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All articles in this page are in PDF format. If you have trouble downloading any, just email me and we'll work it out.
BOOKS
• Finance in a Nutshell - A No-Nonsense Companion to the Tools and Techniques of Finance. FT - Prentice Hall, 2005.
• The Essential Financial Toolkit - Everything You Always Wanted To Know About Finance But Were Afraid To Ask . Palgrave Macmillan, 2011.
• The FT Guide to Understanding Finance - A No-Nonsense Companion to Financial Tools and Techniques. FT - Prentice Hall, 2011.
ARTICLES (Refereed Journals)
• “A Note on the Optimality of Strict Liability.” Economics Letters, 41 (1993), 187-191.• “Insider Trading: Regulation, Deregulation, and Taxation.” Swiss Review of Business Law, 5/94 (1994), 209-218.
• “Insider Trading: Regulation, Securities Markets, and Welfare Under Risk Aversion.” Quarterly Review of Economics and Finance, 35 (1995), 421-449. (Reprinted in Essays in Law and Economics II. Financial Markets and Insurance, edited by D. Heremans and H. Cousy, 1996, Maklu.)
• “The Temporal Dimension of Risk.” Quarterly Review of Economics and Finance, 40 (Summer 2000), 189-204.
• “The Cost of Equity in Emerging Markets: A Downside Risk Approach.” Emerging Markets Quarterly, Fall (2000), 19-30.
• “Empirical Distributions of Stock Returns: European Securities Markets, 1990-95.” European Journal of Finance, 7 (2001), 1-21. (With Felipe Aparicio.)
• “The Cost of Equity in Emerging Markets: A Downside Risk Approach (II).” Emerging Markets Quarterly, Spring (2001), 63-72.
• “Empirical Evidence on the Impact of European Insider Trading Regulations.” Studies in Economics and Finance, Spring (2002), 12-34. (With Ignacio Peña.)
• “Introduction to 'Valuation in Emerging Markets.'” Emerging Markets Review, 4 (2002), 310-324. (With Robert Bruner, Robert Conroy, Mark Kritzman, and Wei Li.)
• “Systematic Risk in Emerging Markets: The D-CAPM.” Emerging Markets Review, 4 (2002), 365-379.
• “Mean-Semivariance Behavior: A Note.” Finance Letters, 1 (2003), 9-14.
• “The Cost of Equity of Internet Stocks: A Downside Risk Approach.” European Journal of Finance, 10 (2004), 239-254.
• “Adjusting P/E Ratios by Growth and Risk: A Note.” Finance Letters, 2 (2004), 4-10.
• “Mean-Semivariance Behavior: An Alternative Behavioral Model.” Journal of Emerging Market Finance, 3 (2004), 231-248.
• “Risk and Return in Emerging Markets: Family Matters.” Journal of Multinational Financial Management, 15 (2005), 257-272. (With Ana Paula Serra.)
• “Countries versus Industries in Europe: A Normative Portfolio Approach.” Journal of Asset Management, 6 (2005), 85-103. (With Mark Kritzman, Simon Myrgren, and Sebastien Page.)
• “Adjusting P/E Ratios by Growth and Risk: The PERG Ratio.” International Journal of Managerial Finance, 1 (2005), 187-203.
• “Downside Risk in Practice.” Journal of Applied Corporate Finance, 18 (2006), 117-125.
• “The Fed Model: A Note.” Finance Research Letters, 3 (2006), 14-22.
• “Countries versus Industries in Emerging Markets: A Normative Portfolio Approach.” Journal of Investing, Winter (2006), 2-11. (With Mark Kritzman and Sebastien Page.)
• “Mean-Semivariance Behavior: Downside Risk and Capital Asset Pricing.” International Review of Economics and Finance, 16 (2007), 169-185.
• “Discount Rates in Emerging Markets: Four Models and an Application.” Journal of Applied Corporate Finance, 19 (2007), 72-77.
• “Investing in the 21st Century: With Occam’s Razor and Bogle’s Wit.” Corporate Finance Review, May/June (2007), 5-14.
• “Fundamental Indexation and International Diversification.” Journal of Portfolio Management, Spring (2008), 93-109.
• “Black Swans and Market Timing: How Not To Generate Alpha.” Journal of Investing, Fall (2008), 20-34.
• “Mean-Semivariance Optimization: A Heuristic Approach.” Journal of Applied Finance, Spring/Summer (2008), 57-72.
• “Investing in Emerging Markets: A Black Swan Perspective.” Corporate Finance Review, January/February (2009), 14-21.
• “The Fed Model: The Bad, the Worse, and the Ugly.” Quarterly Review of Economics and Finance, 49 (2009), 214-238.
• “Black Swans in Emerging Markets.” Journal of Investing, Summer (2009), 50-56.
• “Black Swans, Market Timing, and the Dow.” Applied Economics Letters, 16 (2009) 1117–1121.
• “The Gain-Loss Spread: A New and Intuitive Measure of Risk.” Journal of Applied Corporate Finance, Fall (2009), 104-114.
• “Geometric Mean Maximization: An Overlooked Portfolio Approach?” Journal of Investing, Winter (2010), 134-147. (For an extended version of this article, click here.)
• “The Three-Factor Model: A Practitioner's Guide” Journal of Applied Corporate Finance, Spring (2011), 77-84.
