Mohamed A. Ayadi

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This study provides a comprehensive empirical analysis of the performance of a large sample of 1,471 Canadian international equity mutual funds over the period 1988-2008. We find that the performance statistics are sensitive to the selected benchmark model and conditional specification. Fund selectivity underperformance is partially explained by higher(More)
We design and implement a dynamic program (DP) for valuing corporate securities, seen as derivatives on a …rm's assets, and computing the term structure of yield spreads and default probabilities. Our setting accommodates arbitrary corporate debts, multiple seniority classes, payouts, tax bene…ts, bankruptcy costs, and a reorganization process. This(More)
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