810 research outputs found
Authenticity, Adversity and Accountability in the Context of Uniformed Leadership
On November 26, 2021, Commander Jonathan A. Kouwenberg from the Royal Canadian Navy, presented Authenticity, Adversity and Accountability in the Context of Uniformed Leadership at the 2021 CASIS West Coast Security Conference. The presentation depicted the overarching characteristics of what comprises strong leadership, primarily the presence that leaders bring; methods of communication; and creating a culture of resiliency, accountability, and trust. Commander Kouwenberg’s presentation was followed by a question and answer period to allow conference attendees the opportunity to engage directly with panelists
Optimal portfolio choice under loss aversion
Prospect theory and loss aversion play a dominant role in behavioral finance. In this paper we derive closed-form solutions for optimal portfolio choice under loss aversion. When confronted with gains a loss averse investor behaves similar to a portfolio insurer. When confronted with losses, the investor aims at maximizing the probability that terminal wealth exceeds his aspiration level. Our analysis indicates that a representative agent model with loss aversion cannot resolve the equity premium puzzle. We also extend the martingale methodology to allow for more general utility functions and provide a simple approach to incorporate skewed and fat-tailed return distributions
- …