Positively weighted portfolios on the minimum-variance frontier

Article Abstract:

The question of when the minimum-variance frontier will contain portfolios in which all of the assets have positive weights is discussed. As opposed to considering the first-order conditions for variance minimization, it is shown the conditions that bring about positive investment proportions have a dual system of inequalities. The duality theory provides the necessary and sufficient conditions for portfolios on the minimum variance frontier to have all-positive asset weights. In order for the portfolio to have all-positive weights, there must be no arbitrage portfolios on the minimum-variance frontier with zero-sum weights.

Research, Models, Portfolio management, Investments, Capital assets pricing model, Capital asset pricing model, Asset management accounts, Financial research

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Defensive Mechanisms and Managerial Discretion

Article Abstract:

The tradeoff between managerial discretion and disruption is discussed, with a focus on the discipline of management through takeover threats and takeover defenses. Topics include preferences and technologies in the model, derivation of the equilibrium to a unilateral control change, a takeover game equilibrium in which the raider gains a significant transfer from the firm, a mechanism to provide a transfer to all shareholders, greenmail equilibrium, defensive measures, and empirical implications of the model.

Discipline, Corporate anti-takeover measures, Antitakeover strategies

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