Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This paper examines the performance and risk sensitivities of US green mutual funds vis-à-vis their conventional peers. We also analyze and compare this performance relative to other Socially Responsible Investing (SRI) mutual f...

Managing digital assets not only involves internal distribution, accessibilities and efficiencies, but also wider protections involved when derivative works or repurposings result from external distributions. The inherent polysemy of media artefacts has consequences for the reuse of such artefacts in multimedia systems. The multiplicity of possible meanings of a single media artefact depends on...

Museums and galleries have in recent years spent considerable time and effort in digitisation projects, yet the software resources available to fully explore their collections are still largely unsatisfactory. In a joint project between the new media company Deep Visuals, the Scott Polar Research Institute, and Anglia Ruskin University we are developing a new browsing system aimed at enabling m...

This paper examines the conditions required to guarantee positive prices in the CAPM. Positive prices imply an upper bound on the equity premium. This upper bound depends on the degree of diversity of firms’ fundamentals, and it is independent of investors’ preferences. In economies with realistically diverse assets the only positive-price CAPM equilibrium theoretically possible is a degenerate...

We consider the standard discrete-time model of a frictionless financial market and show that the law of one price holds if and only if there exists a martingale density process with strictly positive initial value. In contrast to the classical no-arbitrage criteria, this density process may change its sign. We also give an application to the CAPM.

In opaque pricing certain characteristics of the product or service are hidden from the consumer until after purchase, transforming a differentiated good into somewhat of a commodity. Opaque pricing has become popular in service pricing as it allows firms to sell their differentiated products at higher prices to regular brand loyal customers while simultaneously selling to non loyal customers a...

Transverse wakefield kicks from misaligned accelerating structures in the SLC linac contribute significantly to emittance growth. If these kicks could be measured directly, it would be possible to align and/or steer the beam to a kick-free trajectory. In the Accelerator Structure Test Facility at SLAC, ASSET [1], the kicks due to a drive bunch are measured with a witness bunch at varying bunch ...

This paper extends Merton’s continuous time (instantaneous) mean-variance analysis and the mutual fund separation theory. Given the existence of a Markovian state price density process, the optimal portfolios from concave utility maximization are instantaneously mean-variance efficient independent of the concave utility function’s form. The Capital Asset Pricing Model holds with the market port...

In the model of asset appreciation advanced here, the market economy and the market of asset claims on the economy are modeled as organic (or exponential growth) processes, similar to those commonly seen in nature and the biological sciences. In this model, investors have a log-wealth utility function. Within the framework, the market risk premium is derived as the premium that balances supply ...