Human nature does not like change, and unfortunately, in some areas, changes must be made. From an economic standpoint, firms have to adapt to new technologies, the size of markets change constantly as a result of globalization, and customers' needs are never-ending and wide-ranging. In a word,...

This paper examines the stock prices of Chinese companies dual-listed in the A and H share markets between January 2006 and March 2008. While most previous studies have concluded that the A share market does not have significant exposure to the Hong Kong market, I find that following the...

This thesis consists of three chapters of independent but related work that investigate theoretically and empirically the organizational forms of delegated portfolio management. The first chapter proposes a theory of the organizational forms of investment vehicles based on adverse selection....

This thesis analyzes optimal consumption and portfolio strategy by considering three different extensions to the classic work by Merton (1971). The first chapter considers consumption and strategic asset allocation when expected returns are predictable for Epstein-Zin preferences. The second...

Consolidation in the financial industry has progressed rapidly in many countries. In the United States, large financial corporations, such as Citigroup and JP Morgan Chase, formed complex financial groups and conglomerate structures composed of a commercial bank, a securities company, and an...