The efficient-market hypothesis (EMH) is one of the most important economic and financial
hypotheses that have been tested over the past century. Due to many abnormal phenomena …

Purpose. When many anomalies challenge efficiency market hypothesis and rationality,
behavioral finance theories are developed to investigate the psychological effects on human …

Drawing from many sources in the literature, Stochastic Dominance and Applications to
Finance, Risk and Economics illustrates how stochastic dominance (SD) can be used as a …

This paper aims to assess the role of gold quoted in Paris in the diversification of French
portfolios from 1949 to 2012 using the stochastic dominance (SD) approach. The principal …

Consider a simple two-state risk with equal probabilities for the two states. In particular,
assume that the random wealth variable X˜ i dominates Y˜ i via ith-order stochastic …

This study examines the role of gold in diversification of eight Dow Jones Islamic stock index
portfolios from 1996 to 2017. Using stochastic dominance (SD) approach, it tests the null …

This paper examines the market efficiency of oil spot and futures prices by using both mean-
variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas …

The traditional linear Granger test has been widely used to examine the linear causality
among several time series in bivariate settings as well as multivariate settings. Hiemstra and …

This paper extends the work on location-scale (LS) family with general n random seed
sources. First, we clarify and generalize existing results in this multivariate setting. Some …

Purpose This paper aims to give a brief review on behavioral economics and behavioral
finance and discusses some of the previous research on agents' utility functions, applicable …