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Markov state switching models are a type of specification which allows for the transition of states as an intrinsic property of the econometric model. Such type

Islamic Banking is growing at a rapid speed and has showed unprecedented growth and expansion in last two decades in spite of mismatching of existing financial

The size effect in finance literature refers to the observation that smaller firms have higher returns than larger firms, on average over long horizons. It also

The battle between proponents of the Efficient Markets Hypothesis and champions of behavioral finance has never been more pitched, and little consensus exists a

Modern Finance has dominated the area of financial economics for at least four decades. Based on a set of strong but highly unrealistic assumptions its advocate

This article is Part I of a two-part series analyzing the economic and policy factors related to the potential adoption of IFRS by the United States. In this pa

There is little consensus as to the cause of the housing bubble that precipitated the financial crisis of 2008. Numerous explanations exist: misguided monetary

This paper presents a quantitative investment strategy that is capable of producing strong risk-adjusted returns in both up and down markets. The strategy combi

In corporate finance and investment analysis, we assume that there is an investment with a guaranteed return that offers both firms and investors a “risk free”

Spanish Abstract: Este documento contiene 205 preguntas que me han formulado en los últimos años alumnos, antiguos alumnos y otras personas (jueces, árbi

This paper analyzes the flow of state pension benefit payments relative to asset levels and contributions. Assuming future state contributions fund the full pre

The traditional finance researcher sees financial settings populated not by the error-prone and emotional Homo sapiens, but by the awesome Homo economicus. The

I was invited by the editors to contribute a professional autobiography for the Annual Review of Financial Economics. I focus on what I think is my best stuff.

The Qur’an categorically prohibits riba, but does not define it. It is commonly argued that riba is defined by hadith. At the time of the revelation about riba,

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The sharp economic downturn and turmoil in the financial markets, commonly referred to as the “global financial crisis,” has spawned an impressive outpouring of

This survey introduces and reviews the field of behavioral finance. It outlines the traditional finance approach, which builds upon rational acting investors, i

In this paper, we present a review of tax research. We survey four main areas of the literature: 1) the informational role of income tax expense reported for fi

I review 150 textbooks on corporate finance and valuation published between 1979 and 2009 by authors such as Brealey, Myers, Copeland, Damodaran, Merton, Ross,

This paper evaluates numerous diversification strategies as a possible remedy against widespread costly investment mistakes of individual investors. Our results