Angel Mencia and seminar participants at a number of universities for their helpful comments. All errors are my own.
Do investors obtain their long term returns smoothly and steadily over time, or is their long term performance largely determined by the return of just a few outliers? How likely are investors to successfully predict the best days to be in and out of the market? The evidence from 15 international equity markets and over 160,000 daily returns indicates that… (More)
BACKGROUND The purpose of this study was to determine the prevalence of level IIb metastasis in patients with oral squamous cell carcinomas (OSCCs). MATERIAL AND METHODS A prospective analysis of 56 patients with OSCC who underwent surgical treatment of the primary lesion with simultaneous neck dissection was performed. During neck dissection, level IIb… (More)
This paper compares assets-based portfolio management fees to profits-based fees. Whilst both forms of compensation can provide appropriate risk incentives, fund managersíimited liability induces more excess risk-taking under a profits-based fee contract. On the other hand, an assets-based fee is more costly to investors. In Spain, where the law explicitly… (More)
científicas. * Quiero agradecer a Gonzalo Rubio su inestimable aportación a este trabajo como parte de la tesis doctoral que he realizado bajo su dirección y tutela. Mis agradecimientos son también para los miembros del tribunal de la tesis,
I argue in this article that the imposition of insider trading regulation on a securities market generates not only a reallocation of wealth from insiders to liquidity traders, but also a reallocation of risk from the former to the latter. I show that this reallocation of risk (usually ignored in the literature), unlike the reallocation of wealth (usually… (More)