• “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.
All articles in
this page are in PDF
format. If you have trouble downloading
any, just email me and we'll
work
it out.