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

Landscape Conservation/Restoration - Surface of protected, safeguarded and/or rehabilitated natural landscape areas (or protected areas) in km² or % - area under certified land management in km² or in

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

in the company’s strategy and capital allocation. Risk should be managed accordingly in a rational, appropriately independent, dynamic and forward-looking way. This process of managing risks should be

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

)Direct firms become more tied and sensitive to Bitcoin. Implications  Stock market: more regulated and protected  Crypto market: scams and frauds  The stock market offers a somewhat safer opportunity to

bitcoin ETFs. In any case, the SEC emphasizes the oversight of intermediaries’ service provision where investors’ interest must be properly protected, including by means of investment advice suitable for