We employ the Pearson system of frequency curves to analyse the behaviour of unconditional daily return distributions for all the shares that constitute the STOXX Europe 600 index. Our results show that over finite time periods of analysis the distributions are adequately described as type IV....

This paper aims to empirically verify whether an individual European investor can enhance the diversification of his/her portfolio of financial assets by implementing an equity market neutral strategy. The analysis takes into consideration a typical European investor who has roughly diversified...

A long history of psychological studies has postulated that good (bad) weather induces a positive (negative) mood. Other studies have concluded that mood can influence humankind decision-making process under risk and uncertainty. Several behavioural finance studies have raised the question of...

Very few studies verified whether Socially Responsible Investments (SRIs) add value during a financial turmoil. We fill this gap. We conduct the analysis by employing the Fama and French (2015) five-factor model along with the usual Fama and French's (1993) and Carhart's (1997) models. We also...

The aim of this paper is to present results of an impact assessment applied to the social system in Apulia. In particular, Regione Puglia's Regional Law no. 19/2006 is examined. Following a gradual assessment approach a) it is evaluated whether the regulation achieved its general objectives and,...

Unlike most of the existing literature on the weather effect, we conducted our analysis by employing intraday weather and market data, examining a large set of stocks rather than indices only, including volume and volatility data in the study and inspecting a wide number of weather variables...

In an article that recently appeared in this journal, Marshall (2015) argued that the systematic component of the SD of a stock or of a portfolio of stocks is its beta scaled by the SD of the market returns. She also contended that the beta mispredicts the actual systematic risk of a stock or of...

In this paper we analyze security loan guarantees in the light of the option pricing theory. We interpret them as put options on the cash flows of a secured debt. We highlight that the value of the guarantee is always positive before a loan's maturity and it depends on the same factors that...

Socially responsible investing (SRI) is considered to a greater extent by investors wishing to avoid their savings being used in “unsocial” businesses. Essentially there are two main types of SRI strategy: negative screening and positive investing. The former screens out securities according...