Why do some nonprofits signal their respect for accountability via unilateral website disclosures? We develop an Accountability Index to examine the websites of 200 U.S. nonprofits ranked in the Chronicle of Philanthropy’s 2010 “Philanthropy 400.” Our intuition is that nonprofits recognize...

In this paper, I construct an optimal portfolio by minimizing the expected tail loss (ETL) derived from the forward-looking natural distribution of the Recovery Theorem (RT). The RT is one of the first successful attempts at deriving an unparameterized natural distribution of future asset...

Finance researchers keep producing increasingly complex and computationally-intensive models of stock returns. Separately, professional analysts forecast stock returns daily for their clients. Are the sophisticated methods of researchers achieving better forecasts or are we better off relying on...