non-price measure of investment opportunities. These findings suggest that extant measures of price efficiency should be … rethought when evaluating real efficiency …

costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset …

This paper contributes to the discussion on the efficiency of newly emerged financial markets in transition economies … market efficiency by examining the reaction to macroeconomic releases. Direct measure of market expectations, that is, survey … rational expectations, the Czech market lacks basic efficiency properties. It reacts to the expected part of the news …

2395 listed companies in China from 2007 to 2020, we examine the investment efficiency of this ownership practice on … relationship with corporate investment efficiency by reducing overinvestment. Further institutional heterogeneity analysis reveals … effect of common institutional ownership on enterprises' investment efficiency is stronger. The empirical results are …

returns (CAR), this study computes industry-adjusted eco-efficiency scores at the firm level, using carbon emission data from … the Carbon Disclosure Project for a worldwide sample during 2006–2010. The results show that eco-efficiency is positively … efforts by firms to reduce their carbon emissions and enhance their eco-efficiency. This result supports the intuition that …

This paper provides a closed-form Value-at-Risk (VaR) for the net exposure of an annuity provider, taking into account … both mortality and interest-rate risk, on both assets and liabilities. It builds a classical risk-return frontier and shows … that hedging strategies -- such as the transfer of longevity risk -- may increase the overall risk while decreasing …

This paper, instead of focusing on agency cost, analyzes the role of risk-sharing under problems of enforceability …