Developments in the world of finance have led the authors to assess the adequacy of using the normal distribution assumptions alone in measuring risk. Cushioning against risk has always created a plethora of complexities and challenges; hence, this paper attempts to analyse statistical...

We examine the impact of managerial sentiment on analysts' following decisions and earnings forecast accuracy. By analyzing the textual tone of management discussion and analysis sections in annual reports to capture managerial sentiment, we find that when managerial sentiment is more positive,...

The subprime crisis was quite damaging for hedge funds. Using the local projection method (Jordà 2004, 2005, 2009), we forecast the dynamic responses of the betas of hedge fund strategies to macroeconomic and financial shocks-especially volatility and illiquidity shocks-over the subprime crisis...

Wage inequality in Chile has remained high for decades and it is currently at the center of the political agenda. Increasing education of workers is expected to contribute to reduce wage inequality. Based on historical trends of age, education, and returns to education, this paper attempts to...

Career planning and development becomes a process of managing learning, experience and change in order to achieve a personally determined, preferred professional future. In the context of dynamic social, economic and technological changes, the role of career counselling services increases,...

Psychopathy evidence is frequently used for court decisions involving young criminals, claiming that is it an important predictor of crime. We investigate the effect of psychopathy on crime using a unique panel dataset of young offenders, which allows to analyze several dimensions of...

A good prediction is very important for scientific, economic, and administrative purposes. It is therefore necessary to know whether a predictor is skillful enough to predict the future. Given the increased reliance on predictions in various disciplines, a prediction skill index (PSI) is...

Due to the strong complexity of financial markets, economics does not have a unified theory of price formation in financial markets. The most common assumption is the Efficient-Market Hypothesis, which has been attacked by a number of researchers, using different tools. There were varying...

The Baker and Wurgler (2006) sentiment index purports to measure irrational investor sentiment, while the University of Michigan Consumer Sentiment Index is designed to largely reflect fundamentals. Removing this fundamental component from the Baker and Wurgler index creates an index of investor...