This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on...

The disappointing performance of value and small cap strategies shows that style consistency may not provide the long-term benefits often assumed in the literature. In this study it is examined whether the short-term variation in the US size and value premium is predictable. Style-timing...

This research exploits the experimental laboratory offered by REITs by investigating how REIT corporate governance affects performance. We follow Gompers, Ishii and Metrick (2003) and use a corporate governance index to measure the overall impact of corporate governance on various measures of...

Scandals of corporate governance in the United States and Europe in the aftermath of the TMT bubble captured the public imagination. In play were the interests of senior executives in relation to investors, prompting debate over countries' standards of corporate governance in the global market...

The present study investigates the performance of New Zealand mutual funds using a survivorship-bias controlled sample of 143 funds for the period of 1990-2003. Our overall results suggest that New Zealand mutual funds have not been able to provide out-performance. Alphas for equity funds, both...

We investigate financial experts' beliefs about climate risk pricing and analyze how those beliefs influence stock return expectations. In a comprehensive survey, we elicit experts' beliefs using both structured and open-ended questions. We establish that most experts share the view that climate...

We investigate financial experts' beliefs about climate risk pricing and analyze how those beliefs influence stock return expectations. In a comprehensive survey, we elicit experts' beliefs using both structured and open-ended questions. We establish that most experts share the view that climate...