Abstract Certification by analysts on a FinTech platform that harnesses the “wisdom of crowds” is associated with successful initial coin offerings (ICOs). We show favorable ratings group diverse backgrounds positively predict fundraising success and long-run token performance. Analysts’ also help detect potential fraud ex ante. document have career concerns are incentivized to issue informativ...

Abstract Many financial instruments are designed with embedded leverage, such as options and leveraged exchange-traded funds (ETFs). Embedded leverage alleviates investors’ constraints, and, therefore, we hypothesize that lowers required returns. Consistent this hypothesis, find empirically ETFs provide significant amounts of leverage; increases return volatility in proportion to the higher is ...

Assuming elliptically contoured distribution for portfolio asset returns, we derive the exact marginal and joint densities of the global minimum variance portfolio variance, and weights estimators. We also construct a test for the hypothesis that the global minimum variance is less then or equal to a certain value. A stochastic representation and moments of its estimator is provided. We illustr...

Sarah J. George, Filomena de Nigris, Andrew H. Baker, Claudio Napoli Bristol Heart Institute, University of Bristol, Bristol, BS2 8H, UNITED KINGDOM; Department of Pharmacological Sciences, University of Salerno, 84084 Italy; Division of Cardiovascular and Medical Sciences, University of Glasgow, Western Infirmary, Glasgow G11 6NT, UNITED KINGDOM; Departments of Medicine and Clinical Pathology,...

This paper addresses the problem of dynamic asset allocation under a bounded shortfall risk in a market composed of three assets: cash, stocks and a zero coupon bond. The dynamics of the instantaneous short rates is driven by a Hull and White model. In this setting, we determine and compare optimal investment strategies maximizing the CRRA utility of terminal wealth with and without value at ri...

This paper assesses the importance of heterogeneity in household portfolios for transmission monetary policy a New Keynesian business cycle model with uninsurable income risk and assets different liquidity. In this environment, works through investment, but redistribution lowers elasticity investment via two channels: (i) marginal propensities to invest, (ii) time variation liquidity premium. M...

This study explores how intangible assets affect crash risk in Indonesia as the representative of emerging markets, especially for low intellectual capital firms. We employ regression analysis to investigate effect on Indonesia. The findings suggest that firms with are more vulnerable risk. Our further investigations also find stimulate IC firms, but cannot explain high implies Indonesia’s use ...

هرمنوتیک فلسفی یکی از نظریات تفسیر متون در غرب پس رنسانس است که تحولاتی را تفکر معرفتی برخی نواندیشان مسلمان ایجاد نمود. این نظریه افزون بر اختلاف مبانی و اصول، سبب نسبی‌گرایی پلورالیسم تفسیری می‌شود. اندیشمندان حوزة قرآن کریم با غفلت پیامدها پذیرش سعی تطبیق مسئلة پایان‌ناپذیری فهم دارند، بنابراین تحلیل مقایسة دو ضرورت دارد. پژوهش هدف انتقادی روش تحلیلی- تطبیقی درصدد بررسی مؤلفه‌های تفاوت آن اس...