Modern portfolio theory(MPT) addresses the problem of determining the optimum allocation of investment resources among a set of candidate assets. In the original mean-variance approach of Markowitz, volatility is taken as a proxy for risk, conflating uncertainty with risk. There have been many subsequent attempts to alleviate that weakness which, typically, combine utility and risk. We present ...

Acts of scientific calculation have long been considered central to the formation of the modern nation state, yet the transnational spaces of knowledge generation and political action associated with climate change seem to challenge territorial modes of political order. This article explores the changing geographies of climate prediction through a study of the ways in which climate change is re...

Thomas Keneally has long been a writer who gives expression to nationalist sentiment. In 1978 J.J. Healy commented that writers such as Keneally represented ‘a collective, many-motived consciousness’ whose impulse was ‘political, public’. Indeed, many of Keneally’s earlier novels illustrate what we might call ‘national progenitors’. In From The Ruins of Colonialism Chris Healy describes a uniqu...

OBJECTIVE This study provides an overview of the epidemiology of diabetes in the Manitoba First Nation population. RESEARCH DESIGN AND METHODS The study uses data derived from the population-based Manitoba Diabetes Database to compare the demographic and geographic patterns of diabetes in the Manitoba First Nation population to the non-First Nation population. RESULTS Although the prevalenc...

In principle, implementation of portfolio investment strategies through market orders at the NYSE open would be problematic because of execution price uncertainty. This paper measures the impact, by comparing the actual value at the end of the trading day against the value one would have obtained if it were possible to observe opening prices when submitting orders. For positively weighted portf...

We consider a group of mean-variance investors with mimicking desire such that each investor is willing to penalize deviations of his portfolio composition from compositions of other group members. Penalizing norm constraints are already applied for statistical improvement of Markowitz portfolio procedure in order to cope with estimation risk. We relate these penalties to individuals’ wish of s...

Using the language of convex analysis we describe key results in several important areas of finance: portfolio theory, financial derivative trading and pricing and consumption based asset pricing theory. We hope to emphasize the importance of convex analysis in financial mathematics and also bring attention to researchers in convex analysis interesting issues in financial applications.

Domestic investors hold a substantially larger proportion of their wealth portfolios in domestic assets than standard portfolio theory would suggest, a phenomenon called "equity home bias." In the absence of this bias, investors would optimally diversify domestic output risk using foreign equities. Therefore, consumption growth rates would tend to comove across countries even when output growth...