downward spiral after an unexpected arrival of a financial market illiquidity shock. In order to uncover this transmission …

The Black-Scholes theory for a portfolio with an arbitrary number of shares, x, is expanded for the case of finite …

Modern Portfolio Theory is a single-period model developed for the efficient securities market, in which asset prices … market paradigm; however, mixed-asset portfolio analysis continues to rely on Modern Portfolio Theory. This paper proposes an … alternative model that extends the Modern Portfolio Theory to accommodate multi-period utility maximization as well as the unique …