This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It contributes to the existing literature by considering both the US and the entire European stock markets and by using consistent world-wide corporate sustainability performance data. Our portfolio analysis from 1998 to 2009 is based on the common four-f...

The quest for parsimonious models has been a key objective in asset pricing. However, there appears to be no consensus on the most successful pricing strategy literature, especially South African Market. Using financial statements from January 2000 December 2015, this article explores how market anomalies affect performance of securities Johannesburg Stock Exchange’s (JSE’s) resources, industri...

Smart beta exchange-traded funds (SB ETFs) have caught the attention of investors due to their supposed ability offer a better risk–return trade-off than traditionally structured passive indices. Yet, research covering performance SB ETFs benchmarked traditional cap-weighted market indices remains relatively scarce. There is lack empirical evidence enforcing this phenomenon. Extending work Glus...

In Gonzales v. Carhart, the Supreme Court upheld the PartialBirth Abortion Ban Act, emphasizing that government may regulate the methods employed to perform an abortion “to show its profound respect for the life within the woman” and to vindicate the interest in protecting potential life first recognized in Roe v. Wade. Carhart discussed an additional justification for restricting abortion—to p...

U.S. stock portfolios sorted on size, momentum, transaction costs, M/B, I/A and ROA ratios, and industry classification show considerable levels and variation of return predictability, inconsistent with asset pricing models. This means that a predictable risk premium is not equal to compensation for systematic risk as implied by asset pricing theory (Kirby 1998). We show that introducing market...

Selecting skilled mutual funds through the multiple testing framework has received increasing attention from finance researchers and statisticians. The intercept $\alpha$ of Carhart four-factor model is commonly used to measure true performance funds, positive $\alpha$'s are considered as skilled. We observe that standardized OLS estimates across possess strong dependence nonnormality structure...

Fundamental tools of molecular structure elucidation are computer programs generating constitutional isomers and configurational isomers. A general disadvantage of the methods of algebraic stereoisomer generation by Nourse, Smith, Carhart and Djerassi is the restriction of the valences of the stereocenters to four. The present paper discusses an extension of this concept to higher-valence cente...