In the last decade, the demand for sustainable and social investments has improved. The
mutual funds industry has responded to market needs by offering a number of investment …

Why do firms manage risk? According to various theories, firms hedge to mitigate credit
rationing, to alleviate information asymmetry, and to reduce the risk of financial distress …

Why do mean–variance (MV) models perform so poorly? In searching for an answer to this
question, we estimate expected returns by sampling from a multivariate probability model …

This study empirically re-examines fat tails in stock return distributions by applying statistical
methods to an extensive dataset taken from the Korean stock market. The tails of the return …

While they are rare, superspreading events (SSEs), wherein a few primary cases infect an
extraordinarily large number of secondary cases, are recognized as a prominent …

Abstract Monte Carlo Approaches for calculating Value-at-Risk (VaR) are powerful tools
widely used by financial risk managers across the globe. However, they are time consuming …

This study explores the time-varying nature of the association between financial disclosure
quality, corporate governance, and crash risk. Specifically, it evaluates the relevance of the …

After formally introducing the notion of random variable and some related concepts, in this
chapter we look at discrete and absolutely continuous random variables. We focus our …

A practical guide to adapting financial advice and investing to a post crisis world There's no
room for" business as usual" in today's investment management environment. Following the …

Past studies have shown that linear correlation measure may result in misleading
interpretations and implications of dependency when financial variables are involved. The …