Real-world stock markets are volatile and express such traits as overvaluation, psychological moods, cycles and crashes. This paper develops and explores a model which has these properties. The model is aggregated, continuous and non-linear. It is developed in stages. In the initial stage it is applied to the price dynamics of one type of stock only. Later on it is applied to a weighted price i...

Significant attention has been devoted to developing intersectoral strategies to reduce health inequities; however, these strategies have largely neglected to consider how equity in health ought to be weighted and balanced with the pursuit of equity for other social goods (eg, education equity). Research in this domain is crucial, as the health sector’s pursuit of health equity may be at odds w...

We analyze the period before zero lower bound and show that state of investor sentiment strongly affects transmission monetary policy to stock market. The impact Federal funds rate (FFR) surprises is mostly potent when sentiment-driven overvaluation followed by a correction, whereby market increases 0.8% in response an unexpected FFR cut 10 basis points. Our findings suggest easing during senti...

New security designs, improvements in computer and telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and uses a series of examples to illustrate the breadth and depth of institutional change that is likel...

Information technology (IT) professionals have countless opportunities to engage in inappropriate, negligent, and unethical behavior in the development and use of IT. This study explores how different levels of professionalism and Machiavellianism influence the ethical decision making (EDM) involving (IT) issues. Two-hundred and forty graduate students are surveyed using two vignettes depicting...

The equity premium, namely the expected return on the aggregate stock market less the government bill rate, is of central importance to the portfolio allocation of individuals, to the investment decisions of firms, and to model calibration and testing. This quantity is usually estimated from the sample average excess return. We propose an alternative estimator, based on maximum likelihood, that...

Cross-border private equity deals have increased substantially in recent years. This study looks at the issue of how European investors view their local counterparts in the portfolio companies’ home countries. If they regard them as rivals, they will target countries that lack a private equity industry. If they view them as (potential) partners, however, they will prefer investing in countries ...