Optimal asset allocation well-fitting the investors goals is a pressing challenge in risk management. In spite of Sharpe ratio, Sortino-Satchell, Generalized Rachev and Farinelli-Tibiletti ratios are new parameter-dependent performance ratios able to suit the investor risk profile. Five investor prototypes are studied and fifteen tailormade optimal asset paths are traced over a rolling twelve m...

Companies with foreign capital have been operating on the press market in Podkarpackie region for 28 years. Initially as minor shareholders, and since 2005 sole owners of a publishing house key position regional market, which published largest daily Newspaper – Gazeta Codzienna "Nowiny". Foreign investor activity, went beyond area press. The presence investors also had an impact local developme...

We study the effect of private investor contractual governance on the likelihood of an entrepreneurial firm going public versus being acquired. On one hand, we may expect that the use of strong investor control contracts improves entrepreneurial firm governance and increases the probability of going public. On the other hand, we may expect that founding entrepreneurs generally prefer to maintai...

In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm’s investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors. This result is more pronounced for firms with high growth opportunities, not controlled by a family, operating in ‘sin’ industries,...

This paper examines the differences in accrual-based and real earnings management across countries from the perspective of investor protection. Following prior research (Leuz et al., 2003), we hypothesize that accrual-based earnings management is more constrained by strict discipline in countries with stronger investor protection. For real earnings management in countries with stronger investor...

This paper devotes a first and direct attention on the feedback trading behaviors of one of the largest investor populations in the world. Using a unique data set of historical stock transaction, we examine cross-sectional and time-varying buy-sell activities of Chinese investor as a function of a series of stock returns in past. The time-horizons over which investors trade in response to retur...

The growing interest in investment towards Africa in the last few years has been remarkable, thanks mainly to the growth of stronger economies and democracies on the continent and to an increased need for raw materials. The East African Community (EAC) composed of Burundi, Kenya, Rwanda, Tanzania and Uganda, presents a good investment platform for foreign investors due to their economies of sca...