Addressing the topic of ethical investment, this paper considers stock market indices related to climate change and provides first comprehensive analysis links between low-carbon equities conventional equities. Results show that in long run, low carbon economy do not behave like indices, no balance relationship is identified two, such investors can find sector an opportunity diversify investmen...

Many investors purchase mutual funds through intermediated channels, paying brokers or financial advisors for fund selection and advice. This article attempts to quantify the benefits that investors enjoy in exchange for the costs of these services. We study broker-sold and direct-sold funds from 1996 to 2004, and fail to find that brokers deliver substantial tangible benefits. Relative to dire...

This paper develops and tests procedures for identifying lead analysts based on the timeliness of analyst forecast revisions, the trading levels associated with these revisions, and forecast accuracy. Our framework provides an objective assessment of analyst quality that differs from the standard approach that uses survey evidence to rate analysts. Using a sample of equity analysts, we find tha...

We examine the shareholder wealth effects associated with 97 global equity offerings made by foreign firms in the United States. Although on average these global offerings are not associated with a negative stock price response, firms located in emerging markets have negative abnormal returns while those located in developed markets have positive abnormal returns. In addition, we find that the ...

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Article history: Received 18 July 2012 Received in revised form 26 September 2013 Accepted 6 November 2013 Available online 15 November 2013 It seems reasonable to expect financial market efficiency to be related to the economic development level. We study a 16 year sample, covering 22 countries. The Hurst–Mandelbrot–Wallis rescaled range is our efficiency measure, which we apply to returns and...

a r t i c l e i n f o The Dow Jones Islamic Market indices (DJIMI) are constructed by screening out stocks that are incompatible with Islam's prohibition of interest and certain lines of business. However, as a blunt instrument, the interest rate can affect discounted cash flows of any firm, even a firm with no financial leverage. This study reveals that the aggregate portfolio of Islamic stock...

We examine the performance of volatility models that incorporate features such as long (short) memory, regime-switching and multifractality along with two competing distributional assumptions of the error component, i.e. Normal vs Student-t. Our precise contribution is twofold. First, we introduce a new model to the family of Markov-Switching Multifractal models of asset returns (MSM), namely, ...

105 inTroducTion Civilian Tactical Emergency Medical Support (TEMS) has a long history in the United States. Enormous progress has been made during the past ten years in developing professional and operational standards within the field. However, to date, there still exists no standard of care within TEMS specifically, and more broadly for high threat pre-hospital trauma care. Current civilian ...