... CEO pay Mutual fund ownership C12 D22 M12 This paper contributes to the literature on the impact of executives on firm performance and adds evidence to crash risk factors. Existing literature has focused on crash risk mainly from a firm’s policy characteristics, such as accounting...

..., then the pairs trading profits decreases. Therefore, the returns do not necessarily imply market inefficiency when the higher maximum drawdown associated with the holding period of the spread position is taken into account. C12 G13 G14 C52 Commodity futures markets are increasingly in the focus...

.... Asset pricing α Cost of capital Normality t-Distribution C12 C13 G12 Ever since Fama (1965) , Affleck-Graves and McDonald (1989) , Richardson and Smith (1993) and Dufour et al. (2003) , among others, there is strong evidence that stock returns do...