of the Dissertation Three Essays on Asset Pricing, Portfolio Choice and Behavioral Finance.

This paper analyzes the investment decisions of insured banks under fixed-rate deposit insurance. The model takes into account the charter value and allows banks to dynamically revise their asset portfolios. Trade-offs exist between preserving the charter and exploiting deposit insurance. The optimal bank portfolio problem is solved analytically for a constant charter value. In any audit period...

This paper, adopting the recursive multiple-priors utility, studies the optimal consumption and portfolio choice in a Merton-style model with anticipation when there is a difference between ambiguity and risk. The fundamental issue is what the effects of ambiguity and anticipation on the investor’s behavior are. In the case of a logarithmic felicity function, the paper also shows that no hedgin...

Let MPT (v, 2) denote a maximum packing of triples of order v and index 2. An MPT (v, 2) is called simple if it contains no repeated triples. It is proved in this paper that for v > 2 and any even 2, the necessary and sufficient condition for the embedding of a simple MPT(v,2) in a simple MPT(u,).) is u >/2v + 1.

Weighted utility models attempt to account for risk preferences in terms of an expectation-like equation applied to the subjective evaluation of probabilities and outcomes, while Portfolio theory assumes that risk preference is a function of expected value and perceived risk. A pair of empirical predictions which contrasts Portfolio theory with all weighted utility models is derived and tested....

One of the main developmental tasks in young adulthood is identity formation. From a socio-cultural approach, we argue that identity formation and the learning processes involved are inextricably interwined with the prevailing cultural orientations of a given social group in a specific historic time. The same holds true for our theories on development. In line with other scholars of the field w...

Identity has remained a popular concept for many decades, being widely used in scientific research. This reflects not only the importance of phenomena standing behind this notion, but also wide and deep changes accompanying transition societies from industrial to post-industrial, late modern, post-modern, network or information society. Regardless disputes about nature new era, researchers agre...