Academics traditionally view retail investors as rationally passive toward corporate proxy fights due to the higher cost of individual information gathering and their inability to coordinate collectively. In the wake of the digital age and social media, we re-examine retail investors’...

While the z-score has been widely used to evaluate bank risk, it is criticized as a backward-looking measure. We propose a forward-looking method to construct the z-score by incorporating analyst forecasts. Empirical results show that the forward-looking z-score can predict the movement of the...

This study aims at examining the existence of herding behavior of investors in Pakistani stock market. KSE 100 is selected as a sample for the study as it represents almost 86% of Karachi Stock Exchange. Monthly data for companies has been gathered for analysis. Results obtained fail to find any...

This study investigates the simplicity and adequacy of tail-based risk measures-valueat-risk (VaR) and expected shortfall (ES)-when applied to tail targeting of the extreme value (EV) model. We implement Lévy-VaR and ES risk measures as full density-based alternatives to the generalized Pareto...