Let F be a distribution function with negative mean and regularly varying right tail. Under a mild smoothness condition we derive higher order asymptotic expansions for the tail distribution of the maxima of the random walk generated by F. The expansion is based on an expansion for the right...

Biodiesel is one of the alternative fuels which is renewable and environmentally friendly and can be used in diesel engines with little or no modifications. In the present study, experimental investigations were carried out on the effects of biodiesel types, biodiesel fraction and physical...

Spin-dependent electron transport in a periodically stubbed quantum wire in the presence of Rashba spin-orbit interaction (SOI) is studied via the nonequilibrium Green’s function (GF) method combined with the Landauer-Büttiker formalism. By comparing with a straight Rashba quantum wire, the...

The second part of the dissertation studies the impact of information on investor behavior. In particular, Chapter 5 investigates the impact of information salience on investors’ reactions to news by studying soccer clubs listed on the London Stock Exchange. Chapter 6 is an experimental study...

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional...

This paper estimates the price of ethics by studying the risk-return relation in socially responsible investment (SRI) funds. Consistent with investors paying a price for ethics, SRI funds in many European and Asia-Pacific countries strongly underperform domestic benchmark portfolios by about 5%...

We experimentally disentangle the effect of information feedback from the effect of investment flexibility on the investment behavior of a myopically loss averse investor.Our findings show that varying the information condition alone suffices to induce behavior that is in line with the...

Soccer clubs listed on the London Stock Exchange provide a unique way of testing stock price reactions to different types of news. For each firm, two pieces of information are released on a weekly basis: experts’ expectations about game outcomes through the betting odds, and the game outcomes...

This paper surveys the literature on socially responsible investments (SRI). Over the past decade, SRI has experienced an explosive growth around the world. Particular to the SRI funds is that both financial goals and social objectives are pursued. While corporate social responsibility (CSR) -...

Little is known about how investors select socially responsible investment (SRI) funds.Investors in SRI funds may care more about social or ethical issues in their investment decisions than about fund performance.This paper studies the money-flows into and out of the SRI funds around the...