Academics are divided as to whether financial risk tolerance is an enduring psychological
trait and as a consequence is less likely to change over the life of an individual, or a variable …

Using data from a survey alliance between Kiplinger's Personal Finance Magazine, PBS's
Nightly Business Report, and FinaMetrica, this study explores various demographical and …

The holiday effect is one of the most perplexing of all seasonal anomalies. Based on
evidence using pre-1987 equity returns, this anomaly has been shown to be responsible for …

We investigate the new reality of exchange-traded funds (ETFs). We show that most ETFs
are active investments in form (designed to generate alpha) or function (serve as building …

We construct synchronously priced indices of securitized property listed on the New York
Stock Exchange and London Stock Exchange. The indices are then utilized to examine …

Using new empirical measures of information leadership, we find that the role of options in
price discovery is up to five times larger than previously thought. Approximately one-quarter of …

Purpose – The purpose of this paper is to capture the richness of customer perceived value
by determining its benefit and cost dimensions in a complex service setting. Perceived value …

Financial market participants exercise judgment in decision making and psychological
studies have shown that individuals are overconfident about their ability to evaluate financial …

We investigate whether commodity futures or options markets play a more important role in
the price discovery process in the six most actively traded markets: crude oil, natural gas, gold…

Real estate investment trusts (REITs) are viewed as low risk/low return stocks that exhibit
defensive stock characteristics. The stock market decline of October 1997 provides an excellent …