Every company evaluating an investment project or an acquisition in an emerging market
must not only estimate future cash flows but also an appropriate discount rate. Although not …

There is by now a growing literature arguing against the use of the CAPM to estimate required
returns on equity in emerging markets (EMs). One of the characteristics of this model is …

Background Irradiation of the pituitary is widely considered the most appropriate treatment
for patients with Cushing's disease in whom transsphenoidal microsurgery has been …

For over 30 years academics and practitioners have been debating the merits of the CAPM.
One of the characteristics of this model is that it measures risk by beta, which follows from an …

The proper identification of the risk variables that explain the cross-section of returns in
emerging markets has many and far-reaching implications for both companies and investors. We …

Academics and practitioners optimize portfolios using the mean-variance approach far more
often than the mean-semivariance approach, despite the fact that semi-variance is often …

The assumption that daily stock returns are normally distributed has long been disputed by
the data. In this article the normality assumption is tested (and clearly rejected) using time …

The quantitative concepts used to reason about gene regulation largely derive from bacterial
studies. We show that this bacterial paradigm cannot explain the sharp expression of a …

Although investors associate risk with negative outcomes and downside fluctuations, modern
portfolio theory does not. For investors, volatility per se is not necessarily bad; volatility …

The purpose of the Batten Institute/Association for Investment Management and Research/Emerging
Markets Review conference was to examine the challenges of valuing assets in …