Empirical evidence indicates that trades by institutional investors have sizable effects on asset prices, generating phenomena such as index effects, asset-clas

This paper presents a new theory of asset pricing intended to address why other developing country equity markets responded so strongly to the Mexican devaluati

In recent decades, the financial markets have experienced various crises, shocks and disruptive events, driving high levels of volatility. This volatility is to

This is a print on demand edition of a hard to find publication. Proposes a general equilibrium model where investors hire fund managers (FM) to invest their ca