This paper is an empirical study on Harry Markowitz’s work on Modern Portfolio Theory (MPT). The model assumes the normality of assets’ return. The paper examined the Zimbabwe Stock Exchange by mathematical and statistical methods for normality of assets’ returns. We studied the effect of the parameters, Skewness and Kurtosis for different time series data. We tried to figure it out which data ...

The paper studies the statistical correlation between the return on assets and some measures of financial balance. The research relies on the assumptions that the financial balance influences most of the indicators of performances of a company. Therefore, we chose the return on assets as dependent variable, as it represents the final result of the company’s business. As independent variables, m...

A new theory of coexistence of money and higher-return assets is set out. It applies to any setting in which some trade involves an exchange of goods for assets and occurs between two people–a buyer and a seller. We show that there exists a function mapping the portfolios of the buyer and the seller to the trade that occurs such that (i) the trade is in the buyer-seller core and (ii) some peopl...

Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets. The approach yields an endogenous selection model that links asset purchases and sales to fund...

BACKGROUND Concerns about the high cost of orphan drugs has led to questions being asked about the generosity of the incentives for development, and associated company profits. METHODS We conducted a retrospective, propensity score matched study of publicly-listed orphan companies. Cases were defined as holders of orphan drug market authorisation in Europe or the USA between 2000-12. Control ...

Within the framework of the conditional Arbritage Pricing Theory, estimators of conditional risk are not unique. We focus on an estimator of conditional risk based on the conditional volatility of the asset return. Estimates of conditional risk account for: 1) interdependence of conditional and unconditional moments of the asset return; 2) effect of the conditional and unconditional fourth mome...