overview of the regulatory and institutional changes during the interwar period, ones that still inspire present day regimes. To this end, we assemble a new dataset of daily...

The measuring of market timing abilities in investment portfolios is a relevant and widely analyzed question. Since the traditional parametric methodology can lead to biased results, we apply the nonparametric approach trying to overcome these biases and compare the results obtained by both...

A 2010 paper by Kaoru Tone proposes four variants of the slacks-based measure of efficiency (SBM) to overcome the limitations of this well-known Data Envelopment Analysis (DEA) approach when the reference points of the efficient frontier may not be adequate. In this study, we apply these...