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. Prentice Hall - Financial Times, 2005.
 
 

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, forthcoming 2009.
 
 

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.

• Book review: The Logic of Life (by Tim Harford). Journal of Investment Management, 7 (2009), 103-104.
 
 

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

• “Geometric Mean Maximization: An Overlooked Portfolio Approach?”