Despite the general trend to include ESG scores in the evaluation of firm performance, the effect of ESG policies on the market value of companies is currently a subject of debate. In this paper we propose a dynamic version of Ohlson’s model under time-varying discount rates consistent with...

Private financing of large-scale infrastructure projects through Public Private Partnerships (PPPs) has grown in recent decades. Together with changes in conventional construction procedures, there have been changes in the project financing model. The use of PPPs raises questions as to the role...

Performance measurement is an area of crucial interest in asset valuation and investment management. High volatility as well as time aggregation of returns, amongst other characteristics, may distort the results of conventional measures of performance. In this work, we study the performance of...

Recent literature shows that market anomalies have significantly diminished, while research on market factors has largely improved the performance of asset pricing models. In this paper we study the extent to which data envelopment analysis (DEA) techniques can help improve the performance of...