This paper applies the Fama-French three-factors model, augmented with Momentum and Liquidity factors, to analyze Art as an Investment. It also compares investing in Art to several other traditional and non-traditional ...

The Mutual Fund Theorem is an elegant way of describing how investors with different attitudes towards risk should construct their portfolios. It is, however, often misinterpreted. This paper revisits the topic by defining ...

Investidores em geral buscam maximizar seus retornos ao mesmo tempo em que minimizam seus riscos. Porém, a escolha dos ativos e seus pesos dentro de uma carteira de investimentos para a obtenção dos objetivos citados, não ...

In 1988 Dybvig introduced the payoff distribution pricing model (PDPM) as an alternative to the capital asset pricing model (CAPM).Under this newparadigm agents preferences depend on the probability distribution of the ...