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International Journal of Financial Studies, Volume 10, Issue 1

March 2022 - 22 articles

Cover Story: Markowitz’s mean-variance model for portfolio optimization has come under constant criticism, primarily due to the fact that the adequacy of using variance as a measure of risk and the importance of correlation coefficients at the time of market decline are questionable. Based on the tools provided by game theory, it is possible to form a model that only measures downside risk and has theoretical advantages. However, empirical ones need to be considered. If we observe weekly returns of stocks in the European capital market over the period 2000–2020, including three bear market periods and including the period of market decline during the COVID-19 crisis, we can obtain an answer. View this paper
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Articles (22)

  • Article
  • Open Access
21 Citations
6,301 Views
24 Pages

Financial inclusion is a widely used measure to improve the living standards of households and foster inclusive economic growth. Thus, financial inclusion is one of the main policy objectives in developing countries. Besides, financial regulation (ca...

  • Article
  • Open Access
2 Citations
4,693 Views
16 Pages

The encouragement of potential investors who are emotionally broken by past losses and market experiences is crucial to the sustainable flow of funds to the stock market. This can be established by building a knowledge-creating mechanism among invest...

  • Feature Paper
  • Article
  • Open Access
9 Citations
5,794 Views
15 Pages

In this paper, we compared the models for selecting the optimal portfolio based on different risk measures to identify the periods in which some of the risk measures dominated over others. For decades, the best known return-risk model has been Markow...

  • Article
  • Open Access
22 Citations
9,965 Views
23 Pages

In this study, we investigate whether effective corporate governance (CG) intervenes in the relationship between real earnings management (REM) and firm value (FV) by introducing Korean market data. We find that management’s opportunistic REM b...

  • Article
  • Open Access
1 Citations
3,700 Views
19 Pages

Systemic susceptibility highlights the extent to which a banking sector is sensitive to negative shocks. Policymakers and regulators’ objective is to avoid financial crises, and even though they can somewhat control local conditions, internatio...

  • Feature Paper
  • Article
  • Open Access
3 Citations
5,555 Views
19 Pages

This paper investigates the motivations behind corporate social responsibility (CSR) by considering the consequences of environmental, social and governance (ESG) failures that CSR is intended to avoid. Using data from 2581 public U.S. firms over 200...

  • Article
  • Open Access
4,570 Views
23 Pages

Given the prevalence of dual directors who serve simultaneously on the parent as well as the subsidiary board, it is important to examine their functions, a topic largely ignored in the existing literature. Exploring the functions of dual directors h...

  • Article
  • Open Access
35 Citations
13,831 Views
16 Pages

Corporate Social Responsibility (CSR) has progressively assumed a strategic role in corporate business. In this sense, the board of directors (Board) assumes a preponderant role, since they make decisions about business strategy. One considerably deb...

  • Article
  • Open Access
3 Citations
3,631 Views
10 Pages

This paper examines and compares the dividend policies of American depository receipt (ADR) firms and U.S. firms and identifies the factors that determine these policies for both types of companies. We find that ADR firms have higher dividend yields...

  • Article
  • Open Access
11 Citations
8,531 Views
16 Pages

A highly significant feature of the stock market is its efficiency, which is associated with information efficiency. However, the liquidity of stock on the market is its essential characteristic. The inflow of information in highly liquid markets all...

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Int. J. Financial Stud. - ISSN 2227-7072