We conduct an experiment in which assets of lower volatility risk are sequentially added to the investment opportunity set (IOS) of a fixed investment horizon. Econometric spanning tests show that the limiting IOS is the linear boundaries defined by the limiting IOS asymptotes, implying more...

Over the course of a three-year, collaborative process that was open to the public, the Uniform Law Commission (ULC) and the American Law Institute (ALI) undertook a project to revise the Uniform Commercial Code (UCC) to account for the impact of emerging technologies on commercial transactions....

We empirically compare the reliability of the dividend (DIV) model, the residual income valuation (CT, GLS) model, and the abnormal earnings growth (OJ) model. We find that valuation estimates from the OJ model are generally more reliable than those from the other three models, because the...

In this study, we explore the effect of managerial ability toward corporate social responsibility (CSR) on enterprise default risk. We observe a negative correlation between CSR and enterprise default risk. Furthermore, we introduce managerial ability and analyze its effects on the default risk...

Building designs in Harare CBD are not flexible, are not cost effective and are no longer serving their functions in the sense that most people are preferring open planned designs, sustainable structures which are cost efficient, aesthetically as they are no longer appealing to most people....

This technical supplement contains the online Appendix D of "Nonparametric Time-Varying Panel Data Models with Heterogeneity". The proof of Lemma B.9 is provided in Appendix D.1 and Appendix D.2 proves Lemmas C.1 to C.9

Election subversion threatens democratic self-governance. Recently, we have seen election officials try to manipulate the rules after an election, defy accepted legal procedures for dispute resolution, and try to delay results or hand an election to a losing candidate. Such actions, if...

The Sure-Thing Principle famously appears in Savage's axiomatization of Subjective Expected Utility. Yet Savage introduces it only as an informal, overarching dominance condition motivating his separability postulate P2 and his state-independence postulate P3. Once these axioms introduced, by...