Indecisiveness is the inability to make decisions in a timely manner across situations and domains. The present research explores the construct of indecisiveness across sex and culture, given the past suggestion of group differences in mean scores (Ji, Oka, & Yates, 2000; Rassin & Muris, 2005a). Frost and Shows’ (1993) Indecisiveness Scale was administered to undergraduates in the United States...

The purpose of this paper is to show that the problem of trust relates to all three levels of financial engagement by a retail investor. (1) Engagement with the adviser who advises on financial products. (2) Engagement with the financial institutions that produce the financial products. (3) Engagement with the stock markets in which the financial products are invested. It is proposed that these...

Misspecified models, noisy betas, and weak instruments are well-known problems in finance and can lead to poor test performance. In this paper, we introduce a new technique for estimating and testing cross-sectional asset pricing models that addresses these problems. We apply our technique to three popular cross-sectional asset pricing models: CAPM, the Fama-French three-factor model, and the C...

When utility is nonseparable in nondurable and durable consumption and the elasticity of substitution between the two consumption goods is sufficiently high, marginal utility rises when durable consumption falls. The model explains both the crosssectional variation in expected stock returns and the time variation in the equity premium. Small stocks and value stocks deliver relatively low return...

Characterizing the instantaneous investment opportunity set by the real interest rate and the maximum Sharpe ratio, a simple model of time varying investment opportunities is posited in which these two variables follow correlated Ornstein-Uhlenbeck processes, and the implications for stock and bond valuation are developed. The model suggests that the prices of certain portfolios that are relate...

Jegadeesh and Titman (1993) document individual stock momentum: strategies that buy stocks that have performed relatively well in the past and sell stocks that have performed relatively poorly in the past generate significant positive returns over the 3to 12-month horizon. This finding, obtained using data from the U.S. market, also holds for a number of international markets [e.g., Haugen and ...

In the traditional portfolio model, investors calculate the expected return of assets and the covariance matrix for optimal asset allocation. This paper divides market sentiment period into three states and selectes the securities in the Chinese stock market to construct portfolios. We implement both the Fama-French five-factor model and the robust median covariance matrix approach for predicti...

Purpose – To examine issues of standardization and adaptation in global marketing strategy and to explain the dynamics of standardization. Design/methodology/approach – This is a conceptual research paper that has been developed based on gaps in prior frameworks of standardization/adaptation. A three-factor model of standardization/adaptation of global marketing strategy was developed. The thre...

We specify and analyze two variants of oor acquisition multiple access protocols for single-channel wireless LANs (WLANs) with hidden terminals. One variant assumes that all stations have the same functionality, and the other assumes base-station control. These are the rst protocols that solve the hidden-terminal problems of single-channel WLANS. Stations use carrier sensing and a three-way han...

We decompose UK market volatility into shortand long-run components using EGARCH component model and examine the cross-sectional prices of the two components. Our empirical results suggest that these two components are significantly priced in the cross-section and the negative risk premia are consistent with the existing literature. The Fama-French three-factor model is improved by the inclusio...