We test the predictability of investment fraud using a panel of mandatory disclosures filed with the SEC. We find that disclosures related to past regulatory and legal violations, conflicts of interest, and monitoring have significant power to predict fraud. Avoiding the 5% of firms with the...

We propose a theoretical framework of exchange rate behavior where investors focus on a subset of economic fundamentals. We find that any adjustment in the set of predictors used by investors leads to changes in the relation between the exchange rate and fundamentals. We test the validity of...

Defined benefit pension schemes accumulate assets with the ultimate objective of honoring their obligation to the beneficiaries. Liabilities should be at the center of designing investment policies and serve as the ultimate reference point for evaluating and allocating risks and measuring...