<title>Abstract</title> This paper examines the effect of CEO risk appetite on the return volatility of a sample of large, listed financial firms over the period 2000--2008. After controlling for firm specific characteristics, the results give strong evidence that the CEO risk appetite has an important effect...

The problem that we address in this paper stems from the trend to delegation in the water management field. The problem that we address refers to the municipality's negotiating disadvantage in the face of some cartelized water management. We discuss the specific characteristics of the delegation...

In this note we analyze the composition of an optimal portfolio by considering the cumulative conditional expected outcome of two dependent assets. We develop a conditional stochastic dominance relation and show that for any concave von Neumann-Morgenstern utility function, the proportion of...

This paper uses the concept of Marginal Conditional Stochastic Dominance and a generalization of the 50% Portfolio Rule to develop a tractable and parsimonious methodology for constructing a second degree Stochastic Dominance (SSD) efficient portfolio from a given, inefficient index. Because the...

This paper examines the effect of prudentially obligated strategic institutional ownership on the performance of firm stock returns. Using the concept of marginal conditional stochastic dominance (MCSD), performance is measured to include the whole distribution of stock returns instead of...

This paper investigates how capital budgeting techniques that include the option to abandon can be exploited as management tools to aid not only in the invest/abandon decision but also in ongoing project management, financial forecasting and the timing of strategic moves. Three parameters are...

No abstract received.

The weak empirical evidence linking diversification and international equity flows calls into question the diversification paradigm at the international level and the analytical framework it implies. Using the concept of Marginal Conditional Stochastic Dominance (MCSD) to estimate the...

This paper measures how the risk associated with foreign direct investment in the prosperous, liberal economies of Hong Kong and Taiwan is affected by the prospect of reunification with the poor, politically and economically back - ward mainland. This China factor is modeled as a jump to a...