has long been assumed that in times of market bubbles, rational investors, which are able to on average, properly discount future cash flows of corporations or other financial assets are consumed by

, SET HD TRI = 10 Total expense ratio (%) Through the analysis on each fund style, the closet index fund is the worst performer in long term, as well as being the most expensive fees. Closet Index Factor

expensive mutual funds that underperform), but still provides other valuable services that enable a client to achieve his or her goals. While this financial advisor may have failed from a pure alpha

2 Background • Development of investment portfolio theory • TPT, MPT and PMPT (Lekovic, 2021) • Modern Portfolio Theory (Markowitz, 1952) • Rational investor • Multiple Assets • Overall risk • The

Investor • “...the 2013 Nobel Prize committee split the prize between the two camps [of rational, risk-based, efficient markets versus behavioral, irrational, and inefficient markets]” – Asness et al. (2015

of voluntary information disclosure via social media, firms would be facing incentives to only release positive news…but do they? • Trueman (1997) proposes a model showing that rational managers also

competitiveness Pathways must include an assessment of current and expected technologies. Where a viable technology exists, even if relatively expensive, it should be used to determine the decarbonisation pathway

of positive feedback trading, buy (sell) trades are more expensive to execute (i.e., incur higher total price impact) than sell (buy) trades on bullish (bearish) markets. • “Price impact asymmetry is

rational and consistent with similar transactions Costs that do not meet the definition of “incremental costs directly attributable” are expensed as incurred (e.g., listing fee, roadshow costs, tax

individual has made. 6. Behavioural biases related to investing • Aware that investors may not always make rational decisions due to biases. • Provide examples of common emotional or cognitive biases that may