This paper considers whether the existing measures of credit risk order and quantify corporate credit risk in the same way. Eight measures of credit risk of different natures are compared: Altman's Z, Ohlson's O, Hannan and Hanweck model, Zmijewski model, bond spreads, CDS spreads,...

We test for the existence of Favorite-Longshot Bias (FLB) in tennis betting exchanges. Despite these being order-driven markets, with no direct participation from bookmakers, we have found very similar results to those obtained by Lahvicka (2014) for betting markets: the bias is stronger in...

We examine the role of the investor type in the fee structure of pension plans. Our examination uses a data set of employer-sponsored and individual private pension funds in Spain. We find different determinants of the fees between these two pension plans. We find evidence of market penetration...

We analyse the impact of default probability in four leading Latin American stock markets (Argentina, Brazil, Chile and Mexico). We find no positive default risk premium except in the case of Brazil, and in fact find a negative risk premium for Argentina and Mexico. The latter effect tends to...

This paper analyzes the role played by pension plan governance structure in determining the power of the investor/decision maker to bargain with the management firm and how it impacts on plan fees and plan performance. The results show that fees decrease significantly and before- and after-fee...

This paper examines the impact of trading activity on the Favourite-Longshot Bias (FLB) in tennis Betting Exchanges, using direct measures such as betting volume, average bet or standard deviation of the odds. According to predictions based on Disagreement Models, odds mispricing is positively...