Expenditures on creation of intangible capital have increased but accounting standards have not kept pace. We investigate whether this has affected the value relevance of book value and earnings. We construct a composite measure of intangible intensity based on intangible assets capitalized on...

Closed-end funds have been a topic of lively debate for several decades. In this paper we focus on studies relating to liquidity, sentiment and segmentation and, in particular, on studies that investigate closed-end country funds. We extend the previous survey by Dimson & Minio-Kozerski (1999)...

The use of computers to execute trades, often with very low latency, has increased over time, resulting in a variety of computer algorithms executing electronically targeted trading strategies at high speed. We describe the evolution of increasingly fast automated trading over the past decade...

Using a comprehensive international dataset of institutional investor holdings, we study social trust as a source of institutional investment biases. Our findings indicate that national trust-levels affect the investment allocation of institutional investors between domestic and foreign equity...

The COVID-19 crisis has laid bare many preexisting conditions of modern society. Besides the obvious lack of pandemic preparedness, these include biodiversity loss, air pollution, supply chain vulnerabilities, and inequality, to name a few – all systemic risks that threaten the health and...

Though no clear definition of investment companies exists in Chile, it has been generally understood to refer to companies that have investments in other companies (with or without corporate control) but that do not own productive assets. A question that naturally arises is whether the market...

Purpose - This article examines whether deviations from fundamental value or closed-end country fund's discounts or premiums forecast future share price returns or net asset returns. Design/methodology/approach - The main empirical (econometric) tool is a vector autoregressive (VAR) model. The...

This paper contrasts the investment behavior of different financial institutions in debt securities as a response to past returns. For identification, I use unique security-level data from the German Micro-database Securities Holdings Statistics. Banks and investment funds respond in a...

Smart Contracts are commonly considered to be an important component or even a key to many business solutions in an immense variety of sectors and promises to securely increase their individual efficiency in an ever more digitized environment. Introduced in the early 1990's, the technology has...

In this paper, we develop characteristic-based asset-pricing models for international stocks. We price stocks using passive portfolios created based on observable characteristics: market capitalization, book-to-market, prior-year return, growth of total assets, and operating profitability, each...