• “Black Swans, Beta, Risk, and Return.” Journal of Applied Finance, 2 (2012), 77-89. (With Maria Vargas.)
• “Blinded by Growth.” Journal of Applied Corporate Finance, Summer (2012), 19-25.
• “Geometric Mean Maximization: Expected, Observed, and Simulated Performance.” Journal of Investing, forthcoming 2013. (With Rafael De Santiago.)
• “Are Stocks Riskier than Bonds? Not If You Assess Risk Like Warren Buffett.” Journal of Asset Management, forthcoming 2013.
• “The Enhanced Risk Premium Factor Model and Expected Returns.” Journal of Investment Strategies, forthcoming 2013.
• “Essential Ideas for Investors: Do Not Part With Your Money Without Them!.” Corporate Finance Review, forthcoming 2013.
ARTICLES (Various)
• “Monkey Business: Contest Ignores Risk.” The Wall Street Journal Europe, Jan/10/95.
• “Why Investing in Emerging Markets?” Expansion (Spanish business newspaper, in Spanish), Mar/23/98.
• “Emerging Markets: A Good Shelter for Investments.” Expansion (Spanish business newspaper, in Spanish), Apr/30/98.
• “The ‘Risk’ of Investing in Emerging Markets.” Expansion (Spanish business newspaper, in Spanish), May/16/98.
• “Methods of Relative Valuation.” Expansion (Spanish business newspaper, in Spanish), Sep/22/00.
• “A Step Ahead: Reverse Valuation.” Expansion (Spanish business newspaper, in Spanish), Sep/29/00.
• “Pricing Internet Stocks.” European Business Forum, Autumn 2000, 56-59.
• “Another Tulip Bulb, Another Dotcom.” Connectis, April 2001, 24-25.
• “The Crisis in Argentina and Its Impact on Spain.” Expansion (Spanish business newspaper, in Spanish), Feb/2/02.
• “Google: To Buy or Not to Buy?” Expansion (Spanish business newspaper, in Spanish), Jun/24/04.
• “Focus on the Downside.” Financial Times, Mastering Risk, Sep/16/05.
• Book review: The Undercover Economist (by Tim Harford). Journal of Investment Management, 4 (2006), 82-83.
• Book review: The Future for Investors (by Jeremy Siegel). Journal of Investment Management, 4 (2006), 83-85.
• “Farewell from the Founding Editor: A Brief History of the EMR (So Far).” Emerging Markets Review, 8 (2007), 2-3.
• “Investing for the Long Term: Technique and Perspectives for the European Market.” European Business Forum, Autumn 2007, 40-45.
• “Investing for the Long Term: Technique and Perspectives for the Spanish Market.” Bolsa (in Spanish), October 2007, 74-77.
• Book review: Fortune's Formula (by William Poundstone). Journal of Investment Management, 5 (2007), 131-132.
• “What Should Investors Do? Nothing! Just Sit Tight.” Financial Times, Jan/31/08.
• “Black Swans in Stock Markets.” El Economista (Mexican business newspaper, in Spanish), Feb/5/08.
• “Black Swans in Stock Markets.” Expansion (Spanish business newspaper, in Spanish), Feb/7/08.
• Book review: The Little Book of Value Investing (by Christopher Browne) and The Little Book of Common Sense Investing (by John Bogle). Journal of Investment Management, 6 (2008), 81-82.
• “Investing in a Volatile Environment: A Black Swan Perspective.” QFinance - The Ultimate Resource (Bloomsbury), 312-313. (See this article also in QFinance's web page by clicking here.)
• Book review: The Logic of Life (by Tim Harford). Journal of Investment Management, 7 (2009), 103-104.
• “How To Hold Your Nerves in Volatile Markets: Think About (Black) Swans.” MWorld, Summer/Fall 2009, 26-29.
• “No Gain Without Pain.” Quantum, 10 (2010), 50-55.
• Book review: The Little Book of Safe Money (by Jason Zweig) and The Little Book of Bulletproof Investing (by Ben Stein and Phil DeMuth). Journal of Investment Management, 8 (2010), 87-89.
• Book review: The Big Short (by Michael Lewis). Journal of Investment Management, 9 (2011), 101-102.
• Book review: On the Brink (by Hank Paulson). Journal of Investment Management, 10 (2012), 118-120.
• Book review: The Most Important Thing (by Howard Marks). Journal of Investment Management, forthcoming 2013.
• Book review: The Behavior Gap (by Carl Richards). Journal of Investment Management, forthcoming 2013.
ARTICLES (Unpublished)
• “Crime and Punishment: An Introductory Analysis in a Noncooperative Framework.” Working Paper.
• “Insider Trading: Regulation, Securities Markets, and Welfare Under Risk Neutrality.” Working Paper.
• “Insider Trading: Regulation or Taxation?” Working Paper.
• “Insider Trading: Regulation, Risk Reallocation, and Welfare.” Working Paper.
• “The Distribution of Sentences in Tax-Related Cases: Explaining Success Rates.” Working Paper. (With Santos Pastor.)
• “Empirical Distributions of Stock Returns: Scandinavian Securities Markets, 1990-95.” Working Paper. (With Felipe Aparicio.)
• “Law and Behavioral Economics.” Working Paper.
WORK IN PROGRESS
• “Stocks, Bonds, Risk, and the Holding Period: An International Perspective.” In progress.
• “The Glidepath Illusion: An International Perspective.” In progress.