This paper examines the performance and diversification properties of active Australian equity fund-of-funds (FoF). Simulation analysis is employed to examine portfolio performance as a function of the number of funds in the portfolio. The paper finds that as the number of funds in a FoF portfolio increases, performance improves in a mean-variance setting, however measures of skewness and kurto...

Executive summary. Non-U.S. equities currently account for close to 55% of global market capitalization, thus representing a significant opportunity for U.S. investors. In addition, the portfolio of an investor who combined non-U.S. equities with U.S. equities over the past several decades would have experienced lower average volatility—despite similar realized returns and volatilities in each ...

Ð This paper attempts to integrate the concern for human development in the present with that in the future. In arguing for sustainable human development, it appeals to the notion of ethical ``universalism''Ðan elementary demand for impartiality of claimsÐapplied within and between generations. Economic sustainability is often seen as a matter of intergenerational equity, but the speci®cation o...

Most research in economics studies agents somehow motivated by outcomes. Here, we study agents motivated by procedures instead, where procedures are defined independently of an outcome. To that end, we design procedures which yield the same expected outcomes or carry the same information on others’ intentions while they have different outcomeinvariant properties. Agents are experimentally confi...

[1] Urban water conservation is typically achieved through prescriptive regulations, including the rationing of water for particular uses and requirements for the installation of particular technologies. A significant shift has occurred in pollution control regulations toward market-based policies in recent decades. We offer an analysis of the relative merits of market-based and prescriptive ap...

The study was focused on variability in discharges on equity of water distribution of outlets along the secondary canal. Hydraulic performance was evaluated based on delivery performance ratio (DPR), adequacy based on relative water supply (RWS) and variability in discharges using coefficient of variation (CVs). Off take and all outlets were calibrated by area velocity method. During study peri...

building retailer equity increases revenue and profitability by insulating retailers from competitors. store image is the basis of retailer equity, but extant literature offers little in sight in to the empirical research which takes store image dimensions as antecedents of retailer equity. this paper establishes a theoretical and empirical basis that shows the impact of selected store image di...

The first section of this study tests an investment strategy of buying non-IPO (seasoned) equity REITs as opposed to purchasing equity REIT IPOs. 'Seasoned', as defined in this study, is an interval of time after the REIT IPO date. To test this investment strategy, monthly returns on an equally-weighted index of 66 equity REITs were analyzed. These equity REITs traded on the major stock exchang...

We test whether equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing by firms increase with equity overvaluation; but only among overvalued stocks. Also consistent with behavioral theories, we find that the sensitivity of equity issuance to...