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One of the problems which has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive microeconomic theory dealing with conditions of risk. Although many useful insights c...

This paper introduces an ARCH model (exponential ARCH) that (1) allows correlation between returns and volatility innovations (an important feature of stock market volatility changes), (2) eliminates the need for inequal...

Two kinds of contemporary developments in cryptography are examined. Widening applications of teleprocessing have given rise to a need for new types of cryptographic systems, which minimize the need for secure key distri...

This paper reviews the origins and definitions of social capital in the writings of Bourdieu, Loury, and Coleman, among other authors. It distinguishes four sources of social capital and examines their dynamics. Applicat...

In both corporate finance and asset pricing empirical work, researchers are often confronted with panel data. In these data sets, the residuals may be correlated across firms and across time, and OLS standard errors can ...

Driven by the financial distress of many social security systems worldwide, national public pension funds (PPFs) have proliferated in recent years. Considering the fact that in 2007, they managed assets globally by more ...