I find venture capitalists' (VCs') information production activities help decrease uncertainty about the valuations of new innovations within public equity markets, resulting in price convergence within the cross-section of Initial Public Offerings (IPOs) that are backed by different classes of...

Suppose funds managers are differentiated by intrinsic or innate ability at some origin point in time. Using formal theoretical propositions, and with risk continuously increasing, the continuum of assets available to funds managers is endogenously segmented into continuums of `safe', and...

It is no secret that the rational expectations framework has endured what many consider to be a well deserved bashing. From problems, such as, ad hoc specifications of functional forms for utility functions, to adoption of utility functions as units of modeling, to absence of equilibriums that...

Suppose absence of agency problems in interactions between a representative angel investor who already is invested in a project (a 'pre-existing' angel investor), and a representative `entering' venture capitalist who provides a new infusion of capital into the same project. This study finds...

This study provides formal theoretical evidence that value maximization is a rational behavioral, as opposed to rational expectations valuation rubric. Rational behavioral character of the value maximization rubric is evident in the axiomatic finding that, absent arrival of any unanticipated...

This study provides formal theoretical evidence that an agenda for economic development of a `Village' that is built around an aggressive foray into provision of Microfinance is more likely to fail, than to succeed. The Microfinance strategy fails, because any businesses formed by `Villagers'...

This study unambiguously demonstrates that, absent independent establishment of boundary rationality conditions for stock prices, behavioral axioms, such as overconfidence, overreaction, underreaction, and attribution bias cannot be robustly applied to rationalization of market phenomena that...

In this survey article, we summarize the evidence from the extant literature on how sovereign laws and their enforcement impact outside investor protection, and the development of capital markets and individual firms. The body of evidence indicates the legal protections conferred on outside...

I find policies targeted at stabilizing exchange rates within the context of Nigeria's managed floating exchange rate regime have not allowed for direct inflation targeting. In spite of this constraint, which is predicted by and consistent with macroeconomic theory, however, interactions between...

We find an asset pricing model which consists of the market portfolio, the market skewness or co-skewness factors, and portfolio idiosyncratic volatility factor best explains portfolio risk-return trade-offs on the Nigerian Stock Exchange (NSE), and is appropriate to studies of the efficiency of...