A seminal paper by Fama and Bliss (1987) showed that a simple regression model could explain a significant portion of 1-year ahead excess returns. Cochrane and Piazzesi (2005) showed that their regression model could explain a significantly larger por tion of excess returns than Fama and...

The 4 th European Retail Investment Conference was hosted at Boerse Stuttgart, Germany, from May 17 th to 19 th 2017. The conference chairs invited academics and practitioners to participate and discuss empirical and theoretical research that investigates retail investor products and services,...

After more than a decade of existence, crypto-currencies may now be considered an important class of assets presenting some unique appealing characteristics but also sharing some features with real financial assets. This paper provides a comprehensive statistical analysis of the six most...

What are the equilibrium features of a financial market where a sizeable proportion of traders face reputational concerns? This question is central to our understanding of financial markets, which are increasingly dominated by institutional investors. We construct a model of delegated portfolio...

The Least-Squares Monte Carlo model (LSM model) has emerged as the derivative valuation technique with the greatest impact in current practice. As with other options valuation models, the LSM algorithm was initially posited in the field of financial derivatives and its extension to the realm of...

Previous research separately investigated the relationship between competence of the village official, organizational commitment, leadership, internal control, external pressure, and accountability with village official research objects and only looked at how village officials carried out their...

This paper attempts to investigate empirically whether financial and macroeconomic stability of economies are significantly affected by the structure of their financial systems, viz., bank-based and market-based structures. Using panel data estimations based on data from 82 countries for the...

Çalışanların iş tatminini ve dolayısıyla motivasyon ve performanslarını etkileyen en önemli faktörlerden biri liderlik işlevi olan yöneticilerin sergiledikleri liderlik tarzıdır. Bu çalışmada kaymakamların liderlik özellik ve davranışlarının en yakın astları olan yazı...

We examine the connection between discrete-time models of financial markets and the celebrated Black--Scholes--Merton (BSM) continuous-time model in which ''markets are complete." Suppose that (a) the probability law of a sequence of discrete-time models converges to the law of the BSM model and...

This paper evaluates the homogeneity of the financial markets in European Union (EU) countries and the impact of determinants of the financial sector in individual EU countries on the investment by economic entities in the given countries. The objective of the paper is to evaluate the...