Cover -- Title Page -- Copyright -- Contents -- Preface -- Chapter 1 Investment Philosophy -- Chapter 2 The Bank of England Lecture -- The Presentation -- Chapter 3 Portfolio Management-General Principles -- My Asset Allocation of a Portfolio -- Chapter 4 Explanation of the Use of the 50-Day...

The purpose of this work is to develop an evolutionary finance model with a risk-free asset playing the role of a numeraire. The model describes a market where one risk-free and several "short-lived" risky assets (securities) are traded in discrete time. The risky securities live one period,...

Managers tend to issue equity when a firm is overvalued. Short selling is generally frequent among overvalued firms. By conditioning short selling on firm overvaluation, we show that short selling reduces managerial equity market timing and increases leverage. This moderating impact of short...