This dissertation contains seven chapters. Chapter 1 serves as a general introduction to the risks and returns of collectibles, and is co-authored with Elroy Dimson. Chapter 2 investigates the long-term investment performance of art, and is co-authored with Luc Renneboog. Chapter 3, also written...

The article analyzes the literature and provides an assessment of the development of the stock market in the Russian Federation between 2016-2020. Today, the process of improving electronic technologies for carrying out operations in the stock market is also a continuing segment of the financial...

The impact of tax incentives on the investment attractiveness of bonds for retail investors is assessed in the article. The paper presents a comparative empirical analysis of investment attractiveness of Russian bonds and bank deposits for domestic retail investors. We identify investment...

Motivated by the fast growth of personal wealth in emerging economies such as Russia, the authors investigate the investment performance of modern Russian art. A hedonic analysis of more than 50,000 art transactions results in a geometric average return of 3.97% in real US$ terms between 1967...

Blockchain-based tokens are widely acknowledged as a new asset class. Tokens allow new ventures to raise financing from crowd-investors on public blockchains. The information stored on these public ledgers makes it possible to examine the crowd’s investment behavior, as well as the financial...

The paper studies the problem of maximizing the expected utility of terminal wealth in the framework of a general incomplete semimartingale model of a financial market. We show that the necessary and sufficient condition on a utility function for the validity of several key assertions of the...

Vorliegendes Arbeitspapier bringt neue Aspekte in die Diskussion des Zeitraums von Kapitalanlagen ein.