Closed-end funds have been a topic of interest among academics and professionals on five counts. First, they tend to sell above their net asset value at their commencement. Second, they start selling at a discount within a year. Third, this discount is volatile but mean-reverting. Fourth, the news of open-ending a fund reduces the discount although some discount persists till the actual event o...

As the global financial crisis has shown, reaping the benefits of financial development and international financial integration without incurring large risks remains a key challenge for many countries around the world. The financial system is inherently procyclical, that is, it tends to amplify the business cycle. Faced with a positive shock, financial institutions and markets can behave in the...

This paper builds a venture capital index from 1987 to 1999 that consists of 12,946 rounds of venture financing with 5,643 venture-backed firms. The paper uses two innovative techniques, a re-weighting procedure and a method of moment repeat sales regression, to mitigates three problems missing data, censored data, and sample selection. We report the time series of capital flows, net asset valu...

In the study, it is aimed to investigate determinants of risk-taking behavior banks traded in Borsa Istanbul Bank Index period December 2000 - 2020 by panel cointegration and causality analysis. Risk-taking measured with Z-Score. Ratios related financial structure (Equity/Total Asset), asset quality (Net Credit/Total performance Profit/Total liquidity (Amihud Ratio) franchise value ((Market Val...

The researcher conducted this research because he was interested in investing uncertain returns, the used variables study as consideration.This aims to determine effect of Net Profit Margin (NPM), Return On Asset (ROA), on Equity (ROE), and Inflation Stock Prices LQ45 companies listed Indonesia Exchange (IDX) for period 2015-2019. prices can be an assessment investor buy shares company. tend fl...

The paper investigates quadratic hedging in a general semimartingale market that does not necessarily contain risk-free asset. An equivalence result for with and without numeraire change is established. This permits direct computation of the optimal strategy choosing reference asset and/or performing change. New explicit expressions strategies are obtained, featuring use oblique projections pro...

S articles have been written during the past few years examining performance improvement paths and various forms of efficiency frontiers in operations strategy. These articles focus primarily on defining and describing these frontiers and raise questions concerning how to improve operations. In this paper, we provide one of the first empirical studies aimed at validating these earlier studies. ...

We introduce an asset-allocation framework based on the active control of the value-at-risk of the portfolio. Within this framework, we compare two paradigms for making the allocation using neural networks. The first one uses the network to make a forecast of asset behavior, in conjunction with a traditional mean-variance allocator for constructing the portfolio. The second paradigm uses the ne...

Using data from a large German commercial bank, this paper focuses on three key issues in order to analyze the extent of financial advice in individual portfolios. First, we investigate whether collaboration with financial advisors attains to better performing portfolios. Second, we examine the effects of financial advisors on household investment mistakes. Third, we analyze whether accounts ru...

The purpose of this study was to determine the effect Capital Adequacy Ratio, Financing Deposit Non Performing Financing, and Operational Efficiency Ratio on ROA at Sharia Rural Bank. data used in is secondary (panel data) from Financial Service Authority’s (OJK Solo), which an annual report published by Bank Surakarta Residence listed Solo). Data analysis using multiple linear regression. resu...