Why does incentive pay often depend on subjective rather than objective performance evaluations? After all, subjective evaluations entail a credibility issue. While the most plausible explanation for this practice is lack of adequate objective measures, I argue that subjective evaluations might...

We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds, and institutional funds operated by investment banks and non-bank conglomerates. We find that,...

Currently one of the most promising power solutions for remote rural areas and isolated islands which are far away from utility grid is the stand-alone solar photovoltaic (PV) renewable energy system or hybrid solar–wind power system. This paper presents the investigation results of a real...

Electricity generated using photovoltaic (PV) technology can only be economical if the PV modules operate reliably for 25–30 years under field conditions. In order to ensure such levels of reliability PV module undergo stringent qualification tests developed as per international standards by...

Purpose - The purpose of this paper is to study performance and market timing ability of equity real estate investment trusts (REITs). Design/methodology/approach - The authors use classical regression-based framework and their multi-index, multifactor, and conditional extensions to jointly...

GrEta is an innovative simulat ion project, what was constructed in Szabó -Szoba R&D Laboratory at Széchenyi University Gyõr, for modelling the nature of flexible production processes. It is one of the best ways to demonstrate the most commonly occurring logistics phenomena in series of mass...

Over the last decade we have witnessed the rise and fall of the so-called new economy stocks. One central question is to what extent these new firms differ from traditional firms. Empirical evidence suggests that stock returns are not normally distributed. In this article we investigate whether...

We decompose the conditional expected mutual fund return in five parts. Two parts, selectivity and expert market timing, can be attributed to manager skill, and three to variation in market exposure that can be achieved by private investors as well. The dynamic model that we use to estimate the...

In this paper, we analyze the economic value of predicting stock index returns as well as volatility. On the basis of simple linear models, estimated recursively, we produce genuine out-of-sample forecasts for the return on the S&P 500 index and its volatility. Using monthly data from 1954 to...