Every finance professional employs the concept of market efficiency. The theory, evidence
and counter‐evidence focus on a couple of dozen highly influential articles published during …

Theory on the pricing of financial assets can be traced back to Bernoulli's famous St Petersburg
paper of 1738. Since then, research into asset pricing and derivative valuation has been …

The concept of efficiency is central to finance. Primarily, the term efficiency is used to describe
a market in which relevant information is impounded into the price of financial assets. This …

ETFs are index-based investment products that allow investors to buy or sell exposure to an
index through a single financial instrument. ETFs have been available in North America …

This paper analyses the agency explanation for the cross‐sectional variation of corporate
dividend policy in the UK by looking at the managerial entrenchment hypothesis drawn from …

Continuous time principal agency problem with an application to fund management compensation.
The purpose of this essay is twofold. First, I solve a general continuous time principal …

Investors can gain sector exposure in Europe with portfolio trades, exchange-traded funds,
swaps, and futures. There are different factors investors should consider in choosing among …

ETFs are index-based investment products that allow investors to buy or sell exposure to an
index through a single financial instrument. ETFs have been available in North America …

When should investors trade? A badly executed trade can negatively impact the performance
of even the best idea. This is a particularly acute problem for international investors who …